Sound Mortgage Rates, Fees & Info

Tacoma, WA

LEI: 54930021QRU8VXNS6152

Tax ID: 91-0557925

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,778

Origination Dollar Volume (All Markets)

$411,820,000
Show all (11) awards

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 applications
81.64%

Sound has a below average approval rate.

Pick Rate

Approvals leading to origination
76.04%

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%