Redwood Residential Acquisition Corporation Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300F6Y1YO2YXN6135

Tax ID: 27-1438405

1 stars - Updated: 5/26/24 - out of 5 stars, based on 8 reviews

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

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Mortgage Data

Review & Overview

Redwood Residential Acquisition Corporation is a smaller mortgage company specializing in Home Purchase loans. Redwood Residential Acquisition Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Seattle, San Diego, Tampa, and Austin among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)

Redwood Residential Acquisition Corporation has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Redwood Residential Acquisition Corporation is typically a high 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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.58% 5/26/24
30 Year Conventional Refi 6.55% 5/26/24
30 Year Cash-out Refi 6.50% 5/26/24
15 Year Conventional Purchase 6.29% 5/26/24
15 Year Conventional Refi 5.68% 5/26/24
15 Year Cash-out Refi 5.68% 5/26/24
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.

Redwood Residential Acquisition Corporation Mortgage Calculator






Your Estimates

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

This is not an official calculator from Redwood Residential Acquisition Corporation. 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

59

Origination Dollar Volume (All Markets)

$67,525,000

Relative Rate

Redwood Residential Acquisition Corporation's average 30 year fixed mortgage rate was 7.38%.

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

This yields a difference of 0.9%.

Relative Fees (Closing Costs)

Redwood Residential Acquisition Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $14,911.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4 $6,010,000 $1,502,500 $23,609 7.25%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 5 $5,075,000 $1,015,000 $9,550 7.30%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $4,645,000 $1,548,333 $15,929 7.42%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $3,385,000 $1,128,333 $20,524 7.71%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $3,285,000 $1,095,000 $20,105 7.38%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $3,185,000 $1,061,667 $18,935 6.92%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $2,680,000 $1,340,000 $8,425 7.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $2,020,000 $1,010,000 $15,524 7.25%
Glenwood Springs, CO (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $19,344 8.50%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $1,930,000 $965,000 $11,162 7.38%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $1,890,000 $945,000 $20,165 7.94%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $1,610,000 $805,000 $10,594 6.88%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $1,605,000 $1,605,000 $34,017 7.13%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $1,545,000 $1,545,000 $37,601 7.13%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $23,784 7.00%
BEND, OR (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $5,217 8.00%
Key West, FL (FHA|USDA|VA) 1 $1,495,000 $1,495,000 $7,937 7.13%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $1,325,000 $1,325,000 $7,676 7.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $1,295,000 $1,295,000 $5,849 7.25%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $5,774 7.63%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $1,145,000 $1,145,000 $8,190 7.50%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $1,135,000 $1,135,000 $6,778 7.13%
BELLINGHAM, WA (FHA|USDA|VA) 1 $1,085,000 $1,085,000 $19,219 7.63%
Outside of Metro Areas 1 $1,055,000 $1,055,000 $4,661 7.75%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $4,840 7.13%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $16,001 7.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $1,025,000 $1,025,000 $9,999 7.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $20,765 6.88%
Steamboat Springs, CO (FHA|USDA|VA) 1 $995,000 $995,000 $14,563 8.63%
Morehead City, NC (FHA|USDA|VA) 1 $985,000 $985,000 $24,834 8.00%
YAKIMA, WA (FHA|USDA|VA) 1 $965,000 $965,000 $12,314 7.50%
Angola, IN (FHA|USDA|VA) 1 $935,000 $935,000 $4,367 7.75%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $925,000 $925,000 $8,887 7.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $925,000 $925,000 $5,391 7.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $925,000 $925,000 $19,512 7.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $855,000 $855,000 $27,821 6.38%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $805,000 $805,000 $5,629 6.50%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $775,000 $775,000 $11,905 7.00%
ST. GEORGE, UT (FHA|USDA|VA) 1 $725,000 $725,000 $6,460 7.50%
Redwood Residential Acquisition Corporation's top markets include Los Angeles, Seattle, San Diego, Tampa, and Austin among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against REDWOOD RESIDENTIAL ACQUISITION CORPORATION 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 59 $67,525,000 $1,144,492 $14,911 7.38%

    For 2023, Redwood Residential Acquisition Corporation's most frequently originated type of loan was Conventional, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 46 $52,000,000 $1,130,435 $14,727 7.40%
    Cash Out Refi 7 $7,225,000 $1,032,143 $13,269 7.23%
    Refi 6 $8,300,000 $1,383,333 $18,238 7.33%

    For 2023, Redwood Residential Acquisition Corporation's most frequently cited loan purpose was Home Purchase, with 46 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 59 $67,525,000 $1,144,492 $14,911 7.38%

    For 2023, Redwood Residential Acquisition Corporation's most frequently cited loan duration was 30 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 35 $41,035,000 $1,172,429
    $1k-2k 11 $12,335,000 $1,121,364
    $2k-3k 6 $7,040,000 $1,173,333
    $3k-4k 3 $2,575,000 $858,333
    $4k-5k 3 $3,045,000 $1,015,000
    $<1k 1 $1,495,000 $1,495,000

    Redwood Residential Acquisition Corporation's average total fees were $14,911, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 35 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 42 $48,460,000 $1,153,810
    6-7% 14 $14,990,000 $1,070,714
    Over 8% 3 $4,075,000 $1,358,333

    During 2023, Redwood Residential Acquisition Corporation's average interest rate for loans was 7.38%, while their most frequently originated rate bucket for loans was 7-8%, with 42 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 37 $48,095,000 $1,299,865 $16,181 7.43%
    $600k-1MM 22 $19,430,000 $883,182 $12,775 7.30%

    2023 saw Redwood Residential Acquisition Corporation place emphasis on $1MM+ loans with 37 originations, totaling $48,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 54 $63,110,000 $1,168,704 $14,761 7.41%
    $150k-250k 4 $3,550,000 $887,500 $17,278 7.00%
    $50k or less 1 $865,000 $865,000 $13,553 7.00%

    Redwood Residential Acquisition Corporation lent most frequently to those with incomes in the $250k+ range, with 54 originations. The second most popular income band? $150k-250k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 42 $49,450,000 $1,177,381 $14,621 7.38%
    50-60% 12 $13,040,000 $1,086,667 $16,328 7.50%
    47% 1 $905,000 $905,000 $15,113 7.50%
    20-30% 1 $1,305,000 $1,305,000 $24,532 7.25%
    49% 1 $805,000 $805,000 $5,629 6.50%
    48% 1 $1,015,000 $1,015,000 $18,345 6.75%
    40% 1 $1,005,000 $1,005,000 $6,113 7.13%

    Redwood Residential Acquisition Corporation lent most frequently to those with DTI ratios of >60%, with 42 originations. The next most common DTI ratio? 50-60%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 44 $48,490,000 $1,102,045 $14,554 7.34%
    Not provided 12 $15,090,000 $1,257,500 $14,414 7.50%
    Black 2 $2,860,000 $1,430,000 $23,582 7.44%
    Asian 1 $1,085,000 $1,085,000 $19,219 7.63%

    Approval Rates

    Total approvals of all applications
    98.88%

    Redwood Residential Acquisition Corporation 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
    93.22%

    Redwood Residential Acquisition Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 59 $67,525,000 $1,144,492

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    59 $67,525,000 $1,144,492

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $1,305,000 $1,305,000 $24,532 7.25%
    40-60% 14 $14,830,000 $1,059,286 $13,864 7.42%
    60-80% 33 $39,075,000 $1,184,091 $16,192 7.35%
    80-100% 11 $12,315,000 $1,119,545 $11,526 7.41%