Mission Mortgage Rates, Fees & Info

San Diego, CA

LEI: 549300DXSALP2TGZBQ16

Tax ID: 95-2148515

5 stars - out of 5 stars, based on 64 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mission is a small mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Mission has a high proportion of conventional loans. Their top markets include San Diego, Los Angeles, Riverside, San Francisco, and Stockton among others. Mission has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mission is typically an average fee lendor.


Originations

4,080

Origination Dollar Volume (All Markets)

$1,467,370,000

Awards

MISSION 30 Year Conventional Loans bronze MISSION 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Mission's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Mission's average total fees for a 30 year fixed rate mortgage are $4,679.

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
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4,024 $1,428,440,000 $354,980 $4,004 3.20%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 13 $26,735,000 $2,056,538 $2,861 3.08%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 31 $9,495,000 $306,290 $4,189 2.75%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $600,000 $300,000 $5,608 3.06%
STOCKTON, CA (FHA|USDA|VA) 2 $470,000 $235,000 $3,945 2.88%
NAPA, CA (FHA|USDA|VA) 1 $425,000 $425,000 $8,812 3.38%
EL CENTRO, CA (FHA|USDA|VA) 2 $330,000 $165,000 $4,207 2.75%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $225,000 $225,000 $3,044 3.00%
Red Bluff, CA (FHA|USDA|VA) 1 $215,000 $215,000 $3,369 3.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $175,000 $175,000 $3,934 2.13%
VISALIA, CA (FHA|USDA|VA) 1 $135,000 $135,000 $3,446 2.38%
VALLEJO, CA (FHA|USDA|VA) 1 $125,000 $125,000 $4,907 3.00%

Mission's top markets include San Diego, Los Angeles, Riverside, San Francisco, and Stockton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,080 $1,467,370,000 $359,650 $4,006 3.19%

For the 2021 period, Mission's most frequently originated loan type of loans were Conventional, with 4,080 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Other 1,044 $122,220,000 $117,069 $1,762 3.67%
Refi 958 $419,830,000 $438,236 $3,711 2.74%
Cash Out Refi 923 $421,435,000 $456,593 $4,046 2.96%
Home Improvement 628 $74,910,000 $119,283 $1,136 3.64%
Home Purchase 527 $428,975,000 $813,994 $6,219 2.92%

For the 2021, Mission's most frequently cited loan purpose of loans were Other, with 1,044 originations. The 2nd most popular reason of loans were Refi, with 958 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,703 $910,045,000 $534,378 $4,679 2.90%
Other 936 $94,140,000 $100,577 $0 3.24%
20 Year 658 $112,970,000 $171,687 $3,601 3.78%
15 Year 655 $330,605,000 $504,740 $2,295 3.30%
10 Year 128 $19,610,000 $153,203 $2,159 3.15%

For the 2021, Mission's most frequently cited loan length of loans were 30 Year, with 1,703 originations. The 2nd most popular length of loans were Other, with 936 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,504 $649,520,000 $431,862
$1k-2k 409 $131,245,000 $320,892
$5k+ 208 $113,690,000 $546,587
$3k-4k 183 $90,315,000 $493,525
$2k-3k 182 $84,090,000 $462,033

$4,679 of loans were Mission's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,504 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,175 $798,355,000 $367,060
3-4% 1,041 $461,295,000 $443,127
<2.5% 496 $172,820,000 $348,427
4-5% 312 $23,640,000 $75,769
5-6% 47 $3,325,000 $70,745
6-7% 6 $260,000 $43,333
7-8% 2 $70,000 $35,000

During 2021, Mission's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,175 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,100 $315,090,000 $286,445 $3,671 2.97%
$100,000 or less 950 $53,790,000 $56,621 $1,134 3.75%
$100k-200k 835 $109,775,000 $131,467 $2,537 3.24%
$400k-600k 497 $241,405,000 $485,724 $4,559 2.90%
$600k-1MM 493 $375,745,000 $762,160 $5,583 2.87%
$1MM+ 205 $371,565,000 $1,812,512 $7,415 3.03%

