Schoolsfirst Mortgage Rates, Fees & Info

Santa Ana, CA

LEI: 5493001NJEVHTZW7FG34

Tax ID: 95-1068595

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Schoolsfirst is a mid-sized mortgage company specializing in Cash Out Refi, Refi, and Home Purchase 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 a low 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 6.06% 4/22/24
    30 Year Conventional Refi 6.20% 4/22/24
    30 Year Cash-out Refi 6.28% 4/22/24
    30 Year FHA Purchase 6.32% 4/22/24
    15 Year Conventional Purchase 5.65% 4/22/24
    15 Year Conventional Refi 5.42% 4/22/24
    15 Year Cash-out Refi 5.42% 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.

    Schoolsfirst Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Schoolsfirst. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    12,902

    Origination Dollar Volume (All Markets)

    $4,005,300,000
    Show all (5) awards

    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) 7,974 $2,752,170,000 $345,143 $3,357 3.69%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3,198 $794,470,000 $248,427 $3,085 3.69%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1,060 $247,880,000 $233,849 $2,568 3.68%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 218 $83,330,000 $382,248 $3,344 3.65%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 55 $22,985,000 $417,909 $3,609 3.63%
    YUBA CITY, CA (FHA|USDA|VA) 87 $15,695,000 $180,402 $2,425 3.54%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 40 $13,740,000 $343,500 $3,123 3.78%
    BAKERSFIELD, CA (FHA|USDA|VA) 35 $7,075,000 $202,143 $2,993 3.38%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 18 $7,060,000 $392,222 $5,081 3.72%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 17 $6,855,000 $403,235 $2,652 3.66%
    Outside of Metro Areas 24 $6,700,000 $279,167 $2,859 3.45%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 12 $5,980,000 $498,333 $4,071 3.54%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 18 $5,900,000 $327,778 $3,200 3.53%
    STOCKTON, CA (FHA|USDA|VA) 21 $5,825,000 $277,381 $2,749 3.21%
    VALLEJO, CA (FHA|USDA|VA) 14 $4,660,000 $332,857 $2,590 3.51%
    SALINAS, CA (FHA|USDA|VA) 9 $3,815,000 $423,889 $2,715 3.24%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 18 $3,660,000 $203,333 $2,001 3.97%
    FRESNO, CA (FHA|USDA|VA) 15 $3,655,000 $243,667 $2,807 3.33%
    CHICO, CA (FHA|USDA|VA) 22 $3,400,000 $154,545 $2,107 3.91%
    MODESTO, CA (FHA|USDA|VA) 6 $1,550,000 $258,333 $2,949 3.17%
    Ukiah, CA (FHA|USDA|VA) 3 $1,235,000 $411,667 $3,305 3.08%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 3 $905,000 $301,667 $2,513 3.17%
    Sonora, CA (FHA|USDA|VA) 5 $875,000 $175,000 $4,473 3.68%
    VISALIA, CA (FHA|USDA|VA) 5 $855,000 $171,000 $2,973 3.30%
    NAPA, CA (FHA|USDA|VA) 3 $815,000 $271,667 $4,732 3.42%
    Red Bluff, CA (FHA|USDA|VA) 4 $780,000 $195,000 $2,196 2.75%
    REDDING, CA (FHA|USDA|VA) 3 $665,000 $221,667 $5,388 4.08%
    EL CENTRO, CA (FHA|USDA|VA) 4 $660,000 $165,000 $2,332 3.03%
    Crescent City, CA (FHA|USDA|VA) 2 $480,000 $240,000 $2,233 3.31%
    HANFORD-CORCORAN, CA (FHA|USDA|VA) 3 $455,000 $151,667 $3,776 3.92%
    Eureka-Arcata, CA (FHA|USDA|VA) 3 $405,000 $135,000 $2,261 3.88%
    MERCED, CA (FHA|USDA|VA) 2 $390,000 $195,000 $2,507 3.38%
    MADERA, CA (FHA|USDA|VA) 1 $375,000 $375,000 $3,320 2.75%
    Schoolsfirst's top markets include Los Angeles, Riverside, Sacramento, San Diego, and San Francisco among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • 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.

