Tower Mortgage Rates, Fees & Info

Laurel, MD

LEI: 54930080168VA6Z8UX21

Tax ID: 53-0214895

5 stars - Updated: 9/25/23 - out of 5 stars, based on 66 reviews

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

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Mortgage Data

Review & Overview

Tower is a smaller mortgage company specializing in Home Improvement, Home Purchase, and Cash Out Refi loans. Tower has a high proportion of conventional loans. Their top markets by origination volume include: Baltimore, Washington, Philadelphia, Charlotte, and New York among others. We have data for 172 markets. (Some data included below & more in-depth data is available with an active subscription.)

Tower 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. Tower 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 about average 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.40% 9/25/23
30 Year Conventional Purchase 5.80% 9/25/23
30 Year Conventional Refi 6.00% 9/25/23
30 Year Cash-out Refi 5.90% 9/25/23
30 Year VA Purchase 5.47% 9/25/23
15 Year Conventional Purchase 5.84% 9/25/23
15 Year Conventional Refi 5.63% 9/25/23
15 Year Cash-out Refi 5.63% 9/25/23
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.

Tower Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Tower. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

4,390

Origination Dollar Volume (All Markets)

$802,430,000

Relative Rate

Tower's average 30 year fixed mortgage rate was 4.74%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.02%.

Relative Fees (Closing Costs)

Tower's average total fees/closing costs for a 30 year fixed rate mortgage were $5,376.

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 $4,750.

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1,564 $293,300,000 $187,532 $3,446 4.66%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1,177 $221,405,000 $188,110 $2,992 4.77%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 236 $38,070,000 $161,314 $3,873 5.14%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 145 $25,005,000 $172,448 $1,423 5.05%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 143 $24,275,000 $169,755 $2,076 5.00%
SALISBURY, MD-DE (FHA|USDA|VA) 93 $15,495,000 $166,613 $3,666 4.96%
RICHMOND, VA (FHA|USDA|VA) 106 $13,900,000 $131,132 $905 5.34%
Outside of Metro Areas 56 $10,320,000 $184,286 $3,256 4.48%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 46 $7,170,000 $155,870 $1,948 5.21%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 38 $6,400,000 $168,421 $4,414 5.44%
RALEIGH-CARY, NC (FHA|USDA|VA) 32 $5,780,000 $180,625 $3,067 4.57%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 23 $5,715,000 $248,478 $3,432 4.57%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 30 $5,130,000 $171,000 $2,607 5.02%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 34 $4,940,000 $145,294 $2,280 5.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 22 $4,490,000 $204,091 $3,551 4.94%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 13 $4,125,000 $317,308 $4,880 4.68%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 13 $4,115,000 $316,538 $5,292 4.81%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 21 $3,965,000 $188,810 $1,637 5.52%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $3,730,000 $310,833 $5,801 4.69%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $3,555,000 $323,182 $5,991 4.03%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 19 $3,305,000 $173,947 $2,585 4.61%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 27 $3,295,000 $122,037 $0 5.07%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 20 $3,190,000 $159,500 $6,081 4.90%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 9 $3,075,000 $341,667 $5,477 3.64%
YORK-HANOVER, PA (FHA|USDA|VA) 20 $3,060,000 $153,000 $4,228 4.63%
Kill Devil Hills, NC (FHA|USDA|VA) 14 $2,800,000 $200,000 $4,430 4.59%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,410,000 $401,667 $6,539 3.31%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 8 $2,380,000 $297,500 $4,105 4.66%
OCEAN CITY, NJ (FHA|USDA|VA) 10 $2,110,000 $211,000 $2,758 4.67%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $2,000,000 $500,000 $9,887 4.50%
GETTYSBURG, PA (FHA|USDA|VA) 10 $1,990,000 $199,000 $4,271 4.51%
JACKSONVILLE, FL (FHA|USDA|VA) 8 $1,980,000 $247,500 $3,390 5.20%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 8 $1,960,000 $245,000 $5,462 4.28%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 9 $1,915,000 $212,778 $2,717 4.69%
WINCHESTER, VA-WV (FHA|USDA|VA) 15 $1,905,000 $127,000 $3,121 4.82%
PITTSBURGH, PA (FHA|USDA|VA) 13 $1,835,000 $141,154 $0 4.98%
WILMINGTON, NC (FHA|USDA|VA) 12 $1,770,000 $147,500 $0 4.58%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 7 $1,755,000 $250,714 $2,718 4.89%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $1,735,000 $157,727 $3,493 3.81%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 12 $1,730,000 $144,167 $3,001 4.82%
COLUMBIA, SC (FHA|USDA|VA) 14 $1,710,000 $122,143 $2,532 5.18%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 6 $1,700,000 $283,333 $2,726 3.98%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $1,625,000 $541,667 $3,487 3.67%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 15 $1,575,000 $105,000 $3,413 5.07%
Cambridge, MD (FHA|USDA|VA) 5 $1,515,000 $303,000 $5,735 3.95%
FORT COLLINS, CO (FHA|USDA|VA) 2 $1,500,000 $750,000 $3,862 3.25%
HUNTSVILLE, AL (FHA|USDA|VA) 4 $1,230,000 $307,500 $4,890 3.66%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $1,210,000 $605,000 $6,490 3.31%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 14 $1,170,000 $83,571 $0 6.93%
COLUMBUS, OH (FHA|USDA|VA) 12 $1,120,000 $93,333 $0 5.98%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 4 $1,120,000 $280,000 $4,711 3.63%
Easton, MD (FHA|USDA|VA) 7 $1,105,000 $157,857 $3,092 4.20%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $1,030,000 $171,667 $1,281 5.33%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 7 $995,000 $142,143 $0 5.57%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $980,000 $490,000 $7,841 3.44%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 6 $970,000 $161,667 $4,387 5.40%
BOISE CITY, ID (FHA|USDA|VA) 3 $945,000 $315,000 $6,042 6.83%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 5 $935,000 $187,000 $1,654 4.38%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $930,000 $232,500 $0 3.38%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 4 $830,000 $207,500 $4,836 5.28%
THE VILLAGES, FL (FHA|USDA|VA) 1 $825,000 $825,000 $7,770 3.00%
ALBUQUERQUE, NM (FHA|USDA|VA) 3 $765,000 $255,000 $2,824 5.00%
EL PASO, TX (FHA|USDA|VA) 1 $765,000 $765,000 $7,022 3.13%
CUMBERLAND, MD-WV (FHA|USDA|VA) 4 $760,000 $190,000 $3,611 5.31%
ROANOKE, VA (FHA|USDA|VA) 3 $735,000 $245,000 $0 4.58%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $735,000 $735,000 $6,181 3.38%
ST. LOUIS, MO-IL (FHA|USDA|VA) 5 $715,000 $143,000 $3,024 5.48%
URBAN HONOLULU, HI (FHA|USDA|VA) 1 $685,000 $685,000 $6,895 5.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $675,000 $225,000 $4,248 4.25%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $640,000 $160,000 $5,110 3.91%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $565,000 $188,333 $3,421 4.96%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 3 $565,000 $188,333 $0 5.50%
LOUISVILLE, KY (FHA|USDA|VA) 4 $560,000 $140,000 $2,017 4.87%
LYNCHBURG, VA (FHA|USDA|VA) 3 $555,000 $185,000 $3,998 4.50%
EVANSVILLE, IN-KY (FHA|USDA|VA) 3 $545,000 $181,667 $2,977 4.58%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $540,000 $270,000 $0 4.63%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 4 $520,000 $130,000 $3,062 3.97%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 5 $515,000 $103,000 $0 4.70%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $470,000 $235,000 $6,204 3.81%
PROVO-OREM, UT (FHA|USDA|VA) 2 $460,000 $230,000 $0 3.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $460,000 $115,000 $0 4.56%
SPARTANBURG, SC (FHA|USDA|VA) 4 $450,000 $112,500 $4,658 4.91%
EAST STROUDSBURG, PA (FHA|USDA|VA) 3 $425,000 $141,667 $5,531 5.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 4 $420,000 $105,000 $0 5.31%
DOVER, DE (FHA|USDA|VA) 4 $420,000 $105,000 $2,402 4.28%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $410,000 $205,000 $0 5.38%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $410,000 $205,000 $0 5.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $390,000 $195,000 $4,194 4.44%
KNOXVILLE, TN (FHA|USDA|VA) 3 $385,000 $128,333 $0 5.08%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $375,000 $375,000 $4,907 5.13%
TALLAHASSEE, FL (FHA|USDA|VA) 3 $375,000 $125,000 $4,939 4.04%
GAINESVILLE, GA (FHA|USDA|VA) 1 $365,000 $365,000 $3,856 3.13%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $355,000 $71,000 $0 5.05%
HARRISONBURG, VA (FHA|USDA|VA) 3 $335,000 $111,667 $2,988 6.54%
Concord, NH (FHA|USDA|VA) 1 $335,000 $335,000 $8,487 2.63%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $330,000 $165,000 $0 6.63%
READING, PA (FHA|USDA|VA) 3 $325,000 $108,333 $0 5.08%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 4 $320,000 $80,000 $0 6.50%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $315,000 $105,000 $0 5.33%
BOULDER, CO (FHA|USDA|VA) 1 $315,000 $315,000 $0 3.50%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $295,000 $295,000 $0 2.75%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $290,000 $145,000 $0 5.00%
Iron Mountain, MI-WI (FHA|USDA|VA) 1 $285,000 $285,000 $2,578 6.63%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $280,000 $140,000 $8,330 3.81%
MORGANTOWN, WV (FHA|USDA|VA) 2 $270,000 $135,000 $0 4.13%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 2 $270,000 $135,000 $3,780 4.06%
Georgetown, SC (FHA|USDA|VA) 2 $260,000 $130,000 $3,299 4.44%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $260,000 $130,000 $0 3.50%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $255,000 $255,000 $3,689 6.13%
MEDFORD, OR (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.25%
Newberry, SC (FHA|USDA|VA) 1 $255,000 $255,000 $3,088 2.50%
Newport, OR (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.50%
Torrington, CT (FHA|USDA|VA) 2 $250,000 $125,000 $0 5.13%
Key West, FL (FHA|USDA|VA) 2 $250,000 $125,000 $0 4.25%
ENID, OK (FHA|USDA|VA) 1 $245,000 $245,000 $4,397 2.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $225,000 $75,000 $0 4.83%
Defiance, OH (FHA|USDA|VA) 1 $215,000 $215,000 $3,479 5.13%
LEBANON, PA (FHA|USDA|VA) 3 $215,000 $71,667 $0 5.58%
Cullowhee, NC (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.50%
BEND, OR (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $195,000 $195,000 $0 4.50%
ROME, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.50%
Morehead City, NC (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.25%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $175,000 $175,000 $3,631 3.38%
Lawrenceburg, TN (FHA|USDA|VA) 1 $175,000 $175,000 $3,281 2.50%
Sevierville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $0 7.25%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $170,000 $85,000 $0 5.88%
OCALA, FL (FHA|USDA|VA) 2 $170,000 $85,000 $2,375 4.81%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.50%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $165,000 $165,000 $2,688 2.88%
LANCASTER, PA (FHA|USDA|VA) 2 $160,000 $80,000 $0 7.25%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $160,000 $80,000 $0 5.75%
CASPER, WY (FHA|USDA|VA) 2 $160,000 $80,000 $0 7.88%
SPRINGFIELD, MO (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $155,000 $155,000 $4,079 4.13%
Boone, NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.25%
ERIE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $0 2.75%
Jefferson, GA (FHA|USDA|VA) 1 $145,000 $145,000 $4,019 3.13%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $140,000 $70,000 $0 4.88%
FAYETTEVILLE, NC (FHA|USDA|VA) 3 $135,000 $45,000 $0 4.42%
Fort Polk South, LA (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.00%
ALTOONA, PA (FHA|USDA|VA) 1 $135,000 $135,000 $4,230 6.38%
HINESVILLE, GA (FHA|USDA|VA) 1 $135,000 $135,000 $4,008 3.25%
ASHEVILLE, NC (FHA|USDA|VA) 2 $130,000 $65,000 $0 4.63%
Chillicothe, OH (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.25%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,156 3.00%
GREENVILLE, NC (FHA|USDA|VA) 2 $110,000 $55,000 $0 4.00%
Brainerd, MN (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.50%
IOWA CITY, IA (FHA|USDA|VA) 1 $105,000 $105,000 $2,993 2.88%
Kalispell, MT (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.25%
TUCSON, AZ (FHA|USDA|VA) 2 $90,000 $45,000 $0 4.00%
SALEM, OR (FHA|USDA|VA) 1 $85,000 $85,000 $0 7.25%
VISALIA, CA (FHA|USDA|VA) 1 $85,000 $85,000 $0 5.99%
AKRON, OH (FHA|USDA|VA) 1 $85,000 $85,000 $0 6.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $80,000 $40,000 $0 4.75%
Brevard, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 5.75%
STAUNTON, VA (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.50%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $0 5.75%
ALBANY, GA (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.50%
Seneca, SC (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.25%
GAINESVILLE, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.25%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.50%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 8.25%
Pottsville, PA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.25%
LAFAYETTE, LA (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.25%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.75%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 5.75%
Tower's top markets include Baltimore, Washington, Philadelphia, Charlotte, and New York among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 3,141 $449,185,000 $143,007 n/a 4.94%
    Conventional 1,239 $348,465,000 $281,247 $3,291 4.45%
    VA 10 $4,780,000 $478,000 $9,825 4.21%

    For 2022, Tower's most frequently originated type of loan was HELOC, with 3,141 originations. Their 2nd most popular type was Conventional, with 1,239 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 1,864 $234,220,000 $125,655 $19 5.06%
    Home Purchase 1,009 $281,415,000 $278,905 $5,549 4.67%
    Cash Out Refi 815 $183,545,000 $225,209 $3,651 4.49%
    Other 570 $67,110,000 $117,737 $162 5.04%
    Refi 132 $36,140,000 $273,788 $4,031 3.12%

    For 2022, Tower's most frequently cited loan purpose was Home Improvement, with 1,864 originations. The 2nd most popular reason was Home Purchase, with 1,009 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,802 $721,660,000 $189,811 $5,376 4.74%
    15 Year 321 $47,585,000 $148,240 $996 5.66%
    10 Year 120 $13,840,000 $115,333 $870 4.96%
    Other 56 $2,910,000 $51,964 $0 5.14%
    20 Year 47 $14,475,000 $307,979 $4,226 3.11%
    5 Year 44 $1,960,000 $44,545 $0 4.81%

    For 2022, Tower's most frequently cited loan duration was 30 Year, with 3,802 originations. The 2nd most popular length was 15 Year, with 321 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 526 $203,270,000 $386,445
    $<1k 442 $41,630,000 $94,186
    $2k-3k 109 $36,355,000 $333,532
    $5k+ 77 $37,955,000 $492,922
    $3k-4k 58 $21,400,000 $368,966
    $4k-5k 37 $12,635,000 $341,486

    Tower's average total fees were $5,376, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 526 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,444 $225,160,000 $155,928
    5-6% 822 $122,480,000 $149,002
    2.5-3% 679 $135,585,000 $199,683
    3-4% 571 $192,235,000 $336,664
    6-7% 485 $68,785,000 $141,825
    7-8% 351 $49,935,000 $142,265
    <2.5% 29 $7,585,000 $261,552
    Over 8% 9 $665,000 $73,889

