Fair Way Lending Mortgage Rates, Fees & Info

LOUISVILLE, KY

LEI: 54930008MKP7T81OVK54

Tax ID: 47-2565675

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

750

Origination Dollar Volume (All Markets)

$148,920,000

Awards

FAIR WAY LENDING  FHA Loans silver FAIR WAY LENDING  VA Loans gold FAIR WAY LENDING  30 Year Conventional Loans bronze FAIR WAY LENDING  30 Year Conventional Loans silver
Show all (4) awards

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 applications
98.63%

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 origination
90.11%

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%