    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 330
    Chaffey Federal Credit Union
    Similarity Rank: 345
    SAFE 1 CREDIT UNION
    Similarity Rank: 369
    MANHATTAN FINANCIAL GROUP, INC.
    Similarity Rank: 384
    MYPOINT Credit Union
    Similarity Rank: 560
    ALTURA
    Similarity Rank: 628
    AltaOne Federal Credit Union
    Similarity Rank: 666
    Christian Community Credit Union
    Similarity Rank: 716
    VALLEY STRONG CREDIT UNION
    Similarity Rank: 854
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 1053

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 10,151 $3,689,075,000 $363,420 $3,204 3.51%
    HELOC 2,751 $316,225,000 $114,949 n/a 4.35%

    For 2020, Schoolsfirst's most frequently originated type of loan was Conventional, with 10,151 originations. Their 2nd most popular type was HELOC, with 2,751 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 5,830 $1,820,450,000 $312,256 $3,079 3.76%
    Refi 3,471 $1,158,695,000 $333,822 $2,776 3.22%
    Home Purchase 1,606 $812,150,000 $505,697 $5,094 3.40%
    Home Improvement 1,511 $152,925,000 $101,208 $765 4.45%
    Other 484 $61,080,000 $126,198 $822 4.75%

    For 2020, Schoolsfirst's most frequently cited loan purpose was Cash Out Refi, with 5,830 originations. The 2nd most popular reason was Refi, with 3,471 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 6,136 $2,763,990,000 $450,455 $3,794 3.53%
    Other 2,768 $316,710,000 $114,418 $16 4.35%
    15 Year 2,616 $631,610,000 $241,441 $2,344 3.37%
    20 Year 774 $208,870,000 $269,858 $2,707 3.56%
    10 Year 604 $84,010,000 $139,089 $1,493 3.76%
    5 Year 4 $110,000 $27,500 $0 5.30%

    For 2020, Schoolsfirst's most frequently cited loan duration was 30 Year, with 6,136 originations. The 2nd most popular length was Other, with 2,768 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 7,006 $2,599,760,000 $371,076
    $1k-2k 1,172 $309,300,000 $263,908
    $2k-3k 686 $234,510,000 $341,851
    $5k+ 618 $305,690,000 $494,644
    $3k-4k 395 $136,885,000 $346,544
    $4k-5k 274 $102,930,000 $375,657

    Schoolsfirst's average total fees were $3,794, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7,006 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 8,391 $2,979,875,000 $355,128
    2.5-3% 2,178 $699,190,000 $321,024
    4-5% 1,183 $209,965,000 $177,485
    5-6% 776 $50,000,000 $64,433
    <2.5% 229 $55,815,000 $243,734
    6-7% 117 $8,295,000 $70,897
    7-8% 17 $1,075,000 $63,235

    During 2020, Schoolsfirst's average interest rate for loans was 3.53%, while their most frequently originated rate bucket for loans was 3-4%, with 8,391 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 4,398 $1,273,390,000 $289,538 $3,221 3.42%
    $400k-600k 2,523 $1,248,765,000 $494,952 $3,874 3.49%
    $100k-200k 2,442 $350,400,000 $143,489 $2,336 3.68%
    $100,000 or less 2,184 $121,740,000 $55,742 $670 4.60%
    $600k-1MM 1,272 $909,330,000 $714,882 $4,238 3.47%
    $1MM+ 83 $101,675,000 $1,225,000 $5,917 3.34%

    2020 saw Schoolsfirst place emphasis on $200k-400k loans with 4,398 originations, totaling $1,273,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 4,066 $1,251,370,000 $307,764 $3,274 3.70%
    $150k-250k 3,593 $1,391,435,000 $387,263 $3,380 3.72%
    $75k-100k 2,214 $547,850,000 $247,448 $3,022 3.66%
    $50k-75k 1,542 $309,530,000 $200,733 $2,913 3.62%
    $250k+ 823 $397,195,000 $482,618 $3,722 3.73%
    $50k or less 570 $76,350,000 $133,947 $2,525 3.61%

