Mk Lending Corp. Mortgage Rates, Fees & Info

LOS ANGELES, CA

LEI: 549300CXZHD5OTAISA91

Tax ID: 20-8407655

2.1 stars - out of 5 stars, based on 51 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mk Lending Corp. is a small mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Mk Lending Corp. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Los Angeles, Riverside, Oxnard, San Diego, and Phoenix among others. Mk Lending Corp. has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Mk Lending Corp. is typically a high fee lendor.


Originations

2,637

Origination Dollar Volume (All Markets)

$1,136,295,000

Awards

MK LENDING CORP. FHA Loans bronze
Show all (1) awards

Relative Rate

Mk Lending Corp.'s average 30 year fixed rate mortgage of loans were 3.08%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.07%.

Relative Fees

Mk Lending Corp.'s average total fees for a 30 year fixed rate mortgage are $7,801.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1,834 $844,630,000 $460,540 $7,680 2.97%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 460 $162,540,000 $353,348 $6,972 3.03%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 44 $19,400,000 $440,909 $9,453 2.94%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 44 $18,750,000 $426,136 $11,085 3.06%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 46 $15,300,000 $332,609 $4,680 2.99%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 30 $13,250,000 $441,667 $4,915 2.87%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 27 $13,015,000 $482,037 $7,027 2.85%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 33 $12,275,000 $371,970 $6,308 3.09%
BAKERSFIELD, CA (FHA|USDA|VA) 22 $5,890,000 $267,727 $6,957 3.04%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 16 $4,780,000 $298,750 $6,140 3.16%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 11 $4,125,000 $375,000 $6,580 2.99%
STOCKTON, CA (FHA|USDA|VA) 9 $3,065,000 $340,556 $0 2.89%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 9 $3,035,000 $337,222 $10,982 3.28%
FRESNO, CA (FHA|USDA|VA) 10 $2,400,000 $240,000 $6,640 3.13%
VALLEJO, CA (FHA|USDA|VA) 5 $2,075,000 $415,000 $0 2.83%
SALINAS, CA (FHA|USDA|VA) 4 $1,440,000 $360,000 $0 3.09%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,435,000 $478,333 $0 2.88%
MERCED, CA (FHA|USDA|VA) 5 $1,205,000 $241,000 $0 2.63%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 3 $925,000 $308,333 $8,160 2.96%
MODESTO, CA (FHA|USDA|VA) 4 $850,000 $212,500 $8,167 4.94%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $750,000 $375,000 $0 2.88%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $650,000 $325,000 $0 2.81%
LYNCHBURG, VA (FHA|USDA|VA) 1 $545,000 $545,000 $0 2.88%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $545,000 $545,000 $5,285 3.50%
CHICO, CA (FHA|USDA|VA) 1 $515,000 $515,000 $0 2.88%
Jefferson, GA (FHA|USDA|VA) 2 $490,000 $245,000 $6,836 3.25%
MADERA, CA (FHA|USDA|VA) 1 $455,000 $455,000 $0 3.00%
Outside of Metro Areas 1 $425,000 $425,000 $0 2.75%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $305,000 $305,000 $0 2.75%
Sonora, CA (FHA|USDA|VA) 1 $275,000 $275,000 $0 3.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.00%
VISALIA, CA (FHA|USDA|VA) 1 $215,000 $215,000 $0 2.88%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $195,000 $195,000 $0 3.25%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $175,000 $175,000 $0 2.38%
YUMA, AZ (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.25%

Mk Lending Corp.'s top markets include Los Angeles, Riverside, Oxnard, San Diego, and Phoenix among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,522 $1,087,080,000 $431,039 $7,286 2.99%
FHA 115 $49,215,000 $427,957 $15,095 2.85%

For the 2021 period, Mk Lending Corp.'s most frequently originated loan type of loans were Conventional, with 2,522 originations. Their 2nd most popular type is FHA, with 115 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,233 $489,735,000 $397,190 $5,876 2.82%
Cash Out Refi 706 $292,880,000 $414,844 $6,676 3.08%
Home Purchase 697 $353,375,000 $506,994 $9,521 3.17%
Home Improvement 1 $305,000 $305,000 $0 3.00%

For the 2021, Mk Lending Corp.'s most frequently cited loan purpose of loans were Refi, with 1,233 originations. The 2nd most popular reason of loans were Cash Out Refi, with 706 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,218 $997,760,000 $449,847 $7,801 3.08%
15 Year 304 $102,660,000 $337,697 $5,316 2.37%
20 Year 96 $30,790,000 $320,729 $5,024 2.76%
10 Year 19 $5,085,000 $267,632 $4,737 2.17%

