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. They have a a high proportion of FHA loans. Fair Way Lending has a high proportion of conventional loans. Their top markets by origination volume include: Louisville, Bloomington, Jacksonville, Indianapolis, and Evansville 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 about average 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% | 11/17/24 |
| 30 Year Conventional Refi | 6.87% | 11/17/24 |
| 30 Year Cash-out Refi | 6.85% | 11/17/24 |
| 30 Year FHA Purchase | 7.72% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.52% | 11/17/24 |
| 30 Year VA Refi | 7.17% | 11/17/24 |
| 30 Year USDA Purchase | 7.09% | 11/17/24 |
| 15 Year Conventional Purchase | 6.41% | 11/17/24 |
| 15 Year Conventional Refi | 6.23% | 11/17/24 |
| 15 Year Cash-out Refi | 6.23% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
491Origination Dollar Volume (All Markets)
$83,525,000Awards
FAIR WAY LENDING - 2019
FAIR WAY LENDING is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| LOUISVILLE, KY (FHA|USDA|VA) | 96 | $19,600,000 | $204,167 | $5,078 | 4.35% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 83 | $16,855,000 | $203,072 | $3,968 | 4.25% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 52 | $8,700,000 | $167,308 | $5,430 | 4.56% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 41 | $6,555,000 | $159,878 | $3,758 | 4.41% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 44 | $6,490,000 | $147,500 | $5,055 | 4.83% |
| Outside of Metro Areas | 31 | $4,335,000 | $139,839 | $5,241 | 4.60% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 31 | $3,585,000 | $115,645 | $3,869 | 4.65% |
| Madison, IN (FHA|USDA|VA) | 24 | $3,570,000 | $148,750 | $4,341 | 4.39% |
| Scottsburg, IN (FHA|USDA|VA) | 16 | $1,930,000 | $120,625 | $4,489 | 4.95% |
| Bedford, IN (FHA|USDA|VA) | 12 | $1,400,000 | $116,667 | $3,861 | 4.29% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 8 | $1,330,000 | $166,250 | $6,425 | 4.61% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $6,224 | 3.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $5,324 | 4.83% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $7,283 | 5.06% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $4,586 | 3.88% |
| Cullowhee, NC (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $5,842 | 4.08% |
| Crawfordsville, IN (FHA|USDA|VA) | 4 | $520,000 | $130,000 | $4,214 | 4.81% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $6,178 | 3.96% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $11,546 | 3.75% |
| Bardstown, KY (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $8,014 | 4.69% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $5,497 | 4.44% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $7,212 | 4.13% |
| GREENVILLE, NC (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $5,713 | 4.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,387 | 3.99% |
| Seymour, IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $6,496 | 5.00% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,568 | 4.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $1,310 | 3.88% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $3,727 | 4.81% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,972 | 3.88% |
| Kendallville, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.63% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,727 | 4.00% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,445 | 5.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,188 | 4.38% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,211 | 4.63% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $8,548 | 4.13% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,610 | 4.50% |
| Auburn, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,882 | 4.88% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,452 | 4.00% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,369 | 5.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,281 | 4.99% |
| Danville, KY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,111 | 4.50% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,395 | 5.63% |
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.
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Product Mix
For 2019, Fair Way Lending's most frequently originated type of loan was FHA, with 210 originations. Their 2nd most popular type was Conventional, with 183 originations.
Loan Reason
For 2019, Fair Way Lending's most frequently cited loan purpose was Home Purchase, with 415 originations. The 2nd most popular reason was Refi, with 71 originations.
Loan Duration/Length
For 2019, Fair Way Lending's most frequently cited loan duration was 30 Year, with 467 originations. The 2nd most popular length was 15 Year, with 13 originations.
Origination Fees/Closing Costs
Fair Way Lending's average total fees were $4,756, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 325 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 276 | $44,880,000 | $162,609 |
| 3-4% | 136 | $27,940,000 | $205,441 |
| 5-6% | 76 | $9,930,000 | $130,658 |
| 2.5-3% | 2 | $580,000 | $290,000 |
| 6-7% | 1 | $195,000 | $195,000 |
During 2019, Fair Way Lending's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 4-5%, with 276 originations.
Loan Sizing
2019 saw Fair Way Lending place emphasis on $100k-200k loans with 252 originations, totaling $37,300,000 in origination value.
Applicant Income
Fair Way Lending lent most frequently to those with incomes in the $50k or less range, with 179 originations. The second most popular income band? $50k-75k, with 132 originations.
Applicant Debt to Income Ratio
Fair Way Lending lent most frequently to those with DTI ratios of 30-36%, with 90 originations. The next most common DTI ratio? 20-30%, with 81 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.95%
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 origination70.88%
Fair Way Lending has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 491 | $83,525,000 | $170,112 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 15 | $1,745,000 | $116,333 |
| Single Family (1-4 Units):Site-Built | 476 | $81,780,000 | $171,807 |