Fair Way Lending Mortgage Rates, Fees & Info
LOUISVILLE, KYLEI: 54930008MKP7T81OVK54
Tax ID: 47-2565675
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Mortgage Data
Review & Overview
Fair Way Lending is a smaller mortgage company specializing in Home Purchase loans. Fair Way Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Bloomington, Atlanta, Louisville, Lafayette, and Indianapolis among others. We have data for 42 markets. (Some data included below & more in-depth data is available with an active subscription.)Fair Way Lending has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fair Way Lending is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.99% | 9/18/23 |
| 30 Year Conventional Refi | 6.87% | 9/18/23 |
| 30 Year Cash-out Refi | 6.85% | 9/18/23 |
| 30 Year FHA Purchase | 7.72% | 9/18/23 |
| 30 Year FHA Refi | 6.27% | 9/18/23 |
| 30 Year VA Purchase | 6.52% | 9/18/23 |
| 30 Year VA Refi | 7.17% | 9/18/23 |
| 30 Year USDA Purchase | 7.09% | 9/18/23 |
| 15 Year Conventional Purchase | 6.41% | 9/18/23 |
| 15 Year Conventional Refi | 6.23% | 9/18/23 |
| 15 Year Cash-out Refi | 6.23% | 9/18/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Fair Way Lending Mortgage Calculator
Your Estimates
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This is not an official calculator from Fair Way Lending. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
390Origination Dollar Volume (All Markets)
$83,670,000Awards
FAIR WAY LENDING - 2022
FAIR WAY LENDING is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Fair Way Lending's average 30 year fixed mortgage rate was
5.26%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.5%.
Relative Fees (Closing Costs)
Fair Way Lending's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,040.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top 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 |
|---|---|---|---|---|---|
| BLOOMINGTON, IN (FHA|USDA|VA) | 88 | $21,070,000 | $239,432 | $5,531 | 5.18% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 48 | $12,860,000 | $267,917 | $6,630 | 5.61% |
| LOUISVILLE, KY (FHA|USDA|VA) | 40 | $10,040,000 | $251,000 | $5,919 | 4.86% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 38 | $5,460,000 | $143,684 | $5,320 | 5.43% |
| Outside of Metro Areas | 32 | $4,940,000 | $154,375 | $5,575 | 5.09% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 25 | $4,695,000 | $187,800 | $5,080 | 5.18% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 23 | $4,445,000 | $193,261 | $7,002 | 5.08% |
| Madison, IN (FHA|USDA|VA) | 17 | $3,455,000 | $203,235 | $4,718 | 5.29% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 11 | $2,865,000 | $260,455 | $9,523 | 5.02% |
| GREENVILLE, NC (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $8,510 | 4.28% |
| Cullowhee, NC (FHA|USDA|VA) | 5 | $1,215,000 | $243,000 | $8,501 | 6.50% |
| Bardstown, KY (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $6,332 | 5.85% |
| Scottsburg, IN (FHA|USDA|VA) | 5 | $695,000 | $139,000 | $5,830 | 5.03% |
| Lumberton, NC (FHA|USDA|VA) | 5 | $625,000 | $125,000 | $5,633 | 4.65% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $6,848 | 4.31% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $9,412 | 6.25% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $5,173 | 4.21% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $5,436 | 6.09% |
| Bedford, IN (FHA|USDA|VA) | 4 | $500,000 | $125,000 | $7,670 | 5.75% |
| Jasper, IN (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,535 | 6.63% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $31,080 | 5.63% |
| Frankfort, IN (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $7,200 | 4.63% |
| Crawfordsville, IN (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,355 | 5.44% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,263 | 6.25% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,450 | 5.63% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $5,151 | 5.88% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $10,740 | 7.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,326 | 5.13% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,932 | 4.88% |
| Paducah, KY-IL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,703 | 4.25% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,504 | 5.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,600 | 3.75% |
| North Vernon, IN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,296 | 5.63% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,427 | 5.63% |
| ROCKY MOUNT, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,773 | 5.25% |
| Kinston, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,915 | 4.75% |
| SUMTER, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,065 | 3.75% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,857 | 3.75% |
| Madisonville, KY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,855 | 5.25% |
| Seymour, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,138 | 3.63% |
| Washington, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,748 | 3.63% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,399 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against FAIR WAY LENDING based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 21
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Product Mix
For 2022, Fair Way Lending's most frequently originated type of loan was Conventional, with 249 originations. Their 2nd most popular type was FHA, with 89 originations.
Loan Reason
For 2022, Fair Way Lending's most frequently cited loan purpose was Home Purchase, with 340 originations. The 2nd most popular reason was Cash Out Refi, with 31 originations.
Loan Duration/Length
For 2022, Fair Way Lending's most frequently cited loan duration was 30 Year, with 378 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
Fair Way Lending's average total fees were $6,040, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 124 originations.
Interest Rates
During 2022, Fair Way Lending's average interest rate for loans was 5.26%, while their most frequently originated rate bucket for loans was 5-6%, with 132 originations.
Loan Sizing
2022 saw Fair Way Lending place emphasis on $100k-200k loans with 177 originations, totaling $26,715,000 in origination value.
Applicant Income
Fair Way Lending lent most frequently to those with incomes in the $50k-75k range, with 116 originations. The second most popular income band? $50k or less, with 115 originations.
Applicant Debt to Income Ratio
Fair Way Lending lent most frequently to those with DTI ratios of 30-36%, with 75 originations. The next most common DTI ratio? 20-30%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.98%
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 origination64.10%
Fair Way Lending has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 390 | $83,670,000 | $214,538 |