    During 2022, Tower's average interest rate for loans was 4.74%, while their most frequently originated rate bucket for loans was 4-5%, with 1,444 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,454 $200,220,000 $137,703 $1,989 5.02%
    $100,000 or less 1,395 $86,745,000 $62,183 $143 5.05%
    $200k-400k 1,200 $322,560,000 $268,800 $4,250 4.58%
    $400k-600k 232 $112,670,000 $485,647 $5,831 3.63%
    $600k-1MM 101 $72,195,000 $714,802 $6,664 3.64%
    $1MM+ 8 $8,040,000 $1,005,000 $7,573 3.36%

    2022 saw Tower place emphasis on $100k-200k loans with 1,454 originations, totaling $200,220,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 1,633 $316,265,000 $193,671 $3,520 4.86%
    $100k-150k 1,024 $163,090,000 $159,268 $3,339 4.71%
    $250k+ 997 $230,575,000 $231,269 $3,585 4.91%
    $75k-100k 423 $54,695,000 $129,303 $3,048 4.73%
    $50k-75k 259 $31,925,000 $123,263 $2,811 4.59%
    $50k or less 54 $5,880,000 $108,889 $2,621 4.36%

    Tower lent most frequently to those with incomes in the $150k-250k range, with 1,633 originations. The second most popular income band? $100k-150k, with 1,024 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,098 $208,040,000 $189,472 $3,762 4.54%
    30-36% 870 $158,530,000 $182,218 $3,290 4.87%
    <20% 360 $73,310,000 $203,639 $3,901 4.09%
    44% 178 $31,720,000 $178,202 $3,310 5.12%
    36% 175 $34,795,000 $198,829 $4,498 4.78%
    49% 161 $26,125,000 $162,267 $2,016 5.33%
    42% 160 $26,430,000 $165,188 $2,748 4.85%
    40% 153 $25,425,000 $166,176 $2,923 5.16%
    39% 146 $28,580,000 $195,753 $3,408 4.80%
    38% 146 $27,630,000 $189,247 $3,592 4.61%
    46% 144 $24,730,000 $171,736 $3,840 5.27%
    41% 140 $24,970,000 $178,357 $3,201 4.79%
    37% 139 $30,015,000 $215,935 $3,787 4.93%
    43% 137 $22,665,000 $165,438 $2,128 5.23%
    45% 136 $20,880,000 $153,529 $1,933 5.14%
    48% 134 $20,690,000 $154,403 $1,854 5.24%
    47% 113 $17,895,000 $158,363 $999 5.36%

    Tower lent most frequently to those with DTI ratios of 20-30%, with 1,098 originations. The next most common DTI ratio? 30-36%, with 870 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,004 $537,000,000 $178,762 $3,175 4.80%
    Not provided 834 $152,580,000 $182,950 $3,468 4.82%
    Black 310 $60,120,000 $193,935 $3,934 4.81%
    Asian 187 $42,825,000 $229,011 $4,721 4.70%
    American Indian 23 $4,665,000 $202,826 $3,315 5.24%
    Asian Indian 20 $3,380,000 $169,000 $0 4.90%
    Native Hawaiian or Islander 5 $735,000 $147,000 $4,344 4.98%
    Filipino 2 $430,000 $215,000 $0 4.25%
    Other Asian 2 $320,000 $160,000 $0 7.25%
    Chinese 2 $230,000 $115,000 $0 5.38%
    Korean 1 $145,000 $145,000 $0 3.00%

    Approval Rates

    Total approvals of all applications
    74.73%

    Tower has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.59%

    Tower has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,390 $802,430,000 $182,786

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,390 $802,430,000 $182,786

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,526 $276,410,000 $181,134 $1,361 5.12%
    40-60% 249 $64,955,000 $260,863 $3,765 4.30%
    60-80% 355 $144,065,000 $405,817 $5,323 3.59%
    80-100% 299 $128,085,000 $428,378 $5,564 3.91%
    Over 100% 3 $1,915,000 $638,333 $21,553 4.17%
    Under 20% 1,958 $187,000,000 $95,506 $56 4.97%