Redwood Mortgage Rates, Fees & Info

Santa Rosa, CA

LEI: 5493001WRXQTCKCA6205

Tax ID: 94-1244186

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Mortgage Data

Review & 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 by origination volume include: Santa Rosa, San Francisco, Napa, Ukiah, and Clearlake among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Redwood 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. Redwood 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.73% 3/28/24
30 Year Conventional Purchase 6.38% 3/28/24
30 Year Conventional Refi 6.47% 3/28/24
30 Year Cash-out Refi 6.39% 3/28/24
15 Year Conventional Purchase 6.13% 3/28/24
15 Year Conventional Refi 5.86% 3/28/24
15 Year Cash-out Refi 5.86% 3/28/24
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.

Redwood Mortgage Calculator






Your Estimates

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

This is not an official calculator from Redwood. 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

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

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
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.

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

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,551 $1,013,295,000 $397,215 $2,799 3.21%
    HELOC 1,314 $168,370,000 $128,135 n/a 4.56%

    For 2021, Redwood's most frequently originated type of loan was Conventional, with 2,551 originations. Their 2nd most popular type was HELOC, with 1,314 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Redwood's most frequently cited loan purpose was Home Improvement, with 1,041 originations. The 2nd most popular reason was 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 2021, Redwood's most frequently cited loan duration was 15 Year, with 1,787 originations. The 2nd most popular length was 30 Year, with 1,752 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 62 $27,420,000 $442,258
    $4k-5k 43 $23,545,000 $547,558

    Redwood's average total fees were $3,167, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.12%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    92.67%

    Redwood has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.16%

    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%