Home Funding Corporation Mortgage Rates, Fees & Info

LAS VEGAS, NV

LEI: 549300B4JDSKWJR1NR35

Tax ID: 88-0508228

1 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Home Funding Corporation is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Home Funding Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Las Vegas, Riverside, Los Angeles, Denver, and San Francisco among others. Home Funding Corporation 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. Home Funding Corporation is typically a high fee lendor.


Originations

429

Origination Dollar Volume (All Markets)

$131,175,000

Relative Rate

Home Funding Corporation's average 30 year fixed rate mortgage of loans were 3.3%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.15%.

Relative Fees

Home Funding Corporation's average total fees for a 30 year fixed rate mortgage are $8,299.

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
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 163 $41,325,000 $253,528 $6,312 3.30%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 124 $38,880,000 $313,548 $8,821 3.21%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 39 $18,095,000 $463,974 $9,929 3.23%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 12 $5,260,000 $438,333 $10,930 3.50%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 11 $4,035,000 $366,818 $12,385 3.53%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 10 $3,990,000 $399,000 $9,398 3.19%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 18 $3,750,000 $208,333 $8,624 3.12%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 7 $1,945,000 $277,857 $5,175 3.27%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 6 $1,880,000 $313,333 $11,074 3.31%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,820,000 $455,000 $10,355 3.34%
Outside of Metro Areas 2 $900,000 $450,000 $15,221 3.19%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $895,000 $298,333 $10,336 3.04%
BAKERSFIELD, CA (FHA|USDA|VA) 4 $890,000 $222,500 $8,123 3.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $820,000 $410,000 $12,337 3.25%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $690,000 $345,000 $6,429 3.00%
STOCKTON, CA (FHA|USDA|VA) 2 $620,000 $310,000 $5,706 3.19%
NAPA, CA (FHA|USDA|VA) 1 $555,000 $555,000 $17,181 3.00%
MODESTO, CA (FHA|USDA|VA) 2 $500,000 $250,000 $7,873 3.00%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $495,000 $495,000 $16,173 3.63%
FRESNO, CA (FHA|USDA|VA) 2 $440,000 $220,000 $6,137 3.63%
BELLINGHAM, WA (FHA|USDA|VA) 1 $415,000 $415,000 $5,837 2.99%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $405,000 $405,000 $13,554 2.88%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 2 $400,000 $200,000 $5,966 3.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $345,000 $345,000 $6,998 4.00%
Carlsbad-Artesia, NM (FHA|USDA|VA) 1 $305,000 $305,000 $12,580 2.50%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $245,000 $245,000 $6,088 2.75%
YUBA CITY, CA (FHA|USDA|VA) 1 $235,000 $235,000 $9,735 3.25%
EL CENTRO, CA (FHA|USDA|VA) 1 $225,000 $225,000 $9,764 3.63%
ABILENE, TX (FHA|USDA|VA) 1 $215,000 $215,000 $5,709 3.63%
Pahrump, NV (FHA|USDA|VA) 1 $185,000 $185,000 $8,368 4.13%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $165,000 $165,000 $3,691 2.75%
GAINESVILLE, GA (FHA|USDA|VA) 1 $145,000 $145,000 $5,699 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $105,000 $105,000 $4,740 2.50%

Home Funding Corporation's top markets include Las Vegas, Riverside, Los Angeles, Denver, and San Francisco among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 314 $92,200,000 $293,631 $6,487 3.29%
FHA 103 $34,585,000 $335,777 $12,731 3.25%
VA 11 $4,285,000 $389,545 $10,479 2.72%
USDA 1 $105,000 $105,000 $5,989 3.00%

For the 2021 period, Home Funding Corporation's most frequently originated loan type of loans were Conventional, with 314 originations. Their 2nd most popular type is FHA, with 103 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 180 $59,610,000 $331,167 $10,032 3.31%
Cash Out Refi 138 $40,960,000 $296,812 $7,269 3.37%
Refi 111 $30,605,000 $275,721 $5,931 3.06%

For the 2021, Home Funding Corporation's most frequently cited loan purpose of loans were Home Purchase, with 180 originations. The 2nd most popular reason of loans were Cash Out Refi, with 138 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 401 $125,385,000 $312,681 $8,299 3.30%
15 Year 14 $2,930,000 $209,286 $5,137 2.69%
20 Year 7 $1,295,000 $185,000 $4,758 3.12%
10 Year 5 $995,000 $199,000 $4,608 2.55%
Other 2 $570,000 $285,000 $6,452 2.81%

For the 2021, Home Funding Corporation's most frequently cited loan length of loans were 30 Year, with 401 originations. The 2nd most popular length of loans were 15 Year, with 14 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 208 $64,040,000 $307,885
$5k+ 106 $43,620,000 $411,509
$2k-3k 99 $18,915,000 $191,061
$<1k 9 $2,725,000 $302,778
$1k-2k 2 $440,000 $220,000

$8,299 of loans were Home Funding Corporation's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 208 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 261 $80,045,000 $306,686
2.5-3% 121 $35,995,000 $297,479
<2.5% 24 $7,460,000 $310,833
4-5% 21 $7,005,000 $333,571
5-6% 2 $670,000 $335,000

