Sierra Pacific Mortgage

Folsom, CA 95630

LEI: 254900TTZ395IC926125

Tax ID: 68-0101170

2019 Data | 2018 Data


Overview

Sierra Pacific Mortgage is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Sierra Pacific Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Sacramento, Los Angeles, Portland, Anaheim, and Bakersfield among others. They have an average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. Sierra Pacific Mortgage is typically a normal fee medium-low fee lendor.


Originations

19,195

Origination Dollar Volume (All Markets)

$5,803,135,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 13,818 $4,325,670,000 $313,046
FHA 3,780 $1,026,790,000 $271,638
VA 1,152 $370,330,000 $321,467
USDA 445 $80,345,000 $180,551

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 10,824 $3,084,220,000 $284,943
Home Improvement 791 $241,075,000 $304,772
Refi 4,357 $1,510,965,000 $346,790
Cash Out Refi 3,223 $966,875,000 $299,992

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1,407 $476,835,000 $338,902
LOS ANGELES-LONG BEACH-GLENDALE, CA 1,043 $451,625,000 $433,006
Outside of Metro Areas 1,342 $301,850,000 $224,925
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 910 $293,840,000 $322,901
ANAHEIM-SANTA ANA-IRVINE, CA 490 $227,510,000 $464,306
BAKERSFIELD, CA 881 $202,965,000 $230,380
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 466 $191,730,000 $411,438
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 449 $172,825,000 $384,911
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 542 $170,670,000 $314,889
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 517 $158,545,000 $306,663
SANTA ROSA-PETALUMA, CA 359 $151,595,000 $422,270
FRESNO, CA 551 $149,835,000 $271,933
BALTIMORE-COLUMBIA-TOWSON, MD 491 $143,135,000 $291,517
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 235 $121,165,000 $515,596
OXNARD-THOUSAND OAKS-VENTURA, CA 273 $117,495,000 $430,385
OAKLAND-BERKELEY-LIVERMORE, CA 251 $112,715,000 $449,064
LAS VEGAS-HENDERSON-PARADISE, NV 404 $103,600,000 $256,436
DENVER-AURORA-LAKEWOOD, CO 284 $103,540,000 $364,577
PHOENIX-MESA-CHANDLER, AZ 410 $102,960,000 $251,122
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 208 $74,500,000 $358,173
SANTA MARIA-SANTA BARBARA, CA 163 $65,375,000 $401,074
WICHITA, KS 412 $64,730,000 $157,112
RENO, NV 193 $63,635,000 $329,715
NAPLES-MARCO ISLAND, FL 202 $54,310,000 $268,861
CHICAGO-NAPERVILLE-EVANSTON, IL 253 $52,585,000 $207,846
SANTA CRUZ-WATSONVILLE, CA 100 $51,850,000 $518,500
HAGERSTOWN-MARTINSBURG, MD-WV 247 $49,895,000 $202,004
RICHMOND, VA 213 $49,045,000 $230,258
SALINAS, CA 125 $48,315,000 $386,520
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 85 $48,095,000 $565,824
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 195 $47,325,000 $242,692
SPOKANE-SPOKANE VALLEY, WA 177 $44,205,000 $249,746
BOSTON, MA 124 $44,080,000 $355,484
MADERA, CA 161 $42,115,000 $261,584
CAPE CORAL-FORT MYERS, FL 212 $41,330,000 $194,953
KANSAS CITY, MO-KS 190 $39,160,000 $206,105
NEWARK, NJ-PA 134 $38,670,000 $288,582
VALLEJO, CA 90 $32,270,000 $358,556
SAN LUIS OBISPO-PASO ROBLES, CA 80 $31,760,000 $397,000
PROVIDENCE-WARWICK, RI-MA 131 $31,715,000 $242,099
TAMPA-ST. PETERSBURG-CLEARWATER, FL 131 $30,395,000 $232,023
BOISE CITY, ID 102 $29,920,000 $293,333
SEATTLE-BELLEVUE-KENT, WA 79 $29,245,000 $370,190
WORCESTER, MA-CT 119 $28,555,000 $239,958
