Primus Lending Corp. Mortgage Rates, Fees & Info

LOS ANGELES, CA

LEI: 5493007ABXGXVK31KE79

Tax ID: 95-4789675

1 stars - out of 5 stars, based on 13 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Primus Lending Corp. is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Primus Lending Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Los Angeles, Riverside, San Francisco, San Diego, and Vallejo among others. Primus Lending Corp. has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Primus Lending Corp. is typically a high fee lendor.


Originations

175

Origination Dollar Volume (All Markets)

$78,295,000

Relative Rate

Primus Lending Corp.'s average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

Primus Lending Corp.'s average total fees for a 30 year fixed rate mortgage are $10,297.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 129 $59,505,000 $461,279 $10,167 3.06%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 24 $8,590,000 $357,917 $8,896 3.02%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 9 $4,855,000 $539,444 $8,324 3.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,800,000 $450,000 $6,704 2.94%
VALLEJO, CA (FHA|USDA|VA) 3 $1,655,000 $551,667 $18,668 3.29%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $1,065,000 $355,000 $9,121 3.17%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $315,000 $315,000 $2,359 2.75%
MODESTO, CA (FHA|USDA|VA) 1 $255,000 $255,000 $1,674 2.50%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $255,000 $255,000 $3,284 2.88%

Primus Lending Corp.'s top markets include Los Angeles, Riverside, San Francisco, San Diego, and Vallejo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 139 $59,845,000 $430,540 $7,646 3.05%
FHA 32 $16,140,000 $504,375 $19,965 3.04%
VA 4 $2,310,000 $577,500 $14,380 3.06%

For the 2021 period, Primus Lending Corp.'s most frequently originated loan type of loans were Conventional, with 139 originations. Their 2nd most popular type is FHA, with 32 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 82 $34,870,000 $425,244 $7,300 2.94%
Cash Out Refi 52 $21,830,000 $419,808 $10,559 3.15%
Home Purchase 41 $21,595,000 $526,707 $13,922 3.14%

For the 2021, Primus Lending Corp.'s most frequently cited loan purpose of loans were Refi, with 82 originations. The 2nd most popular reason of loans were Cash Out Refi, with 52 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 155 $71,415,000 $460,742 $10,297 3.11%
15 Year 14 $4,990,000 $356,429 $5,410 2.50%
Other 3 $945,000 $315,000 $0 3.21%
20 Year 2 $720,000 $360,000 $6,526 2.56%
10 Year 1 $225,000 $225,000 $4,931 2.50%

For the 2021, Primus Lending Corp.'s most frequently cited loan length of loans were 30 Year, with 155 originations. The 2nd most popular length of loans were 15 Year, with 14 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 71 $35,275,000 $496,831
$1k-2k 46 $19,640,000 $426,957
$3k-4k 22 $7,460,000 $339,091
$<1k 21 $8,385,000 $399,286
$2k-3k 11 $6,015,000 $546,818

$10,297 of loans were Primus Lending Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 71 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 79 $35,445,000 $448,671
3-4% 75 $34,565,000 $460,867
<2.5% 19 $7,525,000 $396,053
4-5% 2 $760,000 $380,000

During 2021, Primus Lending Corp.'s average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 79 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 70 $34,950,000 $499,286 $10,467 3.08%
$200k-400k 66 $19,900,000 $301,515 $6,543 3.00%
$600k-1MM 32 $22,330,000 $697,813 $15,860 3.14%
$100k-200k 6 $1,030,000 $171,667 $6,004 2.88%
$100,000 or less 1 $85,000 $85,000 $4,818 2.50%

2021 saw Primus Lending Corp. place emphasis on $400k-600k loans with 70 originations, totaling $34,950,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 46 $22,290,000 $484,565 $9,905 3.06%
$100k-150k 44 $22,750,000 $517,045 $11,190 3.15%
$75k-100k 42 $17,370,000 $413,571 $9,402 3.09%
$50k-75k 27 $7,885,000 $292,037 $7,669 2.87%
$250k+ 12 $6,960,000 $580,000 $10,564 2.83%
$50k or less 4 $1,040,000 $260,000 $9,875 3.20%

Primus Lending Corp. lent most frequently to those with incomes in the $150k-250k range, with 46 originations. The second most popular income band? $100k-150k, with 44 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 27 $11,285,000 $417,963 $6,885 3.06%
30-36% 21 $8,115,000 $386,429 $7,080 3.02%
50-60% 13 $6,985,000 $537,308 $19,091 3.07%
48% 12 $5,990,000 $499,167 $11,412 3.23%
47% 10 $4,390,000 $439,000 $8,689 2.91%
46% 10 $4,530,000 $453,000 $11,122 2.79%
43% 10 $4,300,000 $430,000 $10,239 3.24%
45% 9 $4,865,000 $540,556 $13,346 3.13%
<20% 8 $3,450,000 $431,250 $6,045 2.70%
40% 8 $3,400,000 $425,000 $8,744 3.27%
39% 7 $2,805,000 $400,714 $7,007 2.98%
42% 7 $4,055,000 $579,286 $12,318 3.23%
36% 6 $2,050,000 $341,667 $8,218 3.23%
38% 6 $3,360,000 $560,000 $13,834 2.94%
44% 5 $2,275,000 $455,000 $11,895 3.08%
41% 5 $2,285,000 $457,000 $9,223 2.98%
37% 4 $1,600,000 $400,000 $5,827 3.00%
49% 4 $1,610,000 $402,500 $10,845 2.88%

Primus Lending Corp. lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 21 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Black 73 $34,205,000 $468,562 $13,230 3.19%
Asian 59 $25,165,000 $426,525 $6,354 2.89%
White 43 $18,925,000 $440,116 $8,683 3.04%

Approval Rates

Total approvals of all applications
89.04%

Primus Lending Corp. has an average approval rate.

Pick Rate

Approvals leading to origination
39.29%

Primus Lending Corp. 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
NA 175 $78,295,000 $447,400

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
175 $78,295,000 $447,400

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 30 $9,940,000 $331,333 $6,386 2.90%
40-60% 60 $25,280,000 $421,333 $8,159 3.06%
60-80% 50 $24,340,000 $486,800 $9,750 3.12%
80-100% 32 $17,210,000 $537,813 $15,006 3.07%
Over 100% 1 $805,000 $805,000 $36,147 2.88%
Under 20% 2 $720,000 $360,000 $14,327 2.88%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Prime Choice Funding Inc. Conventional home mortgage Closing on a mortgage 1 50.0%
Prime Choice Funding Inc. VA mortgage Trouble during payment process 1 50.0%