Fair Way Lending Mortgage Rates, Fees & Info

LOUISVILLE, KY

LEI: 54930008MKP7T81OVK54

Tax ID: 47-2565675

Latest/2023 | 2022 Data | 2021 Data | 2020 Data |

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Mortgage Data

Review & 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 by origination volume include: Bloomington, Louisville, Indianapolis, Lafayette, and Madison among others. We have data for 55 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 an above average pick rate when compared to similar lenders. Fair Way Lending is typically a low 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.99% 3/28/24
30 Year Conventional Refi 6.87% 3/28/24
30 Year Cash-out Refi 6.85% 3/28/24
30 Year FHA Purchase 7.72% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
30 Year VA Purchase 6.52% 3/28/24
30 Year VA Refi 7.17% 3/28/24
30 Year USDA Purchase 7.09% 3/28/24
15 Year Conventional Purchase 6.41% 3/28/24
15 Year Conventional Refi 6.23% 3/28/24
15 Year Cash-out Refi 6.23% 3/28/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Fair Way Lending. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

751

Origination Dollar Volume (All Markets)

$144,605,000
Show all (5) awards

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) 172 $32,840,000 $190,930 $3,800 3.03%
LOUISVILLE, KY (FHA|USDA|VA) 143 $32,535,000 $227,517 $4,115 3.09%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 59 $10,655,000 $180,593 $4,120 3.32%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 53 $8,235,000 $155,377 $4,489 3.54%
Madison, IN (FHA|USDA|VA) 49 $8,175,000 $166,837 $4,093 3.08%
EVANSVILLE, IN-KY (FHA|USDA|VA) 48 $7,890,000 $164,375 $4,961 3.64%
Outside of Metro Areas 42 $6,560,000 $156,190 $4,858 3.51%
FAYETTEVILLE, NC (FHA|USDA|VA) 20 $4,590,000 $229,500 $2,757 2.81%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 11 $2,285,000 $207,727 $4,198 3.28%
JACKSONVILLE, FL (FHA|USDA|VA) 11 $1,945,000 $176,818 $4,875 3.98%
Bedford, IN (FHA|USDA|VA) 14 $1,940,000 $138,571 $4,344 3.15%
Scottsburg, IN (FHA|USDA|VA) 12 $1,740,000 $145,000 $5,294 3.89%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 6 $1,440,000 $240,000 $4,343 3.19%
PORT ST. LUCIE, FL (FHA|USDA|VA) 5 $1,405,000 $281,000 $4,007 3.18%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,400,000 $350,000 $6,655 2.88%
Lumberton, NC (FHA|USDA|VA) 7 $1,245,000 $177,857 $5,560 2.66%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $1,135,000 $227,000 $3,893 3.18%
COLUMBUS, IN (FHA|USDA|VA) 5 $1,075,000 $215,000 $3,579 2.95%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $1,035,000 $345,000 $3,469 2.92%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $980,000 $245,000 $6,360 2.91%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $955,000 $318,333 $4,492 2.67%
CARBONDALE-MARION, IL (FHA|USDA|VA) 7 $935,000 $133,571 $5,164 3.84%
COLUMBUS, OH (FHA|USDA|VA) 3 $925,000 $308,333 $4,367 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $885,000 $295,000 $6,908 2.92%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $880,000 $220,000 $5,826 3.63%
GREENVILLE, NC (FHA|USDA|VA) 6 $840,000 $140,000 $4,562 3.10%
Bardstown, KY (FHA|USDA|VA) 4 $760,000 $190,000 $2,897 3.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $700,000 $350,000 $3,662 2.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $655,000 $218,333 $3,381 2.71%
Frankfort, KY (FHA|USDA|VA) 3 $655,000 $218,333 $3,210 2.71%
TERRE HAUTE, IN (FHA|USDA|VA) 4 $640,000 $160,000 $3,086 2.91%
Crawfordsville, IN (FHA|USDA|VA) 3 $525,000 $175,000 $5,725 3.75%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $515,000 $515,000 $11,526 4.75%
Frankfort, IN (FHA|USDA|VA) 2 $510,000 $255,000 $5,244 4.19%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $455,000 $455,000 $12,766 3.63%
Jasper, IN (FHA|USDA|VA) 3 $445,000 $148,333 $4,830 3.79%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 3 $435,000 $145,000 $5,186 3.21%
Branson, MO (FHA|USDA|VA) 2 $420,000 $210,000 $6,282 4.13%
New Castle, IN (FHA|USDA|VA) 2 $370,000 $185,000 $2,715 3.44%
THE VILLAGES, FL (FHA|USDA|VA) 1 $315,000 $315,000 $4,137 3.00%
Warsaw, IN (FHA|USDA|VA) 1 $285,000 $285,000 $6,094 3.50%
ROCKY MOUNT, NC (FHA|USDA|VA) 2 $280,000 $140,000 $2,362 3.19%
Seymour, IN (FHA|USDA|VA) 2 $260,000 $130,000 $3,603 3.81%
Mount Vernon, IL (FHA|USDA|VA) 1 $225,000 $225,000 $9,765 3.63%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $215,000 $215,000 $2,866 2.13%
Cullowhee, NC (FHA|USDA|VA) 2 $210,000 $105,000 $3,999 3.31%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $175,000 $175,000 $2,775 2.63%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $165,000 $165,000 $6,412 4.13%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $155,000 $155,000 $4,310 3.88%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $155,000 $155,000 $1,632 2.75%
Laurinburg, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,438 3.25%
Madisonville, KY (FHA|USDA|VA) 1 $145,000 $145,000 $5,890 3.00%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $95,000 $95,000 $4,690 4.00%
Mount Sterling, KY (FHA|USDA|VA) 1 $85,000 $85,000 $2,546 2.50%
Washington, IN (FHA|USDA|VA) 1 $85,000 $85,000 $3,298 3.25%
Fair Way Lending's top markets include Bloomington, Louisville, Indianapolis, Lafayette, and Madison among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • 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.

