Meriwest Mortgage Rates, Fees & Info
San Jose, CALEI: 549300A4ZI1DF2OO1B51
Tax ID: 94-1521987
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Mortgage Data
Review & Overview
Meriwest is a smaller mortgage company specializing in Home Improvement and Other loans. Meriwest has an average proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, San Diego, Sacramento, and Los Angeles among others. We have data for 24 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 average pick rate when compared to similar lenders.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.16% | 4/18/24 |
| 15 Year Conventional Refi | 6.95% | 4/18/24 |
| 15 Year Cash-out Refi | 6.95% | 4/18/24 |
| 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. | ||
Meriwest Mortgage Calculator
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Originations
539Origination Dollar Volume (All Markets)
$111,465,000Top 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) | 332 | $69,620,000 | $209,699 | $20 | 3.82% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 108 | $23,400,000 | $216,667 | $0 | 3.81% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 6 | $4,500,000 | $750,000 | $0 | 3.54% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 18 | $3,150,000 | $175,000 | $0 | 3.92% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 15 | $3,075,000 | $205,000 | $0 | 3.75% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 9 | $2,425,000 | $269,444 | $0 | 3.74% |
| STOCKTON, CA (FHA|USDA|VA) | 11 | $1,075,000 | $97,727 | $0 | 4.34% |
| TUCSON, AZ (FHA|USDA|VA) | 9 | $825,000 | $91,667 | $0 | 3.81% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 6 | $700,000 | $116,667 | $0 | 3.96% |
| MODESTO, CA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 3.50% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 4.13% |
| RENO, NV (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 3.75% |
| SALEM, OR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 3.50% |
| VALLEJO, CA (FHA|USDA|VA) | 3 | $265,000 | $88,333 | $0 | 3.50% |
| MADERA, CA (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 3.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $0 | 4.13% |
| Sonora, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.75% |
| Outside of Metro Areas | 3 | $155,000 | $51,667 | $0 | 4.67% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 3.50% |
| Payson, AZ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.75% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.00% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.50% |
| CHICO, CA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.65% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 518 | $101,750,000 | $196,429 | n/a | 3.80% |
| Conventional | 21 | $9,715,000 | $462,619 | $20 | 4.64% |
For 2020, Meriwest's most frequently originated type of loan was HELOC, with 518 originations. Their 2nd most popular type was Conventional, with 21 originations.
Loan Reason
For 2020, Meriwest's most frequently cited loan purpose was Home Improvement, with 329 originations. The 2nd most popular reason was Other, with 149 originations.
Loan Duration/Length
For 2020, Meriwest's most frequently cited loan duration was 15 Year, with 519 originations. The 2nd most popular length was 10 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $210,000 | $52,500 |
Meriwest's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 429 | $95,345,000 | $222,249 |
| 4-5% | 88 | $13,740,000 | $156,136 |
| 5-6% | 18 | $2,140,000 | $118,889 |
| 6-7% | 4 | $240,000 | $60,000 |
During 2020, Meriwest's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 429 originations.
Loan Sizing
2020 saw Meriwest place emphasis on $200k-400k loans with 231 originations, totaling $62,975,000 in origination value.
Applicant Income
Meriwest lent most frequently to those with incomes in the $150k-250k range, with 209 originations. The second most popular income band? $250k+, with 122 originations.
Applicant Debt to Income Ratio
Meriwest lent most frequently to those with DTI ratios of 20-30%, with 100 originations. The next most common DTI ratio? 30-36%, with 84 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.25%
Meriwest has a below average approval rate.
Pick Rate
Approvals leading to origination93.69%
Meriwest has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 539 | $111,465,000 | $206,800 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 4 | $5,280,000 | $1,320,000 |
| Single Family (1-4 Units):Site-Built | 535 | $106,185,000 | $198,477 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Mercedes Benz Financial Services | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |