Gennext Funding Mortgage Rates, Fees & Info

Middlesex, NJ

LEI: 549300BM425MCJXSCE36

Tax ID: 82-3981522

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Mortgage Data

Review & 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 by origination volume include: New York, Philadelphia, Trenton, Miami, and Orlando among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Gennext Funding has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Gennext Funding is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.10% 3/24/24
30 Year Conventional Refi 7.07% 3/24/24
30 Year Cash-out Refi 7.00% 3/24/24
30 Year FHA Purchase 7.70% 3/24/24
30 Year FHA Refi 8.19% 3/24/24
15 Year Conventional Purchase 6.36% 3/24/24
15 Year FHA Refi 5.68% 3/24/24
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.

Gennext Funding Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Gennext Funding. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

279

Origination Dollar Volume (All Markets)

$84,945,000

Top 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
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.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against GENNEXT FUNDING based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
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    Poli Mortgage Group, Inc.
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    Hanover Community Bank
    Similarity Rank: 1430
    FIRST ATLANTIC FEDERAL CREDIT UNION
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    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Gennext Funding's most frequently cited loan purpose was Home Purchase, with 136 originations. The 2nd most popular reason was 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 2021, Gennext Funding's most frequently cited loan duration was 30 Year, with 232 originations. The 2nd most popular length was 15 Year, with 25 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 83 $24,465,000 $294,759
    $<1k 75 $22,875,000 $305,000
    $5k+ 37 $12,935,000 $349,595
    $2k-3k 30 $8,130,000 $271,000
    $3k-4k 28 $8,280,000 $295,714
    $4k-5k 26 $8,260,000 $317,692

    Gennext Funding's average total fees were $7,763, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.27%, while their most frequently originated rate bucket for loans was 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
    97.72%

    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
    62.01%

    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%