    Schoolsfirst lent most frequently to those with incomes in the $100k-150k range, with 4,066 originations. The second most popular income band? $150k-250k, with 3,593 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,868 $851,860,000 $297,022 $3,093 3.56%
    30-36% 2,571 $827,545,000 $321,877 $3,215 3.65%
    <20% 979 $205,015,000 $209,413 $2,789 3.58%
    41% 580 $196,390,000 $338,603 $3,316 3.79%
    43% 559 $190,325,000 $340,474 $3,565 3.69%
    37% 544 $188,260,000 $346,066 $3,291 3.74%
    44% 526 $166,150,000 $315,875 $3,354 3.78%
    36% 503 $165,305,000 $328,638 $3,398 3.65%
    38% 502 $161,010,000 $320,737 $3,425 3.71%
    42% 490 $166,740,000 $340,286 $3,240 3.74%
    39% 490 $166,290,000 $339,367 $3,305 3.73%
    40% 468 $155,130,000 $331,474 $3,387 3.78%
    50-60% 353 $100,515,000 $284,745 $2,837 4.07%
    45% 324 $100,190,000 $309,228 $3,414 3.84%
    46% 297 $98,455,000 $331,498 $3,188 3.82%
    48% 295 $88,455,000 $299,847 $2,998 3.85%
    47% 266 $88,150,000 $331,391 $3,169 3.80%
    49% 260 $82,150,000 $315,962 $3,031 3.82%
    >60% 27 $7,365,000 $272,778 $2,576 3.79%

    Schoolsfirst lent most frequently to those with DTI ratios of 20-30%, with 2,868 originations. The next most common DTI ratio? 30-36%, with 2,571 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 9,972 $3,085,990,000 $309,466 $3,169 3.70%
    Not provided 1,426 $414,750,000 $290,849 $3,162 3.62%
    Asian 1,011 $357,315,000 $353,427 $3,561 3.61%
    Black 353 $110,065,000 $311,799 $3,468 3.81%
    American Indian 102 $26,590,000 $260,686 $2,749 3.79%
    Native Hawaiian or Islander 36 $9,420,000 $261,667 $2,891 3.97%
    Filipino 1 $795,000 $795,000 $9,800 3.00%
    Vietnamese 1 $375,000 $375,000 $2,065 3.38%

    Approval Rates

    Total approvals of all applications
    91.67%

    Schoolsfirst has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.81%

    Schoolsfirst has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 71 $5,655,000 $79,648
    100.0 1 $65,000 $65,000
    367.0 2 $260,000 $130,000
    450.0 1 $105,000 $105,000
    464.5 1 $25,000 $25,000
    500.0 1 $115,000 $115,000
    557.0 1 $115,000 $115,000
    82.0 5 $665,000 $133,000
    NA 12,819 $3,998,295,000 $311,904

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 47 $8,145,000 $173,298
    Single Family (1-4 Units):Site-Built 12,855 $3,997,155,000 $310,942

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2,068 $430,690,000 $208,264 $2,482 3.55%
    40-60% 2,524 $816,740,000 $323,590 $2,853 3.29%
    60-80% 3,642 $1,665,360,000 $457,265 $3,746 3.48%
    80-100% 1,664 $845,690,000 $508,227 $4,427 3.48%
    Under 20% 2,996 $246,030,000 $82,119 $885 4.48%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    SCHOOLSFIRST FEDERAL CREDIT UNION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 28.6%
    SCHOOLSFIRST FEDERAL CREDIT UNION Conventional home mortgage Struggling to pay mortgage 1 14.3%
    SCHOOLSFIRST FEDERAL CREDIT UNION Conventional home mortgage Trouble during payment process 2 28.6%
    SCHOOLSFIRST FEDERAL CREDIT UNION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    SCHOOLSFIRST FEDERAL CREDIT UNION Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%