Schoolsfirst Mortgage Rates, Fees & Info

Santa Ana, CA

LEI: 5493001NJEVHTZW7FG34

Tax ID: 95-1068595

5 stars - out of 5 stars, based on 116 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Schoolsfirst is a mid-sized mortgage company specializing in Cash Out Refi and Refi loans. Schoolsfirst has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, Sacramento, San Diego, and San Francisco among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Schoolsfirst has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Schoolsfirst is typically an average 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 6.50% 10/3/22
    30 Year Conventional Refi 6.50% 10/3/22
    30 Year Cash-out Refi 6.57% 10/3/22
    15 Year Conventional Purchase 5.96% 10/3/22
    15 Year Conventional Refi 6.06% 10/3/22
    15 Year Cash-out Refi 6.06% 10/3/22
    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

    13,381

    Origination Dollar Volume (All Markets)

    $4,028,675,000

    Awards

    SCHOOLSFIRST 30 Year Conventional Loans silver SCHOOLSFIRST 30 Year Conventional Loans silver SCHOOLSFIRST 30 Year Conventional Loans silver SCHOOLSFIRST 30 Year Conventional Loans bronze
    Show all (4) awards

    Relative Rate

    Schoolsfirst's average 30 year fixed mortgage rate was 3.09%.

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

    This yields a difference of -0.06%.

    Relative Fees (Closing Costs)

    Schoolsfirst's average total fees/closing costs for a 30 year fixed rate mortgage were $4,004.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7,897 $2,602,735,000 $329,585 $3,322 3.28%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3,754 $979,230,000 $260,850 $3,219 3.27%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1,024 $227,500,000 $222,168 $2,684 3.30%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 223 $80,545,000 $361,188 $3,983 3.32%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 54 $23,580,000 $436,667 $3,558 3.24%
    YUBA CITY, CA (FHA|USDA|VA) 84 $14,840,000 $176,667 $2,748 3.29%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 38 $13,980,000 $367,895 $3,194 3.16%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 24 $9,400,000 $391,667 $2,787 3.02%
    BAKERSFIELD, CA (FHA|USDA|VA) 41 $9,335,000 $227,683 $3,431 3.07%
    VALLEJO, CA (FHA|USDA|VA) 21 $7,215,000 $343,571 $4,959 3.39%
    Outside of Metro Areas 29 $6,555,000 $226,034 $2,927 2.96%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 12 $6,300,000 $525,000 $3,576 2.94%
    STOCKTON, CA (FHA|USDA|VA) 25 $5,725,000 $229,000 $3,160 3.18%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 16 $5,590,000 $349,375 $2,238 3.56%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 17 $5,295,000 $311,471 $3,356 3.22%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 13 $4,645,000 $357,308 $3,383 3.21%
    CHICO, CA (FHA|USDA|VA) 18 $3,750,000 $208,333 $3,129 3.18%
    SALINAS, CA (FHA|USDA|VA) 8 $3,230,000 $403,750 $2,931 3.03%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 6 $2,460,000 $410,000 $3,795 3.23%
    VISALIA, CA (FHA|USDA|VA) 10 $2,380,000 $238,000 $3,454 3.01%
    EL CENTRO, CA (FHA|USDA|VA) 14 $2,360,000 $168,571 $2,118 2.97%
    MADERA, CA (FHA|USDA|VA) 10 $2,230,000 $223,000 $3,058 3.26%
    MODESTO, CA (FHA|USDA|VA) 7 $1,635,000 $233,571 $2,405 3.16%
    Sonora, CA (FHA|USDA|VA) 4 $1,570,000 $392,500 $4,240 2.97%
    FRESNO, CA (FHA|USDA|VA) 8 $1,290,000 $161,250 $2,276 3.41%
    NAPA, CA (FHA|USDA|VA) 4 $1,080,000 $270,000 $7,882 3.34%
    Eureka-Arcata, CA (FHA|USDA|VA) 5 $975,000 $195,000 $4,113 3.43%
    Ukiah, CA (FHA|USDA|VA) 4 $970,000 $242,500 $2,341 3.22%
    Red Bluff, CA (FHA|USDA|VA) 4 $800,000 $200,000 $2,541 2.84%
    MERCED, CA (FHA|USDA|VA) 2 $600,000 $300,000 $2,926 2.75%
    REDDING, CA (FHA|USDA|VA) 3 $435,000 $145,000 $2,286 3.79%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $235,000 $235,000 $2,070 3.00%
    Susanville, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,565 2.63%

    Schoolsfirst's top markets include Los Angeles, Riverside, Sacramento, San Diego, and San Francisco among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against SCHOOLSFIRST based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    STRATA Credit Union
    Similarity Rank: 195
    Christian Community Credit Union
    Similarity Rank: 354
    SAFE 1 CREDIT UNION
    Similarity Rank: 393
    Credence Funding Corporation
    Similarity Rank: 404
    AltaOne Federal Credit Union
    Similarity Rank: 444
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 624
    MYPOINT Credit Union
    Similarity Rank: 924
    Chaffey Federal Credit Union
    Similarity Rank: 966
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 1134

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10,098 $3,624,790,000 $358,961 $3,246 2.99%
    HELOC 3,283 $403,885,000 $123,023 n/a 4.14%

    For 2021, Schoolsfirst's most frequently originated type of loan was Conventional, with 10,098 originations. Their 2nd most popular type was HELOC, with 3,283 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 4,478 $1,600,870,000 $357,497 $3,461 3.07%
    Refi 3,873 $1,301,705,000 $336,097 $2,800 2.77%
    Home Improvement 2,384 $261,940,000 $109,874 $559 4.15%
    Other 1,365 $173,315,000 $126,971 $932 4.11%
    Home Purchase 1,281 $690,845,000 $539,301 $5,489 2.98%

