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, Refi, and Home Purchase loans. Cherrywood Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: Kansas City, New York, Chicago, Detroit, and Houston among others. We have data for 35 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
82Origination Dollar Volume (All Markets)
$40,070,000Top 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 |
---|---|---|---|---|---|
KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $5,005,000 | $5,005,000 | $0 | 7.25% |
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $4,355,000 | $622,143 | $0 | 7.82% |
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 11 | $3,675,000 | $334,091 | $0 | 8.15% |
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 6 | $3,220,000 | $536,667 | $0 | 7.50% |
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $2,685,000 | $2,685,000 | $0 | 7.00% |
MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 5 | $2,115,000 | $423,000 | $0 | 6.96% |
Outside of Metro Areas | 5 | $2,055,000 | $411,000 | $0 | 7.75% |
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $1,555,000 | $518,333 | $0 | 7.79% |
STOCKTON, CA (FHA|USDA|VA) | 1 | $1,325,000 | $1,325,000 | $0 | 6.88% |
VISALIA, CA (FHA|USDA|VA) | 1 | $1,105,000 | $1,105,000 | $0 | 7.53% |
YUMA, AZ (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $0 | 7.88% |
Liberal, KS (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 6.25% |
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 7 | $895,000 | $127,857 | $0 | 8.27% |
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $0 | 7.63% |
HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $0 | 7.81% |
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $0 | 7.88% |
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $685,000 | $137,000 | $0 | 7.65% |
NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 8.38% |
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $675,000 | $675,000 | $0 | 7.38% |
ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 8.00% |
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $0 | 7.38% |
Tupelo, MS (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 7.13% |
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 7.63% |
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 6.88% |
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 7.88% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 7.63% |
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 9.38% |
MERCED, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 5.88% |
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 9.63% |
COLUMBUS, OH (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 7.88% |
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 8.50% |
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 7.78% |
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 7.38% |
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 9.13% |
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 7.38% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 82 | $40,070,000 | $488,659 | $0 | 7.78% |
For 2019, Cherrywood Mortgage's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Cash Out Refi | 39 | $14,835,000 | $380,385 | $0 | 7.89% |
Refi | 23 | $16,625,000 | $722,826 | $0 | 8.03% |
Home Purchase | 20 | $8,610,000 | $430,500 | $0 | 7.28% |
For 2019, Cherrywood Mortgage's most frequently cited loan purpose was Cash Out Refi, with 39 originations. The 2nd most popular reason was Refi, with 23 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
30 Year | 75 | $35,075,000 | $467,667 | $0 | 7.80% |
15 Year | 7 | $4,995,000 | $713,571 | $0 | 7.52% |
For 2019, Cherrywood Mortgage's most frequently cited loan duration was 30 Year, with 75 originations. The 2nd most popular length was 15 Year, with 7 originations.
Interest Rates
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
7-8% | 43 | $20,735,000 | $482,209 |
Over 8% | 25 | $8,025,000 | $321,000 |
6-7% | 12 | $10,450,000 | $870,833 |
5-6% | 2 | $860,000 | $430,000 |
During 2019, Cherrywood Mortgage's average interest rate for loans was 7.80%, while their most frequently originated rate bucket for loans was 7-8%, with 43 originations.
Loan Sizing
2019 saw Cherrywood Mortgage place emphasis on $200k-400k loans with 31 originations, totaling $9,015,000 in origination value.
Applicant Income
Cherrywood Mortgage lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 9 originations.
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Not applicable | 57 | $31,475,000 | $552,193 | $0 | 7.78% |
Not provided | 25 | $8,595,000 | $343,800 | $0 | 7.78% |
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 | 82 | $40,070,000 | $488,659 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Multifamily:Site-Built | 54 | $34,440,000 | $637,778 |
Single Family (1-4 Units):Site-Built | 28 | $5,630,000 | $201,071 |
LTV Distribution
Complaints
Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
---|---|---|---|---|
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 13.8% |
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Closing on a mortgage | 4 | 13.8% |
CARDINAL FINANCIAL COMPANY | Conventional home mortgage | Trouble during payment process | 4 | 13.8% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.4% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Closing on a mortgage | 2 | 6.9% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Struggling to pay mortgage | 1 | 3.4% |
CARDINAL FINANCIAL COMPANY | FHA mortgage | Trouble during payment process | 6 | 20.7% |
CARDINAL FINANCIAL COMPANY | Other type of mortgage | Closing on a mortgage | 1 | 3.4% |
CARDINAL FINANCIAL COMPANY | Other type of mortgage | Trouble during payment process | 1 | 3.4% |
CARDINAL FINANCIAL COMPANY | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 6.9% |
CARDINAL FINANCIAL COMPANY | VA mortgage | Trouble during payment process | 3 | 10.3% |