Gennext Funding Mortgage Rates, Fees & Info

Middlesex, NJ

LEI: 549300BM425MCJXSCE36

Tax ID: 82-3981522

1.6 stars - out of 5 stars, based on 17 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Gennext Funding is a smaller mortgage company specializing in Home Purchase and Refi loans. Gennext Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Philadelphia, Trenton, Miami, and Orlando among others. Gennext Funding 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. Gennext Funding is typically a high fee lendor.


Originations

279

Origination Dollar Volume (All Markets)

$84,945,000

Relative Rate

Gennext Funding 's average 30 year fixed rate mortgage of loans were 3.27%.

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

This yields a difference of 0.12%.

Relative Fees

Gennext Funding 's average total fees for a 30 year fixed rate mortgage are $7,763.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 240 $74,920,000 $312,167 $7,311 3.19%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 10 $2,460,000 $246,000 $7,462 3.36%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 7 $2,195,000 $313,571 $6,894 3.46%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 7 $1,925,000 $275,000 $5,058 3.16%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $935,000 $187,000 $4,949 3.18%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $710,000 $355,000 $14,666 3.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $530,000 $265,000 $5,729 3.31%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $420,000 $210,000 $5,893 3.38%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $10,721 3.38%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,252 3.25%
GAINESVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,934 3.38%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $115,000 $115,000 $4,346 4.00%

Gennext Funding 's top markets include New York, Philadelphia, Trenton, Miami, and Orlando among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 239 $71,965,000 $301,109 $6,449 3.19%
FHA 40 $12,980,000 $324,500 $11,803 3.31%

For the 2021 period, Gennext Funding 's most frequently originated loan type of loans were Conventional, with 239 originations. Their 2nd most popular type is FHA, with 40 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 136 $44,150,000 $324,632 $8,643 3.29%
Refi 91 $25,875,000 $284,341 $5,405 3.07%
Cash Out Refi 52 $14,920,000 $286,923 $6,659 3.23%

For the 2021, Gennext Funding 's most frequently cited loan purpose of loans were Home Purchase, with 136 originations. The 2nd most popular reason of loans were Refi, with 91 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 232 $72,270,000 $311,509 $7,763 3.27%
15 Year 25 $6,325,000 $253,000 $4,111 2.82%
20 Year 18 $5,310,000 $295,000 $5,057 3.12%
10 Year 2 $610,000 $305,000 $5,045 2.38%
Other 2 $430,000 $215,000 $4,313 3.25%

For the 2021, Gennext Funding 's most frequently cited loan length of loans were 30 Year, with 232 originations. The 2nd most popular length of loans were 15 Year, with 25 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 83 $24,465,000 $294,759
$<1k 75 $22,875,000 $305,000
$3k-4k 54 $16,540,000 $306,296
$5k+ 37 $12,935,000 $349,595
$2k-3k 30 $8,130,000 $271,000

$7,763 of loans were Gennext Funding 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 83 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 177 $52,405,000 $296,073
2.5-3% 83 $27,205,000 $327,771
<2.5% 14 $3,850,000 $275,000
4-5% 5 $1,485,000 $297,000

During 2021, Gennext Funding 's average interest rate of loans were 3.27%, while their most frequently originated rate bucket of loans were 3-4%, with 177 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 186 $54,040,000 $290,538 $7,224 3.22%
$400k-600k 49 $22,675,000 $462,755 $9,429 3.15%
$100k-200k 39 $6,015,000 $154,231 $4,302 3.22%
$600k-1MM 3 $2,045,000 $681,667 $10,976 3.17%
$100,000 or less 2 $170,000 $85,000 $3,517 3.12%

2021 saw Gennext Funding place emphasis on $200k-400k loans with 186 originations, totaling $54,040,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 86 $23,610,000 $274,535 $8,331 3.28%
$100k-150k 78 $26,350,000 $337,821 $6,668 3.16%
$75k-100k 68 $20,650,000 $303,676 $7,064 3.23%
$50k or less 24 $4,840,000 $201,667 $6,294 3.13%
$150k-250k 22 $8,780,000 $399,091 $6,312 3.15%
$250k+ 1 $715,000 $715,000 $6,640 3.13%

Gennext Funding lent most frequently to those with incomes in the $50k-75k range, with 86 originations. The second most popular income band? $100k-150k, with 78 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 41 $13,295,000 $324,268 $6,719 3.20%
20-30% 30 $9,040,000 $301,333 $5,038 3.04%
44% 26 $7,410,000 $285,000 $5,976 3.27%
43% 23 $6,855,000 $298,043 $7,937 3.31%
50-60% 18 $6,300,000 $350,000 $12,497 3.41%
41% 17 $4,815,000 $283,235 $7,755 3.30%
42% 16 $4,810,000 $300,625 $8,717 3.20%
48% 15 $4,715,000 $314,333 $6,630 3.09%
38% 15 $4,395,000 $293,000 $7,747 3.01%
45% 12 $4,170,000 $347,500 $7,382 3.28%
39% 11 $2,785,000 $253,182 $4,861 3.33%
47% 10 $3,150,000 $315,000 $8,839 3.40%
49% 10 $3,180,000 $318,000 $7,471 3.06%
37% 10 $2,660,000 $266,000 $6,844 3.25%
46% 9 $2,755,000 $306,111 $8,045 3.29%
36% 5 $1,495,000 $299,000 $5,144 3.20%
<20% 4 $1,070,000 $267,500 $5,177 3.22%
40% 4 $1,160,000 $290,000 $5,217 3.06%

Gennext Funding lent most frequently to those with DTI ratios of 30-36%, with 41 originations. The next most common DTI ratio? 20-30%, with 30 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 236 $70,700,000 $299,576 $7,080 3.19%
Black 24 $7,020,000 $292,500 $7,751 3.48%
Asian 18 $6,910,000 $383,889 $8,084 3.12%
American Indian 1 $315,000 $315,000 $11,171 3.13%

Approval Rates

Total approvals of all applications
98.32%

Gennext Funding 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
63.71%

Gennext Funding 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 279 $84,945,000 $304,462

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
279 $84,945,000 $304,462

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 9 $1,345,000 $149,444 $3,744 2.87%
40-60% 32 $8,140,000 $254,375 $4,448 3.09%
60-80% 108 $32,260,000 $298,704 $5,699 3.21%
80-100% 129 $43,095,000 $334,070 $9,448 3.26%
Under 20% 1 $105,000 $105,000 $3,097 3.37%