Southwest Funding Lp Mortgage Rates, Fees & Info
DALLAS, TXLEI: 5493006P5IHSK77SZ855
Tax ID: 75-2674544
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Mortgage Data
Review & Overview
Southwest Funding Lp is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Southwest Funding Lp has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Dallas, New Orleans, Austin, San Antonio, and Albuquerque among others. We have data for 107 markets. (Some data included below & more in-depth data is available with an active subscription.)Southwest Funding Lp has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Southwest Funding Lp is typically an average 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.26% | 5/4/24 |
| 30 Year Conventional Refi | 6.69% | 5/4/24 |
| 30 Year Cash-out Refi | 6.93% | 5/4/24 |
| 30 Year FHA Purchase | 7.90% | 5/4/24 |
| 30 Year FHA Refi | 7.75% | 5/4/24 |
| 30 Year VA Purchase | 6.77% | 5/4/24 |
| 30 Year VA Refi | 6.28% | 5/4/24 |
| 30 Year USDA Purchase | 7.22% | 5/4/24 |
| 30 Year USDA Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 6.25% | 5/4/24 |
| 15 Year Conventional Refi | 6.16% | 5/4/24 |
| 15 Year Cash-out Refi | 6.16% | 5/4/24 |
| 15 Year VA Purchase | 6.86% | 5/4/24 |
| 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. | ||
Southwest Funding Lp Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,366Origination Dollar Volume (All Markets)
$251,060,000Awards
SOUTHWEST FUNDING LP - 2018
SOUTHWEST FUNDING LP is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 233 | $49,995,000 | $214,571 | $6,652 | 5.03% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 140 | $24,350,000 | $173,929 | $6,823 | 5.16% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 86 | $19,570,000 | $227,558 | $6,613 | 5.03% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 91 | $15,565,000 | $171,044 | $5,789 | 5.25% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 66 | $14,650,000 | $221,970 | $4,931 | 4.98% |
| Outside of Metro Areas | 75 | $12,835,000 | $171,133 | $5,635 | 5.17% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 70 | $11,910,000 | $170,143 | $5,531 | 5.05% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 71 | $11,215,000 | $157,958 | $5,876 | 5.21% |
| LAREDO, TX (FHA|USDA|VA) | 55 | $10,355,000 | $188,273 | $7,259 | 5.02% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 43 | $8,695,000 | $202,209 | $6,995 | 5.17% |
| Hobbs, NM (FHA|USDA|VA) | 40 | $7,560,000 | $189,000 | $4,303 | 5.09% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 35 | $7,315,000 | $209,000 | $6,067 | 5.01% |
| EL PASO, TX (FHA|USDA|VA) | 42 | $5,860,000 | $139,524 | $6,554 | 5.26% |
| KNOXVILLE, TN (FHA|USDA|VA) | 34 | $5,390,000 | $158,529 | $5,969 | 5.19% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 28 | $5,100,000 | $182,143 | $6,426 | 5.05% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 14 | $2,670,000 | $190,714 | $6,406 | 4.72% |
| MIDLAND, TX (FHA|USDA|VA) | 11 | $2,595,000 | $235,909 | $5,063 | 4.87% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 15 | $2,535,000 | $169,000 | $5,823 | 4.82% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 15 | $2,445,000 | $163,000 | $6,014 | 5.13% |
| ODESSA, TX (FHA|USDA|VA) | 9 | $1,965,000 | $218,333 | $7,115 | 5.15% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 11 | $1,935,000 | $175,909 | $3,950 | 5.46% |
| HAMMOND, LA (FHA|USDA|VA) | 7 | $1,235,000 | $176,429 | $7,388 | 4.94% |
| Carlsbad-Artesia, NM (FHA|USDA|VA) | 4 | $980,000 | $245,000 | $5,066 | 5.63% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 6 | $850,000 | $141,667 | $6,999 | 5.37% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 4 | $840,000 | $210,000 | $6,072 | 5.09% |
| CLEVELAND, TN (FHA|USDA|VA) | 6 | $790,000 | $131,667 | $6,004 | 5.43% |
| Del Rio, TX (FHA|USDA|VA) | 6 | $770,000 | $128,333 | $4,346 | 5.33% |
| MONROE, LA (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $3,843 | 5.12% |
| Newport, TN (FHA|USDA|VA) | 5 | $735,000 | $147,000 | $6,370 | 5.40% |
| BATON ROUGE, LA (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $6,575 | 5.71% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $8,804 | 4.69% |
| LOUISVILLE, KY (FHA|USDA|VA) | 5 | $635,000 | $127,000 | $6,564 | 5.63% |
| OCALA, FL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $5,347 | 5.20% |
| WACO, TX (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $7,602 | 5.08% |
| Sevierville, TN (FHA|USDA|VA) | 4 | $590,000 | $147,500 | $6,449 | 5.22% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 3 | $525,000 | $175,000 | $6,025 | 5.21% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $6,726 | 5.05% |
| MOBILE, AL (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $5,520 | 4.87% |
| SANTA FE, NM (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $8,808 | 4.44% |
| JACKSON, TN (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $4,322 | 5.33% |
| Athens, TN (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $7,438 | 5.36% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $6,343 | 5.53% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $7,269 | 5.58% |
| Union City, TN (FHA|USDA|VA) | 4 | $410,000 | $102,500 | $4,954 | 5.19% |
| SPARTANBURG, SC (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,172 | 5.63% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $1,986 | 4.88% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $7,054 | 5.30% |
| FORT WAYNE, IN (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $8,475 | 5.50% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $7,358 | 5.50% |
| McMinnville, TN (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $5,964 | 5.42% |
| Opelousas, LA (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,783 | 4.38% |
| Campbellsville, KY (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $6,411 | 5.34% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $5,508 | 5.56% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,995 | 4.88% |
| LAFAYETTE, LA (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $6,107 | 5.13% |
