Sourceone Financial Mortgage Rates, Fees & Info
Alpine, UTLEI: 254900DK1GHKA4PVWQ72
Tax ID: 20-0991349
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Mortgage Data
Review & Overview
Sourceone Financial is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Sourceone Financial has a high proportion of conventional loans. Their top markets by origination volume include: Salt Lake City, Provo, Heber, Ogden, and St. George among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Sourceone Financial has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
31Origination Dollar Volume (All Markets)
$12,365,000Top 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 |
|---|---|---|---|---|---|
| SALT LAKE CITY, UT (FHA|USDA|VA) | 13 | $4,455,000 | $342,692 | $0 | 11.07% |
| PROVO-OREM, UT (FHA|USDA|VA) | 5 | $2,755,000 | $551,000 | $0 | 11.10% |
| Heber, UT (FHA|USDA|VA) | 3 | $1,495,000 | $498,333 | $0 | 10.83% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 3 | $1,395,000 | $465,000 | $0 | 11.33% |
| ST. GEORGE, UT (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $0 | 10.83% |
| Outside of Metro Areas | 3 | $855,000 | $285,000 | $0 | 11.67% |
| Cedar City, UT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 10.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 31 | $12,365,000 | $398,871 | $0 | 11.08% |
For 2023, Sourceone Financial's most frequently originated type of loan was Conventional, with 31 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 18 | $8,230,000 | $457,222 | $0 | 11.00% |
| Cash Out Refi | 10 | $2,750,000 | $275,000 | $0 | 11.05% |
| Refi | 3 | $1,385,000 | $461,667 | $0 | 11.67% |
For 2023, Sourceone Financial's most frequently cited loan purpose was Home Purchase, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 30 | $11,760,000 | $392,000 | $0 | 11.05% |
| 1 Year | 1 | $605,000 | $605,000 | $0 | 12.00% |
For 2023, Sourceone Financial's most frequently cited loan duration was Other, with 30 originations. The 2nd most popular length was 1 Year, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 31 | $12,365,000 | $398,871 |
During 2023, Sourceone Financial's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 31 originations.
Loan Sizing
2023 saw Sourceone Financial place emphasis on $200k-400k loans with 14 originations, totaling $4,310,000 in origination value.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 16 | $7,190,000 | $449,375 | $0 | 11.00% |
| White | 15 | $5,175,000 | $345,000 | $0 | 11.17% |
Approval Rates
Total approvals of all applications58.33%
Sourceone Financial has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination64.52%
Sourceone Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 31 | $12,365,000 | $398,871 |