Axos Bank

San Diego, CA 92122

LEI: 2549009X2AG1P20YAJ63

Tax ID: 33-0904883

2019 Data | 2018 Data


Overview

Axos Bank is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Axos Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Los Angeles, Anaheim, New York, San Diego, and San Jose among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Axos Bank is typically a low fee lendor.


Originations

2,692

Origination Dollar Volume (All Markets)

$2,026,410,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 2,308 $1,925,060,000 $834,081
FHA 241 $52,935,000 $219,647
VA 143 $48,415,000 $338,566

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 1,189 $864,825,000 $727,355
Home Improvement 25 $8,675,000 $347,000
Other 38 $67,160,000 $1,767,368
Refi 836 $499,800,000 $597,847
Cash Out Refi 604 $585,950,000 $970,116

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
LOS ANGELES-LONG BEACH-GLENDALE, CA 324 $537,570,000 $1,659,167
ANAHEIM-SANTA ANA-IRVINE, CA 235 $236,765,000 $1,007,511
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 85 $226,285,000 $2,662,176
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 174 $135,480,000 $778,621
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 80 $89,460,000 $1,118,250
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 144 $76,870,000 $533,819
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 54 $67,290,000 $1,246,111
OAKLAND-BERKELEY-LIVERMORE, CA 67 $55,415,000 $827,090
MIAMI-MIAMI BEACH-KENDALL, FL 20 $34,680,000 $1,734,000
LAS VEGAS-HENDERSON-PARADISE, NV 109 $34,105,000 $312,890
Outside of Metro Areas 138 $31,330,000 $227,029
PHOENIX-MESA-CHANDLER, AZ 90 $28,290,000 $314,333
SEATTLE-BELLEVUE-KENT, WA 38 $25,950,000 $682,895
SAN RAFAEL, CA 16 $21,820,000 $1,363,750
NASSAU COUNTY-SUFFOLK COUNTY, NY 23 $20,765,000 $902,826
SACRAMENTO-ROSEVILLE-FOLSOM, CA 40 $19,420,000 $485,500
SANTA MARIA-SANTA BARBARA, CA 14 $17,740,000 $1,267,143
PROVO-OREM, UT 8 $15,370,000 $1,921,250
CHICAGO-NAPERVILLE-EVANSTON, IL 25 $15,165,000 $606,600
DENVER-AURORA-LAKEWOOD, CO 39 $14,175,000 $363,462
COLUMBUS, OH 47 $13,025,000 $277,128
OXNARD-THOUSAND OAKS-VENTURA, CA 23 $12,925,000 $561,957
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 39 $12,365,000 $317,051
DALLAS-PLANO-IRVING, TX 20 $12,200,000 $610,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 20 $11,940,000 $597,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 16 $9,800,000 $612,500
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 15 $8,925,000 $595,000
NAPLES-MARCO ISLAND, FL 7 $8,555,000 $1,222,143
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 33 $8,475,000 $256,818
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 16 $8,040,000 $502,500
SALINAS, CA 8 $7,800,000 $975,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 20 $7,330,000 $366,500
NEW BRUNSWICK-LAKEWOOD, NJ 9 $5,465,000 $607,222
KAHULUI-WAILUKU-LAHAINA, HI 4 $5,130,000 $1,282,500
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 16 $5,000,000 $312,500
RENO, NV 13 $4,985,000 $383,462
PRESCOTT VALLEY-PRESCOTT, AZ 8 $4,780,000 $597,500
CHICO, CA 2 $4,450,000 $2,225,000
ST. LOUIS, MO-IL 17 $4,395,000 $258,529
ORLANDO-KISSIMMEE-SANFORD, FL 11 $4,165,000 $378,636
NORTH PORT-SARASOTA-BRADENTON, FL 12 $4,130,000 $344,167
VALLEJO, CA 6 $4,060,000 $676,667
STOCKTON, CA 9 $4,045,000 $449,444
BALTIMORE-COLUMBIA-TOWSON, MD 10 $3,810,000 $381,000
NEWARK, NJ-PA 7 $3,755,000 $536,429
BRIDGEPORT-STAMFORD-NORWALK, CT 7 $3,715,000 $530,714
DES MOINES-WEST DES MOINES, IA 10 $3,620,000 $362,000
BAKERSFIELD, CA 12 $3,590,000 $299,167
SANTA ROSA-PETALUMA, CA 6 $3,570,000 $595,000
TACOMA-LAKEWOOD, WA 8 $3,460,000 $432,500
SANTA CRUZ-WATSONVILLE, CA 4 $3,260,000 $815,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 8 $3,220,000 $402,500
RICHMOND, VA 10 $3,090,000 $309,000
SAN LUIS OBISPO-PASO ROBLES, CA 4 $3,010,000 $752,500
SALT LAKE CITY, UT 9 $2,745,000 $305,000
