Evolve Mortgage Rates, Fees & Info
El Paso, TXLEI: 54930020NKD4V7LL4W50
Tax ID: 74-1109894
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Mortgage Data
Review & Overview
Evolve is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Evolve has a high proportion of conventional loans. Their top markets by origination volume include: El Paso, Las Cruces, and Dallas among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Evolve has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Evolve 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 3.36% | 11/17/24 |
| 30 Year Conventional Refi | 5.00% | 11/17/24 |
| 30 Year Cash-out Refi | 5.10% | 11/17/24 |
| 15 Year Conventional Refi | 5.60% | 11/17/24 |
| 15 Year Cash-out Refi | 5.60% | 11/17/24 |
| 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. | ||
Evolve Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
46Origination Dollar Volume (All Markets)
$9,270,000Awards
EVOLVE - 2023
EVOLVE is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Evolve's average 30 year fixed mortgage rate was
5.35%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -1.13%.
Relative Fees (Closing Costs)
Evolve's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,400.
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 $9,089.
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 |
|---|---|---|---|---|---|
| EL PASO, TX (FHA|USDA|VA) | 44 | $8,300,000 | $188,636 | $4,208 | 5.12% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $5,038 | 4.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,447 | 4.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against EVOLVE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 18
Similarity Rank: 132
Similarity Rank: 168
Similarity Rank: 248
Similarity Rank: 384
Similarity Rank: 564
Similarity Rank: 1029
Similarity Rank: 1088
Similarity Rank: 3654
Similarity Rank: 3871
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 46 | $9,270,000 | $201,522 | $4,232 | 5.10% |
For 2023, Evolve's most frequently originated type of loan was Conventional, with 46 originations.
Loan Reason
For 2023, Evolve's most frequently cited loan purpose was Cash Out Refi, with 28 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2023, Evolve's most frequently cited loan duration was 30 Year, with 27 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 40 | $8,360,000 | $209,000 |
| $2k-3k | 3 | $425,000 | $141,667 |
| $4k-5k | 2 | $340,000 | $170,000 |
| $3k-4k | 1 | $145,000 | $145,000 |
Evolve's average total fees were $4,400, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 40 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 23 | $5,635,000 | $245,000 |
| 3-4% | 7 | $835,000 | $119,286 |
| 5-6% | 7 | $1,125,000 | $160,714 |
| 6-7% | 6 | $1,130,000 | $188,333 |
| 7-8% | 3 | $545,000 | $181,667 |
During 2023, Evolve's average interest rate for loans was 5.35%, while their most frequently originated rate bucket for loans was 4-5%, with 23 originations.
Loan Sizing
2023 saw Evolve place emphasis on $200k-400k loans with 22 originations, totaling $5,750,000 in origination value.
Applicant Income
Evolve lent most frequently to those with incomes in the $100k-150k range, with 20 originations. The second most popular income band? $75k-100k, with 8 originations.
Applicant Debt to Income Ratio
Evolve lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.88%
Evolve has a below average approval rate.
Pick Rate
Approvals leading to origination82.61%
Evolve has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 46 | $9,270,000 | $201,522 |