American Financial Funding Corp. Mortgage Rates, Fees & Info

LEMONT, IL

LEI: 254900GLWBN0BE3PD014

Tax ID: 36-3935147

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
  • Similar Lenders
  • 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

    American Financial Funding Corp. is a smaller mortgage company specializing in Refi and Home Purchase loans. American Financial Funding Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Nashville, Ottawa, Kankakee, and South Bend among others. We have data for 10 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 a below 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.

    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.

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    Originations

    356

    Origination Dollar Volume (All Markets)

    $94,980,000

    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
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 340 $90,720,000 $266,824 $3,510 3.10%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $820,000 $410,000 $1,309 2.63%
    Ottawa, IL (FHA|USDA|VA) 3 $725,000 $241,667 $2,277 3.29%
    KANKAKEE, IL (FHA|USDA|VA) 4 $680,000 $170,000 $1,819 3.16%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $515,000 $515,000 $485 2.25%
    Outside of Metro Areas 1 $445,000 $445,000 $3,897 2.88%
    MORRISTOWN, TN (FHA|USDA|VA) 1 $355,000 $355,000 $0 2.63%
    NILES, MI (FHA|USDA|VA) 2 $320,000 $160,000 $1,843 3.81%
    Sturgis, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,464 2.50%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $105,000 $105,000 $2,070 2.63%
    American Financial Funding Corp.'s top markets include Chicago, Nashville, Ottawa, Kankakee, and South Bend among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • 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.

    Liberty Bank for Savings
    Similarity Rank: 312
    Glenview State Bank
    Similarity Rank: 312
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    The Equitable Bank, S.S.B.
    Similarity Rank: 820
    RUHL MORTGAGE, LLC
    Similarity Rank: 988
    United Community Bank
    Similarity Rank: 1360
    NEW FED MORTGAGE, CORP.
    Similarity Rank: 1610
    DuPage Credit Union
    Similarity Rank: 1824
    LAKE MORTGAGE COMPANY INC
    Similarity Rank: 1841

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 305 $82,635,000 $270,934 $2,675 3.08%
    FHA 50 $12,060,000 $241,200 $7,132 3.25%
    VA 1 $285,000 $285,000 $1,442 2.38%

    For 2020, American Financial Funding Corp.'s most frequently originated type of loan was Conventional, with 305 originations. Their 2nd most popular type was FHA, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 189 $50,425,000 $266,799 $2,348 3.00%
    Home Purchase 129 $34,475,000 $267,248 $5,028 3.28%
    Cash Out Refi 38 $10,080,000 $265,263 $1,485 3.01%

    For 2020, American Financial Funding Corp.'s most frequently cited loan purpose was Refi, with 189 originations. The 2nd most popular reason was Home Purchase, with 129 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 276 $77,050,000 $279,167 $3,794 3.17%
    15 Year 46 $9,770,000 $212,391 $2,002 2.80%
    Other 16 $4,420,000 $276,250 $2,297 3.00%
    20 Year 14 $3,010,000 $215,000 $2,394 2.94%
    10 Year 4 $730,000 $182,500 $1,828 2.44%

    For 2020, American Financial Funding Corp.'s most frequently cited loan duration was 30 Year, with 276 originations. The 2nd most popular length was 15 Year, with 46 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 134 $34,680,000 $258,806
    $<1k 26 $6,450,000 $248,077
    $2k-3k 7 $1,855,000 $265,000
    $3k-4k 6 $1,510,000 $251,667
    $5k+ 3 $805,000 $268,333

    American Financial Funding Corp.'s average total fees were $3,794, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 134 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 157 $39,965,000 $254,554
    2.5-3% 147 $40,315,000 $274,252
    <2.5% 39 $12,055,000 $309,103
    4-5% 13 $2,645,000 $203,462

    During 2020, American Financial Funding Corp.'s average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 157 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 177 $50,115,000 $283,136 $3,723 3.07%
    $100k-200k 115 $18,445,000 $160,391 $2,955 3.19%
    $400k-600k 54 $25,550,000 $473,148 $3,568 3.00%
    $100,000 or less 10 $870,000 $87,000 $3,567 3.24%

    2020 saw American Financial Funding Corp. place emphasis on $200k-400k loans with 177 originations, totaling $50,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 109 $30,935,000 $283,807 $3,299 3.02%
    $50k-75k 81 $17,385,000 $214,630 $4,051 3.21%
    $75k-100k 60 $14,230,000 $237,167 $3,110 3.22%
    $150k-250k 56 $18,540,000 $331,071 $3,067 2.91%
    $50k or less 28 $4,440,000 $158,571 $3,908 3.32%
    $250k+ 22 $9,450,000 $429,545 $2,977 2.99%

    American Financial Funding Corp. lent most frequently to those with incomes in the $100k-150k range, with 109 originations. The second most popular income band? $50k-75k, with 81 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 94 $22,580,000 $240,213 $2,726 3.02%
    30-36% 56 $15,630,000 $279,107 $2,909 3.06%
    <20% 33 $9,605,000 $291,061 $1,895 2.88%
    50-60% 19 $4,585,000 $241,316 $7,670 3.15%
    42% 18 $5,550,000 $308,333 $4,427 3.08%
    38% 18 $4,840,000 $268,889 $4,014 3.37%
    36% 17 $5,065,000 $297,941 $3,221 3.10%
    44% 17 $4,245,000 $249,706 $4,548 3.29%
    39% 10 $2,230,000 $223,000 $2,456 3.31%
    41% 9 $3,125,000 $347,222 $4,020 3.26%
    48% 9 $2,645,000 $293,889 $4,931 3.03%
    37% 9 $2,585,000 $287,222 $2,951 3.00%
    40% 8 $2,050,000 $256,250 $3,583 3.75%
    43% 8 $2,860,000 $357,500 $2,307 3.06%
    45% 8 $1,360,000 $170,000 $3,407 3.27%
    47% 7 $2,055,000 $293,571 $4,400 3.38%
    49% 7 $1,935,000 $276,429 $2,642 2.86%
    46% 6 $1,350,000 $225,000 $2,697 3.17%

    American Financial Funding Corp. lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 56 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 284 $76,980,000 $271,056 $3,294 3.09%
    Black 34 $8,000,000 $235,294 $5,270 3.26%
    Asian 16 $5,280,000 $330,000 $2,933 2.89%
    Not provided 22 $4,720,000 $214,545 $2,497 3.15%

    Approval Rates

    Total approvals of all applications
    96.66%

    American Financial Funding Corp. 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
    89.61%

    American Financial Funding Corp. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 356 $94,980,000 $266,798

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 356 $94,980,000 $266,798

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $1,055,000 $150,714 $1,528 2.77%
    40-60% 45 $12,145,000 $269,889 $2,263 2.81%
    60-80% 152 $41,010,000 $269,803 $2,309 3.05%
    80-100% 149 $40,015,000 $268,557 $4,592 3.24%
    Over 100% 2 $600,000 $300,000 $11,398 4.13%
    Under 20% 1 $155,000 $155,000 $0 2.99%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    AMERICAN FINANCING CORPORATION Other type of mortgage Closing on a mortgage 1 11.1%
    AMERICAN FINANCING CORPORATION FHA mortgage Closing on a mortgage 2 22.2%
    AMERICAN FINANCING CORPORATION Conventional home mortgage Closing on a mortgage 2 22.2%
    AMERICAN FINANCING CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 44.4%