    EVANSVILLE
    Similarity Rank: 60
    BOONVILLE FEDERAL SAVINGS BANK
    Similarity Rank: 126
    The Elberfeld State Bank
    Similarity Rank: 130
    United Fidelity Bank, fsb
    Similarity Rank: 165
    Heritage Federal Credit Union
    Similarity Rank: 180
    Industrial Federal Credit Union
    Similarity Rank: 203
    Independent Federal Credit Union
    Similarity Rank: 441
    COMMONWEALTH
    Similarity Rank: 625

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 434 $88,540,000 $204,009 $3,371 3.12%
    FHA 179 $31,185,000 $174,218 $6,499 3.51%
    USDA 72 $9,960,000 $138,333 $4,902 3.33%
    VA 66 $14,920,000 $226,061 $3,303 3.05%

    For 2020, Fair Way Lending's most frequently originated type of loan was Conventional, with 434 originations. Their 2nd most popular type was FHA, with 179 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 442 $81,670,000 $184,774 $4,701 3.37%
    Refi 298 $60,370,000 $202,584 $3,616 3.01%
    Cash Out Refi 11 $2,565,000 $233,182 $3,043 3.02%

    For 2020, Fair Way Lending's most frequently cited loan purpose was Home Purchase, with 442 originations. The 2nd most popular reason was Refi, with 298 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 652 $125,630,000 $192,684 $4,408 3.31%
    15 Year 72 $13,460,000 $186,944 $3,191 2.63%
    20 Year 14 $3,490,000 $249,286 $3,319 2.96%
    10 Year 10 $1,460,000 $146,000 $3,082 2.48%
    Other 3 $565,000 $188,333 $3,413 3.17%

    For 2020, Fair Way Lending's most frequently cited loan duration was 30 Year, with 652 originations. The 2nd most popular length was 15 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 533 $101,985,000 $191,341
    $2k-3k 92 $15,810,000 $171,848
    $<1k 59 $12,985,000 $220,085
    $3k-4k 40 $6,590,000 $164,750
    $5k+ 17 $4,835,000 $284,412
    $4k-5k 10 $2,400,000 $240,000

