Bench Equity Mortgage Rates, Fees & Info

Mesa, AZ

LEI: 254900FL0I8OUMMBOZ11

Tax ID: 27-5343827

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bench Equity is a smaller mortgage company specializing in Home Purchase loans. Bench Equity has a high proportion of conventional loans. Their top markets include Los Angeles, Phoenix, San Diego, Riverside, and Salt Lake City among others. Bench Equity has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

445

Origination Dollar Volume (All Markets)

$197,315,000

Relative Rate

Bench Equity 's average 30 year fixed rate mortgage of loans were 11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 7.85%.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 153 $103,125,000 $674,020 $0 10.81%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 190 $56,960,000 $299,789 $0 10.40%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 29 $14,525,000 $500,862 $0 10.78%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 23 $7,615,000 $331,087 $0 10.88%
SALT LAKE CITY, UT (FHA|USDA|VA) 11 $3,465,000 $315,000 $0 11.27%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 4 $2,470,000 $617,500 $0 11.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 10 $2,450,000 $245,000 $0 11.10%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 9 $1,865,000 $207,222 $0 11.11%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $1,675,000 $335,000 $0 10.80%
LOGAN, UT-ID (FHA|USDA|VA) 4 $1,120,000 $280,000 $0 11.00%
PROVO-OREM, UT (FHA|USDA|VA) 3 $905,000 $301,667 $0 11.33%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $475,000 $475,000 $0 11.00%
GREELEY, CO (FHA|USDA|VA) 1 $385,000 $385,000 $0 10.00%
TUCSON, AZ (FHA|USDA|VA) 2 $280,000 $140,000 $0 10.00%

Bench Equity 's top markets include Los Angeles, Phoenix, San Diego, Riverside, and Salt Lake City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 445 $197,315,000 $443,404 $0 10.67%

For the 2021 period, Bench Equity 's most frequently originated loan type of loans were Conventional, with 445 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 431 $191,625,000 $444,606 $0 10.67%
Cash Out Refi 8 $3,990,000 $498,750 $0 10.81%
Refi 6 $1,700,000 $283,333 $0 10.92%

For the 2021, Bench Equity 's most frequently cited loan purpose of loans were Home Purchase, with 431 originations. The 2nd most popular reason of loans were Cash Out Refi, with 8 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 439 $195,015,000 $444,226 $0 10.68%
1 Year 5 $1,705,000 $341,000 $0 10.25%
30 Year 1 $595,000 $595,000 $0 11.00%

For the 2021, Bench Equity 's most frequently cited loan length of loans were Other, with 439 originations. The 2nd most popular length of loans were 1 Year, with 5 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
Over 8% 445 $197,315,000 $443,404

During 2021, Bench Equity 's average interest rate of loans were 11.00%, while their most frequently originated rate bucket of loans were Over 8%, with 445 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 168 $47,540,000 $282,976 $0 10.64%
$400k-600k 104 $50,620,000 $486,731 $0 10.74%
$600k-1MM 84 $62,460,000 $743,571 $0 10.81%
$100k-200k 55 $8,705,000 $158,273 $0 10.49%
$1MM+ 20 $27,180,000 $1,359,000 $0 10.79%
$100,000 or less 14 $810,000 $57,857 $0 10.30%

2021 saw Bench Equity place emphasis on $200k-400k loans with 168 originations, totaling $47,540,000 in origination value.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not provided 215 $87,375,000 $406,395 $0 10.59%
White 134 $59,130,000 $441,269 $0 10.71%
Asian 79 $44,215,000 $559,684 $0 10.80%
Other Asian 7 $2,805,000 $400,714 $0 10.75%
Black 6 $2,310,000 $385,000 $0 10.67%
Vietnamese 2 $940,000 $470,000 $0 10.75%
Asian Indian 1 $285,000 $285,000 $0 11.00%
American Indian 1 $255,000 $255,000 $0 11.00%

Approval Rates

Total approvals of all applications
99.71%

Bench Equity has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
94.20%

Bench Equity has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 445 $197,315,000 $443,404

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
445 $197,315,000 $443,404

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 7 $1,805,000 $257,857 $0 10.25%
40-60% 13 $6,095,000 $468,846 $0 11.58%
60-80% 196 $87,700,000 $447,449 $0 10.51%
80-100% 217 $97,365,000 $448,687 $0 10.77%
Over 100% 7 $4,195,000 $599,286 $0 11.04%
Under 20% 5 $155,000 $31,000 $0 10.20%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OZK Other type of mortgage Closing on a mortgage 1 100.0%