During 2021, Home Funding Corporation's average interest rate of loans were 3.30%, while their most frequently originated rate bucket of loans were 3-4%, with 261 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 245 $70,785,000 $288,918 $7,673 3.29%
$100k-200k 93 $14,805,000 $159,194 $5,317 3.20%
$400k-600k 74 $34,970,000 $472,568 $11,582 3.25%
$600k-1MM 13 $9,245,000 $711,154 $14,933 3.40%
$100,000 or less 3 $275,000 $91,667 $3,943 3.04%
$1MM+ 1 $1,095,000 $1,095,000 $33,420 3.13%

2021 saw Home Funding Corporation place emphasis on $200k-400k loans with 245 originations, totaling $70,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 147 $38,235,000 $260,102 $7,206 3.29%
$50k or less 91 $19,185,000 $210,824 $5,979 3.14%
$75k-100k 84 $28,710,000 $341,786 $9,444 3.30%
$100k-150k 68 $27,260,000 $400,882 $10,246 3.34%
$150k-250k 35 $15,515,000 $443,286 $9,221 3.29%
$250k+ 4 $2,270,000 $567,500 $12,050 3.03%

Home Funding Corporation lent most frequently to those with incomes in the $50k-75k range, with 147 originations. The second most popular income band? $50k or less, with 91 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 57 $17,315,000 $303,772 $8,026 3.24%
20-30% 46 $11,890,000 $258,478 $6,465 3.20%
50-60% 30 $11,240,000 $374,667 $13,775 3.14%
44% 29 $8,525,000 $293,966 $7,574 3.33%
38% 26 $8,670,000 $333,462 $7,955 3.32%
41% 25 $8,275,000 $331,000 $8,416 3.27%
43% 24 $7,930,000 $330,417 $7,190 3.31%
46% 24 $9,070,000 $377,917 $9,063 3.32%
42% 22 $7,280,000 $330,909 $7,550 3.35%
49% 21 $5,785,000 $275,476 $7,124 3.28%
48% 20 $5,970,000 $298,500 $9,149 3.28%
39% 20 $5,170,000 $258,500 $7,735 3.23%
<20% 17 $4,655,000 $273,824 $5,653 3.02%
47% 17 $4,135,000 $243,235 $7,844 3.28%
36% 17 $5,385,000 $316,765 $8,041 3.17%
45% 15 $4,635,000 $309,000 $8,888 3.39%
40% 13 $3,475,000 $267,308 $6,843 3.45%
37% 5 $1,365,000 $273,000 $5,888 3.17%

Home Funding Corporation lent most frequently to those with DTI ratios of 30-36%, with 57 originations. The next most common DTI ratio? 20-30%, with 46 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 320 $93,050,000 $290,781 $7,706 3.24%
Asian 42 $16,170,000 $385,000 $9,001 3.37%
Black 49 $15,895,000 $324,388 $9,873 3.27%
Native Hawaiian 5 $1,725,000 $345,000 $7,907 3.30%
American Indian 4 $1,390,000 $347,500 $6,925 3.25%
Filipino 4 $1,350,000 $337,500 $11,614 3.31%
Asian Indian 3 $1,075,000 $358,333 $6,629 3.00%
Not provided 2 $520,000 $260,000 $5,118 4.81%

Approval Rates

Total approvals of all applications
95.56%

Home Funding Corporation 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
64.36%

Home Funding Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 429 $131,175,000 $305,769

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
429 $131,175,000 $305,769

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 20 $3,600,000 $180,000 $4,750 3.02%
40-60% 62 $15,110,000 $243,710 $5,919 3.19%
60-80% 166 $50,600,000 $304,819 $7,035 3.33%
80-100% 178 $61,030,000 $342,865 $10,094 3.27%
Over 100% 1 $605,000 $605,000 $31,285 3.25%
Under 20% 2 $230,000 $115,000 $3,928 2.56%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Home Point Financial Corporation VA mortgage Trouble during payment process 13 9.5%
Home Point Financial Corporation FHA mortgage Trouble during payment process 12 8.8%
Home Point Financial Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.7%
Home Point Financial Corporation VA mortgage Struggling to pay mortgage 10 7.3%
Home Point Financial Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 12 8.8%
Home Point Financial Corporation Conventional home mortgage Closing on a mortgage 2 1.5%
Home Point Financial Corporation Conventional home mortgage Incorrect information on your report 2 1.5%
Home Point Financial Corporation Conventional home mortgage Struggling to pay mortgage 8 5.8%
Home Point Financial Corporation Conventional home mortgage Trouble during payment process 56 40.9%
Home Point Financial Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 10 7.3%
Home Point Financial Corporation FHA mortgage Closing on a mortgage 1 0.7%
Home Point Financial Corporation FHA mortgage Improper use of your report 1 0.7%
Home Point Financial Corporation FHA mortgage Incorrect information on your report 1 0.7%
Home Point Financial Corporation FHA mortgage Problem with a credit reporting company's investigation into an existing problem 3 2.2%
Home Point Financial Corporation FHA mortgage Struggling to pay mortgage 5 3.6%