2021 saw Mission place emphasis on $200k-400k loans with 1,100 originations, totaling $315,090,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 1,220 $447,950,000 $367,172 $4,476 3.22%
$100k-150k 1,134 $298,550,000 $263,272 $3,704 3.24%
$75k-100k 597 $133,975,000 $224,414 $3,635 3.17%
$50k-75k 440 $83,890,000 $190,659 $3,302 3.07%
$250k+ 417 $249,415,000 $598,118 $5,507 3.12%
$50k or less 151 $21,155,000 $140,099 $2,749 3.09%

Mission lent most frequently to those with incomes in the $150k-250k range, with 1,220 originations. The second most popular income band? $100k-150k, with 1,134 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 861 $295,835,000 $343,595 $3,892 3.02%
30-36% 779 $258,155,000 $331,393 $3,937 3.14%
<20% 308 $92,370,000 $299,903 $3,670 2.96%
44% 192 $50,140,000 $261,146 $3,973 3.32%
39% 172 $62,200,000 $361,628 $4,584 3.25%
40% 172 $61,420,000 $357,093 $4,275 3.22%
42% 170 $47,430,000 $279,000 $3,471 3.31%
41% 167 $51,015,000 $305,479 $4,219 3.32%
43% 158 $49,560,000 $313,671 $4,848 3.43%
37% 150 $47,710,000 $318,067 $4,427 3.28%
36% 149 $49,045,000 $329,161 $3,777 3.25%
38% 146 $50,170,000 $343,630 $4,083 3.21%
45% 143 $32,515,000 $227,378 $4,369 3.43%
46% 127 $27,895,000 $219,646 $3,635 3.41%
48% 110 $23,690,000 $215,364 $4,235 3.43%
47% 107 $21,625,000 $202,103 $3,908 3.25%
49% 73 $20,995,000 $287,603 $4,524 3.09%
50-60% 5 $975,000 $195,000 $2,113 3.87%

Mission lent most frequently to those with DTI ratios of 20-30%, with 861 originations. The next most common DTI ratio? 30-36%, with 779 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,076 $889,430,000 $289,151 $3,783 3.19%
Not applicable 83 $210,645,000 $2,537,892 $0 3.42%
Not provided 388 $154,700,000 $398,711 $4,205 3.22%
Asian 342 $150,140,000 $439,006 $4,929 3.10%
Black 86 $23,000,000 $267,442 $4,613 3.32%
Asian Indian 18 $11,890,000 $660,556 $6,526 2.78%
American Indian 29 $8,595,000 $296,379 $5,956 3.04%
Filipino 23 $6,905,000 $300,217 $4,315 3.25%
Native Hawaiian 17 $4,265,000 $250,882 $4,730 3.22%
Japanese 5 $2,295,000 $459,000 $4,345 3.25%
Korean 1 $1,755,000 $1,755,000 $19,824 2.75%
Other Pacific Islander 5 $1,375,000 $275,000 $6,264 3.17%
Chinese 2 $950,000 $475,000 $4,630 2.75%
Other Asian 3 $945,000 $315,000 $3,899 2.83%
Vietnamese 1 $375,000 $375,000 $4,381 2.88%
Guamanian 1 $105,000 $105,000 $0 3.99%

Approval Rates

Total approvals of all applications
87.36%

Mission has an average approval rate.

Pick Rate

Approvals leading to origination
68.88%

Mission 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 4,080 $1,467,370,000 $359,650

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,080 $1,467,370,000 $359,650

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 666 $177,930,000 $267,162 $3,063 2.91%
40-60% 695 $397,825,000 $572,410 $3,914 2.84%
60-80% 728 $485,240,000 $666,538 $5,080 2.92%
80-100% 338 $248,390,000 $734,882 $6,162 2.87%
Under 20% 1,652 $157,490,000 $95,333 $1,379 3.63%