Cherrywood Mortgage Rates, Fees & Info
Diamond Bar, CALEI: 254900HJXTBDTYFWJ090
Tax ID: 82-3977213
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Mortgage Data
Review & Overview
Cherrywood Mortgage is a smaller mortgage company specializing in Cash Out Refi loans. Cherrywood Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: New York, Atlanta, Chicago, York, and Los Angeles among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Cherrywood Mortgage has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.
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Originations
44Origination Dollar Volume (All Markets)
$40,160,000Top 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 |
---|---|---|---|---|---|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 18 | $27,520,000 | $1,528,889 | $0 | 7.37% |
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 7 | $4,835,000 | $690,714 | $0 | 8.75% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $1,335,000 | $267,000 | $0 | 8.65% |
YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $875,000 | $875,000 | $0 | 8.00% |
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $855,000 | $855,000 | $0 | 7.50% |
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 6.25% |
MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 6.63% |
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 6.63% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 7.75% |
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 9.25% |
Outside of Metro Areas | 1 | $365,000 | $365,000 | $0 | 8.25% |
Union, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 8.63% |
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 9.50% |
SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 9.25% |
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 7.13% |
RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 7.88% |
SYRACUSE, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 9.49% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 44 | $40,160,000 | $912,727 | $0 | 7.94% |
For 2018, Cherrywood Mortgage's most frequently originated type of loan was Conventional, with 44 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Cash Out Refi | 34 | $34,060,000 | $1,001,765 | $0 | 8.03% |
Refi | 6 | $3,240,000 | $540,000 | $0 | 8.00% |
Home Purchase | 4 | $2,860,000 | $715,000 | $0 | 7.06% |
For 2018, Cherrywood Mortgage's most frequently cited loan purpose was Cash Out Refi, with 34 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 40 | $37,740,000 | $943,500 | $0 | 8.00% |
15 Year | 4 | $2,420,000 | $605,000 | $0 | 7.31% |
For 2018, Cherrywood Mortgage's most frequently cited loan duration was 30 Year, with 40 originations. The 2nd most popular length was 15 Year, with 4 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
Over 8% | 20 | $8,470,000 | $423,500 |
6-7% | 15 | $27,685,000 | $1,845,667 |
7-8% | 9 | $4,005,000 | $445,000 |
During 2018, Cherrywood Mortgage's average interest rate for loans was 8.00%, while their most frequently originated rate bucket for loans was Over 8%, with 20 originations.
Loan Sizing
2018 saw Cherrywood Mortgage place emphasis on $400k-600k loans with 13 originations, totaling $7,205,000 in origination value.
Applicant Income
Cherrywood Mortgage lent most frequently to those with incomes in the $75k-100k range, with 7 originations. The second most popular income band? $50k or less, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
Cherrywood Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 44 | $40,160,000 | $912,727 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Multifamily:Site-Built | 33 | $36,555,000 | $1,107,727 |
Single Family (1-4 Units):Site-Built | 11 | $3,605,000 | $327,727 |
LTV Distribution
Complaints
Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 12.0% |
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Closing on a mortgage | 2 | 8.0% |
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Improper use of your report | 1 | 4.0% |
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Trouble during payment process | 14 | 56.0% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Struggling to pay mortgage | 1 | 4.0% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Trouble during payment process | 1 | 4.0% |
CARDINAL FINANCIAL COMPANY | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 4.0% |
CARDINAL FINANCIAL COMPANY | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 4.0% |
CARDINAL FINANCIAL COMPANY | VA mortgage | Closing on a mortgage | 1 | 4.0% |