    For 2021, Schoolsfirst's most frequently cited loan purpose was Cash Out Refi, with 4,478 originations. The 2nd most popular reason was Refi, with 3,873 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,824 $2,614,400,000 $448,901 $4,004 3.09%
    Other 3,283 $403,885,000 $123,023 $0 4.14%
    15 Year 2,670 $664,240,000 $248,779 $2,273 2.78%
    20 Year 872 $239,620,000 $274,794 $2,599 3.10%
    10 Year 732 $106,530,000 $145,533 $1,486 2.84%

    For 2021, Schoolsfirst's most frequently cited loan duration was 30 Year, with 5,824 originations. The 2nd most popular length was Other, with 3,283 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 6,738 $2,425,380,000 $359,955
    $1k-2k 1,305 $352,815,000 $270,356
    $2k-3k 704 $256,990,000 $365,043
    $5k+ 643 $324,085,000 $504,020
    $3k-4k 406 $145,260,000 $357,783
    $4k-5k 302 $120,260,000 $398,212

    Schoolsfirst's average total fees were $4,004, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6,738 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 6,531 $1,998,185,000 $305,954
    2.5-3% 3,251 $1,218,415,000 $374,782
    <2.5% 2,378 $692,030,000 $291,013
    4-5% 1,021 $104,715,000 $102,561
    5-6% 198 $15,200,000 $76,768
    6-7% 2 $130,000 $65,000

    During 2021, Schoolsfirst's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 3-4%, with 6,531 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4,636 $1,328,780,000 $286,622 $3,193 3.03%
    $100k-200k 2,974 $424,800,000 $142,838 $2,213 3.37%
    $400k-600k 2,230 $1,088,550,000 $488,139 $4,246 2.99%
    $100,000 or less 2,167 $125,675,000 $57,995 $616 4.10%
    $600k-1MM 1,249 $909,205,000 $727,946 $4,397 3.06%
    $1MM+ 125 $151,665,000 $1,213,320 $6,426 2.89%

    2021 saw Schoolsfirst place emphasis on $200k-400k loans with 4,636 originations, totaling $1,328,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 4,019 $1,206,375,000 $300,168 $3,325 3.27%
    $150k-250k 3,625 $1,319,105,000 $363,891 $3,448 3.39%
    $75k-100k 2,343 $586,555,000 $250,344 $3,167 3.20%
    $50k-75k 1,695 $346,785,000 $204,593 $2,858 3.15%
    $250k+ 911 $430,475,000 $472,530 $3,811 3.39%
    $50k or less 647 $96,065,000 $148,478 $2,531 3.10%

    Schoolsfirst lent most frequently to those with incomes in the $100k-150k range, with 4,019 originations. The second most popular income band? $150k-250k, with 3,625 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 3,024 $849,150,000 $280,804 $3,094 3.22%
    30-36% 2,559 $829,645,000 $324,207 $3,257 3.21%
    <20% 1,347 $241,515,000 $179,298 $2,613 3.45%
    44% 576 $193,900,000 $336,632 $3,758 3.21%
    41% 525 $181,885,000 $346,448 $3,607 3.26%
    43% 508 $175,590,000 $345,650 $3,547 3.23%
    42% 502 $176,050,000 $350,697 $3,481 3.24%
    40% 485 $158,595,000 $327,000 $3,367 3.26%
    36% 479 $155,315,000 $324,248 $3,415 3.21%
    39% 476 $165,370,000 $347,416 $3,550 3.25%
    38% 473 $158,775,000 $335,677 $3,335 3.17%
    37% 425 $140,615,000 $330,859 $3,202 3.26%
    50-60% 418 $113,360,000 $271,196 $2,946 3.66%
    45% 336 $104,070,000 $309,732 $3,299 3.41%
    49% 313 $98,655,000 $315,192 $3,095 3.36%
    46% 309 $91,695,000 $296,748 $3,094 3.44%
    48% 294 $89,570,000 $304,660 $3,257 3.33%
    47% 293 $92,705,000 $316,399 $3,101 3.30%
    >60% 39 $12,215,000 $313,205 $2,993 3.44%

    Schoolsfirst lent most frequently to those with DTI ratios of 20-30%, with 3,024 originations. The next most common DTI ratio? 30-36%, with 2,559 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 9,809 $2,931,685,000 $298,877 $3,187 3.28%
    Not provided 1,889 $546,835,000 $289,484 $3,297 3.27%
    Asian 1,058 $359,490,000 $339,783 $3,553 3.22%
    Black 466 $145,780,000 $312,833 $3,560 3.30%
    American Indian 103 $28,935,000 $280,922 $3,253 3.27%
    Native Hawaiian or Islander 54 $15,230,000 $282,037 $3,295 3.44%
    Vietnamese 2 $720,000 $360,000 $4,619 2.94%

    Approval Rates

    Total approvals of all applications
    93.54%

    Schoolsfirst has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.62%

    Schoolsfirst has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 13,381 $4,028,675,000 $301,074

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    13,381 $4,028,675,000 $301,074

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2,658 $580,620,000 $218,442 $2,545 3.10%
    40-60% 2,743 $944,425,000 $344,304 $2,921 2.83%
    60-80% 3,198 $1,522,540,000 $476,091 $4,120 3.04%
    80-100% 1,193 $638,985,000 $535,612 $4,894 3.07%
    Under 20% 3,589 $342,105,000 $95,320 $939 4.02%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    SCHOOLSFIRST FEDERAL CREDIT UNION Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%
    SCHOOLSFIRST FEDERAL CREDIT UNION Other type of mortgage Struggling to pay mortgage 1 50.0%