DALLAS-PLANO-IRVING, TX 111 $28,465,000 $256,441
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 74 $28,190,000 $380,946
EUGENE-SPRINGFIELD, OR 96 $25,240,000 $262,917
STOCKTON, CA 79 $25,165,000 $318,544
SALEM, OR 84 $23,710,000 $282,262
KNOXVILLE, TN 108 $23,470,000 $217,315
NASSAU COUNTY-SUFFOLK COUNTY, NY 69 $23,335,000 $338,188
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 79 $21,885,000 $277,025
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 104 $20,920,000 $201,154
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 61 $20,035,000 $328,443
NEW BRUNSWICK-LAKEWOOD, NJ 57 $19,565,000 $343,246
REDDING, CA 79 $18,605,000 $235,506
GREENVILLE-ANDERSON, SC 118 $18,200,000 $154,237
PRESCOTT VALLEY-PRESCOTT, AZ 74 $17,730,000 $239,595
SAN RAFAEL, CA 34 $17,690,000 $520,294
BARNSTABLE TOWN, MA 63 $17,535,000 $278,333
TACOMA-LAKEWOOD, WA 54 $17,240,000 $319,259
CHARLESTON-NORTH CHARLESTON, SC 57 $16,495,000 $289,386
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 65 $16,335,000 $251,308
YUBA CITY, CA 62 $15,810,000 $255,000
BEND, OR 49 $15,715,000 $320,714
ALBANY-LEBANON, OR 55 $14,015,000 $254,818
CARSON CITY, NV 54 $13,970,000 $258,704
LONGVIEW, WA 56 $13,780,000 $246,071
AUSTIN-ROUND ROCK-GEORGETOWN, TX 49 $13,565,000 $276,837
MODESTO, CA 42 $12,930,000 $307,857
SAN ANTONIO-NEW BRAUNFELS, TX 49 $12,895,000 $263,163
MILWAUKEE-WAUKESHA, WI 65 $12,465,000 $191,769
TALLAHASSEE, FL 65 $11,625,000 $178,846
MERCED, CA 43 $10,285,000 $239,186
LANCASTER, PA 58 $9,840,000 $169,655
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 34 $9,720,000 $285,882
LOUISVILLE/JEFFERSON COUNTY, KY-IN 55 $9,385,000 $170,636
WILMINGTON, NC 38 $9,200,000 $242,105
MEMPHIS, TN-MS-AR 47 $9,015,000 $191,809
MIAMI-MIAMI BEACH-KENDALL, FL 33 $8,815,000 $267,121
MEDFORD, OR 34 $8,570,000 $252,059
CHICO, CA 31 $8,345,000 $269,194
VISALIA, CA 39 $8,275,000 $212,179
FORT WORTH-ARLINGTON-GRAPEVINE, TX 36 $8,270,000 $229,722
YORK-HANOVER, PA 42 $7,920,000 $188,571
LAKE COUNTY-KENOSHA COUNTY, IL-WI 43 $7,725,000 $179,651
HANFORD-CORCORAN, CA 32 $7,340,000 $229,375
IDAHO FALLS, ID 34 $7,280,000 $214,118
NAPA, CA 14 $6,960,000 $497,143
MANCHESTER-NASHUA, NH 26 $6,790,000 $261,154
CORVALLIS, OR 22 $6,150,000 $279,545
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 21 $6,055,000 $288,333
GREELEY, CO 23 $5,975,000 $259,783
COEUR D'ALENE, ID 19 $5,885,000 $309,737
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 28 $5,840,000 $208,571
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 21 $5,635,000 $268,333
LEXINGTON-FAYETTE, KY 36 $5,610,000 $155,833
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 23 $5,595,000 $243,261
RALEIGH-CARY, NC 21 $5,375,000 $255,952
ORLANDO-KISSIMMEE-SANFORD, FL 23 $5,305,000 $230,652
COLORADO SPRINGS, CO 19 $5,305,000 $279,211
INDIANAPOLIS-CARMEL-ANDERSON, IN 28 $5,170,000 $184,643
GREENSBORO-HIGH POINT, NC 20 $4,810,000 $240,500
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 27 $4,735,000 $175,370
PHILADELPHIA, PA 27 $4,665,000 $172,778
MORGANTOWN, WV 21 $4,395,000 $209,286
NORTH PORT-SARASOTA-BRADENTON, FL 20 $4,360,000 $218,000
PROVO-OREM, UT 15 $4,175,000 $278,333
OKLAHOMA CITY, OK 28 $3,940,000 $140,714
OLYMPIA-LACEY-TUMWATER, WA 14 $3,790,000 $270,714
SALISBURY, MD-DE 16 $3,720,000 $232,500
COLUMBUS, OH 18 $3,560,000 $197,778
NEW HAVEN-MILFORD, CT 13 $3,545,000 $272,692
HARRISBURG-CARLISLE, PA 18 $3,250,000 $180,556
