New Omni Bank Mortgage Rates, Fees & Info

Alhambra, CA

LEI: 5493002B3S2CIVMYKZ51

Tax ID: 95-3415769

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    New Omni Bank is a smaller bank specializing in Home Purchase and Cash Out Refi loans. New Omni Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Francisco, Santa Maria, and Sacramento among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    New Omni Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. New Omni Bank 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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    Originations

    73

    Origination Dollar Volume (All Markets)

    $58,735,000

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 49 $49,355,000 $1,007,245 $11,342 5.34%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 21 $7,555,000 $359,762 $6,439 5.19%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $905,000 $905,000 $0 5.75%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $705,000 $705,000 $8,890 5.25%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $215,000 $215,000 $4,818 5.25%
    New Omni Bank's top markets include Los Angeles, Riverside, San Francisco, Santa Maria, and Sacramento among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $58,735,000 $804,589 $9,669 5.30%

    For 2018, New Omni Bank's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 54 $29,930,000 $554,259 $8,595 5.23%
    Cash Out Refi 12 $21,930,000 $1,827,500 $18,508 5.71%
    Refi 7 $6,875,000 $982,143 $6,837 5.14%

    For 2018, New Omni Bank's most frequently cited loan purpose was Home Purchase, with 54 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 64 $52,300,000 $817,188 $9,766 5.26%
    5 Year 4 $2,720,000 $680,000 $0 6.00%
    Other 3 $2,535,000 $845,000 $0 5.50%
    30 Year 1 $275,000 $275,000 $3,561 4.37%
    3 Year 1 $905,000 $905,000 $0 5.75%

    For 2018, New Omni Bank's most frequently cited loan duration was 10 Year, with 64 originations. The 2nd most popular length was 5 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 18 $5,010,000 $278,333
    $3k-4k 16 $7,030,000 $439,375
    $5k+ 13 $29,425,000 $2,263,462
    $4k-5k 12 $7,110,000 $592,500
    $<1k 4 $3,170,000 $792,500

    New Omni Bank's average total fees were $3,561, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 57 $48,955,000 $858,860
    4-5% 15 $9,015,000 $601,000
    6-7% 1 $765,000 $765,000

    During 2018, New Omni Bank's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 5-6%, with 57 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 25 $7,405,000 $296,200 $5,927 5.19%
    $400k-600k 20 $9,870,000 $493,500 $7,932 5.33%
    $600k-1MM 14 $10,680,000 $762,857 $9,579 5.39%
    $1MM+ 12 $30,530,000 $2,544,167 $21,922 5.35%
    $100,000 or less 1 $55,000 $55,000 $9,577 5.25%
    $100k-200k 1 $195,000 $195,000 $0 5.75%

    2018 saw New Omni Bank place emphasis on $200k-400k loans with 25 originations, totaling $7,405,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 28 $38,570,000 $1,377,500 $13,721 5.32%
    $150k-250k 24 $10,590,000 $441,250 $7,098 5.20%
    $100k-150k 13 $4,355,000 $335,000 $5,493 5.17%
    $75k-100k 1 $525,000 $525,000 $0 5.75%

    New Omni Bank lent most frequently to those with incomes in the $250k+ range, with 28 originations. The second most popular income band? $150k-250k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 29 $15,275,000 $526,724 $8,257 5.22%
    <20% 11 $3,095,000 $281,364 $5,685 5.26%
    30-36% 11 $18,015,000 $1,637,727 $15,049 5.34%
    38% 3 $5,885,000 $1,961,667 $18,434 5.17%
    41% 2 $2,790,000 $1,395,000 $15,187 5.13%
    44% 2 $2,360,000 $1,180,000 $5,970 5.13%
    42% 2 $2,460,000 $1,230,000 $14,044 5.25%
    50-60% 1 $525,000 $525,000 $0 5.75%
    36% 1 $355,000 $355,000 $6,518 5.25%
    39% 1 $715,000 $715,000 $8,985 5.25%
    40% 1 $465,000 $465,000 $7,119 5.25%
    47% 1 $605,000 $605,000 $2,988 5.25%

    New Omni Bank lent most frequently to those with DTI ratios of 20-30%, with 29 originations. The next most common DTI ratio? <20%, with 11 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 66 $52,950,000 $802,273 $9,669 5.26%
    Not applicable 6 $4,290,000 $715,000 $0 5.71%
    White 1 $1,495,000 $1,495,000 $0 5.50%

    Approval Rates

    Total approvals of all applications
    97.67%

    New Omni Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.93%

    New Omni Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 73 $58,735,000 $804,589

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,840,000 $710,000
    Single Family (1-4 Units):Site-Built 69 $55,895,000 $810,072

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $3,665,000 $733,000 $8,534 5.70%
    40-60% 52 $48,730,000 $937,115 $10,391 5.29%
    60-80% 14 $6,090,000 $435,000 $7,282 5.19%
    Under 20% 2 $250,000 $125,000 $9,577 5.50%