Addition Financial Mortgage Rates, Fees & Info
Lake Mary, FLLEI: 5493001ZUNE2DKEA4702
Tax ID: 59-0678236
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Addition Financial is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Addition Financial has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Orlando, Deltona, Palm Bay, Lakeland, and Tampa among others. Addition Financial 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. Addition Financial is typically an average fee lendor.Originations
1,136Origination Dollar Volume (All Markets)
$160,760,000Awards
ADDITION FINANCIAL - 2021
ADDITION FINANCIAL is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Addition Financial's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Addition Financial's average total fees for a 30 year fixed rate
mortgage are $4,176.
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 |
|---|---|---|---|---|---|
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 949 | $133,095,000 | $140,248 | $3,166 | 3.07% |
| Outside of Metro Areas | 64 | $9,160,000 | $143,125 | $3,095 | 3.03% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 54 | $6,000,000 | $111,111 | $2,750 | 3.15% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 19 | $3,355,000 | $176,579 | $4,356 | 3.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 17 | $2,665,000 | $156,765 | $2,879 | 2.97% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 6 | $1,450,000 | $241,667 | $4,288 | 3.23% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 5 | $925,000 | $185,000 | $3,399 | 2.86% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $4,307 | 2.69% |
| OCALA, FL (FHA|USDA|VA) | 5 | $595,000 | $119,000 | $3,608 | 2.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $3,602 | 2.92% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $526 | 4.19% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 4 | $490,000 | $122,500 | $4,942 | 3.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,885 | 3.38% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,030 | 2.56% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,671 | 3.00% |
| Clewiston, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,935 | 4.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,970 | 3.63% |
Addition Financial's top markets include Orlando, Deltona, Palm Bay, Lakeland, and Tampa among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,134 | $160,600,000 | $141,623 | $3,190 | 3.08% |
| USDA | 2 | $160,000 | $80,000 | $765 | 2.38% |
For the 2021 period, Addition Financial's most frequently originated loan type of loans were Conventional, with 1,134 originations. Their 2nd most popular type is USDA, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 509 | $70,895,000 | $139,283 | $3,048 | 3.15% |
| Refi | 265 | $41,875,000 | $158,019 | $3,135 | 2.72% |
| Other | 264 | $24,350,000 | $92,235 | $2,595 | 3.28% |
| Home Purchase | 94 | $22,900,000 | $243,617 | $4,581 | 3.05% |
| Home Improvement | 4 | $740,000 | $185,000 | $3,909 | 3.56% |
For the 2021, Addition Financial's most frequently cited loan purpose of loans were Cash Out Refi, with 509 originations. The 2nd most popular reason of loans were Refi, with 265 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 471 | $46,645,000 | $99,034 | $3,216 | 3.33% |
| 30 Year | 366 | $78,650,000 | $214,891 | $4,176 | 3.14% |
| 10 Year | 174 | $17,410,000 | $100,057 | $1,139 | 2.46% |
| 20 Year | 97 | $16,425,000 | $169,330 | $3,802 | 2.97% |
| 5 Year | 28 | $1,630,000 | $58,214 | $523 | 2.09% |
For the 2021, Addition Financial's most frequently cited loan length of loans were 15 Year, with 471 originations. The 2nd most popular length of loans were 30 Year, with 366 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 512 | $76,900,000 | $150,195 |