BOSTON, MA 6 $2,590,000 $431,667
CHARLOTTE-CONCORD-GASTONIA, NC-SC 10 $2,550,000 $255,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 8 $2,530,000 $316,250
JACKSONVILLE, FL 8 $2,220,000 $277,500
INDIANAPOLIS-CARMEL-ANDERSON, IN 11 $2,185,000 $198,636
FRESNO, CA 9 $2,165,000 $240,556
KANSAS CITY, MO-KS 13 $2,145,000 $165,000
CLEVELAND-ELYRIA, OH 10 $2,100,000 $210,000
PORT ST. LUCIE, FL 3 $2,085,000 $695,000
RALEIGH-CARY, NC 8 $1,990,000 $248,750
SPOKANE-SPOKANE VALLEY, WA 9 $1,935,000 $215,000
EUGENE-SPRINGFIELD, OR 10 $1,920,000 $192,000
CAPE CORAL-FORT MYERS, FL 7 $1,915,000 $273,571
FLAGSTAFF, AZ 5 $1,855,000 $371,000
WARREN-TROY-FARMINGTON HILLS, MI 10 $1,820,000 $182,000
ST. GEORGE, UT 6 $1,740,000 $290,000
BOISE CITY, ID 7 $1,715,000 $245,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 5 $1,695,000 $339,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 9 $1,685,000 $187,222
URBAN HONOLULU, HI 3 $1,555,000 $518,333
OLYMPIA-LACEY-TUMWATER, WA 5 $1,535,000 $307,000
OGDEN-CLEARFIELD, UT 6 $1,510,000 $251,667
MOUNT VERNON-ANACORTES, WA 2 $1,490,000 $745,000
SAN ANTONIO-NEW BRAUNFELS, TX 5 $1,385,000 $277,000
NEW ORLEANS-METAIRIE, LA 4 $1,380,000 $345,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 5 $1,355,000 $271,000
MODESTO, CA 6 $1,330,000 $221,667
PUNTA GORDA, FL 7 $1,285,000 $183,571
AUSTIN-ROUND ROCK-GEORGETOWN, TX 4 $1,260,000 $315,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 4 $1,240,000 $310,000
DETROIT-DEARBORN-LIVONIA, MI 6 $1,210,000 $201,667
OCEAN CITY, NJ 1 $1,205,000 $1,205,000
WILMINGTON, NC 2 $1,160,000 $580,000
ALBANY-LEBANON, OR 5 $1,155,000 $231,000
YUBA CITY, CA 4 $1,080,000 $270,000
ST. CLOUD, MN 7 $1,065,000 $152,143
COLORADO SPRINGS, CO 3 $1,055,000 $351,667
PROVIDENCE-WARWICK, RI-MA 6 $1,020,000 $170,000
ANCHORAGE, AK 2 $1,010,000 $505,000
MERCED, CA 4 $920,000 $230,000
WILMINGTON, DE-MD-NJ 5 $915,000 $183,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 4 $870,000 $217,500
ALBUQUERQUE, NM 3 $865,000 $288,333
MEDFORD, OR 4 $860,000 $215,000
GREENVILLE-ANDERSON, SC 6 $860,000 $143,333
LAKE HAVASU CITY-KINGMAN, AZ 4 $850,000 $212,500
BEND, OR 3 $825,000 $275,000
TUCSON, AZ 5 $815,000 $163,000
CINCINNATI, OH-KY-IN 5 $765,000 $153,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 2 $750,000 $375,000
SALEM, OR 3 $735,000 $245,000
CLARKSVILLE, TN-KY 2 $730,000 $365,000
HUNTSVILLE, AL 4 $680,000 $170,000
OKLAHOMA CITY, OK 6 $670,000 $111,667
MILWAUKEE-WAUKESHA, WI 2 $670,000 $335,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 2 $650,000 $325,000
PENSACOLA-FERRY PASS-BRENT, FL 4 $630,000 $157,500
PITTSBURGH, PA 4 $610,000 $152,500
EAST STROUDSBURG, PA 5 $605,000 $121,000
DURHAM-CHAPEL HILL, NC 2 $600,000 $300,000
DALTON, GA 4 $600,000 $150,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 3 $595,000 $198,333
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 3 $585,000 $195,000
SAVANNAH, GA 2 $580,000 $290,000
TRENTON-PRINCETON, NJ 1 $575,000 $575,000
SPRINGFIELD, MO 3 $575,000 $191,667
CANTON-MASSILLON, OH 2 $550,000 $275,000
FORT WAYNE, IN 5 $545,000 $109,000
MEMPHIS, TN-MS-AR 2 $540,000 $270,000
MICHIGAN CITY-LA PORTE, IN 2 $520,000 $260,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $520,000 $260,000
CHARLESTON-NORTH CHARLESTON, SC 2 $500,000 $250,000
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 2 $480,000 $240,000
JONESBORO, AR 2 $470,000 $235,000
REDDING, CA 2 $470,000 $235,000
HARRISBURG-CARLISLE, PA 2 $450,000 $225,000
TOLEDO, OH 3 $445,000 $148,333
PORTLAND-SOUTH PORTLAND, ME 1 $435,000 $435,000
CORVALLIS, OR 2 $420,000 $210,000
ANN ARBOR, MI 2 $420,000 $210,000
PEORIA, IL 3 $415,000 $138,333
CHEYENNE, WY 1 $405,000 $405,000
COEUR D'ALENE, ID 2 $400,000 $200,000
CARSON CITY, NV 2 $400,000 $200,000
HOMOSASSA SPRINGS, FL 2 $390,000 $195,000
HAGERSTOWN-MARTINSBURG, MD-WV 2 $380,000 $190,000
HICKORY-LENOIR-MORGANTON, NC 1 $375,000 $375,000
LANSING-EAST LANSING, MI 2 $360,000 $180,000
