Preferred Bank Mortgage Rates, Fees & Info

Los Angeles, CA

LEI: 5493007K6HGI9G0ECX16

Tax ID: 95-4340199

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Preferred Bank is a smaller bank specializing in Home Purchase and Refi loans. Preferred Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Jose, New York, and San Francisco among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Preferred Bank 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.

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Originations

241

Origination Dollar Volume (All Markets)

$291,105,000

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 124 $151,810,000 $1,224,274 $0 0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 89 $48,235,000 $541,966 $0 0.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 5 $31,595,000 $6,319,000 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 7 $29,045,000 $4,149,286 $0 0.00%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 7 $14,145,000 $2,020,714 $0 0.00%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $7,455,000 $7,455,000 $0 0.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $4,040,000 $1,010,000 $0 0.00%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $2,285,000 $2,285,000 $0 0.00%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $1,520,000 $760,000 $0 0.00%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $975,000 $975,000 $0 0.00%
Preferred Bank's top markets include Los Angeles, Riverside, San Jose, New York, and San Francisco among others.

Their top states include:
  • California (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Hawaii (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 241 $291,105,000 $1,207,905 $0 0.00%

    For 2022, Preferred Bank's most frequently originated type of loan was Conventional, with 241 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 186 $172,590,000 $927,903 $0 0.00%
    Refi 43 $103,315,000 $2,402,674 $0 0.00%
    Cash Out Refi 8 $12,340,000 $1,542,500 $0 0.00%
    Home Improvement 2 $630,000 $315,000 $0 0.00%
    Other 2 $2,230,000 $1,115,000 $0 0.00%

    For 2022, Preferred Bank's most frequently cited loan purpose was Home Purchase, with 186 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 241 $291,105,000 $1,207,905 $0 0.00%

    For 2022, Preferred Bank's most frequently cited loan duration was Other, with 241 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 83 $41,955,000 $505,482 $0 0.00%
    $600k-1MM 82 $61,760,000 $753,171 $0 0.00%
    $1MM+ 60 $181,880,000 $3,031,333 $0 0.00%
    $200k-400k 16 $5,510,000 $344,375 $0 0.00%

    2022 saw Preferred Bank place emphasis on $400k-600k loans with 83 originations, totaling $41,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 123 $111,325,000 $905,081 $0 0.00%
    $150k-250k 58 $34,320,000 $591,724 $0 0.00%
    $100k-150k 22 $12,020,000 $546,364 $0 0.00%
    $50k-75k 1 $655,000 $655,000 $0 0.00%
    $75k-100k 1 $275,000 $275,000 $0 0.00%

    Preferred Bank lent most frequently to those with incomes in the $250k+ range, with 123 originations. The second most popular income band? $150k-250k, with 58 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 241 $291,105,000 $1,207,905 $0 0.00%

    Preferred Bank lent most frequently to those with DTI ratios of Exempt%, with 241 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 209 $163,035,000 $780,072 $0 0.00%
    Not applicable 22 $116,160,000 $5,280,000 $0 0.00%
    White 4 $6,300,000 $1,575,000 $0 0.00%
    Not provided 6 $5,610,000 $935,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.74%

    Preferred Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    79.25%

    Preferred Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 241 $291,105,000 $1,207,905

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    241 $291,105,000 $1,207,905