CHARLOTTE-CONCORD-GASTONIA, NC-SC 11 $3,235,000 $294,091
LAKE HAVASU CITY-KINGMAN, AZ 14 $3,200,000 $228,571
CALIFORNIA-LEXINGTON PARK, MD 13 $3,135,000 $241,154
OWENSBORO, KY 24 $3,050,000 $127,083
WILMINGTON, DE-MD-NJ 11 $2,895,000 $263,182
EL CENTRO, CA 16 $2,650,000 $165,625
FLAGSTAFF, AZ 9 $2,615,000 $290,556
TUCSON, AZ 12 $2,560,000 $213,333
COLUMBIA, SC 13 $2,485,000 $191,154
WARREN-TROY-FARMINGTON HILLS, MI 10 $2,370,000 $237,000
APPLETON, WI 14 $2,360,000 $168,571
GARY, IN 9 $1,865,000 $207,222
CAMDEN, NJ 9 $1,845,000 $205,000
WINCHESTER, VA-WV 11 $1,845,000 $167,727
BOULDER, CO 4 $1,820,000 $455,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 4 $1,750,000 $437,500
LEBANON, PA 12 $1,740,000 $145,000
BRIDGEPORT-STAMFORD-NORWALK, CT 7 $1,715,000 $245,000
FORT COLLINS, CO 6 $1,660,000 $276,667
KENNEWICK-RICHLAND, WA 7 $1,605,000 $229,286
CLEVELAND-ELYRIA, OH 8 $1,540,000 $192,500
HILTON HEAD ISLAND-BLUFFTON, SC 6 $1,510,000 $251,667
ROCHESTER, MN 8 $1,460,000 $182,500
GREEN BAY, WI 6 $1,450,000 $241,667
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 8 $1,440,000 $180,000
SHEBOYGAN, WI 10 $1,390,000 $139,000
JACKSONVILLE, FL 7 $1,365,000 $195,000
CHAMBERSBURG-WAYNESBORO, PA 7 $1,365,000 $195,000
ST. LOUIS, MO-IL 6 $1,330,000 $221,667
LAKELAND-WINTER HAVEN, FL 6 $1,310,000 $218,333
PUNTA GORDA, FL 8 $1,270,000 $158,750
PORT ST. LUCIE, FL 5 $1,255,000 $251,000
PITTSBURGH, PA 7 $1,245,000 $177,857
SPRINGFIELD, MA 6 $1,180,000 $196,667
DURHAM-CHAPEL HILL, NC 5 $1,145,000 $229,000
ELGIN, IL 4 $1,100,000 $275,000
KILLEEN-TEMPLE, TX 7 $1,085,000 $155,000
MADISON, WI 5 $1,065,000 $213,000
RACINE, WI 6 $1,020,000 $170,000
GETTYSBURG, PA 4 $1,010,000 $252,500
SALT LAKE CITY, UT 4 $1,000,000 $250,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 4 $970,000 $242,500
GRANTS PASS, OR 4 $950,000 $237,500
MOUNT VERNON-ANACORTES, WA 3 $945,000 $315,000
MORRISTOWN, TN 7 $945,000 $135,000
ASHEVILLE, NC 3 $885,000 $295,000
OGDEN-CLEARFIELD, UT 3 $875,000 $291,667
PANAMA CITY, FL 4 $870,000 $217,500
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 3 $865,000 $288,333
OCALA, FL 6 $840,000 $140,000
SUMTER, SC 5 $805,000 $161,000
SPARTANBURG, SC 4 $800,000 $200,000
JACKSONVILLE, NC 4 $780,000 $195,000
PORTLAND-SOUTH PORTLAND, ME 4 $770,000 $192,500
DOVER, DE 3 $765,000 $255,000
AKRON, OH 3 $745,000 $248,333
CLEVELAND, TN 4 $740,000 $185,000
TRENTON-PRINCETON, NJ 4 $740,000 $185,000
WALLA WALLA, WA 2 $730,000 $365,000
ROANOKE, VA 4 $710,000 $177,500
YAKIMA, WA 3 $695,000 $231,667
KINGSPORT-BRISTOL, TN-VA 4 $690,000 $172,500
WINSTON-SALEM, NC 3 $675,000 $225,000
LAKE CHARLES, LA 4 $660,000 $165,000
DETROIT-DEARBORN-LIVONIA, MI 4 $650,000 $162,500
CHATTANOOGA, TN-GA 4 $640,000 $160,000
TYLER, TX 2 $630,000 $315,000
ALBUQUERQUE, NM 4 $610,000 $152,500
KINGSTON, NY 3 $605,000 $201,667
KOKOMO, IN 2 $540,000 $270,000
PUEBLO, CO 3 $525,000 $175,000
SANTA FE, NM 2 $520,000 $260,000
GRAND JUNCTION, CO 3 $505,000 $168,333
HOMOSASSA SPRINGS, FL 3 $495,000 $165,000
READING, PA 3 $495,000 $165,000
CHARLESTON, WV 1 $495,000 $495,000
FOND DU LAC, WI 3 $485,000 $161,667
JANESVILLE-BELOIT, WI 2 $480,000 $240,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $465,000 $465,000
BURLINGTON, NC 3 $465,000 $155,000
NORWICH-NEW LONDON, CT 2 $460,000 $230,000
OSHKOSH-NEENAH, WI 4 $460,000 $115,000
SCRANTON--WILKES-BARRE, PA 4 $450,000 $112,500
BELLINGHAM, WA 1 $445,000 $445,000