SALISBURY, MD-DE 1 $355,000 $355,000
WICHITA, KS 1 $355,000 $355,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 2 $350,000 $175,000
AKRON, OH 2 $340,000 $170,000
JEFFERSON CITY, MO 2 $340,000 $170,000
PHILADELPHIA, PA 3 $335,000 $111,667
OMAHA-COUNCIL BLUFFS, NE-IA 3 $335,000 $111,667
AUGUSTA-RICHMOND COUNTY, GA-SC 3 $325,000 $108,333
SPRINGFIELD, IL 1 $315,000 $315,000
FORT COLLINS, CO 1 $315,000 $315,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 2 $310,000 $155,000
LONGVIEW, WA 1 $305,000 $305,000
DAYTON-KETTERING, OH 4 $300,000 $75,000
GRAND JUNCTION, CO 1 $295,000 $295,000
YAKIMA, WA 2 $290,000 $145,000
EL CENTRO, CA 2 $290,000 $145,000
IDAHO FALLS, ID 1 $285,000 $285,000
ELGIN, IL 2 $260,000 $130,000
GREELEY, CO 1 $255,000 $255,000
MANCHESTER-NASHUA, NH 1 $255,000 $255,000
ROCKFORD, IL 2 $250,000 $125,000
DAPHNE-FAIRHOPE-FOLEY, AL 2 $250,000 $125,000
BARNSTABLE TOWN, MA 1 $245,000 $245,000
WALLA WALLA, WA 1 $235,000 $235,000
SOUTH BEND-MISHAWAKA, IN-MI 2 $230,000 $115,000
MOBILE, AL 3 $225,000 $75,000
KENNEWICK-RICHLAND, WA 1 $225,000 $225,000
KANKAKEE, IL 1 $225,000 $225,000
MADISON, WI 1 $225,000 $225,000
BATTLE CREEK, MI 3 $215,000 $71,667
CALIFORNIA-LEXINGTON PARK, MD 1 $215,000 $215,000
GREENVILLE, NC 2 $210,000 $105,000
WINSTON-SALEM, NC 2 $210,000 $105,000
SCRANTON--WILKES-BARRE, PA 3 $205,000 $68,333
ATHENS-CLARKE COUNTY, GA 1 $205,000 $205,000
FAYETTEVILLE, NC 2 $200,000 $100,000
POCATELLO, ID 1 $195,000 $195,000
TWIN FALLS, ID 1 $195,000 $195,000
HANFORD-CORCORAN, CA 1 $195,000 $195,000
CAPE GIRARDEAU, MO-IL 1 $185,000 $185,000
MONROE, MI 1 $175,000 $175,000
LYNCHBURG, VA 1 $175,000 $175,000
BUFFALO-CHEEKTOWAGA, NY 2 $170,000 $85,000
NORWICH-NEW LONDON, CT 1 $165,000 $165,000
BAY CITY, MI 1 $165,000 $165,000
GRAND RAPIDS-KENTWOOD, MI 1 $165,000 $165,000
COLUMBIA, SC 2 $160,000 $80,000
GREENSBORO-HIGH POINT, NC 1 $155,000 $155,000
MONTGOMERY, AL 1 $155,000 $155,000
LINCOLN, NE 1 $155,000 $155,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $155,000 $155,000
DULUTH, MN-WI 1 $145,000 $145,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $145,000 $145,000
LANCASTER, PA 1 $145,000 $145,000
SPARTANBURG, SC 1 $145,000 $145,000
WATERLOO-CEDAR FALLS, IA 1 $145,000 $145,000
TALLAHASSEE, FL 2 $140,000 $70,000
SAGINAW, MI 2 $140,000 $70,000
FOND DU LAC, WI 1 $135,000 $135,000
BATON ROUGE, LA 1 $135,000 $135,000
AUBURN-OPELIKA, AL 1 $135,000 $135,000
CHATTANOOGA, TN-GA 1 $135,000 $135,000
HUNTINGTON-ASHLAND, WV-KY-OH 1 $125,000 $125,000
LAREDO, TX 1 $125,000 $125,000
GULFPORT-BILOXI, MS 1 $125,000 $125,000
SHREVEPORT-BOSSIER CITY, LA 1 $115,000 $115,000
WARNER ROBINS, GA 1 $115,000 $115,000
BIRMINGHAM-HOOVER, AL 1 $105,000 $105,000
OCALA, FL 1 $105,000 $105,000
SEBASTIAN-VERO BEACH, FL 1 $105,000 $105,000
KILLEEN-TEMPLE, TX 1 $105,000 $105,000
EL PASO, TX 1 $105,000 $105,000
GLENS FALLS, NY 1 $95,000 $95,000
CHARLESTON, WV 1 $95,000 $95,000
LEXINGTON-FAYETTE, KY 1 $85,000 $85,000
SYRACUSE, NY 1 $85,000 $85,000
ROCKY MOUNT, NC 1 $85,000 $85,000
ELKHART-GOSHEN, IN 1 $85,000 $85,000
TOPEKA, KS 1 $75,000 $75,000
HINESVILLE, GA 1 $75,000 $75,000
MCALLEN-EDINBURG-MISSION, TX 1 $65,000 $65,000
HOUMA-THIBODAUX, LA 1 $65,000 $65,000
YUMA, AZ 1 $65,000 $65,000
CARBONDALE-MARION, IL 1 $65,000 $65,000
ASHEVILLE, NC 1 $55,000 $55,000
BANGOR, ME 1 $55,000 $55,000
VALDOSTA, GA 1 $55,000 $55,000
JOHNSON CITY, TN 1 $55,000 $55,000
GADSDEN, AL 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 17 $12,725,000 $748,529
2.5-3% 51 $17,385,000 $340,882
3-4% 921 $296,455,000 $321,884
4-5% 832 $587,480,000 $706,106
5-6% 748 $978,310,000 $1,307,901
6-7% 120 $128,400,000 $1,070,000
7-8% 3 $5,655,000 $1,885,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 155 $11,665,000 $75,258
$100k-200k 381 $58,045,000 $152,349
$200k-400k 866 $255,130,000 $294,607
$400k-600k 499 $237,045,000 $475,040
$600k-1000k 317 $246,355,000 $777,145
$Over $1MM 474 $1,218,170,000 $2,569,979

