Meriwest Mortgage Rates, Fees & Info
San Jose, CALEI: 549300A4ZI1DF2OO1B51
Tax ID: 94-1521987
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Meriwest is a smaller mortgage company specializing in Home Improvement and Other loans. Meriwest has a low ratio of conventional loans.Their top markets by origination volume include: San Jose, San Francisco, Stockton, Sacramento, and Los Angeles among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)Meriwest has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.16% | 3/28/23 |
| 15 Year Conventional Refi | 6.95% | 3/28/23 |
| 15 Year Cash-out Refi | 6.95% | 3/28/23 |
| 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. | ||
Originations
1,080Origination Dollar Volume (All Markets)
$309,920,000Top 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) | 619 | $189,435,000 | $306,034 | $0 | 4.35% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 258 | $78,160,000 | $302,946 | $0 | 4.56% |
| STOCKTON, CA (FHA|USDA|VA) | 44 | $10,850,000 | $246,591 | $0 | 4.68% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 31 | $6,665,000 | $215,000 | $0 | 4.59% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 21 | $5,705,000 | $271,667 | $0 | 4.27% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 11 | $4,005,000 | $364,091 | $0 | 5.16% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 8 | $2,030,000 | $253,750 | $0 | 4.63% |
| SALINAS, CA (FHA|USDA|VA) | 10 | $1,980,000 | $198,000 | $0 | 4.95% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 10 | $1,870,000 | $187,000 | $0 | 4.54% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 9 | $1,705,000 | $189,444 | $0 | 4.45% |
| TUCSON, AZ (FHA|USDA|VA) | 10 | $1,280,000 | $128,000 | $0 | 4.43% |
| VALLEJO, CA (FHA|USDA|VA) | 8 | $1,070,000 | $133,750 | $0 | 5.00% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $0 | 5.14% |
| Outside of Metro Areas | 3 | $575,000 | $191,667 | $0 | 4.83% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $0 | 4.42% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $0 | 3.63% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 5 | $415,000 | $83,000 | $0 | 4.55% |
| MODESTO, CA (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $0 | 4.72% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $0 | 3.83% |
| FRESNO, CA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 5.17% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.50% |
| RENO, NV (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 3.75% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.50% |
| MERCED, CA (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 4.33% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.00% |
| MADERA, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.10% |
| BEND, OR (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.75% |
| Sonora, CA (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 5.00% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 4.50% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.15% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 1,012 | $299,680,000 | $296,126 | n/a | 4.42% |
| Conventional | 68 | $10,240,000 | $150,588 | $0 | 4.87% |
For 2022, Meriwest's most frequently originated type of loan was HELOC, with 1,012 originations. Their 2nd most popular type was Conventional, with 68 originations.
Loan Reason
For 2022, Meriwest's most frequently cited loan purpose was Home Improvement, with 699 originations. The 2nd most popular reason was Other, with 272 originations.
Loan Duration/Length
For 2022, Meriwest's most frequently cited loan duration was 15 Year, with 1,024 originations. The 2nd most popular length was 10 Year, with 32 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 66 | $8,110,000 | $122,879 |
Meriwest's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 595 | $178,885,000 | $300,647 |
| 4-5% | 201 | $56,465,000 | $280,920 |
| 5-6% | 182 | $47,730,000 | $262,253 |
| 6-7% | 80 | $20,920,000 | $261,500 |
| 7-8% | 22 | $5,920,000 | $269,091 |
During 2022, Meriwest's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 595 originations.
Loan Sizing
2022 saw Meriwest place emphasis on $200k-400k loans with 627 originations, totaling $209,945,000 in origination value.
Applicant Income
Meriwest lent most frequently to those with incomes in the $150k-250k range, with 390 originations. The second most popular income band? $250k+, with 383 originations.
Applicant Debt to Income Ratio
Meriwest lent most frequently to those with DTI ratios of 20-30%, with 186 originations. The next most common DTI ratio? 30-36%, with 178 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.49%
Meriwest has a below average approval rate.
Pick Rate
Approvals leading to origination97.50%
Meriwest has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,080 | $309,920,000 | $286,963 |