For the 2021, Mk Lending Corp.'s most frequently cited loan length of loans were 30 Year, with 2,218 originations. The 2nd most popular length of loans were 15 Year, with 304 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 800 $354,800,000 $443,500
$5k+ 674 $317,800,000 $471,513
$1k-2k 507 $209,945,000 $414,093
$3k-4k 332 $116,700,000 $351,506
$<1k 1 $565,000 $565,000

$7,801 of loans were Mk Lending Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 800 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,289 $537,265,000 $416,808
3-4% 827 $385,255,000 $465,846
<2.5% 420 $156,660,000 $373,000
4-5% 93 $53,075,000 $570,699
6-7% 4 $1,230,000 $307,500
5-6% 3 $2,705,000 $901,667
7-8% 1 $105,000 $105,000

During 2021, Mk Lending Corp.'s average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,289 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,078 $332,220,000 $308,182 $6,574 2.95%
$400k-600k 1,024 $499,390,000 $487,686 $7,116 2.95%
$600k-1MM 326 $233,570,000 $716,472 $9,542 3.19%
$100k-200k 173 $28,735,000 $166,098 $5,658 2.91%
$1MM+ 31 $41,945,000 $1,353,065 $23,627 3.78%
$100,000 or less 5 $435,000 $87,000 $2,729 2.65%

2021 saw Mk Lending Corp. place emphasis on $200k-400k loans with 1,078 originations, totaling $332,220,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 741 $342,225,000 $461,842 $7,239 2.95%
$75k-100k 549 $211,965,000 $386,093 $7,164 2.93%
$150k-250k 495 $254,895,000 $514,939 $8,398 3.01%
$50k-75k 458 $144,630,000 $315,786 $6,248 2.95%
$250k+ 205 $131,955,000 $643,683 $10,047 3.15%
$50k or less 189 $50,625,000 $267,857 $7,023 3.08%

Mk Lending Corp. lent most frequently to those with incomes in the $100k-150k range, with 741 originations. The second most popular income band? $75k-100k, with 549 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 419 $174,115,000 $415,549 $7,416 2.99%
20-30% 354 $153,360,000 $433,220 $6,991 2.94%
44% 157 $69,955,000 $445,573 $6,290 2.96%
49% 156 $66,690,000 $427,500 $6,608 2.91%
48% 139 $58,855,000 $423,417 $7,936 2.90%
43% 137 $59,815,000 $436,606 $6,163 2.95%
47% 122 $50,110,000 $410,738 $5,915 2.94%
41% 122 $54,230,000 $444,508 $7,684 3.05%
42% 119 $52,835,000 $443,992 $6,200 2.96%
37% 114 $55,700,000 $488,596 $8,968 3.09%
45% 110 $47,460,000 $431,455 $7,667 3.02%
46% 110 $47,400,000 $430,909 $8,546 2.94%
<20% 103 $41,375,000 $401,699 $7,918 2.84%
39% 102 $42,410,000 $415,784 $7,175 3.04%
38% 95 $41,695,000 $438,895 $7,681 3.05%
40% 93 $39,905,000 $429,086 $7,027 3.08%
36% 91 $42,105,000 $462,692 $9,808 3.04%
50-60% 51 $20,915,000 $410,098 $15,779 2.88%
>60% 2 $1,270,000 $635,000 $0 2.75%

Mk Lending Corp. lent most frequently to those with DTI ratios of 30-36%, with 419 originations. The next most common DTI ratio? 20-30%, with 354 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 1,529 $692,365,000 $452,822 $7,198 2.96%
White 1,021 $405,885,000 $397,537 $8,048 3.01%
Not provided 54 $22,690,000 $420,185 $0 3.05%
Black 22 $9,330,000 $424,091 $5,568 2.86%
Vietnamese 2 $1,780,000 $890,000 $0 3.50%
American Indian 3 $1,335,000 $445,000 $0 3.08%
Other Asian 2 $1,080,000 $540,000 $0 3.13%
Native Hawaiian 2 $930,000 $465,000 $0 3.25%
Other Pacific Islander 1 $505,000 $505,000 $0 4.38%
Korean 1 $395,000 $395,000 $0 4.13%

Approval Rates

Total approvals of all applications
100.00%

Mk Lending Corp. 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
97.36%

Mk Lending Corp. 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 1 $355,000 $355,000
NA 2,636 $1,135,940,000 $430,933

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,637 $1,136,295,000 $430,904

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 295 $83,695,000 $283,712 $5,240 2.76%
40-60% 844 $334,990,000 $396,908 $6,309 2.89%
60-80% 1,114 $535,830,000 $480,996 $8,040 3.10%
80-100% 359 $176,465,000 $491,546 $9,896 3.01%
Under 20% 25 $5,315,000 $212,600 $7,046 3.07%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MCLEAN MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 1 50.0%
MCLEAN MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%