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

2021 Data | 2020 Data | 2019 Data | 2018 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

106

Origination Dollar Volume (All Markets)

$40,800,000

Relative 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 applications
60.21%

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%