American Financial Funding Corp. Mortgage Rates, Fees & Info
LEMONT, ILLEI: 254900GLWBN0BE3PD014
Tax ID: 36-3935147
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Mortgage Data
Review & Overview
American Financial Funding Corp. is a smaller mortgage company specializing in Home Purchase loans. American Financial Funding Corp. has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Chicago, South Bend, Kankakee, and Evansville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)American Financial Funding Corp. 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. American Financial Funding Corp. is typically a low 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 about average rates.
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Originations
157Origination Dollar Volume (All Markets)
$33,085,000Awards
American Financial Funding Corp. - 2018
American Financial Funding Corp. is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 153 | $32,455,000 | $212,124 | $4,052 | 4.74% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 4.50% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,944 | 5.25% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,470 | 5.38% |
| Outside of Metro Areas | 1 | $85,000 | $85,000 | $0 | 4.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against American Financial Funding Corp. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 95 | $21,075,000 | $221,842 | $3,364 | 4.72% |
| FHA | 54 | $10,160,000 | $188,148 | $4,266 | 4.79% |
| VA | 8 | $1,850,000 | $231,250 | $7,799 | 4.77% |
For 2018, American Financial Funding Corp.'s most frequently originated type of loan was Conventional, with 95 originations. Their 2nd most popular type was FHA, with 54 originations.
Loan Reason
For 2018, American Financial Funding Corp.'s most frequently cited loan purpose was Home Purchase, with 120 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
For 2018, American Financial Funding Corp.'s most frequently cited loan duration was 30 Year, with 141 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
American Financial Funding Corp.'s average total fees were $4,201, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 90 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 104 | $22,060,000 | $212,115 |
| 5-6% | 38 | $6,990,000 | $183,947 |
| 3-4% | 14 | $3,860,000 | $275,714 |
| 7-8% | 1 | $175,000 | $175,000 |
During 2018, American Financial Funding Corp.'s average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 104 originations.
Loan Sizing
2018 saw American Financial Funding Corp. place emphasis on $200k-400k loans with 73 originations, totaling $20,275,000 in origination value.
Applicant Income
American Financial Funding Corp. lent most frequently to those with incomes in the $50k-75k range, with 41 originations. The second most popular income band? $100k-150k, with 34 originations.
Applicant Debt to Income Ratio
American Financial Funding Corp. lent most frequently to those with DTI ratios of 30-36%, with 26 originations. The next most common DTI ratio? 20-30%, with 25 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 109 | $24,415,000 | $223,991 | $3,376 | 4.65% |
| Black | 48 | $8,670,000 | $180,625 | $4,877 | 4.96% |
Approval Rates
Total approvals of all applications90.58%
American Financial Funding Corp. has an average approval rate.
Pick Rate
Approvals leading to origination90.45%
American Financial Funding Corp. has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 101.0 | 1 | $85,000 | $85,000 |
| 1062.8 | 1 | $65,000 | $65,000 |
| 1062.95 | 1 | $365,000 | $365,000 |
| 1180.0 | 1 | $235,000 | $235,000 |
| 1226.04 | 1 | $215,000 | $215,000 |
| 1363.0 | 1 | $215,000 | $215,000 |
| 1376.0 | 3 | $865,000 | $288,333 |
| 1440.65 | 1 | $125,000 | $125,000 |
| 1441.9 | 1 | $315,000 | $315,000 |
| 1442.9 | 1 | $85,000 | $85,000 |
| 1464.0 | 8 | $2,040,000 | $255,000 |
| 1539.0 | 1 | $165,000 | $165,000 |
| 169.0 | 1 | $65,000 | $65,000 |
| 1744.0 | 1 | $55,000 | $55,000 |
| 1784.0 | 1 | $245,000 | $245,000 |
| 1858.0 | 2 | $330,000 | $165,000 |
| 1914.0 | 2 | $460,000 | $230,000 |
| 1920.0 | 1 | $215,000 | $215,000 |
| 2109.0 | 1 | $55,000 | $55,000 |
| 2471.0 | 1 | $305,000 | $305,000 |
| 2512.0 | 1 | $305,000 | $305,000 |
| 2878.03 | 1 | $245,000 | $245,000 |
| 3188.0 | 1 | $395,000 | $395,000 |
| 3468.5 | 1 | $55,000 | $55,000 |
| 3739.49 | 1 | $135,000 | $135,000 |
| 3789.0 | 1 | $155,000 | $155,000 |
| 4534.0 | 1 | $225,000 | $225,000 |
| 45.9 | 1 | $365,000 | $365,000 |
| 518.0 | 2 | $730,000 | $365,000 |
| 563.0 | 3 | $485,000 | $161,667 |
| 607.84 | 1 | $285,000 | $285,000 |
| 615.0 | 1 | $165,000 | $165,000 |
| 62.8 | 1 | $105,000 | $105,000 |
| 68.0 | 3 | $485,000 | $161,667 |
| 7035.0 | 1 | $285,000 | $285,000 |
| 81.0 | 1 | $115,000 | $115,000 |
| 852.0 | 1 | $275,000 | $275,000 |
| 8923.0 | 1 | $285,000 | $285,000 |
| 995.0 | 1 | $185,000 | $185,000 |
| NA | 102 | $21,300,000 | $208,824 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 157 | $33,085,000 | $210,732 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| AMERICAN FINANCING CORPORATION | Conventional home mortgage | Unable to get your credit report or credit score | 1 | 50.0% |
| AMERICAN FINANCING CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |