Sound Mortgage Rates, Fees & Info
Tacoma, WALEI: 54930021QRU8VXNS6152
Tax ID: 91-0557925
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage Data
Overview
Sound is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Sound has a high proportion of conventional loans. Their top markets include Seattle, Bremerton, Olympia, Portland, and Shelton among others. Sound 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. Sound is typically an average fee lendor.Originations
1,778Origination Dollar Volume (All Markets)
$411,820,000Awards
SOUND - 2021
SOUND is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for SOUND?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
Relative Rate
Sound's average 30 year fixed rate mortgage of loans were
2.84%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.31%.
Relative Fees
Sound's average total fees for a 30 year fixed rate
mortgage are $3,376.
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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1,539 | $346,825,000 | $225,357 | $2,848 | 2.93% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 54 | $20,070,000 | $371,667 | $2,683 | 2.99% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 76 | $19,390,000 | $255,132 | $2,527 | 2.85% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 7 | $4,605,000 | $657,857 | $4,537 | 2.97% |
| Shelton, WA (FHA|USDA|VA) | 13 | $3,385,000 | $260,385 | $1,966 | 3.31% |
| Aberdeen, WA (FHA|USDA|VA) | 13 | $2,555,000 | $196,538 | $2,603 | 2.97% |
| Oak Harbor, WA (FHA|USDA|VA) | 12 | $2,360,000 | $196,667 | $3,617 | 2.81% |
| Moses Lake, WA (FHA|USDA|VA) | 4 | $1,660,000 | $415,000 | $3,225 | 3.30% |
| WENATCHEE, WA (FHA|USDA|VA) | 6 | $1,530,000 | $255,000 | $3,177 | 2.62% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $3,259 | 2.77% |
| Outside of Metro Areas | 7 | $1,245,000 | $177,857 | $2,375 | 3.04% |
| Centralia, WA (FHA|USDA|VA) | 9 | $1,145,000 | $127,222 | $2,631 | 3.22% |
| Ellensburg, WA (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $2,359 | 2.87% |
| BELLINGHAM, WA (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $3,601 | 2.69% |
| Port Angeles, WA (FHA|USDA|VA) | 6 | $980,000 | $163,333 | $2,826 | 2.87% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 5 | $795,000 | $159,000 | $3,412 | 2.80% |
| YAKIMA, WA (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $3,750 | 2.90% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $4,222 | 2.79% |
| BEND, OR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,791 | 2.75% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $4,347 | 2.75% |
| WALLA WALLA, WA (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $1,028 | 3.90% |
Sound's top markets include Seattle, Bremerton, Olympia, Portland, and Shelton among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,758 | $406,270,000 | $231,098 | $2,832 | 2.94% |
| VA | 20 | $5,550,000 | $277,500 | $3,133 | 2.32% |
For the 2021 period, Sound's most frequently originated loan type of loans were Conventional, with 1,758 originations. Their 2nd most popular type is VA, with 20 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 551 | $155,925,000 | $282,985 | $2,694 | 2.71% |
| Cash Out Refi | 475 | $139,735,000 | $294,179 | $3,262 | 2.75% |
| Home Improvement | 462 | $36,470,000 | $78,939 | $43 | 3.22% |
| Home Purchase | 156 | $64,380,000 | $412,692 | $4,070 | 3.01% |
| Other | 134 | $15,310,000 | $114,254 | $0 | 3.37% |
For the 2021, Sound's most frequently cited loan purpose of loans were Refi, with 551 originations. The 2nd most popular reason of loans were Cash Out Refi, with 475 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 719 | $112,825,000 | $156,919 | $840 | 3.10% |
| 30 Year | 682 | $217,230,000 | $318,519 | $3,376 | 2.84% |
| 15 Year | 268 | $57,720,000 | $215,373 | $2,258 | 2.71% |
| 20 Year | 76 | $19,820,000 | $260,789 | $2,745 | 2.64% |
| 5 Year | 23 | $1,615,000 | $70,217 | $0 | 3.88% |
| Other | 10 | $2,610,000 | $261,000 | $1,250 | 3.40% |
For the 2021, Sound's most frequently cited loan length of loans were 10 Year, with 719 originations. The 2nd most popular length of loans were 30 Year, with 682 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 537 | $160,595,000 | $299,060 |
| $<1k | 476 | $102,610,000 | $215,567 |
| $2k-3k | 40 | $13,990,000 | $349,750 |
| $3k-4k | 33 | $11,605,000 | $351,667 |
| $5k+ | 25 | $11,705,000 | $468,200 |
$3,376 of loans were Sound's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 537 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 1,177 | $234,375,000 | $199,129 |
| <2.5% | 337 | $85,025,000 | $252,300 |
| 3-4% | 159 | $77,875,000 | $489,780 |
| 4-5% | 67 | $12,245,000 | $182,761 |
| 5-6% | 27 | $1,645,000 | $60,926 |
| 6-7% | 10 | $600,000 | $60,000 |
| 7-8% | 1 | $55,000 | $55,000 |
During 2021, Sound's average interest rate of loans were 2.84%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,177 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 645 | $183,465,000 | $284,442 | $3,001 | 2.72% |
| $100,000 or less | 510 | $26,660,000 | $52,275 | $303 | 3.31% |
| $100k-200k | 402 | $58,850,000 | $146,393 | $2,555 | 2.79% |
| $400k-600k | 181 | $85,325,000 | $471,409 | $4,047 | 2.83% |
| $600k-1MM | 24 | $16,860,000 | $702,500 | $6,327 | 3.18% |
| $1MM+ | 16 | $40,660,000 | $2,541,250 | $9,974 | 3.67% |
2021 saw Sound place emphasis on $200k-400k loans with 645 originations, totaling $183,465,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 537 | $116,255,000 | $216,490 | $2,843 | 2.91% |
| $150k-250k | 361 | $86,915,000 | $240,762 | $3,275 | 2.98% |
| $75k-100k | 326 | $66,670,000 | $204,509 | $2,765 | 2.88% |
| $50k-75k | 284 | $50,520,000 | $177,887 | $2,593 | 2.94% |
| $50k or less | 120 | $15,470,000 | $128,917 | $2,469 | 2.87% |
| $250k+ | 84 | $25,210,000 | $300,119 | $3,626 | 2.94% |
Sound lent most frequently to those with incomes in the $100k-150k range, with 537 originations. The second most popular income band? $150k-250k, with 361 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 483 | $103,945,000 | $215,207 | $2,870 | 2.86% |
| 30-36% | 339 | $70,635,000 | $208,363 | $2,858 | 2.93% |
| <20% | 177 | $34,615,000 | $195,565 | $2,646 | 2.74% |
| 42% | 156 | $25,220,000 | $161,667 | $2,441 | 3.07% |
| 41% | 98 | $20,100,000 | $205,102 | $2,724 | 3.22% |
| 39% | 89 | $18,285,000 | $205,449 | $2,682 | 2.99% |
| 37% | 70 | $15,240,000 | $217,714 | $2,872 | 2.96% |
| 40% | 68 | $11,930,000 | $175,441 | $2,216 | 3.10% |
| 36% | 65 | $12,735,000 | $195,923 | $2,918 | 2.97% |
| 38% | 49 | $9,345,000 | $190,714 | $2,588 | 3.03% |
| 43% | 44 | $12,270,000 | $278,864 | $3,434 | 2.85% |
| 44% | 32 | $9,150,000 | $285,938 | $2,803 | 2.86% |
| 45% | 26 | $8,030,000 | $308,846 | $3,613 | 2.75% |
| 48% | 17 | $4,175,000 | $245,588 | $3,377 | 2.74% |
| 49% | 14 | $4,360,000 | $311,429 | $2,734 | 2.63% |
| 47% | 11 | $3,595,000 | $326,818 | $4,113 | 2.67% |
| 46% | 10 | $3,420,000 | $342,000 | $3,462 | 2.80% |
| 50-60% | 5 | $1,675,000 | $335,000 | $4,684 | 2.55% |
Sound lent most frequently to those with DTI ratios of 20-30%, with 483 originations. The next most common DTI ratio? 30-36%, with 339 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 1,265 | $263,025,000 | $207,925 | $2,804 | 2.93% |
| Not provided | 263 | $54,905,000 | $208,764 | $2,832 | 2.90% |
| Not applicable | 20 | $39,010,000 | $1,950,500 | $0 | 3.80% |
| Asian | 109 | $24,865,000 | $228,119 | $2,724 | 2.96% |
| Black | 52 | $11,450,000 | $220,192 | $3,162 | 2.89% |
| American Indian | 31 | $7,345,000 | $236,935 | $3,560 | 2.96% |
| Filipino | 10 | $2,950,000 | $295,000 | $2,952 | 2.72% |
| Other Asian | 6 | $2,350,000 | $391,667 | $3,166 | 2.60% |
| Vietnamese | 7 | $2,115,000 | $302,143 | $3,312 | 2.66% |
| Asian Indian | 4 | $1,110,000 | $277,500 | $2,321 | 2.93% |
| Japanese | 3 | $1,055,000 | $351,667 | $3,160 | 2.63% |
| Chinese | 2 | $1,000,000 | $500,000 | $3,375 | 2.75% |
| Native Hawaiian | 5 | $425,000 | $85,000 | $3,237 | 3.09% |
| Guamanian | 1 | $215,000 | $215,000 | $2,240 | 2.13% |
Approval Rates
Total approvals of all applications81.64%
Sound has a below average approval rate.
Pick Rate
Approvals leading to origination76.04%
Sound has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,778 | $411,820,000 | $231,620 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,778 | $411,820,000 | $231,620 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 370 | $70,060,000 | $189,351 | $2,505 | 2.75% |
| 40-60% | 390 | $110,230,000 | $282,641 | $2,936 | 2.67% |
| 60-80% | 356 | $152,720,000 | $428,989 | $3,488 | 2.87% |
| 80-100% | 99 | $42,645,000 | $430,758 | $3,991 | 2.89% |
| Over 100% | 1 | $385,000 | $385,000 | $0 | 3.69% |
| Under 20% | 562 | $35,780,000 | $63,665 | $418 | 3.28% |
