Credence Funding Corporation Mortgage Rates, Fees & Info

Aberdeen, MD

LEI: 254900HIDMT4ZG09RP47

Tax ID: 45-4414811

5 stars - Updated: 6/9/24 - out of 5 stars, based on 9 reviews

Latest/2023 | 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. They have an average proportion of FHA loans. Credence Funding Corporation has an average proportion of conventional loans. Their top markets by origination volume include: Baltimore, Dallas, Nashville, Washington, and San Antonio among others. We have data for 47 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 an average 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.46% 6/9/24
30 Year Conventional Refi 6.27% 6/9/24
30 Year Cash-out Refi 5.62% 6/9/24
30 Year FHA Purchase 7.02% 6/9/24
30 Year FHA Refi 6.65% 6/9/24
30 Year VA Purchase 6.02% 6/9/24
30 Year VA Refi 5.62% 6/9/24
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

Estimated Loan Payment: Update the calculator values and click calculate payment!

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

73

Origination Dollar Volume (All Markets)

$23,195,000

Awards

Credence Funding Corporation VA Loans gold Credence Funding Corporation VA Loans gold
Show all (2) awards

Relative Rate

Credence Funding Corporation's average 30 year fixed mortgage rate was 5.9%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.58%.

Relative Fees (Closing Costs)

Credence Funding Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $6,138.

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 $9,089.

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) 8 $1,630,000 $203,750 $6,239 6.33%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $1,320,000 $660,000 $14,960 5.69%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $1,315,000 $438,333 $7,516 5.79%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3 $1,285,000 $428,333 $6,767 5.67%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $975,000 $325,000 $5,902 5.79%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $930,000 $465,000 $8,207 5.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $905,000 $301,667 $3,659 5.71%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 2 $890,000 $445,000 $5,455 5.38%
ROCKY MOUNT, NC (FHA|USDA|VA) 2 $810,000 $405,000 $6,014 5.63%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $720,000 $360,000 $3,582 6.38%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 3 $715,000 $238,333 $7,764 5.92%
EL PASO, TX (FHA|USDA|VA) 2 $700,000 $350,000 $3,848 5.31%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $565,000 $565,000 $1,653 7.00%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $565,000 $565,000 $9,821 5.75%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $535,000 $535,000 $2,674 6.50%
SAVANNAH, GA (FHA|USDA|VA) 2 $530,000 $265,000 $4,272 5.88%
GOLDSBORO, NC (FHA|USDA|VA) 3 $515,000 $171,667 $7,365 5.63%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $485,000 $485,000 $4,923 7.38%
COLUMBUS, OH (FHA|USDA|VA) 1 $415,000 $415,000 $12,830 5.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $405,000 $405,000 $3,418 6.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $345,000 $345,000 $13,054 5.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $335,000 $335,000 $4,578 5.25%
MEDFORD, OR (FHA|USDA|VA) 1 $325,000 $325,000 $7,623 5.88%
PANAMA CITY, FL (FHA|USDA|VA) 1 $325,000 $325,000 $9,955 5.25%
KOKOMO, IN (FHA|USDA|VA) 1 $315,000 $315,000 $3,258 5.38%
SPARTANBURG, SC (FHA|USDA|VA) 1 $315,000 $315,000 $3,978 6.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $285,000 $285,000 $1,866 5.50%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $285,000 $285,000 $8,656 5.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $275,000 $275,000 $5,314 6.13%
GAINESVILLE, GA (FHA|USDA|VA) 1 $275,000 $275,000 $4,145 6.50%
Bonham, TX (FHA|USDA|VA) 1 $265,000 $265,000 $8,720 5.88%
Aberdeen, WA (FHA|USDA|VA) 1 $265,000 $265,000 $3,381 6.13%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $265,000 $265,000 $2,825 6.00%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $255,000 $255,000 $8,272 5.25%
LOUISVILLE, KY (FHA|USDA|VA) 1 $255,000 $255,000 $1,808 6.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $5,816 5.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,942 6.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $235,000 $235,000 $7,595 6.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $6,821 6.00%
RICHMOND, VA (FHA|USDA|VA) 1 $235,000 $235,000 $11,795 6.38%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $225,000 $225,000 $7,808 6.25%
TULSA, OK (FHA|USDA|VA) 1 $225,000 $225,000 $3,648 5.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $205,000 $205,000 $5,937 6.00%
READING, PA (FHA|USDA|VA) 1 $205,000 $205,000 $3,756 6.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $195,000 $195,000 $1,654 6.50%
FLINT, MI (FHA|USDA|VA) 1 $185,000 $185,000 $4,618 5.75%
COLUMBIA, SC (FHA|USDA|VA) 1 $165,000 $165,000 $3,398 6.63%
Credence Funding Corporation's top markets include Baltimore, Dallas, Nashville, Washington, and San Antonio among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Similar Lenders

