Residential First Mortgage Rates, Fees & Info
Newport Beach, CALEI: 2549009I5SQ5XN6WFU76
Tax ID: 55-0063209
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Mortgage Data
Review & Overview
Residential First Mortgage is a smaller mortgage company specializing in Cash Out Refi loans. Residential First Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Oxnard, and San Jose among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Residential First Mortgage has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Residential First Mortgage is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
57Origination Dollar Volume (All Markets)
$31,385,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 40 | $27,740,000 | $693,500 | $22,789 | 9.10% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $1,275,000 | $255,000 | $4,646 | 9.85% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $0 | 9.00% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $0 | 7.99% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 9.75% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 8.50% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.50% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 8.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 8.99% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.99% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $2,038 | 9.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 57 | $31,385,000 | $550,614 | $20,629 | 9.09% |
For 2019, Residential First Mortgage's most frequently originated type of loan was Conventional, with 57 originations.
Loan Reason
For 2019, Residential First Mortgage's most frequently cited loan purpose was Cash Out Refi, with 32 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
For 2019, Residential First Mortgage's most frequently cited loan duration was Other, with 14 originations. The 2nd most popular length was 1 Year, with 12 originations.
Origination Fees/Closing Costs
Residential First Mortgage's average total fees were $22,698, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 45 | $22,145,000 | $492,111 |
| 7-8% | 12 | $9,240,000 | $770,000 |
During 2019, Residential First Mortgage's average interest rate for loans was 8.83%, while their most frequently originated rate bucket for loans was Over 8%, with 45 originations.
Loan Sizing
2019 saw Residential First Mortgage place emphasis on $100k-200k loans with 17 originations, totaling $2,375,000 in origination value.
Applicant Income
Residential First Mortgage lent most frequently to those with incomes in the $250k+ range, with 14 originations. The second most popular income band? $150k-250k, with 12 originations.
Applicant Debt to Income Ratio
Residential First Mortgage lent most frequently to those with DTI ratios of >60%, with 18 originations. The next most common DTI ratio? <20%, with 16 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.51%
Residential First Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.49%
Residential First Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 10046.0 | 1 | $155,000 | $155,000 |
| 103974.0 | 1 | $3,505,000 | $3,505,000 |
| 11564.44 | 1 | $605,000 | $605,000 |
| 12835.0 | 1 | $205,000 | $205,000 |
| 14116.0 | 1 | $155,000 | $155,000 |
| 15994.0 | 1 | $505,000 | $505,000 |
| 17567.46 | 1 | $455,000 | $455,000 |
| 19056.41 | 1 | $355,000 | $355,000 |
| 2237.0 | 1 | $55,000 | $55,000 |
| 2710.0 | 1 | $135,000 | $135,000 |
| 27178.48 | 1 | $615,000 | $615,000 |
| 27268.5 | 1 | $555,000 | $555,000 |
| 2846.56 | 1 | $115,000 | $115,000 |
| 29662.75 | 1 | $1,655,000 | $1,655,000 |
| 3000.0 | 1 | $125,000 | $125,000 |
| 3007.45 | 1 | $115,000 | $115,000 |
| 3210.0 | 1 | $95,000 | $95,000 |
| 35281.0 | 1 | $755,000 | $755,000 |
| 3760.0 | 1 | $305,000 | $305,000 |
| 3866.25 | 1 | $245,000 | $245,000 |
| 3993.63 | 1 | $125,000 | $125,000 |
| 4340.46 | 1 | $165,000 | $165,000 |
| 4529.3 | 1 | $175,000 | $175,000 |
| 4793.3 | 1 | $75,000 | $75,000 |
| 5135.62 | 1 | $215,000 | $215,000 |
| 5210.0 | 1 | $185,000 | $185,000 |
| 5737.32 | 1 | $155,000 | $155,000 |
| 5772.5 | 1 | $675,000 | $675,000 |
| 5833.56 | 1 | $125,000 | $125,000 |
| 6225.0 | 1 | $275,000 | $275,000 |
| 6335.0 | 1 | $225,000 | $225,000 |
| 6576.06 | 1 | $265,000 | $265,000 |
| 7364.63 | 1 | $105,000 | $105,000 |
| 8870.24 | 1 | $165,000 | $165,000 |
| 8887.5 | 1 | $305,000 | $305,000 |
| 98034.02 | 1 | $3,005,000 | $3,005,000 |
| NA | 21 | $14,435,000 | $687,381 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 3 | $435,000 | $145,000 |
| Single Family (1-4 Units):Site-Built | 54 | $30,950,000 | $573,148 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Residential Home Mortgage Corporation | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |