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 Home Purchase and Cash Out Refi loans. On Tap has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Greeley, Boulder, Colorado Springs, and Edwards among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)On Tap has an 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% | 11/21/24 |
| 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
218Origination Dollar Volume (All Markets)
$43,730,000Awards
ON TAP - 2022
ON TAP is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 186 | $36,840,000 | $198,065 | $1,350 | 4.97% |
| GREELEY, CO (FHA|USDA|VA) | 9 | $2,175,000 | $241,667 | $1,691 | 4.80% |
| Outside of Metro Areas | 12 | $1,370,000 | $114,167 | $529 | 5.21% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $3,142 | 4.13% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $1,920 | 4.25% |
| Edwards, CO (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $3,314 | 4.38% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $1,382 | 4.66% |
| Craig, CO (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,887 | 5.38% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,258 | 3.63% |
| PUEBLO, CO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,505 | 4.25% |
| Montrose, CO (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $236 | 5.49% |
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 | 218 | $43,730,000 | $200,596 | $1,366 | 4.95% |
For 2022, On Tap's most frequently originated type of loan was Conventional, with 218 originations.
Loan Reason
For 2022, On Tap's most frequently cited loan purpose was Other, with 61 originations. The 2nd most popular reason was Home Improvement, with 55 originations.
Loan Duration/Length
For 2022, On Tap's most frequently cited loan duration was 15 Year, with 85 originations. The 2nd most popular length was 30 Year, with 74 originations.
Origination Fees/Closing Costs
On Tap's average total fees were $3,313, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 148 originations.
Interest Rates
During 2022, On Tap's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 5-6%, with 107 originations.
Loan Sizing
2022 saw On Tap place emphasis on $100,000 or less loans with 92 originations, totaling $4,670,000 in origination value.
Applicant Income
On Tap lent most frequently to those with incomes in the $100k-150k range, with 59 originations. The second most popular income band? $150k-250k, with 49 originations.
Applicant Debt to Income Ratio
On Tap lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.71%
On Tap has an average approval rate.
Pick Rate
Approvals leading to origination87.16%
On Tap has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 218 | $43,730,000 | $200,596 |