Bench Equity Mortgage Rates, Fees & Info

Mesa, AZ

LEI: 254900FL0I8OUMMBOZ11

Tax ID: 27-5343827

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Los Angeles, Phoenix, San Diego, Riverside, and Salt Lake City among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bench Equity 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    405

    Origination Dollar Volume (All Markets)

    $133,955,000

    Top 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) 103 $59,195,000 $574,709 $0 10.47%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 226 $49,620,000 $219,558 $0 10.33%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 23 $12,355,000 $537,174 $0 10.30%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 20 $5,870,000 $293,500 $0 10.35%
    SALT LAKE CITY, UT (FHA|USDA|VA) 11 $3,075,000 $279,545 $0 10.91%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 10 $1,630,000 $163,000 $0 10.80%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $960,000 $160,000 $0 10.83%
    PROVO-OREM, UT (FHA|USDA|VA) 3 $575,000 $191,667 $0 10.67%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $530,000 $265,000 $0 10.00%
    TUCSON, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $0 10.00%
    Bench Equity's top markets include Los Angeles, Phoenix, San Diego, Riverside, and Salt Lake City among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Utah (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 405 $133,955,000 $330,753 $0 10.40%

    For 2020, Bench Equity's most frequently originated type of loan was Conventional, with 405 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 374 $126,640,000 $338,610 $0 10.40%
    Refi 21 $5,105,000 $243,095 $0 10.24%
    Cash Out Refi 10 $2,210,000 $221,000 $0 10.65%

    For 2020, Bench Equity's most frequently cited loan purpose was Home Purchase, with 374 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 404 $132,480,000 $327,921 $0 10.40%
    1 Year 1 $1,475,000 $1,475,000 $0 10.00%

    For 2020, Bench Equity's most frequently cited loan duration was Other, with 404 originations. The 2nd most popular length was 1 Year, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 404 $133,580,000 $330,644
    7-8% 1 $375,000 $375,000

    During 2020, Bench Equity's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 404 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 127 $37,885,000 $298,307 $0 10.41%
    $100k-200k 125 $19,505,000 $156,040 $0 10.37%
    $400k-600k 76 $36,660,000 $482,368 $0 10.49%
    $100,000 or less 38 $2,790,000 $73,421 $0 10.26%
    $600k-1MM 28 $20,820,000 $743,571 $0 10.51%
    $1MM+ 11 $16,295,000 $1,481,364 $0 10.18%

    2020 saw Bench Equity place emphasis on $200k-400k loans with 127 originations, totaling $37,885,000 in origination value.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 198 $58,560,000 $295,758 $0 10.40%
    White 143 $47,825,000 $334,441 $0 10.44%
    Asian 46 $23,490,000 $510,652 $0 10.33%
    Black 7 $1,865,000 $266,429 $0 10.57%
    Other Asian 6 $1,470,000 $245,000 $0 10.17%
    Other Pacific Islander 4 $600,000 $150,000 $0 10.00%
    Native Hawaiian or Islander 1 $145,000 $145,000 $0 10.00%

    Approval Rates

    Total approvals of all applications
    99.77%

    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
    93.33%

    Bench Equity has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 405 $133,955,000 $330,753

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $1,885,000 $1,885,000
    Single Family (1-4 Units):Site-Built 404 $132,070,000 $326,906

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,015,000 $112,778 $0 10.22%
    40-60% 12 $2,430,000 $202,500 $0 10.33%
    60-80% 183 $62,185,000 $339,809 $0 10.19%
    80-100% 193 $67,165,000 $348,005 $0 10.58%
    Over 100% 6 $940,000 $156,667 $0 11.17%
    Under 20% 2 $220,000 $110,000 $0 11.00%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    BANK OZK Conventional home mortgage Trouble during payment process 1 25.0%
    BANK OZK Home equity loan or line of credit (HELOC) Closing on a mortgage 1 25.0%
    BANK OZK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    BANK OZK Other type of mortgage Trouble during payment process 1 25.0%