Polam Mortgage Rates, Fees & Info
Redwood City, CALEI: 54930074W77EVRE3GD63
Tax ID: 94-6367971
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Polam is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Polam has a high proportion of conventional loans.Polam has an above average approval rate when compared to the average across all lenders. They typically have about average rates.
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Originations
26Origination Dollar Volume (All Markets)
$20,330,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 26 | $20,330,000 | $781,923 | $0 | 3.71% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $20,330,000 | $781,923 | $0 | 3.71% |
For 2020, Polam's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 12 | $4,680,000 | $390,000 | $0 | 3.98% |
| Home Purchase | 9 | $7,695,000 | $855,000 | $0 | 3.59% |
| Refi | 5 | $7,955,000 | $1,591,000 | $0 | 3.30% |
For 2020, Polam's most frequently cited loan purpose was Cash Out Refi, with 12 originations. The 2nd most popular reason was Home Purchase, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 25 | $20,145,000 | $805,800 | $0 | 3.67% |
| 3 Year | 1 | $185,000 | $185,000 | $0 | 4.95% |
For 2020, Polam's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was 3 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 26 | $20,330,000 | $781,923 |
Polam's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 26 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 19 | $19,005,000 | $1,000,263 |
| 4-5% | 7 | $1,325,000 | $189,286 |
During 2020, Polam's average interest rate for loans was 3.67%, while their most frequently originated rate bucket for loans was 3-4%, with 19 originations.
Loan Sizing
2020 saw Polam place emphasis on $1MM+ loans with 6 originations, totaling $12,230,000 in origination value.
Applicant Income
Polam lent most frequently to those with incomes in the $250k+ range, with 10 originations. The second most popular income band? $150k-250k, with 6 originations.
Applicant Debt to Income Ratio
Polam lent most frequently to those with DTI ratios of 50-60%, with 7 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 26 | $20,330,000 | $781,923 | $0 | 3.71% |
Approval Rates
Total approvals of all applications100.00%
Polam has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 26 | $20,330,000 | $781,923 |