Lo Mortgage Rates, Fees & Info

BELLEVUE, WA

LEI: 54930040HIIQWXRS6K39

Tax ID: 91-1529683

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lo is a smaller mortgage company specializing in Refi and Home Purchase loans. Lo has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Seattle, Portland, Los Angeles, San Francisco, and San Jose among others. Lo has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Lo is typically a low fee lendor.


Originations

1,195

Origination Dollar Volume (All Markets)

$543,145,000

Awards

LO  30 Year Conventional Loans bronze LO  30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Lo 's average 30 year fixed rate mortgage of loans were 2.9%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.25%.

Relative Fees

Lo 's average total fees for a 30 year fixed rate mortgage are $2,770.

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) 1,115 $508,755,000 $456,283 $2,566 2.76%
Outside of Metro Areas 15 $6,555,000 $437,000 $2,341 2.78%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 14 $5,430,000 $387,857 $3,258 2.77%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 10 $4,230,000 $423,000 $3,503 2.80%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 8 $4,010,000 $501,250 $4,026 2.83%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 6 $3,100,000 $516,667 $3,543 2.81%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 8 $2,840,000 $355,000 $4,518 3.22%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 3 $1,175,000 $391,667 $4,394 2.79%
SALINAS, CA (FHA|USDA|VA) 2 $990,000 $495,000 $3,663 2.50%
Ellensburg, WA (FHA|USDA|VA) 1 $935,000 $935,000 $12,635 2.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $805,000 $805,000 $0 3.75%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $780,000 $390,000 $3,203 3.38%
BELLINGHAM, WA (FHA|USDA|VA) 2 $690,000 $345,000 $2,649 2.44%
Oak Harbor, WA (FHA|USDA|VA) 1 $545,000 $545,000 $3,475 2.63%
Shelton, WA (FHA|USDA|VA) 1 $515,000 $515,000 $5,500 2.75%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 2 $460,000 $230,000 $2,955 2.69%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $375,000 $375,000 $4,173 2.75%
Port Angeles, WA (FHA|USDA|VA) 1 $325,000 $325,000 $3,838 2.50%
Clearlake, CA (FHA|USDA|VA) 1 $325,000 $325,000 $7,500 2.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $305,000 $305,000 $4,444 3.50%

Lo 's top markets include Seattle, Portland, Los Angeles, San Francisco, and San Jose among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,194 $542,580,000 $454,422 $2,626 2.76%
FHA 1 $565,000 $565,000 $13,682 2.88%

For the 2021 period, Lo 's most frequently originated loan type of loans were Conventional, with 1,194 originations. Their 2nd most popular type is FHA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 800 $340,920,000 $426,150 $1,981 2.71%
Home Purchase 327 $170,475,000 $521,330 $4,078 2.86%
Cash Out Refi 65 $30,915,000 $475,615 $2,966 2.92%
NA 2 $530,000 $265,000 $1,250 2.31%
Home Improvement 1 $305,000 $305,000 $0 2.38%

For the 2021, Lo 's most frequently cited loan purpose of loans were Refi, with 800 originations. The 2nd most popular reason of loans were Home Purchase, with 327 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 783 $376,295,000 $480,581 $2,770 2.90%
15 Year 208 $77,290,000 $371,587 $2,003 2.33%
Other 176 $80,260,000 $456,023 $2,853 2.71%
10 Year 14 $3,340,000 $238,571 $2,473 2.31%
20 Year 14 $5,960,000 $425,714 $2,587 2.52%

For the 2021, Lo 's most frequently cited loan length of loans were 30 Year, with 783 originations. The 2nd most popular length of loans were 15 Year, with 208 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 362 $163,660,000 $452,099
$<1k 126 $53,010,000 $420,714
$2k-3k 6 $2,990,000 $498,333
$3k-4k 6 $3,090,000 $515,000
$5k+ 3 $2,215,000 $738,333

