Pulte Mortgage Llc

Englewood, CO 80112

LEI: 5493004WMLN60ZJ2ON46

Tax ID: 42-1554181

2019 Data | 2018 Data


Overview

Pulte Mortgage Llc is a small mortgage company specializing in Home Purchase loans. Pulte Mortgage Llc has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Phoenix, Austin, Las Vegas, Dallas, and Atlanta among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Pulte Mortgage Llc is typically a low fee lendor.


Originations

15,722

Origination Dollar Volume (All Markets)

$4,950,650,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 12,515 $3,980,745,000 $318,078
FHA 1,548 $419,430,000 $270,950
VA 1,605 $538,895,000 $335,760
USDA 54 $11,580,000 $214,444

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 15,673 $4,936,045,000 $314,939
Refi 31 $9,535,000 $307,581
Cash Out Refi 18 $5,070,000 $281,667

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
PHOENIX-MESA-CHANDLER, AZ 1,123 $343,755,000 $306,104
AUSTIN-ROUND ROCK-GEORGETOWN, TX 923 $239,455,000 $259,431
LAS VEGAS-HENDERSON-PARADISE, NV 590 $226,450,000 $383,814
DALLAS-PLANO-IRVING, TX 751 $201,385,000 $268,156
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 619 $195,555,000 $315,921
SAN ANTONIO-NEW BRAUNFELS, TX 723 $182,445,000 $252,344
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 730 $162,940,000 $223,205
CHARLOTTE-CONCORD-GASTONIA, NC-SC 467 $157,415,000 $337,077
ORLANDO-KISSIMMEE-SANFORD, FL 498 $152,070,000 $305,361
INDIANAPOLIS-CARMEL-ANDERSON, IN 518 $149,630,000 $288,861
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 391 $141,775,000 $362,596
RALEIGH-CARY, NC 432 $133,870,000 $309,884
COLUMBUS, OH 476 $133,670,000 $280,819
CHARLESTON-NORTH CHARLESTON, SC 400 $131,870,000 $329,675
TAMPA-ST. PETERSBURG-CLEARWATER, FL 455 $123,855,000 $272,209
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 191 $121,315,000 $635,157
NORTH PORT-SARASOTA-BRADENTON, FL 386 $108,230,000 $280,389
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 289 $107,245,000 $371,090
SEATTLE-BELLEVUE-KENT, WA 188 $101,070,000 $537,606
CAPE CORAL-FORT MYERS, FL 319 $99,995,000 $313,464
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 252 $97,700,000 $387,698
OAKLAND-BERKELEY-LIVERMORE, CA 146 $93,870,000 $642,945
ALBUQUERQUE, NM 300 $91,790,000 $305,967
WARREN-TROY-FARMINGTON HILLS, MI 252 $90,990,000 $361,071
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 232 $80,030,000 $344,957
CHICAGO-NAPERVILLE-EVANSTON, IL 204 $76,160,000 $373,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 237 $74,085,000 $312,595
NAPLES-MARCO ISLAND, FL 192 $63,610,000 $331,302
TUCSON, AZ 212 $62,320,000 $293,962
JACKSONVILLE, FL 231 $58,755,000 $254,351
FORT WORTH-ARLINGTON-GRAPEVINE, TX 204 $58,290,000 $285,735
HILTON HEAD ISLAND-BLUFFTON, SC 216 $57,750,000 $267,361
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 177 $45,945,000 $259,576
DURHAM-CHAPEL HILL, NC 154 $44,500,000 $288,961
DETROIT-DEARBORN-LIVONIA, MI 124 $41,600,000 $335,484
BALTIMORE-COLUMBIA-TOWSON, MD 90 $39,440,000 $438,222
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 108 $39,010,000 $361,204
AKRON, OH 105 $38,245,000 $364,238
LOUISVILLE/JEFFERSON COUNTY, KY-IN 149 $38,145,000 $256,007
NEWARK, NJ-PA 90 $37,430,000 $415,889
BOSTON, MA 88 $35,610,000 $404,659
CLEVELAND-ELYRIA, OH 118 $35,320,000 $299,322
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 81 $35,125,000 $433,642
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 88 $34,050,000 $386,932
PORT ST. LUCIE, FL 119 $30,845,000 $259,202
LAKELAND-WINTER HAVEN, FL 150 $30,770,000 $205,133
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 84 $29,640,000 $352,857
ANN ARBOR, MI 79 $27,465,000 $347,658
LAKE COUNTY-KENOSHA COUNTY, IL-WI 58 $25,370,000 $437,414
GAINESVILLE, GA 83 $24,455,000 $294,639
ANAHEIM-SANTA ANA-IRVINE, CA 50 $23,630,000 $472,600
SANTA FE, NM 65 $23,465,000 $361,000
OCALA, FL 99 $19,755,000 $199,545
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 39 $18,565,000 $476,026
PUNTA GORDA, FL 54 $13,290,000 $246,111
ELGIN, IL 43 $12,555,000 $291,977
DENVER-AURORA-LAKEWOOD, CO 30 $9,940,000 $331,333
SEBASTIAN-VERO BEACH, FL 44 $9,700,000 $220,455
NEW BRUNSWICK-LAKEWOOD, NJ 26 $8,620,000 $331,538
WILMINGTON, NC 37 $8,445,000 $228,243
TACOMA-LAKEWOOD, WA 19 $8,245,000 $433,947
Outside of Metro Areas 34 $8,090,000 $237,941
LOS ANGELES-LONG BEACH-GLENDALE, CA 10 $7,560,000 $756,000
SALISBURY, MD-DE 17 $5,825,000 $342,647
FRESNO, CA 19 $5,415,000 $285,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 5 $3,935,000 $787,000
SAVANNAH, GA 10 $3,510,000 $351,000
KILLEEN-TEMPLE, TX 9 $2,445,000 $271,667
NEW HAVEN-MILFORD, CT 9 $2,335,000 $259,444
FLINT, MI 7 $1,565,000 $223,571
SANTA CRUZ-WATSONVILLE, CA 1 $625,000 $625,000
COLORADO SPRINGS, CO 1 $485,000 $485,000
DAYTON-KETTERING, OH 1 $175,000 $175,000
CLARKSVILLE, TN-KY 1 $165,000 $165,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 43 $995,000 $23,140
2.5-3% 251 $86,725,000 $345,518
3-4% 8,924 $2,882,070,000 $322,957
4-5% 6,130 $1,869,180,000 $304,923
5-6% 371 $110,265,000 $297,210
6-7% 3 $1,415,000 $471,667

