Lending 3 Mortgage Rates, Fees & Info

FOUNTAIN VALLEY, CA

LEI: 5493005I7R041I8VOW18

Tax ID: 73-1676597

1 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Lending 3 is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. Lending 3 has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Los Angeles, Riverside, Atlanta, Dallas, and Chicago among others. Lending 3 has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Lending 3 is typically a high fee lendor.


Originations

477

Origination Dollar Volume (All Markets)

$163,975,000

Relative Rate

Lending 3 's average 30 year fixed rate mortgage of loans were 3.27%.

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

This yields a difference of 0.12%.

Relative Fees

Lending 3 's average total fees for a 30 year fixed rate mortgage are $9,710.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 113 $55,465,000 $490,841 $13,592 3.44%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 89 $34,635,000 $389,157 $10,601 3.52%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 31 $8,095,000 $261,129 $8,556 3.18%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 21 $4,325,000 $205,952 $5,767 2.96%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 17 $3,965,000 $233,235 $9,942 3.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 10 $3,260,000 $326,000 $10,117 2.93%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 11 $3,085,000 $280,455 $11,203 3.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $2,920,000 $292,000 $7,079 2.63%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 9 $2,715,000 $301,667 $6,173 3.03%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $2,430,000 $303,750 $11,257 2.73%
Outside of Metro Areas 9 $2,335,000 $259,444 $8,725 3.21%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $2,235,000 $248,333 $8,479 3.15%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 8 $2,150,000 $268,750 $7,538 3.09%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 6 $2,020,000 $336,667 $4,967 3.19%
COLORADO SPRINGS, CO (FHA|USDA|VA) 6 $1,970,000 $328,333 $8,118 3.48%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,930,000 $321,667 $7,243 3.06%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,620,000 $405,000 $11,825 3.16%
JACKSONVILLE, FL (FHA|USDA|VA) 6 $1,530,000 $255,000 $4,660 2.87%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,490,000 $372,500 $4,572 2.97%
MODESTO, CA (FHA|USDA|VA) 4 $1,470,000 $367,500 $11,221 3.63%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $1,170,000 $585,000 $12,419 3.63%
MERCED, CA (FHA|USDA|VA) 3 $1,155,000 $385,000 $4,430 3.54%
FRESNO, CA (FHA|USDA|VA) 3 $1,145,000 $381,667 $9,845 3.54%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 3 $995,000 $331,667 $12,932 3.21%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 5 $915,000 $183,000 $4,240 3.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 4 $880,000 $220,000 $3,675 4.00%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 3 $785,000 $261,667 $7,132 2.58%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $600,000 $300,000 $4,784 3.31%
OCALA, FL (FHA|USDA|VA) 3 $565,000 $188,333 $6,498 3.42%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $545,000 $545,000 $2,556 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $510,000 $255,000 $4,836 2.31%
SALEM, OR (FHA|USDA|VA) 2 $500,000 $250,000 $10,842 3.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $485,000 $485,000 $17,722 3.38%
Durango, CO (FHA|USDA|VA) 1 $455,000 $455,000 $8,129 2.75%
VALLEJO, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 3.50%
GREELEY, CO (FHA|USDA|VA) 1 $445,000 $445,000 $0 5.00%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $430,000 $215,000 $11,683 3.25%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $425,000 $425,000 $11,667 2.63%
Lufkin, TX (FHA|USDA|VA) 1 $425,000 $425,000 $6,903 2.50%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $415,000 $415,000 $11,467 3.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $395,000 $395,000 $9,656 1.99%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $390,000 $195,000 $4,875 3.00%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $390,000 $195,000 $6,150 2.50%
TUCSON, AZ (FHA|USDA|VA) 2 $370,000 $185,000 $4,079 3.25%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $365,000 $365,000 $0 2.88%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $355,000 $355,000 $0 3.50%
STOCKTON, CA (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.25%
Klamath Falls, OR (FHA|USDA|VA) 2 $320,000 $160,000 $3,639 2.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $315,000 $315,000 $9,731 2.75%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 2 $310,000 $155,000 $5,723 2.81%
BEND, OR (FHA|USDA|VA) 1 $305,000 $305,000 $10,566 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,792 2.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $295,000 $295,000 $10,298 2.75%
DOTHAN, AL (FHA|USDA|VA) 1 $295,000 $295,000 $13,124 2.88%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.25%
MEDFORD, OR (FHA|USDA|VA) 1 $285,000 $285,000 $16,623 2.75%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $275,000 $275,000 $7,910 6.25%
Mount Pleasant, TX (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $275,000 $275,000 $9,739 3.25%
SAVANNAH, GA (FHA|USDA|VA) 2 $270,000 $135,000 $8,061 3.13%
Coos Bay, OR (FHA|USDA|VA) 1 $255,000 $255,000 $9,539 3.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $235,000 $235,000 $5,917 2.75%
Jefferson, GA (FHA|USDA|VA) 1 $235,000 $235,000 $3,020 2.75%
ABILENE, TX (FHA|USDA|VA) 1 $225,000 $225,000 $5,858 3.50%
Safford, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $7,082 3.75%
TYLER, TX (FHA|USDA|VA) 1 $215,000 $215,000 $0 2.88%
LaGrange, GA-AL (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.25%
HINESVILLE, GA (FHA|USDA|VA) 1 $195,000 $195,000 $5,924 2.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $195,000 $195,000 $7,708 4.25%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $195,000 $195,000 $6,874 2.75%
Tifton, GA (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.75%
READING, PA (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.25%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $175,000 $175,000 $6,405 2.75%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $165,000 $165,000 $0 2.88%
EL PASO, TX (FHA|USDA|VA) 1 $155,000 $155,000 $2,660 2.88%
Paris, TX (FHA|USDA|VA) 1 $155,000 $155,000 $4,086 2.25%
Statesboro, GA (FHA|USDA|VA) 1 $155,000 $155,000 $4,634 2.50%
VISALIA, CA (FHA|USDA|VA) 1 $145,000 $145,000 $0 3.63%
Milledgeville, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,794 4.25%
BRUNSWICK, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,792 3.13%
The Dalles, OR (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.00%
LANCASTER, PA (FHA|USDA|VA) 1 $125,000 $125,000 $9,792 3.88%
AMARILLO, TX (FHA|USDA|VA) 1 $125,000 $125,000 $3,938 2.25%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $105,000 $105,000 $4,614 2.99%
VALDOSTA, GA (FHA|USDA|VA) 1 $105,000 $105,000 $3,747 3.25%
Mount Vernon, IL (FHA|USDA|VA) 1 $105,000 $105,000 $3,208 2.25%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
ALBANY, GA (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.75%