| $1k-2k | 146 | $21,300,000 | $145,890 |
| $2k-3k | 95 | $18,665,000 | $196,474 |
| $3k-4k | 57 | $13,025,000 | $228,509 |
| $5k+ | 20 | $8,310,000 | $415,500 |
$4,176 of loans were Addition Financial's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 512 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 506 | $72,100,000 | $142,490 |
| 2.5-3% | 316 | $57,280,000 | $181,266 |
| <2.5% | 227 | $25,145,000 | $110,771 |
| 4-5% | 80 | $5,860,000 | $73,250 |
| 5-6% | 7 | $375,000 | $53,571 |
During 2021, Addition Financial's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 506 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 480 | $27,800,000 | $57,917 | $1,320 | 3.19% |
| $100k-200k | 383 | $55,735,000 | $145,522 | $3,306 | 2.93% |
| $200k-400k | 253 | $65,195,000 | $257,688 | $4,472 | 3.04% |
| $400k-600k | 15 | $7,135,000 | $475,667 | $6,287 | 3.30% |
| $600k-1MM | 4 | $3,410,000 | $852,500 | $10,799 | 3.54% |
| $1MM+ | 1 | $1,485,000 | $1,485,000 | $18,502 | 3.25% |
2021 saw Addition Financial place emphasis on $100,000 or less loans with 480 originations, totaling $27,800,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 335 | $42,625,000 | $127,239 | $3,091 | 3.05% |
| $50k or less | 251 | $25,275,000 | $100,697 | $2,647 | 2.99% |
| $100k-150k | 237 | $38,645,000 | $163,059 | $3,437 | 3.10% |
| $75k-100k | 210 | $30,140,000 | $143,524 | $3,236 | 3.12% |
| $150k-250k | 80 | $17,120,000 | $214,000 | $3,953 | 3.24% |
| $250k+ | 23 | $6,955,000 | $302,391 | $5,239 | 3.10% |
Addition Financial lent most frequently to those with incomes in the $50k-75k range, with 335 originations. The second most popular income band? $50k or less, with 251 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 261 | $35,945,000 | $137,720 | $2,943 | 2.97% |
| 30-36% | 221 | $31,835,000 | $144,050 | $3,339 | 3.09% |
| <20% | 110 | $13,650,000 | $124,091 | $2,799 | 2.87% |
| 41% | 64 | $7,280,000 | $113,750 | $2,424 | 3.34% |
| 42% | 58 | $7,140,000 | $123,103 | $2,484 | 3.20% |
| 38% | 56 | $10,760,000 | $192,143 | $3,682 | 3.07% |
| 39% | 51 | $9,695,000 | $190,098 | $3,794 | 3.06% |
| 43% | 50 | $7,580,000 | $151,600 | $3,983 | 3.16% |
| 44% | 43 | $7,005,000 | $162,907 | $3,324 | 3.36% |
| 37% | 40 | $4,920,000 | $123,000 | $2,961 | 3.18% |
| 40% | 39 | $4,975,000 | $127,564 | $3,061 | 3.10% |
| 45% | 34 | $3,490,000 | $102,647 | $4,109 | 3.29% |
| 36% | 27 | $3,225,000 | $119,444 | $2,949 | 3.01% |
| 46% | 27 | $3,495,000 | $129,444 | $3,945 | 3.15% |
| 47% | 18 | $3,110,000 | $172,778 | $3,844 | 2.86% |
| 48% | 13 | $2,065,000 | $158,846 | $4,169 | 2.86% |
| 50-60% | 12 | $1,990,000 | $165,833 | $3,755 | 2.91% |
| 49% | 8 | $1,470,000 | $183,750 | $3,386 | 3.14% |
| >60% | 3 | $345,000 | $115,000 | $3,072 | 2.71% |
Addition Financial lent most frequently to those with DTI ratios of 20-30%, with 261 originations. The next most common DTI ratio? 30-36%, with 221 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 833 | $115,195,000 | $138,289 | $3,158 | 3.04% |
| Black | 153 | $22,325,000 | $145,915 | $3,309 | 3.22% |
| Not provided | 111 | $17,075,000 | $153,829 | $3,135 | 3.10% |
| Asian | 23 | $3,625,000 | $157,609 | $3,576 | 3.06% |
| Other Pacific Islander | 4 | $760,000 | $190,000 | $2,496 | 3.16% |
| Native Hawaiian | 3 | $495,000 | $165,000 | $2,320 | 3.05% |
| Other Asian | 3 | $475,000 | $158,333 | $3,051 | 3.21% |
| Filipino | 1 | $285,000 | $285,000 | $5,924 | 3.00% |
| Vietnamese | 1 | $275,000 | $275,000 | $7,143 | 2.50% |
| American Indian | 3 | $175,000 | $58,333 | $0 | 3.92% |
| Asian Indian | 1 | $75,000 | $75,000 | $371 | 4.25% |
Approval Rates
Total approvals of all applications78.60%
Addition Financial has a below average approval rate.
Pick Rate
Approvals leading to origination66.54%
Addition Financial 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 |
|---|---|---|---|
| 1003.9 | 1 | $15,000 | $15,000 |
| 1010.8 | 1 | $35,000 | $35,000 |
| 1071.3 | 1 | $75,000 | $75,000 |
| 1103.9 | 2 | $90,000 | $45,000 |
| 1154.55 | 1 | $55,000 | $55,000 |
| 1186.65 | 1 | $95,000 | $95,000 |
| 1188.4 | 1 | $105,000 | $105,000 |
| 1399.95 | 1 | $135,000 | $135,000 |
| 1717.69 | 1 | $135,000 | $135,000 |
| 1722.6 | 1 | $215,000 | $215,000 |
| 1742.35 | 1 | $125,000 | $125,000 |
| 1926.7 | 1 | $125,000 | $125,000 |
| 1947.39 | 1 | $195,000 | $195,000 |
| 1958.45 | 1 | $185,000 | $185,000 |
| 2131.79 | 1 | $205,000 | $205,000 |
| 2400.7 | 1 | $375,000 | $375,000 |
| 2413.05 | 1 | $235,000 | $235,000 |
| 2764.5 | 1 | $255,000 | $255,000 |
| 314.15 | 1 | $25,000 | $25,000 |
| 375.55 | 2 | $90,000 | $45,000 |
| 375.8 | 2 | $100,000 | $50,000 |
| 380.05 | 1 | $55,000 | $55,000 |
| 385.8 | 1 | $75,000 | $75,000 |
| 390.05 | 1 | $85,000 | $85,000 |
| 410.8 | 1 | $75,000 | $75,000 |
| 480.55 | 1 | $105,000 | $105,000 |
| 495.75 | 2 | $210,000 | $105,000 |
| 503.9 | 1 | $65,000 | $65,000 |
| 510.55 | 1 | $45,000 | $45,000 |
| 510.8 | 1 | $65,000 | $65,000 |
| 518.65 | 7 | $415,000 | $59,286 |
| 518.9 | 9 | $515,000 | $57,222 |
| 523.65 | 5 | $325,000 | $65,000 |
| 5239.2 | 1 | $505,000 | $505,000 |
| 525.55 | 22 | $1,220,000 | $55,455 |
| 525.8 | 12 | $850,000 | $70,833 |
| 530.05 | 10 | $510,000 | $51,000 |
| 530.55 | 4 | $250,000 | $62,500 |
| 533.65 | 1 | $105,000 | $105,000 |
| 534.55 | 1 | $55,000 | $55,000 |
| 535.55 | 1 | $95,000 | $95,000 |
| 535.8 | 3 | $175,000 | $58,333 |
| 538.9 | 1 | $15,000 | $15,000 |
| 540.55 | 2 | $170,000 | $85,000 |
| 545.3 | 1 | $105,000 | $105,000 |
| 548.9 | 1 | $55,000 | $55,000 |
| 550.55 | 1 | $45,000 | $45,000 |
| 573.5 | 1 | $45,000 | $45,000 |
| 613.9 | 1 | $95,000 | $95,000 |
| 618.28 | 2 | $90,000 | $45,000 |
| 618.9 | 3 | $135,000 | $45,000 |
| 623.03 | 1 | $105,000 | $105,000 |
| 625.55 | 1 | $95,000 | $95,000 |
| 628.9 | 1 | $45,000 | $45,000 |
| 630.05 | 1 | $25,000 | $25,000 |
| 630.55 | 1 | $55,000 | $55,000 |
| 635.8 | 1 | $55,000 | $55,000 |
| 645.8 | 1 | $55,000 | $55,000 |
| 810.55 | 1 | $75,000 | $75,000 |
| 823.55 | 1 | $105,000 | $105,000 |
| 951.8 | 1 | $55,000 | $55,000 |
| 958.65 | 1 | $55,000 | $55,000 |
| 960.55 | 3 | $135,000 | $45,000 |
| NA | 999 | $150,475,000 | $150,626 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,136 | $160,760,000 | $141,514 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 282 | $26,090,000 | $92,518 | $1,788 | 2.89% |
| 40-60% | 246 | $39,860,000 | $162,033 | $3,358 | 2.86% |
| 60-80% | 272 | $60,060,000 | $220,809 | $4,175 | 3.07% |
| 80-100% | 88 | $23,960,000 | $272,273 | $4,902 | 3.12% |
| Under 20% | 248 | $10,790,000 | $43,508 | $679 | 3.47% |