    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 57 $19,465,000 $341,491 $5,776 5.81%
    FHA 9 $2,255,000 $250,556 $9,300 5.97%
    Conventional 7 $1,475,000 $210,714 $5,020 6.55%

    For 2023, Credence Funding Corporation's most frequently originated type of loan was VA, with 57 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 55 $19,145,000 $348,091 $5,539 5.80%
    Home Purchase 10 $2,340,000 $234,000 $6,728 6.28%
    Cash Out Refi 8 $1,710,000 $213,750 $9,516 6.11%

    For 2023, Credence Funding Corporation's most frequently cited loan purpose was Refi, with 55 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 73 $23,195,000 $317,740 $6,138 5.90%

    For 2023, Credence Funding Corporation's most frequently cited loan duration was 30 Year, with 73 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 20 $6,420,000 $321,000
    $<1k 19 $5,985,000 $315,000
    $1k-2k 11 $3,045,000 $276,818
    $3k-4k 8 $2,310,000 $288,750
    $4k-5k 8 $2,750,000 $343,750
    $2k-3k 7 $2,685,000 $383,571

    Credence Funding Corporation's average total fees were $6,138, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 20 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 39 $12,965,000 $332,436
    6-7% 29 $8,275,000 $285,345
    4-5% 3 $1,355,000 $451,667
    7-8% 2 $600,000 $300,000

    During 2023, Credence Funding Corporation's average interest rate for loans was 5.90%, while their most frequently originated rate bucket for loans was 5-6%, with 39 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 44 $12,200,000 $277,273 $5,983 5.85%
    $400k-600k 18 $8,560,000 $475,556 $6,434 5.82%
    $100k-200k 10 $1,640,000 $164,000 $5,282 6.30%
    $600k-1MM 1 $795,000 $795,000 $16,181 5.75%

    2023 saw Credence Funding Corporation place emphasis on $200k-400k loans with 44 originations, totaling $12,200,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 9 $1,875,000 $208,333 $7,197 6.14%
    $75k-100k 4 $920,000 $230,000 $8,750 6.47%
    $50k or less 3 $505,000 $168,333 $7,726 6.13%
    $100k-150k 1 $415,000 $415,000 $14,576 5.75%
    $150k-250k 1 $335,000 $335,000 $5,880 6.38%

    Credence Funding Corporation lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $75k-100k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 6 $1,620,000 $270,000 $10,021 6.08%
    43% 3 $645,000 $215,000 $11,136 5.83%
    30-36% 2 $400,000 $200,000 $4,654 6.31%
    49% 2 $420,000 $210,000 $5,385 6.56%
    <20% 1 $525,000 $525,000 $7,612 5.25%
    42% 1 $235,000 $235,000 $7,595 6.25%
    40% 1 $335,000 $335,000 $5,880 6.38%
    20-30% 1 $115,000 $115,000 $6,247 5.38%
    38% 1 $115,000 $115,000 $2,345 7.63%
    39% 1 $165,000 $165,000 $7,723 6.25%

    Credence Funding Corporation lent most frequently to those with DTI ratios of 50-60%, with 6 originations. The next most common DTI ratio? 43%, with 3 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 48 $15,330,000 $319,375 $5,626 5.95%
    White 17 $5,315,000 $312,647 $8,264 5.90%
    Black 8 $2,550,000 $318,750 $4,686 5.59%

    Approval Rates

    Total approvals of all applications
    97.96%

    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 origination
    68.49%

    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 73 $23,195,000 $317,740

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    73 $23,195,000 $317,740

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 4 $800,000 $200,000 $8,599 6.25%
    60-80% 4 $690,000 $172,500 $7,049 6.41%
    80-100% 27 $7,985,000 $295,741 $5,766 5.90%
    Over 100% 38 $13,720,000 $361,053 $6,047 5.81%