$2,770 of loans were Lo 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 362 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 601 $290,415,000 $483,220
<2.5% 340 $138,050,000 $406,029
3-4% 252 $113,860,000 $451,825

During 2021, Lo 's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 601 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 543 $267,435,000 $492,514 $2,642 2.72%
$200k-400k 412 $128,670,000 $312,306 $2,243 2.74%
$600k-1MM 193 $134,925,000 $699,093 $3,383 2.94%
$100k-200k 39 $6,605,000 $169,359 $2,475 2.73%
$100,000 or less 4 $270,000 $67,500 $2,791 2.69%
$1MM+ 4 $5,240,000 $1,310,000 $6,069 2.97%

2021 saw Lo place emphasis on $400k-600k loans with 543 originations, totaling $267,435,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 507 $236,185,000 $465,848 $2,425 2.72%
$100k-150k 345 $160,555,000 $465,377 $2,742 2.74%
$250k+ 174 $88,300,000 $507,471 $2,777 2.93%
$75k-100k 100 $38,460,000 $384,600 $3,005 2.77%
$50k-75k 52 $16,090,000 $309,423 $2,736 2.78%
$50k or less 17 $3,555,000 $209,118 $2,844 2.84%

Lo lent most frequently to those with incomes in the $150k-250k range, with 507 originations. The second most popular income band? $100k-150k, with 345 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 369 $162,955,000 $441,612 $2,425 2.69%
30-36% 265 $127,035,000 $479,377 $2,706 2.74%
<20% 141 $55,755,000 $395,426 $2,383 2.66%
36% 42 $20,190,000 $480,714 $3,027 2.82%
39% 37 $18,005,000 $486,622 $2,409 2.99%
43% 36 $16,920,000 $470,000 $2,869 2.93%
38% 34 $15,590,000 $458,529 $2,562 2.76%
41% 32 $14,870,000 $464,688 $2,632 2.91%
37% 32 $15,570,000 $486,563 $3,053 2.84%
44% 30 $14,180,000 $472,667 $2,978 3.01%
42% 29 $13,335,000 $459,828 $3,142 2.90%
49% 29 $13,945,000 $480,862 $2,819 2.75%
45% 27 $12,605,000 $466,852 $2,961 2.80%
46% 27 $11,625,000 $430,556 $3,005 2.84%
48% 22 $9,760,000 $443,636 $2,337 2.95%
40% 21 $11,155,000 $531,190 $3,829 2.90%
47% 17 $7,435,000 $437,353 $2,866 2.87%
>60% 1 $545,000 $545,000 $3,160 2.88%

Lo lent most frequently to those with DTI ratios of 20-30%, with 369 originations. The next most common DTI ratio? 30-36%, with 265 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 1,087 $496,755,000 $456,996 $2,589 2.77%
White 93 $39,985,000 $429,946 $3,141 2.74%
Asian Indian 6 $2,930,000 $488,333 $4,434 2.63%
Not provided 5 $2,215,000 $443,000 $2,919 3.08%
Chinese 2 $760,000 $380,000 $3,029 2.94%
Vietnamese 1 $305,000 $305,000 $2,940 2.38%
Other Asian 1 $195,000 $195,000 $3,057 2.38%

Approval Rates

Total approvals of all applications
99.82%

Lo 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
99.40%

Lo has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
0.0 3 $1,365,000 $455,000
1176.2 1 $285,000 $285,000
1618.0 1 $405,000 $405,000
4020.0 1 $475,000 $475,000
NA 1,189 $540,615,000 $454,680

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,195 $543,145,000 $454,515

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 274 $95,310,000 $347,847 $2,477 2.63%
40-60% 406 $187,330,000 $461,404 $2,050 2.74%
60-80% 412 $212,230,000 $515,121 $2,998 2.89%
80-100% 73 $40,125,000 $549,658 $4,391 2.80%
Under 20% 29 $7,835,000 $270,172 $2,433 2.55%