Meriwest Mortgage Rates, Fees & Info
San Jose, CALEI: 549300A4ZI1DF2OO1B51
Tax ID: 94-1521987
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Meriwest is a smaller mortgage company specializing in Home Improvement and Other loans. Meriwest has a high proportion of conventional loans. Their top markets include San Jose, San Francisco, Stockton, Santa Cruz, and Los Angeles among others. Meriwest has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.Originations
839Origination Dollar Volume (All Markets)
$210,925,000Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 487 | $129,725,000 | $266,376 | $3 | 3.61% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 183 | $49,915,000 | $272,760 | $0 | 3.69% |
| STOCKTON, CA (FHA|USDA|VA) | 34 | $7,220,000 | $212,353 | $0 | 3.66% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 21 | $4,415,000 | $210,238 | $0 | 3.54% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 16 | $4,230,000 | $264,375 | $0 | 3.61% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 25 | $3,415,000 | $136,600 | $0 | 3.65% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $1,825,000 | $1,825,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 11 | $1,595,000 | $145,000 | $0 | 3.89% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $0 | 3.56% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $1,080,000 | $270,000 | $0 | 3.88% |
| TUCSON, AZ (FHA|USDA|VA) | 11 | $945,000 | $85,909 | $0 | 3.69% |
| RENO, NV (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $0 | 3.50% |
| SALINAS, CA (FHA|USDA|VA) | 5 | $655,000 | $131,000 | $0 | 3.80% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $0 | 3.50% |
| VALLEJO, CA (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $0 | 3.79% |
| MODESTO, CA (FHA|USDA|VA) | 5 | $515,000 | $103,000 | $0 | 3.50% |
| MERCED, CA (FHA|USDA|VA) | 3 | $335,000 | $111,667 | $0 | 4.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 3.50% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.50% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 3.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 5.25% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 5.25% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 3.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 3.67% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.00% |
| Sonora, CA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 3.63% |
| Outside of Metro Areas | 1 | $95,000 | $95,000 | $0 | 3.50% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.00% |
| MADERA, CA (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $0 | 4.00% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.90% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 5.25% |
Meriwest's top markets include San Jose, San Francisco, Stockton, Santa Cruz, and Los Angeles among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 839 | $210,925,000 | $251,400 | $1 | 3.65% |
For the 2021 period, Meriwest's most frequently originated loan type of loans were Conventional, with 839 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Improvement | 535 | $129,785,000 | $242,589 | $0 | 3.63% |
| Other | 227 | $55,335,000 | $243,767 | $0 | 3.65% |
| Refi | 66 | $18,510,000 | $280,455 | $6 | 3.76% |
| Home Purchase | 10 | $5,820,000 | $582,000 | $0 | 3.95% |
| Cash Out Refi | 1 | $1,475,000 | $1,475,000 | $0 | 0.00% |
For the 2021, Meriwest's most frequently cited loan purpose of loans were Home Improvement, with 535 originations. The 2nd most popular reason of loans were Other, with 227 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 797 | $202,485,000 | $254,059 | $0 | 3.61% |
| 10 Year | 23 | $3,065,000 | $133,261 | $3 | 3.96% |
| 20 Year | 16 | $1,350,000 | $84,375 | $0 | 5.25% |
| 5 Year | 3 | $4,025,000 | $1,341,667 | $0 | 3.35% |
For the 2021, Meriwest's most frequently cited loan length of loans were 15 Year, with 797 originations. The 2nd most popular length of loans were 10 Year, with 23 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 41 | $3,395,000 | $82,805 |
$0 of loans were Meriwest's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 41 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 784 | $201,610,000 | $257,156 |
| 4-5% | 36 | $3,160,000 | $87,778 |
| 5-6% | 16 | $1,350,000 | $84,375 |
During 2021, Meriwest's average interest rate of loans were 0.00%, while their most frequently originated rate bucket of loans were 3-4%, with 784 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 441 | $137,365,000 | $311,485 | $0 | 3.56% |
| $100k-200k | 200 | $26,720,000 | $133,600 | $8 | 3.63% |
| $100,000 or less | 150 | $8,860,000 | $59,067 | $0 | 3.90% |
| $600k-1MM | 19 | $13,875,000 | $730,263 | $0 | 3.73% |
| $1MM+ | 15 | $16,865,000 | $1,124,333 | $0 | 3.75% |
| $400k-600k | 14 | $7,240,000 | $517,143 | $0 | 3.75% |
2021 saw Meriwest place emphasis on $200k-400k loans with 441 originations, totaling $137,365,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 330 | $84,460,000 | $255,939 | $4 | 3.64% |
| $250k+ | 217 | $69,845,000 | $321,866 | $0 | 3.65% |
| $100k-150k | 165 | $31,855,000 | $193,061 | $0 | 3.64% |
| $75k-100k | 48 | $7,970,000 | $166,042 | $0 | 3.66% |
| $50k-75k | 47 | $5,225,000 | $111,170 | $0 | 3.72% |
| $50k or less | 15 | $1,965,000 | $131,000 | $0 | 3.69% |
Meriwest lent most frequently to those with incomes in the $150k-250k range, with 330 originations. The second most popular income band? $250k+, with 217 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 172 | $48,600,000 | $282,558 | $0 | 3.58% |
| 30-36% | 153 | $41,895,000 | $273,824 | $0 | 3.67% |
| <20% | 71 | $19,195,000 | $270,352 | $0 | 3.59% |
| 50-60% | 54 | $7,700,000 | $142,593 | $5 | 3.83% |
| 41% | 38 | $9,790,000 | $257,632 | $0 | 3.61% |
| 44% | 33 | $7,395,000 | $224,091 | $0 | 3.57% |
| 42% | 30 | $7,020,000 | $234,000 | $0 | 3.61% |
| 43% | 30 | $5,900,000 | $196,667 | $0 | 3.81% |
| 39% | 29 | $7,995,000 | $275,690 | $0 | 3.57% |
| 37% | 27 | $6,805,000 | $252,037 | $0 | 3.74% |
| 40% | 26 | $6,790,000 | $261,154 | $0 | 3.70% |
| 47% | 26 | $4,700,000 | $180,769 | $0 | 3.85% |
| 48% | 26 | $5,450,000 | $209,615 | $0 | 3.67% |
| 36% | 26 | $5,850,000 | $225,000 | $0 | 3.65% |
| 49% | 25 | $4,835,000 | $193,400 | $0 | 3.66% |
| 46% | 25 | $4,855,000 | $194,200 | $0 | 3.57% |
| 45% | 24 | $5,950,000 | $247,917 | $0 | 3.55% |
| 38% | 19 | $4,415,000 | $232,368 | $0 | 3.62% |
| >60% | 1 | $255,000 | $255,000 | $0 | 3.50% |
Meriwest lent most frequently to those with DTI ratios of 20-30%, with 172 originations. The next most common DTI ratio? 30-36%, with 153 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 348 | $77,800,000 | $223,563 | $3 | 3.65% |
| Asian | 244 | $67,980,000 | $278,607 | $0 | 3.62% |
| Not provided | 191 | $47,975,000 | $251,178 | $0 | 3.67% |
| Not applicable | 4 | $5,530,000 | $1,382,500 | $0 | 3.35% |
| Asian Indian | 16 | $4,990,000 | $311,875 | $0 | 3.57% |
| Black | 20 | $3,170,000 | $158,500 | $0 | 3.90% |
| American Indian | 8 | $1,690,000 | $211,250 | $0 | 3.71% |
| Chinese | 3 | $1,125,000 | $375,000 | $0 | 3.75% |
| Other Asian | 1 | $395,000 | $395,000 | $0 | 3.50% |
| Filipino | 3 | $235,000 | $78,333 | $0 | 3.63% |
| Native Hawaiian | 1 | $35,000 | $35,000 | $0 | 3.50% |
Approval Rates
Total approvals of all applications81.03%
Meriwest has a below average approval rate.
Pick Rate
Approvals leading to origination93.03%
Meriwest has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 839 | $210,925,000 | $251,400 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 839 | $210,925,000 | $251,400 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 286 | $98,680,000 | $345,035 | $0 | 3.58% |
| 40-60% | 34 | $19,050,000 | $560,294 | $0 | 3.64% |
| 60-80% | 11 | $6,485,000 | $589,545 | $0 | 3.66% |
| Under 20% | 508 | $86,710,000 | $170,689 | $1 | 3.69% |
