Credence Funding Corporation Mortgage Rates, Fees & Info
Aberdeen, MDLEI: 254900HIDMT4ZG09RP47
Tax ID: 45-4414811
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Credence Funding Corporation is a smaller mortgage company specializing in Refi loans. Credence Funding Corporation has an average proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Baltimore, Washington, Atlanta, Virginia Beach, and Houston among others. We have data for 144 markets. (Some data included below & more in-depth data is available with an active subscription.)Credence Funding Corporation 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. Credence Funding Corporation 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.66% | 6/22/25 |
| 30 Year FHA Purchase | 7.32% | 6/22/25 |
| 30 Year FHA Refi | 6.75% | 6/22/25 |
| 30 Year VA Purchase | 5.93% | 6/22/25 |
| 30 Year VA Refi | 5.84% | 6/22/25 |
| 15 Year Conventional Purchase | 5.42% | 6/22/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Credence Funding Corporation Mortgage Calculator
Your Estimates
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This is not an official calculator from Credence Funding Corporation. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
379Origination Dollar Volume (All Markets)
$131,735,000Awards
Credence Funding Corporation - 2024
Credence Funding Corporation is a 2024 , due to their low .
For 2024, less than of lenders were eligible for this award.
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Relative Rate
Credence Funding Corporation's average 30 year fixed mortgage rate was
5.72%.
The 2024 average 30 year fixed rate mortgage across all markets and lenders was 6.55%.
This yields a difference of -0.83%.
Relative Fees (Closing Costs)
Credence Funding Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,867.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $8,356.
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 |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 22 | $8,000,000 | $363,636 | $5,843 | 6.34% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 13 | $6,775,000 | $521,154 | $9,633 | 5.62% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 15 | $5,165,000 | $344,333 | $6,428 | 5.69% |
| Outside of Metro Areas | 15 | $4,655,000 | $310,333 | $6,497 | 5.80% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 13 | $4,225,000 | $325,000 | $6,282 | 5.60% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 12 | $4,120,000 | $343,333 | $6,372 | 5.72% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 7 | $3,915,000 | $559,286 | $10,003 | 5.52% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 9 | $3,605,000 | $400,556 | $8,546 | 5.80% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 12 | $3,570,000 | $297,500 | $6,682 | 5.76% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 8 | $3,150,000 | $393,750 | $7,408 | 5.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 8 | $2,990,000 | $373,750 | $7,551 | 5.67% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 8 | $2,370,000 | $296,250 | $5,412 | 6.02% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $2,175,000 | $725,000 | $17,610 | 5.79% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $1,905,000 | $381,000 | $7,364 | 5.57% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 4 | $1,900,000 | $475,000 | $10,205 | 5.50% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 5 | $1,875,000 | $375,000 | $5,670 | 5.53% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 5 | $1,835,000 | $367,000 | $6,543 | 5.55% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 5 | $1,725,000 | $345,000 | $6,240 | 5.38% |
| TULSA, OK (FHA|USDA|VA) | 6 | $1,700,000 | $283,333 | $6,810 | 5.98% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,690,000 | $422,500 | $4,349 | 5.72% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 6 | $1,560,000 | $260,000 | $5,541 | 5.79% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 4 | $1,470,000 | $367,500 | $7,307 | 5.41% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $1,405,000 | $468,333 | $9,604 | 5.87% |
| FORT WAYNE, IN (FHA|USDA|VA) | 5 | $1,405,000 | $281,000 | $6,436 | 5.35% |
| EL PASO, TX (FHA|USDA|VA) | 5 | $1,325,000 | $265,000 | $5,090 | 5.85% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $1,260,000 | $630,000 | $11,702 | 5.56% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 4 | $1,230,000 | $307,500 | $6,629 | 5.78% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $7,384 | 5.69% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 3 | $1,165,000 | $388,333 | $6,484 | 6.17% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $7,728 | 5.83% |
| COLUMBUS, OH (FHA|USDA|VA) | 4 | $1,140,000 | $285,000 | $3,708 | 5.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $6,609 | 5.72% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $6,473 | 5.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $4,259 | 5.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $1,010,000 | $505,000 | $8,149 | 5.69% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $12,763 | 5.44% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $9,653 | 5.06% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $9,465 | 5.50% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $7,808 | 6.13% |
| HINESVILLE, GA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $4,278 | 5.88% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $5,689 | 5.44% |
| TUCSON, AZ (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $9,662 | 5.50% |
| LAWTON, OK (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $10,146 | 5.94% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $6,086 | 5.54% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $6,001 | 6.06% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $18,964 | 5.50% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $8,714 | 5.63% |
| SAVANNAH, GA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $9,881 | 5.25% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,517 | 5.94% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $13,015 | 5.88% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $12,632 | 5.50% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $5,576 | 6.12% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $4,506 | 5.81% |
| AKRON, OH (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $7,222 | 5.13% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $8,938 | 5.69% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $615,000 | $205,000 | $4,885 | 5.79% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $9,787 | 5.50% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $6,288 | 6.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $8,755 | 5.25% |
| Klamath Falls, OR (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $10,610 | 5.00% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $5,643 | 6.06% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $12,891 | 5.63% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $6,621 | 5.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $5,563 | 6.62% |
| DOVER, DE (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,839 | 5.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $8,412 | 5.75% |
| ALBANY, GA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,143 | 5.56% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,574 | 6.63% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,603 | 5.88% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $6,572 | 5.31% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $5,927 | 5.50% |
