Homepromise Corporation Mortgage Rates, Fees & Info
Glen Allen, VALEI: 5493000WAJ1FMTFL5D75
Tax ID: 74-3061159
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Mortgage Data
Review & Overview
Homepromise Corporation is a smaller mortgage company specializing in Cash Out Refi and Home Improvement 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, Miami, Tampa, Santa Maria, and San Diego among others. We have data for 48 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 | 7.15% | 4/22/24 |
| 30 Year Conventional Refi | 7.11% | 4/22/24 |
| 30 Year Cash-out Refi | 6.27% | 4/22/24 |
| 30 Year FHA Purchase | 6.94% | 4/22/24 |
| 30 Year FHA Refi | 6.27% | 4/22/24 |
| 30 Year VA Purchase | 6.86% | 4/22/24 |
| 30 Year VA Refi | 6.87% | 4/22/24 |
| 30 Year USDA Purchase | 6.27% | 4/22/24 |
| 15 Year Conventional Refi | 6.07% | 4/22/24 |
| 15 Year Cash-out Refi | 6.07% | 4/22/24 |
| 15 Year FHA Refi | 5.68% | 4/22/24 |
| 15 Year VA Purchase | 5.68% | 4/22/24 |
| 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. | ||
Homepromise Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
89Origination Dollar Volume (All Markets)
$27,785,000Top 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) | 6 | $3,080,000 | $513,333 | $13,488 | 3.67% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $1,860,000 | $310,000 | $9,480 | 4.19% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 6 | $1,640,000 | $273,333 | $10,330 | 4.52% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $1,190,000 | $595,000 | $24,718 | 4.13% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $1,040,000 | $520,000 | $18,054 | 5.31% |
| Outside of Metro Areas | 4 | $990,000 | $247,500 | $9,238 | 4.56% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 5 | $965,000 | $193,000 | $7,817 | 3.90% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $15,053 | 4.79% |
| PITTSBURGH, PA (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $12,909 | 4.22% |
| Eureka-Arcata, CA (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $33,167 | 4.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $12,515 | 3.94% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $7,666 | 4.63% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $9,940 | 4.83% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $12,575 | 4.81% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $14,814 | 5.50% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $8,281 | 3.94% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $5,264 | 4.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $9,441 | 3.94% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $17,581 | 4.63% |
| NAPA, CA (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $24,916 | 4.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $8,167 | 3.94% |
| MADERA, CA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $5,850 | 3.63% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $12,075 | 3.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $11,715 | 4.88% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $20,592 | 5.50% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $15,181 | 4.50% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $5,662 | 4.56% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $6,020 | 4.13% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,980 | 4.63% |
| CHICO, CA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $18,229 | 4.38% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,552 | 4.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,155 | 3.50% |
| REDDING, CA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,318 | 4.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $15,963 | 4.25% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $16,307 | 5.00% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,489 | 4.13% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $9,884 | 3.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,367 | 4.50% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,186 | 4.25% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $9,623 | 5.25% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,517 | 4.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,806 | 4.50% |
| Ukiah, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,286 | 5.25% |
| ALBANY, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,491 | 4.00% |
| Wauchula, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,733 | 3.63% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,378 | 5.50% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,929 | 5.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,648 | 5.00% |
Product Mix
For 2019, Homepromise Corporation's most frequently originated type of loan was VA, with 64 originations. Their 2nd most popular type was Conventional, with 16 originations.
Loan Reason
For 2019, Homepromise Corporation's most frequently cited loan purpose was Cash Out Refi, with 34 originations. The 2nd most popular reason was Home Improvement, with 31 originations.
Loan Duration/Length
For 2019, Homepromise Corporation's most frequently cited loan duration was 30 Year, with 83 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
Homepromise Corporation's average total fees were $11,201, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 41 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 49 | $15,375,000 | $313,776 |
| 3-4% | 26 | $7,620,000 | $293,077 |
| 5-6% | 13 | $4,305,000 | $331,154 |
| <2.5% | 1 | $485,000 | $485,000 |
During 2019, Homepromise Corporation's average interest rate for loans was 4.42%, while their most frequently originated rate bucket for loans was 4-5%, with 49 originations.
Loan Sizing
2019 saw Homepromise Corporation place emphasis on $200k-400k loans with 51 originations, totaling $14,195,000 in origination value.
Applicant Income
Homepromise Corporation lent most frequently to those with incomes in the $75k-100k range, with 25 originations. The second most popular income band? $50k-75k, with 24 originations.
Applicant Debt to Income Ratio
Homepromise Corporation lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 43%, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications62.72%
Homepromise Corporation has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-171.91%
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 | 89 | $27,785,000 | $312,191 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $385,000 | $385,000 |
| Single Family (1-4 Units):Site-Built | 88 | $27,400,000 | $311,364 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Home Approvals Direct, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |