Loan Simple Mortgage Rates, Fees & Info
Colorado Springs, COLEI: 549300748YYU6VG08N83
Tax ID: 84-1412422
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Mortgage Data
Review & Overview
Loan Simple is a smaller mortgage company specializing in Home Purchase and Refi loans. Loan Simple 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 by origination volume include: Denver, Greeley, Prescott Valley, Fort Collins, and Dallas among others. We have data for 99 markets. (Some data included below & more in-depth data is available with an active subscription.)Loan Simple 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. Loan Simple 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 | 6.84% | 4/18/24 |
| 30 Year Conventional Refi | 6.62% | 4/18/24 |
| 30 Year Cash-out Refi | 6.89% | 4/18/24 |
| 30 Year FHA Purchase | 7.67% | 4/18/24 |
| 30 Year FHA Refi | 6.84% | 4/18/24 |
| 30 Year VA Purchase | 6.53% | 4/18/24 |
| 30 Year VA Refi | 6.27% | 4/18/24 |
| 30 Year USDA Purchase | 6.69% | 4/18/24 |
| 30 Year USDA Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 6.28% | 4/18/24 |
| 15 Year Conventional Refi | 6.01% | 4/18/24 |
| 15 Year Cash-out Refi | 6.01% | 4/18/24 |
| 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. | ||
Loan Simple Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,724Origination Dollar Volume (All Markets)
$491,750,000Awards
Loan Simple - 2019
Loan Simple is a 2019 , due to their low .
For 2019, 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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 400 | $135,630,000 | $339,075 | $6,759 | 4.19% |
| GREELEY, CO (FHA|USDA|VA) | 202 | $58,260,000 | $288,416 | $5,895 | 4.35% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 149 | $42,025,000 | $282,047 | $5,117 | 4.28% |
| FORT COLLINS, CO (FHA|USDA|VA) | 131 | $41,605,000 | $317,595 | $4,515 | 4.29% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 144 | $33,880,000 | $235,278 | $7,874 | 4.72% |
| REDDING, CA (FHA|USDA|VA) | 118 | $31,660,000 | $268,305 | $7,435 | 4.54% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 111 | $30,075,000 | $270,946 | $5,113 | 4.06% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 41 | $11,495,000 | $280,366 | $6,508 | 4.32% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 26 | $9,980,000 | $383,846 | $8,646 | 3.79% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 26 | $7,330,000 | $281,923 | $6,358 | 4.30% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 29 | $6,615,000 | $228,103 | $9,189 | 5.09% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 16 | $5,950,000 | $371,875 | $5,691 | 4.52% |
| BEND, OR (FHA|USDA|VA) | 19 | $5,615,000 | $295,526 | $6,807 | 4.36% |
| Othello, WA (FHA|USDA|VA) | 27 | $5,555,000 | $205,741 | $6,317 | 4.36% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 25 | $3,925,000 | $157,000 | $4,581 | 4.63% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 15 | $3,805,000 | $253,667 | $7,822 | 4.71% |
| Outside of Metro Areas | 18 | $3,690,000 | $205,000 | $6,819 | 4.33% |
| BOULDER, CO (FHA|USDA|VA) | 10 | $3,530,000 | $353,000 | $6,393 | 4.34% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 26 | $3,520,000 | $135,385 | $6,229 | 4.79% |
| Montrose, CO (FHA|USDA|VA) | 12 | $2,780,000 | $231,667 | $5,440 | 4.77% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 8 | $2,720,000 | $340,000 | $6,432 | 3.97% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 8 | $2,700,000 | $337,500 | $7,216 | 4.23% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 12 | $2,390,000 | $199,167 | $7,124 | 4.80% |
| Fort Morgan, CO (FHA|USDA|VA) | 10 | $1,950,000 | $195,000 | $5,022 | 4.44% |
| Edwards, CO (FHA|USDA|VA) | 4 | $1,670,000 | $417,500 | $6,266 | 4.03% |
| Red Bluff, CA (FHA|USDA|VA) | 8 | $1,660,000 | $207,500 | $7,675 | 4.81% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 5 | $1,645,000 | $329,000 | $5,512 | 3.85% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 4 | $1,590,000 | $397,500 | $7,071 | 3.88% |
| PUEBLO, CO (FHA|USDA|VA) | 5 | $1,455,000 | $291,000 | $3,551 | 4.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 5 | $1,405,000 | $281,000 | $10,437 | 4.43% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 4 | $1,330,000 | $332,500 | $8,029 | 3.90% |
| MIDLAND, TX (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $14,098 | 5.12% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $7,326 | 4.06% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 5 | $985,000 | $197,000 | $9,349 | 4.93% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $6,632 | 4.08% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $9,219 | 4.00% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $7,389 | 5.29% |
| Moses Lake, WA (FHA|USDA|VA) | 6 | $880,000 | $146,667 | $5,016 | 4.46% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $4,782 | 3.41% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $5,597 | 4.29% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $4,731 | 4.56% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $5,908 | 4.54% |
| SALEM, OR (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $5,015 | 3.88% |
| RENO, NV (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $7,762 | 3.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $6,369 | 3.58% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $5,603 | 4.13% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,720 | 4.88% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,530 | 5.75% |
| Prineville, OR (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,980 | 3.50% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,565 | 4.50% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $9,768 | 3.88% |