| Palestine, TX (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,462 | 4.98% |
| LAS CRUCES, NM (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $4,917 | 5.38% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $3,376 | 5.48% |
| Paris, TN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,803 | 4.63% |
| MORRISTOWN, TN (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $4,688 | 5.56% |
| Dayton, TN (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $7,122 | 5.13% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $9,703 | 4.99% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $5,365 | 5.31% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $4,604 | 5.25% |
| London, KY (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $6,664 | 5.56% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $6,334 | 5.13% |
| Madisonville, KY (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $6,013 | 5.38% |
| Lewisburg, TN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,295 | 5.50% |
| Somerset, KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,651 | 5.63% |
| Corsicana, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,845 | 4.63% |
| Shelbyville, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,972 | 5.25% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $9,406 | 5.63% |
| Mayfield, KY (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $4,359 | 5.37% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,130 | 5.63% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,833 | 4.75% |
| JONESBORO, AR (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,926 | 5.50% |
| DeRidder, LA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,449 | 5.25% |
| Coldwater, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $7,231 | 4.99% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,580 | 5.88% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,700 | 5.63% |
| Bardstown, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,405 | 5.13% |
| Athens, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,130 | 5.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,601 | 5.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,705 | 5.00% |
| Huntington, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,937 | 4.25% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,441 | 5.63% |
| Crossville, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,551 | 5.13% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,657 | 5.13% |
| LONGVIEW, TX (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $5,115 | 5.63% |
| Murray, KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,041 | 5.63% |
| Mount Sterling, KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,094 | 5.50% |
| Sulphur Springs, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,872 | 5.63% |
| Brownwood, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,942 | 5.25% |
| PUEBLO, CO (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,402 | 5.63% |
| Pampa, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,606 | 5.13% |
| Zanesville, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,567 | 5.13% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,955 | 4.50% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,013 | 5.25% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,689 | 5.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,518 | 5.25% |
| Paducah, KY-IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $6,204 | 5.13% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,334 | 5.50% |
| Clovis, NM (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,855 | 4.50% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,221 | 5.50% |
| Dyersburg, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,917 | 5.20% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $4,354 | 5.50% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $200 | 0.00% |
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Product Mix
For 2018, Southwest Funding Lp's most frequently originated type of loan was FHA, with 766 originations. Their 2nd most popular type was Conventional, with 448 originations.
Loan Reason
For 2018, Southwest Funding Lp's most frequently cited loan purpose was Home Purchase, with 1,222 originations. The 2nd most popular reason was Cash Out Refi, with 84 originations.
Loan Duration/Length
For 2018, Southwest Funding Lp's most frequently cited loan duration was 30 Year, with 1,314 originations. The 2nd most popular length was 15 Year, with 39 originations.
Origination Fees/Closing Costs
Southwest Funding Lp's average total fees were $6,158, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 442 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 721 | $119,525,000 | $165,777 |
| 4-5% | 603 | $123,885,000 | $205,448 |
| 3-4% | 21 | $4,585,000 | $218,333 |
| 6-7% | 15 | $2,395,000 | $159,667 |
During 2018, Southwest Funding Lp's average interest rate for loans was 5.14%, while their most frequently originated rate bucket for loans was 5-6%, with 721 originations.
Loan Sizing
2018 saw Southwest Funding Lp place emphasis on $100k-200k loans with 784 originations, totaling $118,710,000 in origination value.
Applicant Income
Southwest Funding Lp lent most frequently to those with incomes in the $50k-75k range, with 474 originations. The second most popular income band? $50k or less, with 440 originations.
Applicant Debt to Income Ratio
Southwest Funding Lp lent most frequently to those with DTI ratios of 50-60%, with 224 originations. The next most common DTI ratio? 30-36%, with 202 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.48%
Southwest Funding Lp has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination96.49%
Southwest Funding Lp has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,366 | $251,060,000 | $183,792 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 1,366 | $251,060,000 | $183,792 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHWEST FUNDING, LP | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |