New Omni Bank Mortgage Rates, Fees & Info
Alhambra, CALEI: 5493002B3S2CIVMYKZ51
Tax ID: 95-3415769
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Mortgage Data
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.
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Originations
73Origination Dollar Volume (All Markets)
$58,735,000Top 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% |
Their top states include:
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
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
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
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
2018 saw New Omni Bank place emphasis on $200k-400k loans with 25 originations, totaling $7,405,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.67%
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 origination84.93%
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 |