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 156 $104,110,000 $667,372
40-60% 594 $725,690,000 $1,221,700
60-80% 1,218 $920,250,000 $755,542
80-100% 664 $228,150,000 $343,599
Over 100% 45 $42,445,000 $943,222
Under 20% 14 $4,910,000 $350,714

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 486 $175,840,000 $361,811
$150k-250k 486 $275,910,000 $567,716
$50k-75k 314 $70,250,000 $223,726
$50k-or less 203 $47,735,000 $235,148
$75k-100k 309 $90,515,000 $292,929
$Over $250k 553 $866,335,000 $1,566,609

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 1,375 $850,835,000 $618,789
Not provided 621 $407,395,000 $656,031
Not applicable 98 $340,040,000 $3,469,796
Asian 283 $239,045,000 $844,682
Chinese 150 $117,880,000 $785,867
Black 120 $51,020,000 $425,167
American Indian 12 $4,970,000 $414,167
Asian Indian 10 $3,190,000 $319,000
Other Asian 6 $3,100,000 $516,667
Vietnamese 3 $2,925,000 $975,000
Native Hawaiian 5 $2,385,000 $477,000
Filipino 4 $1,600,000 $400,000
Korean 1 $1,175,000 $1,175,000
Japanese 2 $580,000 $290,000
Other Pacific Islander 2 $270,000 $135,000

Approval Rates

Total approvals of all applications
84.09%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
65.46%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 2,692 $2,026,410,000 $752,753

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,059 $336,755,000 $317,993
$1k-2k 439 $287,465,000 $654,818
$2k-3k 146 $48,360,000 $331,233
$3k-4k 121 $65,345,000 $540,041
$5k+ 403 $561,405,000 $1,393,065

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 4 $7,690,000 $1,922,500
Multifamily:Site-Built 174 $421,520,000 $2,422,529
Single Family (1-4 Units):Manufactured 77 $17,045,000 $221,364
Single Family (1-4 Units):Site-Built 2,437 $1,580,155,000 $648,402