Lending 3 Mortgage Rates, Fees & Info

FOUNTAIN VALLEY, CA

LEI: 5493005I7R041I8VOW18

Tax ID: 73-1676597

1 stars - Updated: 2/25/24 - out of 5 stars, based on 8 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Lending 3 is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Lending 3 has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Los Angeles, Riverside, San Francisco, Fresno, and Hanford among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Lending 3 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. Lending 3 is typically a high 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 relatively high rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.56% 2/25/24
30 Year Conventional Refi 6.54% 2/25/24
30 Year Cash-out Refi 6.87% 2/25/24
30 Year FHA Purchase 7.38% 2/25/24
30 Year FHA Refi 6.86% 2/25/24
30 Year VA Purchase 6.27% 2/25/24
30 Year VA Refi 6.27% 2/25/24
15 Year Conventional Purchase 5.68% 2/25/24
15 Year Conventional Refi 5.68% 2/25/24
15 Year Cash-out Refi 5.68% 2/25/24
15 Year VA Refi 6.50% 2/25/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Lending 3 Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Lending 3. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

58

Origination Dollar Volume (All Markets)

$23,570,000

Relative Rate

Lending 3's average 30 year fixed mortgage rate was 6.92%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 2.16%.

Relative Fees (Closing Costs)

Lending 3's average total fees/closing costs for a 30 year fixed rate mortgage were $15,127.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

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) 18 $9,580,000 $532,222 $20,633 7.01%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 12 $5,890,000 $490,833 $14,143 7.10%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $2,425,000 $808,333 $28,048 6.67%
FRESNO, CA (FHA|USDA|VA) 2 $680,000 $340,000 $19,384 8.19%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 2 $660,000 $330,000 $15,552 5.50%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $635,000 $635,000 $30,381 6.75%
MODESTO, CA (FHA|USDA|VA) 3 $635,000 $211,667 $6,454 6.25%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $460,000 $230,000 $9,718 6.94%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $315,000 $315,000 $12,943 6.88%
LUBBOCK, TX (FHA|USDA|VA) 3 $305,000 $101,667 $3,085 7.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $245,000 $245,000 $9,984 6.50%
Arcadia, FL (FHA|USDA|VA) 1 $225,000 $225,000 $13,835 7.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,460 6.88%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $195,000 $195,000 $8,845 7.13%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $185,000 $185,000 $9,445 6.63%
YUBA CITY, CA (FHA|USDA|VA) 1 $185,000 $185,000 $11,774 6.75%
COLUMBUS, GA-AL (FHA|USDA|VA) 1 $165,000 $165,000 $2,800 6.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,664 6.63%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $155,000 $155,000 $10,414 6.50%
Outside of Metro Areas 1 $145,000 $145,000 $2,615 5.88%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $115,000 $115,000 $2,035 7.13%
Lending 3's top markets include Los Angeles, Riverside, San Francisco, Fresno, and Hanford among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against LENDING 3 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Credit Union
    Similarity Rank: 210
    AAXY L.L.C.
    Similarity Rank: 360
    U S WIDE FINANCIAL LLC
    Similarity Rank: 528
    Chaffey Federal Credit Union
    Similarity Rank: 644
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 968
    MISSION
    Similarity Rank: 1025
    Christian Community Credit Union
    Similarity Rank: 1062
    Los Angeles Federal Credit Union
    Similarity Rank: 1120
    AMERICAN HOME MORTGAGE, INC.
    Similarity Rank: 1131

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $11,345,000 $391,207 $12,624 7.25%
    FHA 27 $10,565,000 $391,296 $16,079 6.52%
    VA 2 $1,660,000 $830,000 $29,803 7.00%

    For 2022, Lending 3's most frequently originated type of loan was Conventional, with 29 originations. Their 2nd most popular type was FHA, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 37 $15,715,000 $424,730 $16,898 7.00%
    Cash Out Refi 17 $5,305,000 $312,059 $10,334 6.77%
    Refi 4 $2,550,000 $637,500 $16,865 6.50%

