Technology Mortgage Rates, Fees & Info

San Jose, CA

LEI: 5493007VGBHF6SRXRR53

Tax ID: 94-1651781

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Technology is a smaller mortgage company specializing in Home Improvement and Refi loans. Technology has a high proportion of conventional loans. Their top markets include San Jose, San Francisco, Los Angeles, Santa Cruz, and Sacramento among others. Technology 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. Technology is typically an average fee lendor.


Originations

1,169

Origination Dollar Volume (All Markets)

$581,495,000

Awards

TECHNOLOGY 30 Year Conventional Loans gold TECHNOLOGY 30 Year Conventional Loans gold TECHNOLOGY 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Technology's average 30 year fixed rate mortgage of loans were 2.67%.

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

This yields a difference of -0.48%.

Relative Fees

Technology's average total fees for a 30 year fixed rate mortgage are $5,201.

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
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 673 $326,385,000 $484,970 $4,650 3.09%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 350 $199,670,000 $570,486 $4,980 3.01%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 24 $12,150,000 $506,250 $5,220 3.03%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 28 $11,670,000 $416,786 $5,160 3.17%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 16 $6,210,000 $388,125 $4,927 2.95%
STOCKTON, CA (FHA|USDA|VA) 20 $5,980,000 $299,000 $4,876 3.09%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $5,060,000 $632,500 $7,735 3.11%
SALINAS, CA (FHA|USDA|VA) 5 $1,935,000 $387,000 $3,740 3.58%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 6 $1,910,000 $318,333 $5,519 3.15%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $1,400,000 $350,000 $4,824 2.78%
Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $1,135,000 $378,333 $7,007 2.79%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $1,125,000 $1,125,000 $6,474 2.88%
MERCED, CA (FHA|USDA|VA) 5 $1,095,000 $219,000 $6,234 2.70%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $920,000 $460,000 $4,755 2.94%
MODESTO, CA (FHA|USDA|VA) 3 $885,000 $295,000 $5,479 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $680,000 $340,000 $3,214 2.94%
Sonora, CA (FHA|USDA|VA) 4 $610,000 $152,500 $2,664 3.19%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $555,000 $185,000 $7,273 3.21%
Outside of Metro Areas 2 $430,000 $215,000 $0 3.50%
VALLEJO, CA (FHA|USDA|VA) 2 $380,000 $190,000 $1,743 2.75%
NAPA, CA (FHA|USDA|VA) 2 $330,000 $165,000 $0 3.25%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $4,322 2.88%
CHICO, CA (FHA|USDA|VA) 1 $225,000 $225,000 $5,218 2.38%
FRESNO, CA (FHA|USDA|VA) 2 $220,000 $110,000 $1,860 2.75%
REDDING, CA (FHA|USDA|VA) 1 $165,000 $165,000 $1,380 2.25%
Red Bluff, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.25%

Technology's top markets include San Jose, San Francisco, Los Angeles, Santa Cruz, and Sacramento among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,169 $581,495,000 $497,429 $4,825 3.06%

For the 2021 period, Technology's most frequently originated loan type of loans were Conventional, with 1,169 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 486 $125,540,000 $258,313 $0 3.40%
Refi 337 $247,505,000 $734,436 $4,154 2.70%
Cash Out Refi 172 $100,960,000 $586,977 $5,291 2.82%
Home Purchase 95 $86,905,000 $914,789 $6,894 2.84%
Other 79 $20,585,000 $260,570 $0 3.34%

For the 2021, Technology's most frequently cited loan purpose of loans were Home Improvement, with 486 originations. The 2nd most popular reason of loans were Refi, with 337 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 698 $194,460,000 $278,596 $3,475 3.34%
30 Year 386 $351,040,000 $909,430 $5,201 2.67%
10 Year 53 $18,245,000 $344,245 $2,760 2.35%
20 Year 22 $13,840,000 $629,091 $6,361 2.78%
Other 10 $3,910,000 $391,000 $0 3.33%

For the 2021, Technology's most frequently cited loan length of loans were 15 Year, with 698 originations. The 2nd most popular length of loans were 30 Year, with 386 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 196 $173,930,000 $887,398
$<1k 156 $94,570,000 $606,218
$5k+ 64 $56,480,000 $882,500
$2k-3k 61 $46,575,000 $763,525
$3k-4k 37 $32,245,000 $871,486

