Penrith Home Loans Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 5493008GYZEYGLI3NQ97

Tax ID: 47-0933090

3.6 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Penrith Home Loans is a smaller mortgage company specializing in Home Purchase and Refi loans. Penrith Home Loans has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Seattle, Portland, Spokane, Bremerton, and Oak Harbor among others. Penrith Home Loans has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Penrith Home Loans is typically a high fee lendor.


Originations

1,552

Origination Dollar Volume (All Markets)

$686,490,000

Relative Rate

Penrith Home Loans '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

Penrith Home Loans 's average total fees for a 30 year fixed rate mortgage are $6,220.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 916 $475,990,000 $519,640 $6,348 3.00%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 191 $67,885,000 $355,419 $5,121 3.00%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 217 $59,515,000 $274,263 $5,153 2.90%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 98 $37,320,000 $380,816 $5,663 3.06%
Oak Harbor, WA (FHA|USDA|VA) 17 $8,375,000 $492,647 $6,430 3.06%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 17 $5,555,000 $326,765 $4,562 2.92%
Outside of Metro Areas 18 $5,190,000 $288,333 $4,579 2.92%
WENATCHEE, WA (FHA|USDA|VA) 15 $4,325,000 $288,333 $5,696 3.27%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 12 $3,830,000 $319,167 $3,910 2.73%
Shelton, WA (FHA|USDA|VA) 7 $2,665,000 $380,714 $6,079 3.27%
LONGVIEW, WA (FHA|USDA|VA) 5 $2,345,000 $469,000 $5,104 3.05%
Ellensburg, WA (FHA|USDA|VA) 4 $2,260,000 $565,000 $6,058 3.16%
Moses Lake, WA (FHA|USDA|VA) 7 $2,125,000 $303,571 $5,877 3.13%
BEND, OR (FHA|USDA|VA) 5 $1,975,000 $395,000 $5,273 3.10%
BELLINGHAM, WA (FHA|USDA|VA) 4 $1,640,000 $410,000 $6,172 3.00%
Aberdeen, WA (FHA|USDA|VA) 5 $1,395,000 $279,000 $5,287 2.90%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 3 $1,305,000 $435,000 $4,849 2.92%
Port Angeles, WA (FHA|USDA|VA) 5 $1,085,000 $217,000 $5,702 3.13%
SALEM, OR (FHA|USDA|VA) 2 $710,000 $355,000 $8,535 2.88%
Centralia, WA (FHA|USDA|VA) 2 $570,000 $285,000 $3,079 2.88%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $285,000 $285,000 $4,431 2.63%
Pullman, WA (FHA|USDA|VA) 1 $145,000 $145,000 $3,010 2.88%

Penrith Home Loans 's top markets include Seattle, Portland, Spokane, Bremerton, and Oak Harbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,399 $619,225,000 $442,620 $5,428 3.00%
VA 85 $41,515,000 $488,412 $9,160 2.70%
FHA 68 $25,750,000 $378,676 $11,394 3.11%

For the 2021 period, Penrith Home Loans 's most frequently originated loan type of loans were Conventional, with 1,399 originations. Their 2nd most popular type is VA, with 85 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 916 $443,600,000 $484,279 $6,351 3.00%
Refi 370 $139,610,000 $377,324 $4,695 2.88%
Cash Out Refi 251 $97,515,000 $388,506 $6,080 3.11%
Other 13 $5,105,000 $392,692 $5,609 3.36%
Home Improvement 2 $660,000 $330,000 $4,480 2.69%

For the 2021, Penrith Home Loans 's most frequently cited loan purpose of loans were Home Purchase, with 916 originations. The 2nd most popular reason of loans were Refi, with 370 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,348 $631,170,000 $468,227 $6,220 3.11%
15 Year 120 $36,270,000 $302,250 $4,378 2.47%
20 Year 48 $17,370,000 $361,875 $4,546 2.76%
Other 34 $1,400,000 $41,176 $643 0.46%
10 Year 2 $280,000 $140,000 $3,134 2.25%

For the 2021, Penrith Home Loans 's most frequently cited loan length of loans were 30 Year, with 1,348 originations. The 2nd most popular length of loans were 15 Year, with 120 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 642 $287,470,000 $447,773
$3k-4k 297 $122,975,000 $414,057
$5k+ 248 $154,630,000 $623,508
$2k-3k 228 $88,370,000 $387,588
$<1k 111 $25,135,000 $226,441

