Homepromise Corporation Mortgage Rates, Fees & Info

Glen Allen, VA

LEI: 5493000WAJ1FMTFL5D75

Tax ID: 74-3061159

1 stars - out of 5 stars, based on 10 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Homepromise Corporation is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Homepromise Corporation has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Atlanta, Tampa, Baltimore, and Sacramento among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Homepromise Corporation has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Homepromise Corporation is typically a high 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 7.46% 11/26/22
    30 Year Conventional Refi 6.95% 11/26/22
    30 Year Cash-out Refi 7.19% 11/26/22
    30 Year FHA Purchase 7.71% 11/26/22
    30 Year FHA Refi 7.65% 11/26/22
    30 Year VA Purchase 7.06% 11/26/22
    30 Year VA Refi 6.83% 11/26/22
    30 Year USDA Purchase 7.23% 11/26/22
    15 Year Conventional Purchase 5.90% 11/26/22
    15 Year Conventional Refi 6.63% 11/26/22
    15 Year Cash-out Refi 6.63% 11/26/22
    15 Year VA Refi 5.90% 11/26/22
    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.


    Originations

    106

    Origination Dollar Volume (All Markets)

    $40,800,000

    Relative Rate

    Homepromise Corporation's average 30 year fixed mortgage rate was 3.14%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.01%.

    Relative Fees (Closing Costs)

    Homepromise Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $15,347.

    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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 11 $4,605,000 $418,636 $10,559 2.84%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 12 $4,190,000 $349,167 $16,293 3.27%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $2,270,000 $567,500 $19,004 3.22%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 4 $1,960,000 $490,000 $24,475 3.09%
    Outside of Metro Areas 4 $1,820,000 $455,000 $26,404 3.28%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 4 $1,820,000 $455,000 $17,500 3.19%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,395,000 $465,000 $14,994 3.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $35,052 3.25%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $1,260,000 $315,000 $10,672 3.19%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 4 $1,180,000 $295,000 $9,227 2.84%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $1,180,000 $295,000 $11,292 2.97%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $63,467 3.13%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $1,025,000 $1,025,000 $64,638 2.75%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $940,000 $470,000 $15,052 3.25%
    Eureka-Arcata, CA (FHA|USDA|VA) 1 $905,000 $905,000 $25,187 3.25%
    KNOXVILLE, TN (FHA|USDA|VA) 2 $880,000 $440,000 $17,372 2.94%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 4 $770,000 $192,500 $8,685 2.94%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $740,000 $370,000 $9,138 3.31%
    COLUMBUS, GA-AL (FHA|USDA|VA) 2 $590,000 $295,000 $11,230 2.88%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 2 $550,000 $275,000 $11,968 3.19%
    MODESTO, CA (FHA|USDA|VA) 1 $545,000 $545,000 $26,011 3.00%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $545,000 $545,000 $18,119 2.88%
    FRESNO, CA (FHA|USDA|VA) 2 $540,000 $270,000 $9,161 3.38%
    NAPA, CA (FHA|USDA|VA) 1 $535,000 $535,000 $18,714 3.13%
    MADERA, CA (FHA|USDA|VA) 1 $525,000 $525,000 $16,068 3.38%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $485,000 $485,000 $16,707 2.75%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $465,000 $465,000 $7,208 2.75%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $455,000 $455,000 $30,430 3.25%
    RICHMOND, VA (FHA|USDA|VA) 1 $445,000 $445,000 $29,470 3.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $395,000 $395,000 $11,860 3.00%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $385,000 $385,000 $10,689 3.88%
    YUBA CITY, CA (FHA|USDA|VA) 1 $375,000 $375,000 $18,141 3.75%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $355,000 $355,000 $5,853 3.38%
    JACKSON, TN (FHA|USDA|VA) 1 $295,000 $295,000 $17,051 3.13%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $295,000 $295,000 $9,716 3.13%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $285,000 $285,000 $15,124 3.25%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $285,000 $285,000 $10,807 3.25%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $10,290 3.88%
    Martin, TN (FHA|USDA|VA) 1 $265,000 $265,000 $4,557 3.13%
    Susanville, CA (FHA|USDA|VA) 1 $265,000 $265,000 $9,268 2.63%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $235,000 $235,000 $16,803 3.13%
    St. Marys, GA (FHA|USDA|VA) 1 $215,000 $215,000 $8,337 3.25%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $205,000 $205,000 $9,281 3.50%
    Ukiah, CA (FHA|USDA|VA) 1 $205,000 $205,000 $6,669 3.13%
    Meadville, PA (FHA|USDA|VA) 1 $205,000 $205,000 $8,615 3.25%
    MERCED, CA (FHA|USDA|VA) 1 $205,000 $205,000 $5,720 3.25%
    Selinsgrove, PA (FHA|USDA|VA) 1 $195,000 $195,000 $8,009 3.88%
    LANCASTER, PA (FHA|USDA|VA) 1 $185,000 $185,000 $5,515 3.13%
    BRUNSWICK, GA (FHA|USDA|VA) 1 $175,000 $175,000 $9,300 3.13%
    Cambridge, MD (FHA|USDA|VA) 1 $155,000 $155,000 $7,371 2.75%
    SAVANNAH, GA (FHA|USDA|VA) 1 $155,000 $155,000 $5,773 3.50%
    Thomaston, GA (FHA|USDA|VA) 1 $135,000 $135,000 $5,043 4.00%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $115,000 $115,000 $5,469 3.13%
    Homepromise Corporation's top markets include Washington, Atlanta, Tampa, Baltimore, and Sacramento among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 75 $31,155,000 $415,400 $17,282 3.09%
    Conventional 22 $6,790,000 $308,636 $7,854 3.36%
    FHA 7 $2,555,000 $365,000 $15,347 2.93%
    USDA 2 $300,000 $150,000 $6,747 3.00%

    For 2021, Homepromise Corporation's most frequently originated type of loan was VA, with 75 originations. Their 2nd most popular type was Conventional, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 39 $15,135,000 $388,077 $15,911 3.14%
    Home Purchase 36 $13,600,000 $377,778 $15,437 3.18%
    Refi 16 $6,020,000 $376,250 $8,946 2.98%
    Home Improvement 15 $6,045,000 $403,000 $18,029 3.18%

    For 2021, Homepromise Corporation's most frequently cited loan purpose was Cash Out Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 101 $39,595,000 $392,030 $15,347 3.14%
    15 Year 3 $665,000 $221,667 $7,235 2.88%
    20 Year 1 $155,000 $155,000 $7,371 2.75%
    Other 1 $385,000 $385,000 $10,689 3.88%

    For 2021, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 101 originations. The 2nd most popular length was 15 Year, with 3 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 62 $28,590,000 $461,129
    $4k-5k 14 $4,200,000 $300,000
    $2k-3k 11 $3,105,000 $282,273
    $3k-4k 9 $2,145,000 $238,333
    $1k-2k 6 $1,780,000 $296,667
    $<1k 4 $980,000 $245,000

    Homepromise Corporation's average total fees were $15,347, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 62 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 61 $23,265,000 $381,393
    2.5-3% 40 $16,040,000 $401,000
    <2.5% 5 $1,495,000 $299,000

    During 2021, Homepromise Corporation's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 58 $16,880,000 $291,034 $10,387 3.11%
    $400k-600k 19 $9,085,000 $478,158 $17,354 3.03%
    $100k-200k 15 $2,415,000 $161,000 $6,463 3.27%
    $600k-1MM 9 $6,545,000 $727,222 $31,875 3.38%
    $1MM+ 5 $5,875,000 $1,175,000 $54,779 3.05%

    2021 saw Homepromise Corporation place emphasis on $200k-400k loans with 58 originations, totaling $16,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $10,740,000 $383,571 $15,664 3.10%
    $75k-100k 22 $8,000,000 $363,636 $13,412 3.19%
    $150k-250k 17 $9,385,000 $552,059 $21,755 3.19%
    $50k-75k 15 $3,755,000 $250,333 $9,203 3.22%
    $50k or less 14 $2,680,000 $191,429 $9,790 3.12%
    $250k+ 3 $3,015,000 $1,005,000 $48,059 3.00%

    Homepromise Corporation lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $75k-100k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $5,755,000 $338,529 $13,392 3.18%
    <20% 16 $5,710,000 $356,875 $8,201 2.85%
    30-36% 13 $3,385,000 $260,385 $11,385 2.99%
    45% 6 $2,710,000 $451,667 $19,700 3.21%
    40% 6 $2,190,000 $365,000 $15,283 3.23%
    37% 6 $1,750,000 $291,667 $12,372 3.33%
    38% 6 $2,780,000 $463,333 $17,068 3.10%
    48% 5 $2,545,000 $509,000 $24,348 3.38%
    41% 4 $1,450,000 $362,500 $13,693 2.84%
    39% 4 $2,120,000 $530,000 $29,325 3.34%
    36% 4 $1,200,000 $300,000 $15,788 3.09%
    47% 4 $2,100,000 $525,000 $15,963 3.31%
    50-60% 3 $2,485,000 $828,333 $29,728 3.21%
    42% 3 $845,000 $281,667 $8,645 3.50%
    46% 3 $1,235,000 $411,667 $23,841 3.13%
    49% 3 $1,215,000 $405,000 $15,016 3.21%
    44% 2 $1,170,000 $585,000 $19,083 3.31%
    43% 1 $155,000 $155,000 $5,773 3.50%

    Homepromise Corporation lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? <20%, with 16 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 87 $33,885,000 $389,483 $15,380 3.14%
    Black 11 $4,055,000 $368,636 $12,204 3.11%
    Asian 3 $1,295,000 $431,667 $19,151 3.08%
    Native Hawaiian or Islander 2 $650,000 $325,000 $10,365 3.31%
    American Indian 2 $620,000 $310,000 $14,870 3.00%
    Not provided 1 $295,000 $295,000 $9,609 3.00%

    Approval Rates

    Total approvals of all applications
    62.44%

    Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    -87.74%

    Homepromise Corporation 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 106 $40,800,000 $384,906

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    106 $40,800,000 $384,906

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $340,000 $170,000 $6,144 3.31%
    40-60% 10 $3,060,000 $306,000 $7,817 3.14%
    60-80% 22 $8,700,000 $395,455 $14,027 3.16%
    80-100% 64 $25,350,000 $396,094 $15,238 3.12%
    Over 100% 8 $3,350,000 $418,750 $26,951 3.19%