| HAMMOND, LA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $9,843 | 4.88% |
| Durango, CO (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,746 | 4.99% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $10,738 | 4.94% |
| Centralia, WA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,803 | 4.00% |
| Payson, AZ (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,765 | 3.69% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,923 | 4.00% |
| Sheridan, WY (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,712 | 5.00% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,371 | 4.25% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $14,738 | 5.75% |
| Kerrville, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,863 | 4.13% |
| Rock Springs, WY (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,379 | 4.63% |
| Outside of Metro Areas | 1 | $255,000 | $255,000 | $4,478 | 3.38% |
| Clovis, NM (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $4,283 | 3.88% |
| Nacogdoches, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $12,666 | 5.63% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,833 | 5.00% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,771 | 3.38% |
| BOISE CITY, ID (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,453 | 5.75% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,573 | 3.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,101 | 4.38% |
| Weatherford, OK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,801 | 3.63% |
| Fallon, NV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,310 | 3.75% |
| OCALA, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,821 | 4.63% |
| Raymondville, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,360 | 5.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,729 | 3.50% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,246 | 4.00% |
| VISALIA, CA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $4,530 | 4.66% |
| Crossville, TN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,174 | 4.00% |
| Susanville, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $9,707 | 5.75% |
| TEXARKANA, TX-AR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,690 | 4.88% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $4,983 | 4.50% |
| Coos Bay, OR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $6,154 | 3.50% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,998 | 4.50% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,822 | 3.88% |
| DeRidder, LA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $10,251 | 5.13% |
| Taos, NM (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,939 | 5.75% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $10,075 | 5.13% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,272 | 3.63% |
| CLEVELAND, TN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,023 | 3.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,031 | 3.75% |
| Duncan, OK (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,641 | 5.63% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,100 | 4.38% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,872 | 4.88% |
| YAKIMA, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,289 | 3.63% |
| MADERA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,673 | 4.38% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,885 | 4.25% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,053 | 4.88% |
| Pampa, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,470 | 4.50% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,901 | 4.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against Loan Simple based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2019, Loan Simple's most frequently originated type of loan was Conventional, with 1,141 originations. Their 2nd most popular type was FHA, with 441 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 1,168 | $329,910,000 | $282,457 | $7,157 | 4.47% |
| Refi | 556 | $161,840,000 | $291,079 | $4,693 | 4.11% |
For 2019, Loan Simple's most frequently cited loan purpose was Home Purchase, with 1,168 originations. The 2nd most popular reason was Refi, with 556 originations.
Loan Duration/Length
For 2019, Loan Simple's most frequently cited loan duration was 30 Year, with 1,655 originations. The 2nd most popular length was 15 Year, with 51 originations.
Origination Fees/Closing Costs
Loan Simple's average total fees were $6,456, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 944 originations.
Interest Rates
During 2019, Loan Simple's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 4-5%, with 807 originations.
Loan Sizing
2019 saw Loan Simple place emphasis on $200k-400k loans with 1,029 originations, totaling $296,135,000 in origination value.
Applicant Income
Loan Simple lent most frequently to those with incomes in the $50k-75k range, with 478 originations. The second most popular income band? $100k-150k, with 384 originations.
Applicant Debt to Income Ratio
Loan Simple lent most frequently to those with DTI ratios of 30-36%, with 284 originations. The next most common DTI ratio? 20-30%, with 215 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.49%
Loan Simple has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination73.67%
Loan Simple has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,724 | $491,750,000 | $285,238 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 48 | $9,860,000 | $205,417 |
| Single Family (1-4 Units):Site-Built | 1,676 | $481,890,000 | $287,524 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| LOAN SIMPLE INC. | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| LOAN SIMPLE INC. | FHA mortgage | Closing on a mortgage | 1 | 50.0% |