Evergreen Moneysource Mortgage Company

Bellevue, WA 98006

LEI: 54930060G4MDPWHISD89

Tax ID: 91-1374387

2019 Data | 2018 Data


Overview

Evergreen Moneysource Mortgage Company is a small mortgage company specializing in Home Purchase loans. Evergreen Moneysource Mortgage Company 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 Seattle, Tacoma, Las Vegas, Portland, and Bremerton 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. Evergreen Moneysource Mortgage Company is typically a medium-low fee high fee lendor.


Originations

11,270

Origination Dollar Volume (All Markets)

$3,388,380,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 7,988 $2,420,690,000 $303,041
FHA 1,973 $546,305,000 $276,891
VA 1,152 $382,980,000 $332,448
USDA 157 $38,405,000 $244,618

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 7,645 $2,297,575,000 $300,533
Refi 1,740 $561,060,000 $322,448
Cash Out Refi 1,885 $529,745,000 $281,032

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
SEATTLE-BELLEVUE-KENT, WA 1,707 $713,625,000 $418,058
Outside of Metro Areas 1,864 $445,930,000 $239,233
TACOMA-LAKEWOOD, WA 1,029 $346,665,000 $336,895
LAS VEGAS-HENDERSON-PARADISE, NV 1,115 $312,545,000 $280,309
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 905 $283,415,000 $313,166
BREMERTON-SILVERDALE-PORT ORCHARD, WA 688 $217,390,000 $315,974
BOISE CITY, ID 859 $189,215,000 $220,274
SACRAMENTO-ROSEVILLE-FOLSOM, CA 251 $79,195,000 $315,518
RENO, NV 227 $73,485,000 $323,722
OLYMPIA-LACEY-TUMWATER, WA 235 $69,635,000 $296,319
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 215 $68,515,000 $318,674
MEDFORD, OR 210 $59,850,000 $285,000
STOCKTON, CA 197 $54,975,000 $279,061
BEND, OR 179 $51,205,000 $286,061
WENATCHEE, WA 163 $51,055,000 $313,221
YAKIMA, WA 229 $50,385,000 $220,022
KENNEWICK-RICHLAND, WA 157 $40,665,000 $259,013
LONGVIEW, WA 122 $30,420,000 $249,344
SALEM, OR 104 $27,190,000 $261,442
ANAHEIM-SANTA ANA-IRVINE, CA 61 $25,955,000 $425,492
SPOKANE-SPOKANE VALLEY, WA 112 $25,430,000 $227,054
COEUR D'ALENE, ID 109 $25,395,000 $232,982
YUBA CITY, CA 92 $24,190,000 $262,935
PHOENIX-MESA-CHANDLER, AZ 78 $16,090,000 $206,282
LOS ANGELES-LONG BEACH-GLENDALE, CA 32 $14,200,000 $443,750
CHICO, CA 60 $13,120,000 $218,667
MOUNT VERNON-ANACORTES, WA 41 $12,025,000 $293,293
PRESCOTT VALLEY-PRESCOTT, AZ 38 $9,620,000 $253,158
MODESTO, CA 35 $9,325,000 $266,429
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 14 $7,140,000 $510,000
BELLINGHAM, WA 14 $4,780,000 $341,429
OAKLAND-BERKELEY-LIVERMORE, CA 9 $4,615,000 $512,778
GRANTS PASS, OR 15 $3,325,000 $221,667
ALBANY-LEBANON, OR 13 $3,205,000 $246,538
MERCED, CA 13 $3,175,000 $244,231
EUGENE-SPRINGFIELD, OR 11 $3,115,000 $283,182
WALLA WALLA, WA 10 $2,210,000 $221,000
VALLEJO, CA 6 $2,170,000 $361,667
CARSON CITY, NV 5 $1,415,000 $283,000
OXNARD-THOUSAND OAKS-VENTURA, CA 3 $1,385,000 $461,667
CORVALLIS, OR 3 $1,045,000 $348,333
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 3 $1,005,000 $335,000
TUCSON, AZ 4 $990,000 $247,500
BAKERSFIELD, CA 5 $945,000 $189,000
SAN LUIS OBISPO-PASO ROBLES, CA 2 $910,000 $455,000
MADERA, CA 4 $720,000 $180,000
FRESNO, CA 2 $580,000 $290,000
REDDING, CA 2 $560,000 $280,000
POCATELLO, ID 3 $525,000 $175,000
IDAHO FALLS, ID 2 $470,000 $235,000
SANTA ROSA-PETALUMA, CA 1 $445,000 $445,000
SANTA MARIA-SANTA BARBARA, CA 1 $445,000 $445,000
LEWISTON, ID-WA 2 $440,000 $220,000
SAN RAFAEL, CA 1 $405,000 $405,000
LAKE HAVASU CITY-KINGMAN, AZ 3 $395,000 $131,667
SALINAS, CA 1 $385,000 $385,000
SANTA CRUZ-WATSONVILLE, CA 1 $345,000 $345,000
NAPA, CA 1 $265,000 $265,000
TWIN FALLS, ID 2 $260,000 $130,000

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% 56 $310,000 $5,536
2.5-3% 18 $4,970,000 $276,111
3-4% 4,230 $1,352,540,000 $319,749
4-5% 5,495 $1,629,045,000 $296,460
5-6% 1,373 $372,555,000 $271,344
6-7% 90 $27,140,000 $301,556
7-8% 6 $1,410,000 $235,000
Over 8% 2 $410,000 $205,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 330 $12,080,000 $36,606
$100k-200k 1,936 $311,640,000 $160,971
$200k-400k 6,919 $1,998,405,000 $288,829
$400k-600k 1,770 $827,810,000 $467,689
$600k-1000k 289 $202,275,000 $699,913
$Over $1MM 26 $36,170,000 $1,391,154

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% 271 $54,655,000 $201,679
40-60% 976 $248,910,000 $255,031
60-80% 3,158 $1,005,290,000 $318,331
80-100% 6,343 $1,970,215,000 $310,612
Over 100% 312 $105,850,000 $339,263
Under 20% 210 $3,460,000 $16,476

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 2,501 $870,405,000 $348,023
$150k-250k 1,251 $515,275,000 $411,890
$50k-75k 2,981 $721,645,000 $242,082
$50k-or less 1,353 $235,365,000 $173,958
$75k-100k 2,473 $728,155,000 $294,442
$Over $250k 442 $227,340,000 $514,344

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 9,432 $2,793,020,000 $296,122
Not provided 954 $310,950,000 $325,943
Asian 368 $122,770,000 $333,614
Black 306 $99,860,000 $326,340
American Indian 153 $42,795,000 $279,706
Native Hawaiian 55 $18,335,000 $333,364
Japanese 1 $335,000 $335,000
Other Pacific Islander 1 $315,000 $315,000

Approval Rates

Total approvals of all applications
97.02%

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
74.01%

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 11,270 $3,388,380,000 $300,655

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 654 $141,530,000 $216,407
$1k-2k 3,655 $1,124,695,000 $307,714
$2k-3k 2,016 $522,820,000 $259,335
$3k-4k 3,290 $949,810,000 $288,696
$5k+ 1,651 $648,825,000 $392,989

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):Manufactured 602 $128,580,000 $213,588
Single Family (1-4 Units):Site-Built 10,668 $3,259,800,000 $305,568