Lending 3 's top markets include Los Angeles, Riverside, Atlanta, Dallas, and Chicago among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 227 $88,535,000 $390,022 $10,266 3.46%
VA 136 $35,760,000 $262,941 $7,459 2.87%
FHA 114 $39,680,000 $348,070 $11,219 3.34%

For the 2021 period, Lending 3 's most frequently originated loan type of loans were Conventional, with 227 originations. Their 2nd most popular type is VA, with 136 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 210 $66,540,000 $316,857 $9,700 3.28%
Refi 157 $47,195,000 $300,605 $7,022 2.99%
Home Purchase 109 $49,855,000 $457,385 $13,575 3.64%
Other 1 $385,000 $385,000 $0 2.75%

For the 2021, Lending 3 's most frequently cited loan purpose of loans were Cash Out Refi, with 210 originations. The 2nd most popular reason of loans were Refi, with 157 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 449 $156,385,000 $348,296 $9,710 3.27%
15 Year 11 $3,415,000 $310,455 $7,750 2.79%
20 Year 11 $2,425,000 $220,455 $9,180 3.38%
Other 5 $1,465,000 $293,000 $8,741 3.30%
10 Year 1 $285,000 $285,000 $2,599 2.25%

For the 2021, Lending 3 's most frequently cited loan length of loans were 30 Year, with 449 originations. The 2nd most popular length of loans were 15 Year, with 11 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 142 $59,080,000 $416,056
$3k-4k 79 $19,135,000 $242,215
$2k-3k 55 $14,855,000 $270,091
$<1k 27 $7,005,000 $259,444
$1k-2k 15 $3,015,000 $201,000

