Lending 3 Mortgage Rates, Fees & Info
FOUNTAIN VALLEY, CALEI: 5493005I7R041I8VOW18
Tax ID: 73-1676597
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Mortgage Data
Review & Overview
Lending 3 is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Lending 3 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 by origination volume include: Riverside, Los Angeles, San Francisco, Modesto, and Klamath Falls among others. We have data for 20 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% | 12/29/24 |
| 30 Year Conventional Refi | 6.54% | 12/29/24 |
| 30 Year Cash-out Refi | 6.87% | 12/29/24 |
| 30 Year FHA Purchase | 7.38% | 12/29/24 |
| 30 Year FHA Refi | 6.86% | 12/29/24 |
| 30 Year VA Purchase | 6.27% | 12/29/24 |
| 30 Year VA Refi | 6.27% | 12/29/24 |
| 15 Year Conventional Purchase | 5.68% | 12/29/24 |
| 15 Year Conventional Refi | 5.68% | 12/29/24 |
| 15 Year Cash-out Refi | 5.68% | 12/29/24 |
| 15 Year VA Refi | 6.50% | 12/29/24 |
| 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
55Origination Dollar Volume (All Markets)
$23,295,000Relative Rate
Lending 3's average 30 year fixed mortgage rate was
7.25%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.77%.
Relative Fees (Closing Costs)
Lending 3's average total fees/closing costs for a 30 year fixed rate
mortgage were $17,392.
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 $9,089.
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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 20 | $8,840,000 | $442,000 | $17,277 | 6.81% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 13 | $6,715,000 | $516,538 | $21,259 | 7.40% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $965,000 | $965,000 | $0 | 9.75% |
| MODESTO, CA (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $23,642 | 5.81% |
| Klamath Falls, OR (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $7,762 | 7.06% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $18,965 | 8.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $23,149 | 8.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $12,863 | 7.69% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 7.13% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 8.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $9,391 | 6.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $26,521 | 7.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,558 | 7.25% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,410 | 6.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $11,444 | 7.88% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $16,477 | 9.25% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 7.75% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 9.88% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $15,743 | 8.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 8.13% |
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.
Similarity Rank: 72
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Similarity Rank: 546
Similarity Rank: 560
Similarity Rank: 645
Similarity Rank: 660
Product Mix
For 2023, Lending 3's most frequently originated type of loan was FHA, with 23 originations. Their 2nd most popular type was Conventional, with 22 originations.
Loan Reason
For 2023, Lending 3's most frequently cited loan purpose was Home Purchase, with 34 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 52 | $22,610,000 | $434,808 | $17,392 | 7.25% |
| Other | 2 | $680,000 | $340,000 | $11,444 | 7.95% |
| 10 Year | 1 | $5,000 | $5,000 | $0 | 10.25% |
For 2023, Lending 3's most frequently cited loan duration was 30 Year, with 52 originations. The 2nd most popular length was Other, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 34 | $14,750,000 | $433,824 |
| $2k-3k | 3 | $1,225,000 | $408,333 |
| $3k-4k | 2 | $920,000 | $460,000 |
Lending 3's average total fees were $17,392, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 7-8% | 20 | $7,200,000 | $360,000 |
| 6-7% | 16 | $7,820,000 | $488,750 |
| Over 8% | 14 | $5,920,000 | $422,857 |
| 5-6% | 5 | $2,355,000 | $471,000 |
During 2023, Lending 3's average interest rate for loans was 7.25%, while their most frequently originated rate bucket for loans was 7-8%, with 20 originations.
Loan Sizing
2023 saw Lending 3 place emphasis on $200k-400k loans with 21 originations, totaling $6,665,000 in origination value.
Applicant Income
Lending 3 lent most frequently to those with incomes in the $100k-150k range, with 15 originations. The second most popular income band? $75k-100k, with 12 originations.
Applicant Debt to Income Ratio
Lending 3 lent most frequently to those with DTI ratios of 50-60%, with 11 originations. The next most common DTI ratio? 49%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.30%
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-430.91%
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 |
|---|---|---|---|
| 11292.0 | 1 | $365,000 | $365,000 |
| 2290.0 | 1 | $165,000 | $165,000 |
| 3150.0 | 1 | $425,000 | $425,000 |
| 5789.0 | 1 | $255,000 | $255,000 |
| NA | 51 | $22,085,000 | $433,039 |