Technology Mortgage Rates, Fees & Info
San Jose, CALEI: 5493007VGBHF6SRXRR53
Tax ID: 94-1651781
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Mortgage Data
Review & Overview
Technology is a smaller mortgage company specializing in Home Improvement loans. Technology has an average proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Santa Cruz, Sacramento, and Vallejo among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Technology has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Technology 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 relatively high 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/17/24 |
| 30 Year Conventional Purchase | 5.67% | 11/17/24 |
| 30 Year Conventional Refi | 5.92% | 11/17/24 |
| 30 Year Cash-out Refi | 6.00% | 11/17/24 |
| 15 Year Conventional Purchase | 6.37% | 11/17/24 |
| 15 Year Conventional Refi | 5.94% | 11/17/24 |
| 15 Year Cash-out Refi | 5.94% | 11/17/24 |
| 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. | ||
Technology Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
368Origination Dollar Volume (All Markets)
$94,120,000Relative Rate
Technology's average 30 year fixed mortgage rate was
6.84%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.36%.
Relative Fees (Closing Costs)
Technology's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,090.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 211 | $55,425,000 | $262,678 | $2,301 | 8.22% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 84 | $25,000,000 | $297,619 | $2,241 | 8.22% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 12 | $4,330,000 | $360,833 | $4,028 | 7.80% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 12 | $2,070,000 | $172,500 | $4,231 | 7.60% |
| VALLEJO, CA (FHA|USDA|VA) | 5 | $1,415,000 | $283,000 | $16,235 | 7.28% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 7 | $1,235,000 | $176,429 | $0 | 8.57% |
| STOCKTON, CA (FHA|USDA|VA) | 12 | $1,220,000 | $101,667 | $0 | 8.21% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $5,632 | 7.44% |
| SALINAS, CA (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $0 | 8.25% |
| MODESTO, CA (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,803 | 7.79% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,629 | 6.63% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $0 | 8.25% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 7.75% |
| NAPA, CA (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $920 | 6.63% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $1,863 | 6.88% |
| Outside of Metro Areas | 2 | $100,000 | $50,000 | $0 | 8.38% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 7.75% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.63% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 8.63% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 7.75% |
| MADERA, CA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 8.50% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against TECHNOLOGY 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 325 | $78,845,000 | $242,600 | n/a | 8.28% |
| Conventional | 43 | $15,275,000 | $355,233 | $3,307 | 7.17% |
For 2023, Technology's most frequently originated type of loan was HELOC, with 325 originations. Their 2nd most popular type was Conventional, with 43 originations.
Loan Reason
For 2023, Technology's most frequently cited loan purpose was Home Improvement, with 257 originations. The 2nd most popular reason was Refi, with 43 originations.
Loan Duration/Length
For 2023, Technology's most frequently cited loan duration was Other, with 326 originations. The 2nd most popular length was 15 Year, with 16 originations.
Origination Fees/Closing Costs
Technology's average total fees were $5,090, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 229 | $62,645,000 | $273,559 |
| 7-8% | 115 | $21,055,000 | $183,087 |
| 6-7% | 18 | $8,450,000 | $469,444 |
| 5-6% | 6 | $1,970,000 | $328,333 |
During 2023, Technology's average interest rate for loans was 6.84%, while their most frequently originated rate bucket for loans was Over 8%, with 229 originations.
Loan Sizing
2023 saw Technology place emphasis on $200k-400k loans with 147 originations, totaling $37,805,000 in origination value.
Applicant Income
Technology lent most frequently to those with incomes in the $150k-250k range, with 128 originations. The second most popular income band? $250k+, with 116 originations.
Applicant Debt to Income Ratio
Technology lent most frequently to those with DTI ratios of 50-60%, with 74 originations. The next most common DTI ratio? 20-30%, with 64 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications71.92%
Technology has a below average approval rate.
Pick Rate
Approvals leading to origination63.04%
Technology 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 | 368 | $94,120,000 | $255,761 |