Bank Of Hope Mortgage Rates, Fees & Info

Los Angeles, CA

LEI: 549300F570XAWYN8Z237

Tax ID: 95-3972168

5 stars - Updated: 12/7/24 - out of 5 stars, based on 14 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bank Of Hope is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Bank Of Hope has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, Dallas, Riverside, and Fresno among others. We have data for 32 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Hope 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. Bank Of Hope is typically an average 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.33% 12/7/24
30 Year Conventional Refi 6.53% 12/7/24
30 Year Cash-out Refi 6.68% 12/7/24
15 Year Conventional Purchase 5.69% 12/7/24
15 Year Conventional Refi 5.84% 12/7/24
15 Year Cash-out Refi 5.84% 12/7/24
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.

Bank Of Hope Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bank Of Hope. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

206

Origination Dollar Volume (All Markets)

$153,230,000

Awards

Bank of Hope 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Bank Of Hope's average 30 year fixed mortgage rate was 6.8%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.32%.

Relative Fees (Closing Costs)

Bank Of Hope's average total fees/closing costs for a 30 year fixed rate mortgage were $7,774.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 88 $63,320,000 $719,545 $8,801 6.77%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 49 $45,875,000 $936,224 $7,644 6.69%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $7,530,000 $1,255,000 $7,106 6.36%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $7,430,000 $1,238,333 $6,088 7.08%
FRESNO, CA (FHA|USDA|VA) 1 $6,205,000 $6,205,000 $0 5.90%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $3,450,000 $862,500 $7,406 6.44%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 5 $2,295,000 $459,000 $4,733 6.85%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 8 $2,110,000 $263,750 $6,169 6.53%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $1,600,000 $800,000 $3,717 6.81%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $1,495,000 $299,000 $5,093 6.65%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $1,280,000 $640,000 $7,580 5.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $1,240,000 $620,000 $5,426 6.81%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $1,205,000 $1,205,000 $7,750 6.75%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 4 $1,090,000 $272,500 $4,915 6.91%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $930,000 $465,000 $9,224 6.63%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $760,000 $380,000 $5,289 6.56%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $735,000 $245,000 $3,877 7.17%
SAVANNAH, GA (FHA|USDA|VA) 2 $600,000 $300,000 $4,577 6.94%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $485,000 $485,000 $10,084 5.88%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $455,000 $455,000 $4,310 5.88%
MONTGOMERY, AL (FHA|USDA|VA) 1 $425,000 $425,000 $9,646 5.75%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $395,000 $395,000 $0 7.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $365,000 $365,000 $4,707 6.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $335,000 $335,000 $0 6.88%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $305,000 $305,000 $7,057 6.75%
PITTSBURGH, PA (FHA|USDA|VA) 1 $265,000 $265,000 $5,047 5.38%
TOLEDO, OH (FHA|USDA|VA) 1 $255,000 $255,000 $5,523 7.00%
BELLINGHAM, WA (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.63%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $185,000 $185,000 $4,244 7.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,695 7.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $175,000 $175,000 $4,383 6.75%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
Bank Of Hope's top markets include New York, Los Angeles, Dallas, Riverside, and Fresno among others.

Their top states include:
  • California (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 206 $153,230,000 $743,835 $7,643 6.71%

    For 2023, Bank Of Hope's most frequently originated type of loan was Conventional, with 206 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 161 $112,295,000 $697,484 $8,037 6.68%
    Cash Out Refi 28 $34,560,000 $1,234,286 $5,247 6.86%
    Refi 12 $4,900,000 $408,333 $5,449 6.88%
    Other 4 $1,370,000 $342,500 $4,850 6.50%
    Home Improvement 1 $105,000 $105,000 $0 6.88%

    For 2023, Bank Of Hope's most frequently cited loan purpose was Home Purchase, with 161 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 179 $116,235,000 $649,358 $7,774 6.80%
    15 Year 12 $3,560,000 $296,667 $6,517 5.71%
    10 Year 9 $21,925,000 $2,436,111 $0 6.15%
    20 Year 2 $490,000 $245,000 $5,096 5.94%
    5 Year 2 $4,910,000 $2,455,000 $0 7.92%
    Other 2 $6,110,000 $3,055,000 $0 7.34%

