On Tap Mortgage Rates, Fees & Info
Golden, COLEI: 549300BQPSF250Q8KQ79
Tax ID: 84-0442238
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Mortgage Data
Review & Overview
On Tap is a smaller mortgage company specializing in Refi loans. On Tap has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Greeley, Boulder, Fort Collins, and Colorado Springs among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)On Tap has an above average approval rate when compared to the average across all lenders. They have an above 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 6.49% | 11/21/24 |
| 15 Year Conventional Refi | 6.88% | 11/21/24 |
| 15 Year Cash-out Refi | 6.88% | 11/21/24 |
| 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. | ||
On Tap Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
253Origination Dollar Volume (All Markets)
$23,565,000Top 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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 187 | $15,835,000 | $84,679 | $332 | 5.04% |
| Outside of Metro Areas | 49 | $6,585,000 | $134,388 | $497 | 4.43% |
| GREELEY, CO (FHA|USDA|VA) | 10 | $820,000 | $82,000 | $309 | 5.67% |
| BOULDER, CO (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $404 | 5.99% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $211 | 5.74% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $211 | 6.49% |
| Montrose, CO (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $711 | 4.74% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $666 | 6.49% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $886 | 6.74% |
Similar Lenders
We use machine learning to identify the top lenders compared against ON TAP based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 252 | $23,480,000 | $93,175 | $369 | 4.97% |
| HELOC | 1 | $85,000 | $85,000 | n/a | 7.00% |
For 2019, On Tap's most frequently originated type of loan was Conventional, with 252 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2019, On Tap's most frequently cited loan purpose was Refi, with 101 originations. The 2nd most popular reason was Other, with 86 originations.
Loan Duration/Length
For 2019, On Tap's most frequently cited loan duration was 15 Year, with 115 originations. The 2nd most popular length was Other, with 72 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 244 | $23,230,000 | $95,205 |
On Tap's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 244 originations.
Interest Rates
During 2019, On Tap's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 72 originations.
Loan Sizing
2019 saw On Tap place emphasis on $100,000 or less loans with 176 originations, totaling $8,680,000 in origination value.
Applicant Income
On Tap lent most frequently to those with incomes in the $100k-150k range, with 76 originations. The second most popular income band? $75k-100k, with 59 originations.
Applicant Debt to Income Ratio
On Tap lent most frequently to those with DTI ratios of 30-36%, with 50 originations. The next most common DTI ratio? 20-30%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.27%
On Tap has an average approval rate.
Pick Rate
Approvals leading to origination96.05%
On Tap has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 6 | $130,000 | $21,667 |
| NA | 247 | $23,435,000 | $94,879 |