$5,201 of loans were Technology's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 196 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 697 $215,515,000 $309,204
<2.5% 252 $207,900,000 $825,000
2.5-3% 212 $156,810,000 $739,670
5-6% 7 $565,000 $80,714
4-5% 1 $705,000 $705,000

During 2021, Technology's average interest rate of loans were 2.67%, while their most frequently originated rate bucket of loans were 3-4%, with 697 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 403 $107,095,000 $265,744 $3,597 3.15%
$600k-1MM 197 $159,225,000 $808,249 $4,261 2.87%
$400k-600k 164 $80,950,000 $493,598 $6,010 3.30%
$100k-200k 163 $21,755,000 $133,466 $2,794 3.12%
$1MM+ 159 $207,665,000 $1,306,069 $6,149 2.60%
$100,000 or less 83 $4,805,000 $57,892 $0 3.40%

2021 saw Technology place emphasis on $200k-400k loans with 403 originations, totaling $107,095,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 502 $232,880,000 $463,904 $4,594 3.05%
$250k+ 384 $276,380,000 $719,740 $5,507 3.03%
$100k-150k 168 $44,670,000 $265,893 $3,860 3.14%
$75k-100k 57 $13,225,000 $232,018 $4,845 3.09%
$50k-75k 33 $6,335,000 $191,970 $3,509 3.04%
$50k or less 20 $2,220,000 $111,000 $3,695 3.18%

Technology lent most frequently to those with incomes in the $150k-250k range, with 502 originations. The second most popular income band? $250k+, with 384 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 286 $121,760,000 $425,734 $4,792 3.06%
30-36% 241 $123,955,000 $514,336 $4,645 3.02%
<20% 96 $31,570,000 $328,854 $4,588 3.04%
50-60% 64 $23,180,000 $362,188 $6,400 3.30%
38% 51 $27,325,000 $535,784 $4,009 3.03%
37% 47 $29,375,000 $625,000 $4,788 2.95%
43% 45 $25,575,000 $568,333 $4,031 3.01%
40% 45 $26,795,000 $595,444 $5,535 2.98%
36% 41 $24,395,000 $595,000 $7,032 3.00%
39% 39 $26,665,000 $683,718 $4,717 2.97%
44% 39 $29,385,000 $753,462 $4,735 2.83%
42% 38 $23,940,000 $630,000 $4,816 3.01%
41% 35 $19,255,000 $550,143 $4,143 3.05%
48% 22 $8,770,000 $398,636 $3,136 3.44%
47% 18 $9,310,000 $517,222 $8,964 3.25%
45% 18 $7,570,000 $420,556 $3,969 3.21%
49% 18 $8,460,000 $470,000 $5,389 3.18%
46% 18 $5,930,000 $329,444 $0 3.47%
>60% 3 $2,495,000 $831,667 $7,760 2.88%

Technology lent most frequently to those with DTI ratios of 20-30%, with 286 originations. The next most common DTI ratio? 30-36%, with 241 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 304 $218,380,000 $718,355 $4,888 2.77%
White 433 $170,665,000 $394,145 $4,622 3.15%
Not provided 141 $102,425,000 $726,418 $4,932 2.76%
Asian Indian 131 $39,295,000 $299,962 $0 3.44%
Chinese 52 $16,520,000 $317,692 $0 3.47%
Vietnamese 35 $9,705,000 $277,286 $0 3.36%
Black 19 $6,125,000 $322,368 $6,751 3.06%
Filipino 23 $5,095,000 $221,522 $0 3.29%
Not applicable 4 $5,080,000 $1,270,000 $0 3.53%
Japanese 11 $3,935,000 $357,727 $0 3.52%
American Indian 6 $2,010,000 $335,000 $3,955 2.94%
Korean 8 $1,510,000 $188,750 $0 3.25%
Native Hawiian 1 $505,000 $505,000 $0 3.75%
Native Hawaiian 1 $245,000 $245,000 $1,831 2.25%

Approval Rates

Total approvals of all applications
85.09%

Technology has an average approval rate.

Pick Rate

Approvals leading to origination
54.53%

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 1,169 $581,495,000 $497,429

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,169 $581,495,000 $497,429

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 270 $137,960,000 $510,963 $4,637 3.17%
40-60% 170 $148,220,000 $871,882 $5,221 2.78%
60-80% 167 $162,025,000 $970,210 $5,334 2.67%
80-100% 22 $20,560,000 $934,545 $6,145 2.65%
Under 20% 540 $112,730,000 $208,759 $2,548 3.23%