Meriwest Mortgage Rates, Fees & Info

San Jose, CA

LEI: 549300A4ZI1DF2OO1B51

Tax ID: 94-1521987

2021 Data | 2020 Data | 2019 Data | 2018 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

839

Origination Dollar Volume (All Markets)

$210,925,000

Top 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 applications
81.03%

Meriwest has a below average approval rate.

Pick Rate

Approvals leading to origination
93.03%

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%