Credence Funding Corporation Mortgage Rates, Fees & Info
Aberdeen, MDLEI: 254900HIDMT4ZG09RP47
Tax ID: 45-4414811
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.46% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 5.62% | 11/17/24 |
| 30 Year FHA Purchase | 7.02% | 11/17/24 |
| 30 Year FHA Refi | 6.65% | 11/17/24 |
| 30 Year VA Purchase | 6.02% | 11/17/24 |
| 30 Year VA Refi | 5.62% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
73Origination Dollar Volume (All Markets)
$23,195,000Awards
Credence Funding Corporation - 2023
Credence Funding Corporation is a 2023 , due to their low .
For 2023, 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
5.9%.
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% |
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
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
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
2023 saw Credence Funding Corporation place emphasis on $200k-400k loans with 44 originations, totaling $12,200,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.96%
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 origination68.49%
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 |