First Choice Bank Mortgage Rates, Fees & Info
Anaheim, CALEI: 549300FQO5YYLKGJU246
Tax ID: 06-1742673
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Mortgage Data
Review & Overview
First Choice Bank is a smaller bank specializing in Home Purchase and Refi loans. First Choice Bank has a high proportion of conventional loans. Their top (well, only) market is Los Angeles.First Choice Bank 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.
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Originations
25Origination Dollar Volume (All Markets)
$74,055,000Top 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) | 25 | $74,055,000 | $2,962,200 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 25 | $74,055,000 | $2,962,200 | $0 | 0.00% |
For 2018, First Choice Bank's most frequently originated type of loan was Conventional, with 25 originations.
Loan Reason
For 2018, First Choice Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 25 | $74,055,000 | $2,962,200 | $0 | 0.00% |
For 2018, First Choice Bank's most frequently cited loan duration was Other, with 25 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $1MM+ | 22 | $71,890,000 | $3,267,727 | $0 | 0.00% |
| $600k-1MM | 3 | $2,165,000 | $721,667 | $0 | 0.00% |
2018 saw First Choice Bank place emphasis on $1MM+ loans with 22 originations, totaling $71,890,000 in origination value.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 25 | $74,055,000 | $2,962,200 | $0 | 0.00% |
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 25 | $74,055,000 | $2,962,200 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
First Choice Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.00%
First Choice Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 25 | $74,055,000 | $2,962,200 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $7,620,000 | $3,810,000 |
| Single Family (1-4 Units):Site-Built | 23 | $66,435,000 | $2,888,478 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HORIZON BANK | Other type of mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | FHA mortgage | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.1% |
| FIRST HORIZON BANK | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| FIRST HORIZON BANK | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| FIRST HORIZON BANK | Conventional home mortgage | Trouble during payment process | 5 | 35.7% |