$6,220 of loans were Penrith Home Loans 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 642 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 719 $322,345,000 $448,324
2.5-3% 637 $301,395,000 $473,148
<2.5% 177 $56,675,000 $320,198
4-5% 19 $6,075,000 $319,737

During 2021, Penrith Home Loans 's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 719 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 588 $178,350,000 $303,316 $5,291 3.07%
$400k-600k 461 $225,285,000 $488,688 $6,443 3.07%
$600k-1MM 265 $193,515,000 $730,245 $7,648 3.03%
$100k-200k 155 $24,995,000 $161,258 $3,581 2.95%
$1MM+ 46 $63,380,000 $1,377,826 $9,771 3.01%
$100,000 or less 37 $965,000 $26,081 $785 0.62%

2021 saw Penrith Home Loans place emphasis on $200k-400k loans with 588 originations, totaling $178,350,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 419 $181,685,000 $433,616 $5,855 2.97%
$150k-250k 331 $193,485,000 $584,547 $6,535 2.99%
$75k-100k 292 $104,580,000 $358,151 $5,637 3.01%
$50k-75k 291 $80,655,000 $277,165 $5,131 2.98%
$250k+ 136 $109,560,000 $805,588 $8,082 3.09%
$50k or less 76 $13,650,000 $179,605 $3,875 2.92%

Penrith Home Loans lent most frequently to those with incomes in the $100k-150k range, with 419 originations. The second most popular income band? $150k-250k, with 331 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 299 $129,025,000 $431,522 $5,716 2.95%
30-36% 286 $141,010,000 $493,042 $5,604 3.02%
<20% 89 $32,455,000 $364,663 $4,930 2.89%
41% 88 $43,150,000 $490,341 $6,031 3.09%
44% 80 $33,810,000 $422,625 $6,954 3.12%
42% 79 $33,755,000 $427,278 $5,627 2.90%
43% 77 $29,455,000 $382,532 $5,819 3.09%
49% 67 $28,445,000 $424,552 $6,505 3.03%
37% 63 $29,365,000 $466,111 $6,120 3.03%
39% 62 $27,590,000 $445,000 $6,182 3.05%
40% 59 $24,775,000 $419,915 $5,425 2.87%
36% 53 $22,535,000 $425,189 $6,811 2.98%
45% 52 $21,520,000 $413,846 $6,276 2.88%
47% 50 $21,580,000 $431,600 $5,417 3.07%
48% 48 $21,340,000 $444,583 $6,413 3.00%
38% 47 $24,125,000 $513,298 $5,534 2.89%
46% 46 $20,190,000 $438,913 $7,224 3.06%
50-60% 5 $2,135,000 $427,000 $10,460 3.00%
>60% 1 $15,000 $15,000 $333 0.00%

Penrith Home Loans lent most frequently to those with DTI ratios of 20-30%, with 299 originations. The next most common DTI ratio? 30-36%, with 286 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,157 $493,965,000 $426,936 $5,787 3.00%
Not provided 248 $120,660,000 $486,532 $6,369 2.97%
Asian 106 $55,250,000 $521,226 $6,070 2.99%
Black 21 $8,685,000 $413,571 $5,608 3.08%
American Indian 16 $6,490,000 $405,625 $6,029 2.88%
Native Hawaiian 3 $1,295,000 $431,667 $9,717 2.92%
Asian Indian 1 $145,000 $145,000 $3,421 2.75%

Approval Rates

Total approvals of all applications
96.62%

Penrith Home Loans 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
78.82%

Penrith Home Loans has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,552 $686,490,000 $442,326

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,552 $686,490,000 $442,326

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 137 $37,025,000 $270,255 $4,125 2.89%
40-60% 318 $125,480,000 $394,591 $4,998 2.93%
60-80% 518 $257,370,000 $496,853 $6,110 3.11%
80-100% 523 $257,945,000 $493,203 $6,854 3.12%
Over 100% 9 $4,815,000 $535,000 $18,853 2.93%
Under 20% 47 $3,855,000 $82,021 $1,463 1.06%