    Fair Way Lending's average total fees were $4,408, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 533 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 301 $53,105,000 $176,429
    2.5-3% 287 $60,915,000 $212,247
    4-5% 78 $12,580,000 $161,282
    <2.5% 77 $16,375,000 $212,662
    5-6% 7 $1,455,000 $207,857

    During 2020, Fair Way Lending's average interest rate for loans was 3.31%, while their most frequently originated rate bucket for loans was 3-4%, with 301 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 367 $54,685,000 $149,005 $4,176 3.27%
    $200k-400k 272 $71,130,000 $261,507 $4,425 3.07%
    $100,000 or less 86 $6,890,000 $80,116 $3,822 3.53%
    $400k-600k 26 $11,900,000 $457,692 $4,866 3.22%

    2020 saw Fair Way Lending place emphasis on $100k-200k loans with 367 originations, totaling $54,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 245 $35,905,000 $146,551 $4,291 3.33%
    $50k-75k 205 $36,935,000 $180,171 $4,239 3.25%
    $100k-150k 118 $29,210,000 $247,542 $4,089 3.15%
    $75k-100k 107 $22,075,000 $206,308 $4,643 3.15%
    $150k-250k 48 $13,410,000 $279,375 $3,859 3.00%
    $250k+ 14 $4,170,000 $297,857 $4,262 3.54%

    Fair Way Lending lent most frequently to those with incomes in the $50k or less range, with 245 originations. The second most popular income band? $50k-75k, with 205 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 165 $32,445,000 $196,636 $4,078 3.20%
    30-36% 124 $23,180,000 $186,935 $4,090 3.28%
    <20% 65 $11,045,000 $169,923 $3,322 3.05%
    40% 32 $5,410,000 $169,063 $4,492 3.50%
    49% 28 $5,490,000 $196,071 $4,677 3.19%
    36% 27 $5,655,000 $209,444 $3,955 3.36%
    43% 25 $5,175,000 $207,000 $4,856 3.35%
    50-60% 24 $4,680,000 $195,000 $7,134 3.05%
    37% 24 $3,570,000 $148,750 $4,741 3.42%
    39% 24 $4,650,000 $193,750 $4,752 3.42%
    48% 24 $4,890,000 $203,750 $4,637 3.07%
    44% 22 $4,280,000 $194,545 $5,104 3.23%
    41% 22 $4,560,000 $207,273 $4,004 3.23%
    38% 20 $3,820,000 $191,000 $4,087 3.31%
    47% 19 $2,765,000 $145,526 $4,277 3.32%
    42% 19 $4,085,000 $215,000 $4,188 3.11%
    45% 18 $4,180,000 $232,222 $4,434 3.24%
    46% 13 $2,525,000 $194,231 $3,806 3.47%

    Fair Way Lending lent most frequently to those with DTI ratios of 20-30%, with 165 originations. The next most common DTI ratio? 30-36%, with 124 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 663 $126,595,000 $190,943 $4,229 3.23%
    Black 60 $12,060,000 $201,000 $4,778 3.19%
    Asian 14 $2,890,000 $206,429 $3,522 3.00%
    Not provided 11 $2,535,000 $230,455 $3,520 3.11%
    Native Hawaiian or Islander 1 $305,000 $305,000 $3,021 3.25%
    American Indian 1 $145,000 $145,000 $5,631 3.75%
    Asian Indian 1 $75,000 $75,000 $4,755 3.88%

    Approval Rates

    Total approvals of all applications
    98.99%

    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
    95.21%

    Fair Way Lending has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 751 $144,605,000 $192,550

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 30 $3,890,000 $129,667
    Single Family (1-4 Units):Site-Built 721 $140,715,000 $195,166

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,240,000 $155,000 $3,642 2.78%
    40-60% 66 $10,520,000 $159,394 $3,447 2.89%
    60-80% 195 $41,235,000 $211,462 $3,472 3.11%
    80-100% 466 $88,680,000 $190,300 $4,690 3.33%
    Over 100% 13 $2,495,000 $191,923 $4,955 3.15%
    Under 20% 1 $65,000 $65,000 $2,116 2.75%