LUBBOCK, TX 2 $440,000 $220,000
WACO, TX 4 $430,000 $107,500
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 2 $410,000 $205,000
POCATELLO, ID 2 $410,000 $205,000
GAINESVILLE, FL 2 $410,000 $205,000
MUSKEGON, MI 3 $405,000 $135,000
ANN ARBOR, MI 1 $405,000 $405,000
JACKSON, TN 2 $380,000 $190,000
SAGINAW, MI 2 $370,000 $185,000
COLUMBUS, GA-AL 2 $360,000 $180,000
SPRINGFIELD, IL 1 $355,000 $355,000
CHARLOTTESVILLE, VA 2 $350,000 $175,000
WAUSAU-WESTON, WI 2 $350,000 $175,000
MIDLAND, TX 2 $340,000 $170,000
CEDAR RAPIDS, IA 2 $330,000 $165,000
CUMBERLAND, MD-WV 2 $330,000 $165,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $330,000 $165,000
SHERMAN-DENISON, TX 2 $320,000 $160,000
NILES, MI 1 $315,000 $315,000
LEWISTON, ID-WA 1 $315,000 $315,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $295,000 $295,000
LAFAYETTE, LA 2 $290,000 $145,000
SPRINGFIELD, MO 1 $285,000 $285,000
ELIZABETHTOWN-FORT KNOX, KY 1 $285,000 $285,000
MONROE, MI 1 $275,000 $275,000
FLINT, MI 3 $275,000 $91,667
GRAND RAPIDS-KENTWOOD, MI 2 $260,000 $130,000
SHREVEPORT-BOSSIER CITY, LA 2 $250,000 $125,000
EL PASO, TX 2 $250,000 $125,000
HUNTSVILLE, AL 1 $235,000 $235,000
DAYTON-KETTERING, OH 1 $235,000 $235,000
BROWNSVILLE-HARLINGEN, TX 2 $230,000 $115,000
THE VILLAGES, FL 1 $225,000 $225,000
ERIE, PA 1 $215,000 $215,000
YUMA, AZ 1 $215,000 $215,000
GAINESVILLE, GA 1 $215,000 $215,000
VALDOSTA, GA 1 $215,000 $215,000
COLLEGE STATION-BRYAN, TX 1 $205,000 $205,000
DULUTH, MN-WI 2 $200,000 $100,000
MIDLAND, MI 1 $195,000 $195,000
GOLDSBORO, NC 2 $190,000 $95,000
WARNER ROBINS, GA 1 $185,000 $185,000
OCEAN CITY, NJ 1 $185,000 $185,000
DALTON, GA 1 $185,000 $185,000
HARRISONBURG, VA 1 $185,000 $185,000
LYNCHBURG, VA 1 $185,000 $185,000
BECKLEY, WV 1 $175,000 $175,000
STAUNTON, VA 1 $175,000 $175,000
BOWLING GREEN, KY 1 $165,000 $165,000
SPRINGFIELD, OH 1 $165,000 $165,000
MACON-BIBB COUNTY, GA 1 $165,000 $165,000
JOHNSON CITY, TN 1 $165,000 $165,000
NEW ORLEANS-METAIRIE, LA 1 $155,000 $155,000
WEIRTON-STEUBENVILLE, WV-OH 1 $145,000 $145,000
LONGVIEW, TX 1 $145,000 $145,000
WILLIAMSPORT, PA 1 $135,000 $135,000
BLOOMINGTON, IN 1 $135,000 $135,000
CORPUS CHRISTI, TX 1 $125,000 $125,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $125,000 $125,000
FAYETTEVILLE, NC 1 $125,000 $125,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $125,000 $125,000
BIRMINGHAM-HOOVER, AL 1 $115,000 $115,000
BLOOMINGTON, IL 1 $115,000 $115,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $105,000 $105,000
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 1 $105,000 $105,000
ST. CLOUD, MN 1 $105,000 $105,000
ATLANTIC CITY-HAMMONTON, NJ 1 $95,000 $95,000
SAN ANGELO, TX 1 $95,000 $95,000
ALBANY-SCHENECTADY-TROY, NY 1 $95,000 $95,000
TOPEKA, KS 1 $85,000 $85,000
EAST STROUDSBURG, PA 1 $85,000 $85,000
BUFFALO-CHEEKTOWAGA, NY 1 $55,000 $55,000
TULSA, OK 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 142 $42,770,000 $301,197
3-4% 9,546 $2,976,320,000 $311,787
4-5% 7,732 $2,327,370,000 $301,005
5-6% 1,663 $427,815,000 $257,255
6-7% 104 $25,830,000 $248,365
7-8% 6 $2,380,000 $396,667
Over 8% 2 $650,000 $325,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 787 $61,095,000 $77,630
$100k-200k 4,312 $672,130,000 $155,874
$200k-400k 9,682 $2,795,000,000 $288,680
$400k-600k 3,620 $1,697,100,000 $468,812
$600k-1000k 750 $522,070,000 $696,093
$Over $1MM 44 $55,740,000 $1,266,818