    For 2022, Lending 3's most frequently cited loan purpose was Home Purchase, with 37 originations. The 2nd most popular reason was Cash Out Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 57 $23,425,000 $410,965 $15,127 6.92%
    15 Year 1 $145,000 $145,000 $2,615 5.88%

    For 2022, Lending 3's most frequently cited loan duration was 30 Year, with 57 originations. The 2nd most popular length was 15 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 31 $14,165,000 $456,935

    Lending 3's average total fees were $15,127, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 31 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 34 $14,130,000 $415,588
    7-8% 14 $5,700,000 $407,143
    5-6% 5 $1,445,000 $289,000
    Over 8% 4 $1,880,000 $470,000
    4-5% 1 $415,000 $415,000

    During 2022, Lending 3's average interest rate for loans was 6.92%, while their most frequently originated rate bucket for loans was 6-7%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 18 $5,040,000 $280,000 $10,765 7.22%
    $400k-600k 14 $6,970,000 $497,857 $16,246 6.72%
    $600k-1MM 13 $9,645,000 $741,923 $30,258 6.85%
    $100k-200k 12 $1,820,000 $151,667 $6,456 6.68%
    $100,000 or less 1 $95,000 $95,000 $3,085 7.00%

    2022 saw Lending 3 place emphasis on $200k-400k loans with 18 originations, totaling $5,040,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 16 $8,380,000 $523,750 $19,863 7.00%
    $75k-100k 10 $3,330,000 $333,000 $12,862 6.44%
    $100k-150k 9 $3,715,000 $412,778 $15,995 6.69%
    $50k or less 9 $2,145,000 $238,333 $6,300 7.29%
    $50k-75k 8 $1,710,000 $213,750 $9,177 6.70%
    $250k+ 6 $4,290,000 $715,000 $26,794 7.38%

    Lending 3 lent most frequently to those with incomes in the $150k-250k range, with 16 originations. The second most popular income band? $75k-100k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 10 $4,900,000 $490,000 $19,626 6.61%
    40% 7 $3,135,000 $447,857 $18,607 7.82%
    30-36% 6 $2,200,000 $366,667 $11,646 6.73%
    20-30% 5 $1,835,000 $367,000 $17,276 7.08%
    45% 4 $2,030,000 $507,500 $13,684 6.53%
    48% 4 $1,530,000 $382,500 $10,739 6.25%
    49% 4 $1,550,000 $387,500 $15,746 6.59%
    37% 3 $1,515,000 $505,000 $17,180 6.08%
    47% 2 $750,000 $375,000 $16,910 6.88%
    42% 2 $330,000 $165,000 $3,732 6.69%
    44% 2 $820,000 $410,000 $9,360 6.56%
    >60% 1 $455,000 $455,000 $11,310 7.75%
    36% 1 $545,000 $545,000 $13,650 6.88%
    38% 1 $265,000 $265,000 $5,003 7.00%
    39% 1 $285,000 $285,000 $10,883 7.13%
    46% 1 $745,000 $745,000 $43,735 6.13%
    <20% 1 $195,000 $195,000 $8,845 7.13%

    Lending 3 lent most frequently to those with DTI ratios of 50-60%, with 10 originations. The next most common DTI ratio? 40%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 28 $11,300,000 $403,571 $12,032 6.78%
    White 23 $8,115,000 $352,826 $15,431 7.10%
    Black 4 $2,220,000 $555,000 $22,817 6.69%
    Asian 3 $1,935,000 $645,000 $25,196 6.71%

    Approval Rates

    Total approvals of all applications
    97.50%

    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
    -753.45%

    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
    NA 58 $23,570,000 $406,379

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    58 $23,570,000 $406,379

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $665,000 $221,667 $5,642 6.50%
    40-60% 6 $1,920,000 $320,000 $9,854 6.46%
    60-80% 21 $7,875,000 $375,000 $12,781 7.24%
    80-100% 28 $13,110,000 $468,214 $18,519 6.78%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    LAND HOME FINANCIAL SERVICES Conventional home mortgage Trouble during payment process 1 100.0%