Redwood Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493001WRXQTCKCA6205

Tax ID: 94-1244186

5 stars - out of 5 stars, based on 62 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Redwood is a small mortgage company specializing in Cash Out Refi and Home Purchase loans. Redwood has a high proportion of conventional loans. Their top markets include Santa Rosa, San Francisco, Napa, Ukiah, and Clearlake among others. Redwood has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Redwood is typically a low fee lendor.


Originations

3,865

Origination Dollar Volume (All Markets)

$1,181,665,000

Awards

REDWOOD 30 Year Conventional Loans gold REDWOOD 30 Year Conventional Loans gold REDWOOD 30 Year Conventional Loans silver
Show all (3) awards

Relative Rate

Redwood's average 30 year fixed rate mortgage of loans were 3.12%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.03%.

Relative Fees

Redwood's average total fees for a 30 year fixed rate mortgage are $3,167.

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
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2,437 $736,825,000 $302,349 $2,740 3.63%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 635 $238,395,000 $375,425 $3,360 3.85%
NAPA, CA (FHA|USDA|VA) 199 $64,635,000 $324,799 $2,518 3.77%
Ukiah, CA (FHA|USDA|VA) 196 $49,970,000 $254,949 $2,851 3.53%
Clearlake, CA (FHA|USDA|VA) 161 $27,965,000 $173,696 $2,337 3.65%
VALLEJO, CA (FHA|USDA|VA) 75 $19,335,000 $257,800 $2,224 3.99%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 47 $12,445,000 $264,787 $3,165 3.57%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 16 $5,970,000 $373,125 $4,210 3.37%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 15 $4,055,000 $270,333 $2,727 3.59%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 9 $4,015,000 $446,111 $3,269 4.04%
Outside of Metro Areas 16 $3,860,000 $241,250 $2,548 3.30%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $2,210,000 $1,105,000 $4,544 3.13%
Truckee-Grass Valley, CA (FHA|USDA|VA) 7 $1,935,000 $276,429 $2,888 3.73%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 6 $1,900,000 $316,667 $3,147 3.60%
Eureka-Arcata, CA (FHA|USDA|VA) 8 $1,830,000 $228,750 $3,491 3.06%
MODESTO, CA (FHA|USDA|VA) 4 $1,100,000 $275,000 $2,630 4.00%
REDDING, CA (FHA|USDA|VA) 6 $1,060,000 $176,667 $4,136 3.38%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 5 $855,000 $171,000 $1,273 3.80%
YUBA CITY, CA (FHA|USDA|VA) 5 $605,000 $121,000 $2,650 3.90%
CHICO, CA (FHA|USDA|VA) 2 $550,000 $275,000 $1,747 3.06%
STOCKTON, CA (FHA|USDA|VA) 3 $525,000 $175,000 $792 3.71%
MERCED, CA (FHA|USDA|VA) 2 $390,000 $195,000 $2,531 3.44%
Red Bluff, CA (FHA|USDA|VA) 1 $365,000 $365,000 $2,228 3.00%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $340,000 $170,000 $1,047 3.06%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $165,000 $165,000 $1,618 2.75%
Crescent City, CA (FHA|USDA|VA) 1 $155,000 $155,000 $3,305 3.50%
Sonora, CA (FHA|USDA|VA) 1 $125,000 $125,000 $2,240 2.88%
FRESNO, CA (FHA|USDA|VA) 3 $85,000 $28,333 $0 4.58%

Redwood's top markets include Santa Rosa, San Francisco, Napa, Ukiah, and Clearlake among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,865 $1,181,665,000 $305,735 $2,799 3.67%

For the 2021 period, Redwood's most frequently originated loan type of loans were Conventional, with 3,865 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 1,041 $135,365,000 $130,034 $1,060 4.45%
Other 850 $191,120,000 $224,847 $2,344 3.93%
Cash Out Refi 747 $319,265,000 $427,396 $2,821 3.10%
Refi 619 $224,215,000 $362,221 $2,694 2.98%
Home Purchase 608 $311,700,000 $512,664 $3,991 3.40%

For the 2021, Redwood's most frequently cited loan purpose of loans were Home Improvement, with 1,041 originations. The 2nd most popular reason of loans were Other, with 850 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 1,787 $264,165,000 $147,826 $1,938 4.27%
30 Year 1,752 $839,800,000 $479,338 $3,167 3.12%
20 Year 153 $43,975,000 $287,418 $2,999 3.02%
10 Year 140 $27,390,000 $195,643 $1,027 3.65%
5 Year 28 $1,230,000 $43,929 $162 3.88%
30+ year 4 $4,610,000 $1,152,500 $11,005 4.31%
Other 1 $495,000 $495,000 $2,738 2.88%

For the 2021, Redwood's most frequently cited loan length of loans were 15 Year, with 1,787 originations. The 2nd most popular length of loans were 30 Year, with 1,752 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,777 $685,325,000 $385,664
$1k-2k 374 $115,650,000 $309,225
$2k-3k 173 $82,935,000 $479,393
$5k+ 109 $65,245,000 $598,578
$3k-4k 105 $50,965,000 $485,381

$3,167 of loans were Redwood's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,777 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 1,391 $184,215,000 $132,434
2.5-3% 1,096 $455,040,000 $415,182
3-4% 1,062 $479,470,000 $451,478
<2.5% 186 $53,320,000 $286,667
5-6% 126 $9,440,000 $74,921
6-7% 4 $180,000 $45,000

During 2021, Redwood's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 4-5%, with 1,391 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,171 $329,365,000 $281,268 $2,544 3.38%
$100,000 or less 818 $44,890,000 $54,878 $525 4.55%
$100k-200k 794 $109,870,000 $138,375 $2,145 3.91%
$400k-600k 646 $313,780,000 $485,728 $3,196 3.17%
$600k-1MM 333 $243,125,000 $730,105 $4,204 3.14%
$1MM+ 103 $140,635,000 $1,365,388 $6,184 3.14%

2021 saw Redwood place emphasis on $200k-400k loans with 1,171 originations, totaling $329,365,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 1,019 $349,655,000 $343,135 $2,846 3.77%
$100k-150k 998 $298,120,000 $298,717 $2,790 3.65%
$75k-100k 557 $130,535,000 $234,354 $2,276 3.63%
$50k-75k 545 $114,765,000 $210,578 $2,560 3.55%
$250k+ 421 $213,675,000 $507,542 $4,495 3.83%
$50k or less 311 $62,055,000 $199,534 $2,234 3.49%

Redwood lent most frequently to those with incomes in the $150k-250k range, with 1,019 originations. The second most popular income band? $100k-150k, with 998 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 798 $226,920,000 $284,361 $2,894 3.53%
30-36% 622 $194,090,000 $312,042 $3,105 3.63%
50-60% 402 $103,340,000 $257,065 $2,284 4.05%
<20% 279 $80,695,000 $289,229 $2,789 3.45%
>60% 144 $46,430,000 $322,431 $1,983 3.72%
38% 140 $46,360,000 $331,143 $2,434 3.74%
40% 133 $43,805,000 $329,361 $2,740 3.71%
44% 129 $46,235,000 $358,411 $3,136 3.57%
41% 126 $39,530,000 $313,730 $2,413 3.72%
39% 119 $34,615,000 $290,882 $2,483 3.73%
37% 118 $42,510,000 $360,254 $3,684 3.57%
46% 117 $38,085,000 $325,513 $3,160 3.74%
42% 112 $38,400,000 $342,857 $3,077 3.64%
45% 111 $30,115,000 $271,306 $2,300 3.71%
43% 109 $33,285,000 $305,367 $2,810 3.62%
36% 105 $35,765,000 $340,619 $2,803 3.69%
48% 99 $31,115,000 $314,293 $2,615 3.79%
49% 97 $26,715,000 $275,412 $2,643 3.81%
47% 86 $29,060,000 $337,907 $2,756 3.78%

Redwood lent most frequently to those with DTI ratios of 20-30%, with 798 originations. The next most common DTI ratio? 30-36%, with 622 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,223 $671,495,000 $302,067 $2,737 3.66%
Not provided 1,433 $431,135,000 $300,862 $2,807 3.69%
Asian 106 $37,210,000 $351,038 $3,517 3.70%
Not applicable 12 $12,070,000 $1,005,833 $0 4.17%
Black 25 $7,355,000 $294,200 $3,228 3.71%
American Indian 28 $7,140,000 $255,000 $3,656 3.77%
Filipino 6 $3,720,000 $620,000 $4,686 4.17%
Asian Indian 6 $3,610,000 $601,667 $5,368 3.02%
Native Hawaiian 7 $1,875,000 $267,857 $1,856 3.93%
Other Asian 5 $1,825,000 $365,000 $4,007 3.85%
Korean 4 $1,660,000 $415,000 $2,842 3.84%
Other Pacific Islander 3 $805,000 $268,333 $1,090 2.96%
Chinese 3 $795,000 $265,000 $2,669 4.08%
Japanese 2 $730,000 $365,000 $2,064 2.81%
Vietnamese 2 $240,000 $120,000 $0 4.00%

Approval Rates

Total approvals of all applications
89.87%

Redwood has an average approval rate.

Pick Rate

Approvals leading to origination
80.03%

Redwood has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,865 $1,181,665,000 $305,735

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,865 $1,181,665,000 $305,735

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 765 $195,635,000 $255,732 $2,415 3.47%
40-60% 690 $290,850,000 $421,522 $2,957 3.05%
60-80% 746 $397,500,000 $532,842 $3,583 3.17%
80-100% 259 $154,895,000 $598,050 $3,646 3.16%
Under 20% 1,403 $142,475,000 $101,550 $889 4.45%