    For 2023, Bank Of Hope's most frequently cited loan duration was 30 Year, with 179 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 103 $66,965,000 $650,146
    $2k-3k 23 $11,935,000 $518,913
    $5k+ 17 $13,865,000 $815,588
    $3k-4k 7 $2,925,000 $417,857
    $4k-5k 6 $3,410,000 $568,333

    Bank Of Hope's average total fees were $7,774, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 103 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 136 $99,720,000 $733,235
    7-8% 36 $24,120,000 $670,000
    5-6% 29 $24,025,000 $828,448
    Over 8% 3 $4,745,000 $1,581,667
    4-5% 2 $620,000 $310,000

    During 2023, Bank Of Hope's average interest rate for loans was 6.80%, while their most frequently originated rate bucket for loans was 6-7%, with 136 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 51 $15,305,000 $300,098 $6,277 6.54%
    $600k-1MM 51 $37,865,000 $742,451 $7,872 6.87%
    $400k-600k 44 $22,020,000 $500,455 $7,301 6.71%
    $1MM+ 39 $75,145,000 $1,926,795 $11,833 6.67%
    $100k-200k 18 $2,690,000 $149,444 $4,756 6.82%
    $100,000 or less 3 $205,000 $68,333 $4,521 7.00%

    2023 saw Bank Of Hope place emphasis on $200k-400k loans with 51 originations, totaling $15,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 77 $71,915,000 $933,961 $9,093 6.86%
    $150k-250k 52 $26,970,000 $518,654 $7,311 6.65%
    $100k-150k 35 $12,845,000 $367,000 $6,572 6.64%
    $75k-100k 12 $3,060,000 $255,000 $6,271 6.25%
    $50k-75k 5 $765,000 $153,000 $5,930 6.90%
    $50k or less 4 $500,000 $125,000 $4,001 6.56%

    Bank Of Hope lent most frequently to those with incomes in the $250k+ range, with 77 originations. The second most popular income band? $150k-250k, with 52 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $18,830,000 $627,667 $7,809 6.66%
    20-30% 25 $12,925,000 $517,000 $7,403 6.67%
    49% 16 $11,840,000 $740,000 $8,531 6.61%
    40% 13 $7,515,000 $578,077 $6,948 6.76%
    48% 12 $6,570,000 $547,500 $6,922 6.94%
    43% 10 $4,290,000 $429,000 $6,766 6.78%
    39% 10 $5,300,000 $530,000 $6,248 6.83%
    41% 9 $7,605,000 $845,000 $9,364 6.83%
    47% 8 $7,050,000 $881,250 $8,810 6.77%
    <20% 8 $5,700,000 $712,500 $6,601 6.74%
    46% 8 $6,670,000 $833,750 $8,084 6.91%
    42% 7 $3,815,000 $545,000 $6,321 6.36%
    38% 7 $4,255,000 $607,857 $8,267 6.66%
    44% 7 $5,435,000 $776,429 $8,869 6.79%
    45% 6 $2,580,000 $430,000 $6,139 6.98%
    37% 6 $2,800,000 $466,667 $7,961 6.48%
    36% 3 $1,275,000 $425,000 $7,119 6.08%
    50-60% 1 $1,885,000 $1,885,000 $12,062 6.88%

    Bank Of Hope lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 171 $103,255,000 $603,830 $7,274 6.71%
    Not applicable 10 $26,930,000 $2,693,000 $0 6.39%
    White 15 $13,065,000 $871,000 $9,361 6.85%
    Not provided 10 $9,980,000 $998,000 $11,924 6.89%

    Approval Rates

    Total approvals of all applications
    92.58%

    Bank Of Hope has an average approval rate.

    Pick Rate

    Approvals leading to origination
    46.12%

    Bank Of Hope 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 206 $153,230,000 $743,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    206 $153,230,000 $743,835

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $10,705,000 $563,421 $6,030 6.80%
    40-60% 66 $48,110,000 $728,939 $8,107 6.59%
    60-80% 103 $86,875,000 $843,447 $7,928 6.78%
    80-100% 9 $4,935,000 $548,333 $7,011 6.83%
    Under 20% 9 $2,605,000 $289,444 $5,948 6.57%