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 766 $183,190,000 $239,151
40-60% 2,316 $705,500,000 $304,620
60-80% 6,592 $2,141,160,000 $324,812
80-100% 8,925 $2,579,815,000 $289,055
Over 100% 147 $49,785,000 $338,673
Under 20% 97 $17,065,000 $175,928

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,482 $1,580,080,000 $352,539
$150k-250k 2,715 $1,115,265,000 $410,779
$50k-75k 4,539 $1,060,635,000 $233,672
$50k-or less 2,470 $392,660,000 $158,972
$75k-100k 3,705 $1,073,615,000 $289,775
$Over $250k 943 $457,535,000 $485,191

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 14,605 $4,381,015,000 $299,967
Not provided 2,426 $741,760,000 $305,754
Asian 1,165 $391,955,000 $336,442
Black 762 $213,930,000 $280,748
American Indian 125 $34,745,000 $277,960
Native Hawaiian 45 $16,075,000 $357,222
Asian Indian 27 $9,575,000 $354,630
Filipino 12 $4,980,000 $415,000
Other Asian 13 $4,285,000 $329,615
Other Pacific Islander 5 $1,555,000 $311,000
Vietnamese 4 $1,200,000 $300,000
Japanese 3 $1,155,000 $385,000
Korean 2 $460,000 $230,000
Chinese 1 $445,000 $445,000

Approval Rates

Total approvals of all applications
87.00%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
90.09%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 19,195 $5,803,135,000 $302,325

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,977 $1,208,515,000 $303,876
$1k-2k 7,234 $2,064,210,000 $285,348
$2k-3k 2,792 $732,770,000 $262,453
$3k-4k 2,684 $805,810,000 $300,227
$5k+ 2,396 $960,480,000 $400,868

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 19,195 $5,803,135,000 $302,325