$9,710 of loans were Lending 3 's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 142 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 274 $94,390,000 $344,489
2.5-3% 102 $37,110,000 $363,824
<2.5% 68 $18,850,000 $277,206
4-5% 28 $11,420,000 $407,857
5-6% 4 $1,930,000 $482,500
6-7% 1 $275,000 $275,000

During 2021, Lending 3 's average interest rate of loans were 3.27%, while their most frequently originated rate bucket of loans were 3-4%, with 274 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 199 $58,855,000 $295,754 $8,504 3.23%
$400k-600k 130 $63,150,000 $485,769 $12,700 3.36%
$100k-200k 106 $16,240,000 $153,208 $6,346 3.10%
$600k-1MM 32 $21,910,000 $684,688 $18,632 3.53%
$100,000 or less 7 $515,000 $73,571 $4,234 3.23%
$1MM+ 3 $3,305,000 $1,101,667 $12,058 3.92%

2021 saw Lending 3 place emphasis on $200k-400k loans with 199 originations, totaling $58,855,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 122 $27,480,000 $225,246 $6,011 2.99%
$50k-75k 107 $32,285,000 $301,729 $9,997 3.35%
$75k-100k 94 $36,890,000 $392,447 $11,842 3.31%
$100k-150k 86 $36,330,000 $422,442 $12,091 3.41%
$150k-250k 37 $17,735,000 $479,324 $10,213 3.40%
$250k+ 14 $8,640,000 $617,143 $13,406 3.62%

Lending 3 lent most frequently to those with incomes in the $50k or less range, with 122 originations. The second most popular income band? $50k-75k, with 107 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
50-60% 63 $24,895,000 $395,159 $12,162 3.36%
20-30% 54 $16,730,000 $309,815 $9,344 3.37%
30-36% 52 $15,790,000 $303,654 $9,382 3.26%
44% 26 $9,070,000 $348,846 $9,874 3.26%
49% 22 $8,330,000 $378,636 $12,942 3.15%
>60% 16 $6,940,000 $433,750 $10,750 3.29%
42% 16 $6,480,000 $405,000 $10,576 3.43%
46% 15 $5,875,000 $391,667 $11,586 3.44%
39% 14 $5,330,000 $380,714 $8,189 3.48%
47% 14 $6,290,000 $449,286 $12,199 3.59%
48% 14 $6,030,000 $430,714 $11,911 3.47%
43% 12 $3,650,000 $304,167 $12,333 3.58%
45% 12 $4,420,000 $368,333 $11,303 3.34%
40% 12 $4,500,000 $375,000 $11,880 3.24%
36% 11 $4,295,000 $390,455 $15,214 3.61%
38% 11 $4,145,000 $376,818 $11,857 3.29%
41% 11 $3,805,000 $345,909 $7,618 3.27%
<20% 10 $3,790,000 $379,000 $4,494 3.69%
37% 9 $3,145,000 $349,444 $10,867 3.18%

Lending 3 lent most frequently to those with DTI ratios of 50-60%, with 63 originations. The next most common DTI ratio? 20-30%, with 54 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 251 $83,775,000 $333,765 $9,134 3.21%
Not provided 129 $49,705,000 $385,310 $11,973 3.41%
Black 85 $24,925,000 $293,235 $7,845 3.18%
Asian 9 $3,945,000 $438,333 $7,907 3.31%
Filipino 1 $1,245,000 $1,245,000 $0 4.00%
American Indian 2 $380,000 $190,000 $8,049 3.43%

Approval Rates

Total approvals of all applications
98.59%

Lending 3 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
25.04%

Lending 3 has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
1790.0 1 $385,000 $385,000
29041.25 1 $1,245,000 $1,245,000
2922.6 1 $425,000 $425,000
4167.8 1 $145,000 $145,000
NA 473 $161,775,000 $342,019

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
477 $163,975,000 $343,763

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 17 $3,895,000 $229,118 $7,558 2.98%
40-60% 70 $19,640,000 $280,571 $7,371 3.04%
60-80% 204 $73,070,000 $358,186 $9,522 3.23%
80-100% 178 $66,250,000 $372,191 $10,663 3.41%
Over 100% 2 $610,000 $305,000 $12,757 3.00%
Under 20% 6 $510,000 $85,000 $6,414 3.60%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Lending Club Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Lending Club Corp Other type of mortgage Trouble during payment process 1 50.0%