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 420 $26,740,000 $63,667
$100k-200k 2,110 $341,490,000 $161,844
$200k-400k 9,811 $2,857,005,000 $291,204
$400k-600k 2,799 $1,300,975,000 $464,800
$600k-1000k 558 $396,030,000 $709,731
$Over $1MM 24 $28,410,000 $1,183,750

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 802 $111,530,000 $139,065
40-60% 1,350 $312,440,000 $231,437
60-80% 4,133 $1,401,095,000 $339,002
80-100% 8,779 $2,965,995,000 $337,851
Over 100% 428 $146,190,000 $341,565
Under 20% 230 $13,400,000 $58,261

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,976 $1,642,130,000 $330,010
$150k-250k 3,184 $1,249,080,000 $392,299
$50k-75k 2,759 $628,045,000 $227,635
$50k-or less 698 $118,230,000 $169,384
$75k-100k 3,133 $872,725,000 $278,559
$Over $250k 941 $430,155,000 $457,125

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 10,653 $3,166,865,000 $297,274
Asian 2,334 $912,180,000 $390,823
Black 1,209 $375,735,000 $310,782
Not provided 1,157 $369,575,000 $319,425
Asian Indian 135 $52,115,000 $386,037
American Indian 114 $34,860,000 $305,789
Native Hawaiian 30 $9,470,000 $315,667
Other Asian 21 $7,365,000 $350,714
Filipino 17 $6,435,000 $378,529
Chinese 18 $6,360,000 $353,333
Other Pacific Islander 13 $3,665,000 $281,923
Vietnamese 12 $3,460,000 $288,333
Korean 5 $1,625,000 $325,000
Japanese 2 $510,000 $255,000
Guamanian 2 $430,000 $215,000

Approval Rates

Total approvals of all applications
91.50%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
74.19%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 15,722 $4,950,650,000 $314,887

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 13,902 $4,341,350,000 $312,282
$1k-2k 958 $307,430,000 $320,908
$2k-3k 342 $110,760,000 $323,860
$3k-4k 318 $110,720,000 $348,176
$5k+ 190 $80,240,000 $422,316

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 15,722 $4,950,650,000 $314,887