| GOLDSBORO, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $4,082 | 5.75% |
| SALEM, OR (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $11,338 | 5.25% |
| Sandpoint, ID (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,264 | 6.00% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $15,108 | 5.00% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $8,785 | 5.50% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $5,330 | 6.00% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,759 | 5.63% |
| Shelton, WA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $3,613 | 6.13% |
| NILES, MI (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,361 | 4.88% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $8,046 | 5.50% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,957 | 4.75% |
| READING, PA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,320 | 6.06% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,662 | 5.93% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $7,951 | 5.75% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $13,755 | 5.75% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $8,449 | 5.49% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $12,978 | 4.99% |
| Del Rio, TX (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $9,027 | 5.88% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,514 | 6.00% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $11,609 | 5.50% |
| Sidney, OH (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $6,542 | 5.63% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $11,028 | 5.63% |
| Coos Bay, OR (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,609 | 6.00% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $7,436 | 5.50% |
| Plainview, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,792 | 5.25% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $8,427 | 6.25% |
| Duncan, OK (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,911 | 5.75% |
| Shelby, NC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,607 | 5.38% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,608 | 5.38% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,245 | 5.75% |
| OCALA, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,305 | 5.88% |
| Elk City, OK (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,233 | 5.50% |
| Martinsville, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,484 | 5.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,401 | 5.63% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,688 | 5.13% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,806 | 5.88% |
| La Grande, OR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,715 | 5.88% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,782 | 5.88% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,368 | 5.75% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $6,016 | 5.50% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,259 | 5.63% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,942 | 5.75% |
| Jesup, GA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,154 | 6.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,529 | 5.00% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,656 | 5.75% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,966 | 4.88% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 5.88% |
| Roseburg, OR (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,065 | 5.63% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,410 | 5.38% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,640 | 5.88% |
| Shawnee, OK (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,104 | 4.75% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,944 | 5.88% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,675 | 5.63% |
| Payson, AZ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,215 | 5.38% |
| Tahlequah, OK (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,863 | 5.75% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,371 | 5.38% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,260 | 5.50% |
| Muskogee, OK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,601 | 5.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,074 | 5.75% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,350 | 5.50% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,605 | 5.38% |
| Centralia, WA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,188 | 6.38% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,502 | 6.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,273 | 5.63% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,275 | 5.88% |
| Ludington, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,070 | 5.63% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,316 | 5.88% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,528 | 5.75% |
| SAN ANGELO, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,400 | 6.25% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,653 | 6.13% |
| Portsmouth, OH (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,253 | 6.38% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,172 | 5.88% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,559 | 4.75% |
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We use machine learning to identify the top lenders compared against Credence Funding Corporation 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 |
|---|---|---|---|---|---|
| VA | 351 | $120,925,000 | $344,516 | $6,893 | 5.66% |
| Conventional | 19 | $7,125,000 | $375,000 | $5,282 | 6.58% |
| FHA | 9 | $3,685,000 | $409,444 | $9,697 | 6.17% |
For 2024, Credence Funding Corporation's most frequently originated type of loan was VA, with 351 originations. Their 2nd most popular type was Conventional, with 19 originations.
Loan Reason
For 2024, Credence Funding Corporation's most frequently cited loan purpose was Refi, with 347 originations. The 2nd most popular reason was Home Purchase, with 24 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 378 | $131,380,000 | $347,566 | $6,867 | 5.72% |
| 15 Year | 1 | $355,000 | $355,000 | $11,434 | 5.38% |
For 2024, Credence Funding Corporation's most frequently cited loan duration was 30 Year, with 378 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Credence Funding Corporation's average total fees were $6,867, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 129 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 259 | $92,125,000 | $355,695 |
| 6-7% | 78 | $23,940,000 | $306,923 |
| 4-5% | 38 | $14,390,000 | $378,684 |
| 7-8% | 4 | $1,280,000 | $320,000 |
During 2024, Credence Funding Corporation's average interest rate for loans was 5.72%, while their most frequently originated rate bucket for loans was 5-6%, with 259 originations.
Loan Sizing
2024 saw Credence Funding Corporation place emphasis on $200k-400k loans with 253 originations, totaling $73,525,000 in origination value.
Applicant Income
Credence Funding Corporation lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $75k-100k, with 7 originations.
Applicant Debt to Income Ratio
Credence Funding Corporation lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 46%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Credence Funding Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination36.15%
Credence Funding Corporation 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 | 379 | $131,735,000 | $347,586 |