Fair Way Lending Mortgage Rates, Fees & Info
LOUISVILLE, KYLEI: 54930008MKP7T81OVK54
Tax ID: 47-2565675
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Mortgage Data
Overview
Fair Way Lending is a smaller mortgage company specializing in Home Purchase and Refi loans. Fair Way Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Bloomington, Louisville/jefferson County, Atlanta, Indianapolis, and Lafayette among others. Fair Way Lending has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Fair Way Lending is typically an average fee lendor.Originations
750Origination Dollar Volume (All Markets)
$148,920,000Awards
FAIR WAY LENDING - 2021
FAIR WAY LENDING is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Fair Way Lending 's average 30 year fixed rate mortgage of loans were
3.18%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0.03%.
Relative Fees
Fair Way Lending 's average total fees for a 30 year fixed rate
mortgage are $4,581.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| BLOOMINGTON, IN (FHA|USDA|VA) | 191 | $41,435,000 | $216,937 | $4,014 | 3.03% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 98 | $19,970,000 | $203,776 | $4,455 | 3.03% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 62 | $14,350,000 | $231,452 | $5,055 | 3.09% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 51 | $11,345,000 | $222,451 | $4,522 | 3.18% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 56 | $7,570,000 | $135,179 | $4,296 | 3.42% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 42 | $7,210,000 | $171,667 | $4,645 | 3.49% |
| Outside of Metro Areas | 40 | $6,500,000 | $162,500 | $4,446 | 3.18% |
| Madison, IN (FHA|USDA|VA) | 30 | $6,140,000 | $204,667 | $4,314 | 2.97% |
| Bedford, IN (FHA|USDA|VA) | 25 | $4,555,000 | $182,200 | $4,963 | 3.13% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 17 | $3,205,000 | $188,529 | $5,101 | 2.98% |
| Scottsburg, IN (FHA|USDA|VA) | 17 | $2,635,000 | $155,000 | $3,562 | 3.43% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 9 | $2,325,000 | $258,333 | $6,224 | 3.38% |
| GREENVILLE, NC (FHA|USDA|VA) | 10 | $2,270,000 | $227,000 | $6,404 | 3.09% |
| Lumberton, NC (FHA|USDA|VA) | 9 | $1,935,000 | $215,000 | $5,351 | 2.88% |
| Bardstown, KY (FHA|USDA|VA) | 8 | $1,570,000 | $196,250 | $3,655 | 2.77% |
| COLUMBUS, IN (FHA|USDA|VA) | 6 | $1,170,000 | $195,000 | $5,495 | 3.10% |
| Cullowhee, NC (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $5,352 | 3.16% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $4,663 | 2.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 5 | $985,000 | $197,000 | $4,652 | 3.40% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $4,182 | 3.13% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 9 | $875,000 | $97,222 | $4,445 | 3.32% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $690,000 | $172,500 | $3,782 | 3.19% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,317 | 2.88% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $5,247 | 2.91% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $4,164 | 2.84% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $9,026 | 2.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,276 | 2.88% |
| Seymour, IN (FHA|USDA|VA) | 3 | $535,000 | $178,333 | $4,068 | 3.46% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $4,535 | 3.38% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $6,353 | 3.25% |
| Jasper, IN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,744 | 3.31% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,418 | 2.88% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,414 | 3.00% |
| Warsaw, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,209 | 2.38% |
| Frankfort, KY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,205 | 2.75% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,907 | 3.00% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $5,470 | 3.25% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,838 | 3.25% |
| Crawfordsville, IN (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,610 | 3.56% |
| Branson, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $1,497 | 2.88% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $7,413 | 3.25% |
| OCALA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,984 | 2.75% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,697 | 3.25% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,320 | 2.88% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,685 | 2.38% |
| Vincennes, IN (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,439 | 3.25% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,913 | 3.38% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,370 | 2.88% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,882 | 2.75% |
| DANVILLE, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,021 | 3.38% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,082 | 2.75% |
| Ashtabula, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,291 | 3.25% |
Fair Way Lending 's top markets include Bloomington, Louisville/jefferson County, Atlanta, Indianapolis, and Lafayette among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 473 | $98,715,000 | $208,700 | $3,674 | 3.09% |
