Gennext Funding Mortgage Rates, Fees & Info
Middlesex, NJLEI: 549300BM425MCJXSCE36
Tax ID: 82-3981522
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
279Origination Dollar Volume (All Markets)
$84,945,000Relative 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 applications98.32%
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 origination63.71%
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% |
