Sound Mortgage Rates, Fees & Info
Tacoma, WALEI: 54930021QRU8VXNS6152
Tax ID: 91-0557925
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Mortgage Data
Review & Overview
Sound is a smaller mortgage company specializing in Home Improvement, Refi, and Home Purchase loans. Sound has a high proportion of conventional loans. Their top markets by origination volume include: Seattle, Olympia, Bremerton, Bellingham, and Redding among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)Sound 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. Sound 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.19% | 4/28/24 |
| 30 Year Conventional Purchase | 6.44% | 4/28/24 |
| 30 Year Conventional Refi | 6.29% | 4/28/24 |
| 30 Year Cash-out Refi | 6.46% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.21% | 4/28/24 |
| 30 Year VA Refi | 6.01% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 5.59% | 4/28/24 |
| 15 Year Conventional Refi | 5.92% | 4/28/24 |
| 15 Year Cash-out Refi | 5.92% | 4/28/24 |
| 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. | ||
Sound Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,304Origination Dollar Volume (All Markets)
$243,000,000Awards
SOUND - 2022
SOUND is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1,126 | $190,800,000 | $169,449 | $1,060 | 4.24% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 55 | $11,445,000 | $208,091 | $1,088 | 4.29% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 39 | $9,095,000 | $233,205 | $1,534 | 3.92% |
| BELLINGHAM, WA (FHA|USDA|VA) | 7 | $7,155,000 | $1,022,143 | $0 | 3.81% |
| REDDING, CA (FHA|USDA|VA) | 1 | $4,275,000 | $4,275,000 | $0 | 5.35% |
| Outside of Metro Areas | 4 | $3,780,000 | $945,000 | $7,283 | 3.97% |
| WENATCHEE, WA (FHA|USDA|VA) | 5 | $2,865,000 | $573,000 | $1,852 | 4.30% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 6 | $2,410,000 | $401,667 | $0 | 5.38% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 5 | $1,925,000 | $385,000 | $1,191 | 5.24% |
| Centralia, WA (FHA|USDA|VA) | 9 | $1,785,000 | $198,333 | $1,831 | 4.64% |
| Oak Harbor, WA (FHA|USDA|VA) | 13 | $1,395,000 | $107,308 | $864 | 3.75% |
| Shelton, WA (FHA|USDA|VA) | 8 | $1,260,000 | $157,500 | $2,157 | 3.67% |
| YAKIMA, WA (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $0 | 3.49% |
| Ellensburg, WA (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $0 | 3.96% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 6 | $650,000 | $108,333 | $1,416 | 3.59% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,136 | 3.00% |
| Aberdeen, WA (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $180 | 5.24% |
| La Grande, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,523 | 5.25% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,424 | 3.88% |
| Coos Bay, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.60% |
| Astoria, OR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 2.99% |
| Newport, OR (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,936 | 3.50% |
| Hermiston-Pendleton, OR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.54% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 3.74% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 6.74% |
Similar Lenders
We use machine learning to identify the top lenders compared against SOUND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 66
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 728 | $87,240,000 | $119,835 | n/a | 4.01% |
| Conventional | 571 | $154,185,000 | $270,026 | $1,047 | 4.52% |
| VA | 5 | $1,575,000 | $315,000 | $7,852 | 3.03% |
For 2022, Sound's most frequently originated type of loan was HELOC, with 728 originations. Their 2nd most popular type was Conventional, with 571 originations.
Loan Reason
For 2022, Sound's most frequently cited loan purpose was Home Improvement, with 730 originations. The 2nd most popular reason was Refi, with 196 originations.
Loan Duration/Length
For 2022, Sound's most frequently cited loan duration was 10 Year, with 879 originations. The 2nd most popular length was 15 Year, with 225 originations.
Origination Fees/Closing Costs
Sound's average total fees were $3,858, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 382 originations.
Interest Rates
During 2022, Sound's average interest rate for loans was 3.70%, while their most frequently originated rate bucket for loans was 2.5-3%, with 546 originations.
Loan Sizing
2022 saw Sound place emphasis on $100,000 or less loans with 676 originations, totaling $35,830,000 in origination value.
Applicant Income
Sound lent most frequently to those with incomes in the $100k-150k range, with 395 originations. The second most popular income band? $150k-250k, with 352 originations.
Applicant Debt to Income Ratio
Sound lent most frequently to those with DTI ratios of 30-36%, with 287 originations. The next most common DTI ratio? 20-30%, with 267 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.60%
Sound has a below average approval rate.
Pick Rate
Approvals leading to origination77.38%
Sound has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,304 | $243,000,000 | $186,350 |