Golden Empire Mortgage, Inc.

Bakersfield, CA 93309

LEI: 254900VHUBSJJKOMBF27

Tax ID: 77-0158990

2019 Data | 2018 Data


Overview

Golden Empire Mortgage, Inc. is a small mortgage company specializing in Home Purchase and Refi loans. Golden Empire Mortgage, Inc. 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 Riverside, Los Angeles, San Diego, Oxnard, and Anaheim among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Golden Empire Mortgage, Inc. is typically a exceptionally high fee lendor.


Originations

6,585

Origination Dollar Volume (All Markets)

$1,911,145,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,593 $1,215,925,000 $264,734
FHA 1,573 $512,465,000 $325,788
VA 402 $178,760,000 $444,677
USDA 17 $3,995,000 $235,000

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 4,391 $1,110,475,000 $252,898
Refi 1,142 $454,510,000 $397,995
Cash Out Refi 1,052 $346,160,000 $329,049

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
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 1,839 $441,645,000 $240,155
LOS ANGELES-LONG BEACH-GLENDALE, CA 1,141 $412,995,000 $361,959
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 493 $226,145,000 $458,712
OXNARD-THOUSAND OAKS-VENTURA, CA 447 $188,825,000 $422,427
ANAHEIM-SANTA ANA-IRVINE, CA 308 $143,430,000 $465,682
BAKERSFIELD, CA 720 $114,630,000 $159,208
MADERA, CA 263 $44,165,000 $167,928
STOCKTON, CA 194 $42,180,000 $217,423
OAKLAND-BERKELEY-LIVERMORE, CA 123 $40,395,000 $328,415
SACRAMENTO-ROSEVILLE-FOLSOM, CA 179 $39,645,000 $221,480
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 116 $38,130,000 $328,707
Outside of Metro Areas 134 $32,050,000 $239,179
MODESTO, CA 153 $29,705,000 $194,150
SAN LUIS OBISPO-PASO ROBLES, CA 45 $19,595,000 $435,444
SANTA MARIA-SANTA BARBARA, CA 72 $17,090,000 $237,361
BEND, OR 45 $13,705,000 $304,556
FRESNO, CA 62 $10,430,000 $168,226
VALLEJO, CA 41 $8,515,000 $207,683
SAN ANTONIO-NEW BRAUNFELS, TX 23 $5,595,000 $243,261
MERCED, CA 31 $5,015,000 $161,774
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 7 $4,245,000 $606,429
FORT WORTH-ARLINGTON-GRAPEVINE, TX 19 $3,835,000 $201,842
DALLAS-PLANO-IRVING, TX 13 $3,805,000 $292,692
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 17 $3,575,000 $210,294
SALINAS, CA 12 $3,320,000 $276,667
YUBA CITY, CA 15 $2,775,000 $185,000
VISALIA, CA 14 $2,230,000 $159,286
AUSTIN-ROUND ROCK-GEORGETOWN, TX 6 $1,690,000 $281,667
SANTA ROSA-PETALUMA, CA 4 $1,430,000 $357,500
EL PASO, TX 8 $1,280,000 $160,000
SALEM, OR 5 $1,225,000 $245,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 2 $1,200,000 $600,000
REDDING, CA 4 $1,070,000 $267,500
KILLEEN-TEMPLE, TX 4 $720,000 $180,000
LAKE HAVASU CITY-KINGMAN, AZ 3 $695,000 $231,667
CHICO, CA 4 $520,000 $130,000
LONGVIEW, WA 2 $480,000 $240,000
BELLINGHAM, WA 1 $375,000 $375,000
EL CENTRO, CA 4 $350,000 $87,500
SPOKANE-SPOKANE VALLEY, WA 1 $335,000 $335,000
PHOENIX-MESA-CHANDLER, AZ 1 $325,000 $325,000
MIDLAND, TX 2 $300,000 $150,000
CORVALLIS, OR 1 $285,000 $285,000
GRANTS PASS, OR 1 $225,000 $225,000
DENVER-AURORA-LAKEWOOD, CO 1 $215,000 $215,000
EUGENE-SPRINGFIELD, OR 1 $205,000 $205,000
ALBANY-LEBANON, OR 1 $165,000 $165,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $145,000 $145,000
BEAUMONT-PORT ARTHUR, TX 1 $135,000 $135,000
SAN ANGELO, TX 1 $105,000 $105,000

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% 97 $935,000 $9,639
2.5-3% 391 $9,465,000 $24,207
3-4% 2,519 $862,185,000 $342,273
4-5% 2,590 $894,370,000 $345,317
5-6% 466 $135,900,000 $291,631
6-7% 18 $4,080,000 $226,667
7-8% 4 $580,000 $145,000
Over 8% 1 $105,000 $105,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,225 $15,545,000 $12,690
$100k-200k 750 $120,400,000 $160,533
$200k-400k 2,789 $827,675,000 $296,764
$400k-600k 1,463 $693,335,000 $473,913
$600k-1000k 345 $238,155,000 $690,304
$Over $1MM 13 $16,035,000 $1,233,462

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% 151 $33,335,000 $220,762
40-60% 499 $157,545,000 $315,721
60-80% 1,520 $556,540,000 $366,145
80-100% 3,139 $1,107,065,000 $352,681
Over 100% 102 $44,730,000 $438,529
Under 20% 1,174 $11,930,000 $10,162

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 1,586 $544,520,000 $343,329
$150k-250k 741 $339,625,000 $458,333
$50k-75k 1,607 $317,495,000 $197,570
$50k-or less 642 $92,160,000 $143,551
$75k-100k 1,622 $422,960,000 $260,764
$Over $250k 198 $107,480,000 $542,828

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 5,444 $1,566,460,000 $287,741
Not provided 406 $139,190,000 $342,833
Black 405 $100,755,000 $248,778
Asian 225 $73,515,000 $326,733
Native Hawaiian 29 $10,345,000 $356,724
American Indian 40 $9,710,000 $242,750
Filipino 17 $5,035,000 $296,176
Asian Indian 6 $1,670,000 $278,333
Chinese 5 $1,665,000 $333,000
Other Asian 3 $935,000 $311,667
Other Pacific Islander 2 $810,000 $405,000
Japanese 2 $590,000 $295,000
Vietnamese 1 $465,000 $465,000

Approval Rates

Total approvals of all applications
97.75%

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
66.17%

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 6,585 $1,911,145,000 $290,227

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,228 $229,030,000 $186,507
$1k-2k 1,285 $497,795,000 $387,389
$2k-3k 733 $231,265,000 $315,505
$3k-4k 1,166 $328,410,000 $281,655
$5k+ 1,442 $545,870,000 $378,551

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):Manufactured 110 $16,630,000 $151,182
Single Family (1-4 Units):Site-Built 6,475 $1,894,515,000 $292,589