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 Cash Out Refi and Refi loans. On Tap has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Greeley, Edwards, Fort Collins, and Boulder among others. We have data for 14 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 a below average pick rate when compared to similar lenders. On Tap is typically a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/22/24 |
| 30 Year Conventional Refi | 6.27% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 6.49% | 11/22/24 |
| 15 Year Conventional Refi | 6.88% | 11/22/24 |
| 15 Year Cash-out Refi | 6.88% | 11/22/24 |
| 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
251Origination Dollar Volume (All Markets)
$62,275,000Top 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) | 209 | $52,795,000 | $252,608 | $2,885 | 3.34% |
| GREELEY, CO (FHA|USDA|VA) | 8 | $2,550,000 | $318,750 | $2,963 | 3.50% |
| Outside of Metro Areas | 18 | $2,440,000 | $135,556 | $784 | 3.74% |
| Edwards, CO (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $3,614 | 3.31% |
| FORT COLLINS, CO (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $1,806 | 3.83% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $472 | 4.03% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,952 | 3.00% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $11,599 | 3.00% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,406 | 2.88% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,181 | 3.13% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,153 | 2.75% |
| Scottsbluff, NE (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,120 | 3.25% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,540 | 2.63% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $211 | 5.99% |
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 | 247 | $60,655,000 | $245,567 | $2,590 | 3.40% |
| VA | 4 | $1,620,000 | $405,000 | $12,155 | 2.69% |
For 2021, On Tap's most frequently originated type of loan was Conventional, with 247 originations. Their 2nd most popular type was VA, with 4 originations.
Loan Reason
For 2021, On Tap's most frequently cited loan purpose was Cash Out Refi, with 89 originations. The 2nd most popular reason was Refi, with 82 originations.
Loan Duration/Length
For 2021, On Tap's most frequently cited loan duration was 30 Year, with 116 originations. The 2nd most popular length was 15 Year, with 46 originations.
Origination Fees/Closing Costs
On Tap's average total fees were $4,175, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 94 originations.
Interest Rates
During 2021, On Tap's average interest rate for loans was 3.04%, while their most frequently originated rate bucket for loans was 2.5-3%, with 139 originations.
Loan Sizing
2021 saw On Tap place emphasis on $200k-400k loans with 111 originations, totaling $32,615,000 in origination value.
Applicant Income
On Tap lent most frequently to those with incomes in the $100k-150k range, with 82 originations. The second most popular income band? $150k-250k, with 47 originations.
Applicant Debt to Income Ratio
On Tap lent most frequently to those with DTI ratios of 30-36%, with 54 originations. The next most common DTI ratio? 20-30%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.19%
On Tap has an average approval rate.
Pick Rate
Approvals leading to origination77.69%
On Tap has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $265,000 | $265,000 |
| NA | 250 | $62,010,000 | $248,040 |