Homepromise Corporation Mortgage Rates, Fees & Info
Glen Allen, VALEI: 5493000WAJ1FMTFL5D75
Tax ID: 74-3061159
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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 include Washington, Atlanta, Tampa, Baltimore, and Sacramento among others. Homepromise Corporation has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Homepromise Corporation is typically a high fee lendor.Originations
106Origination Dollar Volume (All Markets)
$40,800,000Relative Rate
Homepromise Corporation's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Homepromise Corporation's average total fees for a 30 year fixed rate
mortgage are $15,347.
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 |
|---|---|---|---|---|---|
| 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.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021 period, Homepromise Corporation's most frequently originated loan type of loans were VA, with 75 originations. Their 2nd most popular type is Conventional, with 22 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021, Homepromise Corporation's most frequently cited loan purpose of loans were Cash Out Refi, with 39 originations. The 2nd most popular reason of loans were 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 the 2021, Homepromise Corporation's most frequently cited loan length of loans were 30 Year, with 101 originations. The 2nd most popular length of loans were 15 Year, with 3 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 62 | $28,590,000 | $461,129 |
| $3k-4k | 23 | $6,345,000 | $275,870 |
| $2k-3k | 11 | $3,105,000 | $282,273 |
| $1k-2k | 6 | $1,780,000 | $296,667 |
| $<1k | 4 | $980,000 | $245,000 |
$15,347 of loans were Homepromise Corporation's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.14%, while their most frequently originated rate bucket of loans were 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 | 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 applications60.21%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-134.71%
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% |
