New Omni Bank Mortgage Rates, Fees & Info

Alhambra, CA

LEI: 5493002B3S2CIVMYKZ51

Tax ID: 95-3415769

Latest/2024 | 2023 Data | 2022 Data | 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, and Santa Maria among others. We have data for 4 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 an above average pick rate when compared to similar lenders.

    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

    42

    Origination Dollar Volume (All Markets)

    $46,390,000

    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) 26 $38,680,000 $1,487,692 $14,551 5.46%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 11 $4,245,000 $385,909 $6,586 5.39%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $1,970,000 $985,000 $0 5.75%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 3 $1,495,000 $498,333 $8,491 5.92%
    New Omni Bank's top markets include Los Angeles, Riverside, San Francisco, and Santa Maria among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 42 $46,390,000 $1,104,524 $11,341 5.49%

    For 2019, New Omni Bank's most frequently originated type of loan was Conventional, with 42 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 25 $17,855,000 $714,200 $9,362 5.45%
    Cash Out Refi 11 $20,625,000 $1,875,000 $22,934 5.52%
    Refi 6 $7,910,000 $1,318,333 $3,145 5.58%

    For 2019, New Omni Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 30 $29,380,000 $979,333 $11,341 5.39%
    5 Year 4 $4,580,000 $1,145,000 $0 5.91%
    Other 4 $6,690,000 $1,672,500 $0 5.72%
    3 Year 3 $5,565,000 $1,855,000 $0 5.83%
    15 Year 1 $175,000 $175,000 $0 4.75%

    For 2019, New Omni Bank's most frequently cited loan duration was 10 Year, with 30 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 9 $2,585,000 $287,222
    $5k+ 8 $20,050,000 $2,506,250
    $3k-4k 7 $2,995,000 $427,857
    $<1k 2 $1,110,000 $555,000
    $4k-5k 2 $1,340,000 $670,000

    New Omni Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 9 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 35 $43,205,000 $1,234,429
    4-5% 5 $1,755,000 $351,000
    6-7% 2 $1,430,000 $715,000

    During 2019, New Omni Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 35 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 13 $32,675,000 $2,513,462 $24,637 5.56%
    $200k-400k 13 $3,965,000 $305,000 $6,234 5.32%
    $600k-1MM 10 $7,170,000 $717,000 $8,351 5.63%
    $400k-600k 5 $2,405,000 $481,000 $7,666 5.63%
    $100k-200k 1 $175,000 $175,000 $0 4.75%

    2019 saw New Omni Bank place emphasis on $1MM+ loans with 13 originations, totaling $32,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 16 $24,130,000 $1,508,125 $15,130 5.48%
    $150k-250k 6 $2,360,000 $393,333 $7,017 5.27%
    $100k-150k 5 $1,335,000 $267,000 $5,722 5.20%
    $75k-100k 1 $255,000 $255,000 $4,763 5.50%

    New Omni Bank lent most frequently to those with incomes in the $250k+ range, with 16 originations. The second most popular income band? $150k-250k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $4,370,000 $437,000 $6,473 5.40%
    30-36% 7 $7,205,000 $1,029,286 $11,394 5.29%
    <20% 3 $875,000 $291,667 $6,809 5.17%
    40% 2 $1,040,000 $520,000 $6,703 5.50%
    36% 2 $7,900,000 $3,950,000 $37,753 5.63%
    44% 1 $2,775,000 $2,775,000 $23,648 5.50%
    39% 1 $1,505,000 $1,505,000 $13,518 5.50%
    41% 1 $2,175,000 $2,175,000 $19,674 5.38%
    43% 1 $235,000 $235,000 $6,891 5.63%

    New Omni Bank lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 28 $28,080,000 $1,002,857 $11,341 5.38%
    Not applicable 14 $18,310,000 $1,307,857 $0 5.70%

    Approval Rates

    Total approvals of all applications
    95.74%

    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
    92.86%

    New Omni Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 42 $46,390,000 $1,104,524

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,800,000 $700,000
    Single Family (1-4 Units):Site-Built 38 $43,590,000 $1,147,105

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $3,060,000 $765,000 $8,255 5.50%
    40-60% 20 $19,520,000 $976,000 $11,215 5.45%
    60-80% 12 $15,990,000 $1,332,500 $12,398 5.42%
    80-100% 1 $805,000 $805,000 $0 6.50%
    Over 100% 4 $6,840,000 $1,710,000 $0 5.81%
    Under 20% 1 $175,000 $175,000 $0 4.75%