| FHA | 168 | $31,300,000 | $186,310 | $6,794 | 3.26% |
| USDA | 74 | $10,670,000 | $144,189 | $4,531 | 3.16% |
| VA | 35 | $8,235,000 | $235,286 | $4,289 | 2.86% |
For the 2021 period, Fair Way Lending 's most frequently originated loan type of loans were Conventional, with 473 originations. Their 2nd most popular type is FHA, with 168 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 531 | $107,075,000 | $201,648 | $4,692 | 3.18% |
| Refi | 212 | $40,840,000 | $192,642 | $3,941 | 2.98% |
| Cash Out Refi | 7 | $1,005,000 | $143,571 | $5,400 | 3.23% |
For the 2021, Fair Way Lending 's most frequently cited loan purpose of loans were Home Purchase, with 531 originations. The 2nd most popular reason of loans were Refi, with 212 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 682 | $136,480,000 | $200,117 | $4,581 | 3.18% |
| 15 Year | 44 | $8,350,000 | $189,773 | $3,539 | 2.46% |
| 20 Year | 15 | $2,585,000 | $172,333 | $3,288 | 2.84% |
| 10 Year | 5 | $815,000 | $163,000 | $3,287 | 2.40% |
| Other | 3 | $615,000 | $205,000 | $4,805 | 2.96% |
| 30+ year | 1 | $75,000 | $75,000 | $4,955 | 3.75% |
For the 2021, Fair Way Lending 's most frequently cited loan length of loans were 30 Year, with 682 originations. The 2nd most popular length of loans were 15 Year, with 44 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 573 | $110,035,000 | $192,033 |
| $2k-3k | 81 | $16,265,000 | $200,802 |
| $3k-4k | 57 | $13,225,000 | $232,018 |
| $<1k | 22 | $4,960,000 | $225,455 |
| $5k+ | 17 | $4,435,000 | $260,882 |
$4,581 of loans were Fair Way Lending 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 573 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 386 | $76,450,000 | $198,057 |
| 2.5-3% | 286 | $57,960,000 | $202,657 |
| <2.5% | 58 | $11,820,000 | $203,793 |
| 4-5% | 20 | $2,690,000 | $134,500 |
During 2021, Fair Way Lending 's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 386 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 368 | $55,890,000 | $151,875 | $4,158 | 3.13% |
| $200k-400k | 286 | $77,450,000 | $270,804 | $5,124 | 3.08% |
| $100,000 or less | 76 | $6,080,000 | $80,000 | $3,582 | 3.26% |
| $400k-600k | 20 | $9,500,000 | $475,000 | $4,846 | 3.13% |
2021 saw Fair Way Lending place emphasis on $100k-200k loans with 368 originations, totaling $55,890,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 282 | $41,560,000 | $147,376 | $4,316 | 3.15% |
| $50k-75k | 230 | $46,690,000 | $203,000 | $4,661 | 3.11% |
| $75k-100k | 102 | $22,900,000 | $224,510 | $4,696 | 3.12% |
| $100k-150k | 86 | $24,870,000 | $289,186 | $4,469 | 3.10% |
| $150k-250k | 44 | $11,390,000 | $258,864 | $4,348 | 3.08% |
| $250k+ | 6 | $1,510,000 | $251,667 | $3,510 | 3.08% |
Fair Way Lending lent most frequently to those with incomes in the $50k or less range, with 282 originations. The second most popular income band? $50k-75k, with 230 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 143 | $27,355,000 | $191,294 | $4,166 | 3.12% |
| 20-30% | 139 | $25,375,000 | $182,554 | $4,099 | 3.11% |
| <20% | 52 | $9,340,000 | $179,615 | $3,474 | 2.88% |
| 40% | 40 | $7,940,000 | $198,500 | $4,460 | 3.24% |
| 43% | 38 | $8,020,000 | $211,053 | $4,559 | 3.18% |
| 50-60% | 38 | $7,830,000 | $206,053 | $7,173 | 3.12% |
| 49% | 34 | $7,740,000 | $227,647 | $4,754 | 3.11% |
| 37% | 29 | $5,835,000 | $201,207 | $4,871 | 3.17% |
| 42% | 28 | $5,690,000 | $203,214 | $4,039 | 3.13% |
| 38% | 26 | $4,730,000 | $181,923 | $4,237 | 3.19% |
| 44% | 26 | $5,510,000 | $211,923 | $4,680 | 3.12% |
| 39% | 26 | $5,830,000 | $224,231 | $4,496 | 3.05% |
| 36% | 24 | $5,180,000 | $215,833 | $4,796 | 3.33% |
| 47% | 23 | $4,705,000 | $204,565 | $4,333 | 3.14% |
| 41% | 22 | $4,510,000 | $205,000 | $4,943 | 3.12% |
| 46% | 22 | $4,330,000 | $196,818 | $5,433 | 3.27% |
| 48% | 21 | $4,585,000 | $218,333 | $4,532 | 3.22% |
| 45% | 18 | $3,980,000 | $221,111 | $4,735 | 3.03% |
| >60% | 1 | $435,000 | $435,000 | $6,353 | 3.25% |
Fair Way Lending lent most frequently to those with DTI ratios of 30-36%, with 143 originations. The next most common DTI ratio? 20-30%, with 139 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 536 | $102,100,000 | $190,485 | $4,416 | 3.13% |
| Black | 121 | $26,015,000 | $215,000 | $5,094 | 3.09% |
| Not provided | 70 | $16,030,000 | $229,000 | $4,079 | 3.13% |
| Asian | 19 | $3,805,000 | $200,263 | $4,183 | 2.98% |
| American Indian | 4 | $970,000 | $242,500 | $4,133 | 3.31% |
Approval Rates
Total approvals of all applications98.63%
Fair Way Lending has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.11%
Fair Way Lending has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 750 | $148,920,000 | $198,560 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 750 | $148,920,000 | $198,560 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 10 | $1,890,000 | $189,000 | $4,021 | 2.54% |
| 40-60% | 61 | $10,745,000 | $176,148 | $3,653 | 2.95% |
| 60-80% | 187 | $37,585,000 | $200,989 | $3,850 | 3.12% |
| 80-100% | 483 | $96,905,000 | $200,631 | $4,809 | 3.16% |
| Over 100% | 7 | $1,685,000 | $240,714 | $7,794 | 2.71% |
| Under 20% | 2 | $110,000 | $55,000 | $2,379 | 3.00% |
