Home Approvals Direct Mortgage Rates, Fees & Info

IRVINE, CA

LEI: 549300FTR6GEUX8QTI81

Tax ID: 47-3626298

1 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

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


Originations

1,255

Origination Dollar Volume (All Markets)

$497,475,000

Relative Rate

Home Approvals Direct 's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

Home Approvals Direct 's average total fees for a 30 year fixed rate mortgage are $9,824.

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) 638 $283,270,000 $443,997 $9,921 3.06%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 459 $158,235,000 $344,739 $9,465 3.12%
BAKERSFIELD, CA (FHA|USDA|VA) 31 $8,215,000 $265,000 $7,318 3.11%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 19 $8,035,000 $422,895 $10,474 3.12%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 17 $7,055,000 $415,000 $5,910 2.84%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 12 $6,240,000 $520,000 $8,353 2.97%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 7 $3,325,000 $475,000 $13,062 3.46%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 6 $3,100,000 $516,667 $10,660 3.06%
FRESNO, CA (FHA|USDA|VA) 9 $2,165,000 $240,556 $6,314 3.44%
SALINAS, CA (FHA|USDA|VA) 5 $1,995,000 $399,000 $12,146 3.37%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 6 $1,870,000 $311,667 $7,728 3.21%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $1,670,000 $417,500 $7,881 2.84%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 4 $1,350,000 $337,500 $8,907 3.41%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,305,000 $435,000 $5,118 3.25%
MODESTO, CA (FHA|USDA|VA) 5 $1,285,000 $257,000 $9,530 3.62%
VISALIA, CA (FHA|USDA|VA) 6 $1,130,000 $188,333 $8,364 3.25%
MERCED, CA (FHA|USDA|VA) 4 $1,010,000 $252,500 $10,769 3.41%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $995,000 $331,667 $7,390 2.91%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 3 $915,000 $305,000 $5,007 3.21%
STOCKTON, CA (FHA|USDA|VA) 2 $820,000 $410,000 $9,619 3.06%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $4,854 3.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $375,000 $375,000 $5,502 2.25%
VALLEJO, CA (FHA|USDA|VA) 1 $365,000 $365,000 $3,602 2.99%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $345,000 $345,000 $5,145 2.25%
YUBA CITY, CA (FHA|USDA|VA) 1 $305,000 $305,000 $4,487 2.50%
LUBBOCK, TX (FHA|USDA|VA) 1 $295,000 $295,000 $9,921 2.38%
Sonora, CA (FHA|USDA|VA) 1 $285,000 $285,000 $9,638 3.88%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $285,000 $285,000 $5,731 3.38%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $275,000 $275,000 $5,743 3.13%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $165,000 $165,000 $5,727 2.88%
OCALA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,747 3.25%
Outside of Metro Areas 1 $105,000 $105,000 $4,680 3.50%

Home Approvals Direct 's top markets include Los Angeles, Riverside, Bakersfield, San Jose, and San Francisco among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 897 $342,795,000 $382,157 $7,491 3.12%
FHA 326 $138,350,000 $424,387 $15,336 3.05%
VA 32 $16,330,000 $510,313 $7,810 2.71%

For the 2021 period, Home Approvals Direct 's most frequently originated loan type of loans were Conventional, with 897 originations. Their 2nd most popular type is FHA, with 326 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 467 $177,425,000 $379,925 $7,270 2.93%
Home Purchase 425 $188,995,000 $444,694 $12,325 3.13%
Cash Out Refi 363 $131,055,000 $361,033 $9,189 3.25%

For the 2021, Home Approvals Direct 's most frequently cited loan purpose of loans were Refi, with 467 originations. The 2nd most popular reason of loans were Home Purchase, with 425 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,170 $473,490,000 $404,692 $9,824 3.13%
15 Year 51 $14,825,000 $290,686 $5,442 2.45%
20 Year 24 $6,450,000 $268,750 $5,947 2.87%
10 Year 5 $1,425,000 $285,000 $4,095 2.40%
Other 5 $1,285,000 $257,000 $6,807 3.12%

For the 2021, Home Approvals Direct 's most frequently cited loan length of loans were 30 Year, with 1,170 originations. The 2nd most popular length of loans were 15 Year, with 51 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 509 $209,005,000 $410,619
$2k-3k 451 $185,685,000 $411,718
$3k-4k 186 $54,640,000 $293,763
$1k-2k 95 $41,465,000 $436,474
$<1k 14 $6,680,000 $477,143

$9,824 of loans were Home Approvals Direct 's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 509 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 612 $242,450,000 $396,160
2.5-3% 491 $197,065,000 $401,354
<2.5% 128 $49,330,000 $385,391
4-5% 23 $8,355,000 $363,261
5-6% 1 $275,000 $275,000

During 2021, Home Approvals Direct 's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 3-4%, with 612 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 578 $177,580,000 $307,232 $8,418 3.08%
$400k-600k 450 $216,800,000 $481,778 $10,780 3.09%
$600k-1MM 123 $86,095,000 $699,959 $13,115 3.11%
$100k-200k 100 $16,680,000 $166,800 $6,198 3.14%
$100,000 or less 4 $320,000 $80,000 $4,778 3.44%

2021 saw Home Approvals Direct place emphasis on $200k-400k loans with 578 originations, totaling $177,580,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 319 $149,385,000 $468,292 $10,249 3.08%
$75k-100k 293 $116,105,000 $396,263 $10,785 3.10%
$50k-75k 284 $87,210,000 $307,077 $9,050 3.14%
$150k-250k 145 $75,245,000 $518,931 $8,774 3.08%
$50k or less 114 $25,010,000 $219,386 $7,289 3.14%
$250k+ 33 $17,475,000 $529,545 $7,990 3.08%

Home Approvals Direct lent most frequently to those with incomes in the $100k-150k range, with 319 originations. The second most popular income band? $75k-100k, with 293 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
50-60% 159 $71,695,000 $450,912 $16,209 3.08%
30-36% 142 $52,530,000 $369,930 $8,012 3.12%
20-30% 129 $46,625,000 $361,434 $6,736 3.00%
44% 95 $35,285,000 $371,421 $8,997 3.25%
48% 70 $30,910,000 $441,571 $10,693 3.08%
42% 69 $27,455,000 $397,899 $8,456 3.11%
49% 68 $25,720,000 $378,235 $8,264 3.13%
47% 58 $22,660,000 $390,690 $9,383 3.10%
40% 51 $20,045,000 $393,039 $8,797 3.26%
41% 50 $19,610,000 $392,200 $9,449 3.13%
45% 49 $19,635,000 $400,714 $9,215 3.05%
46% 47 $18,775,000 $399,468 $9,436 3.14%
43% 45 $16,635,000 $369,667 $9,466 3.02%
39% 37 $14,875,000 $402,027 $8,275 3.13%
37% 35 $15,495,000 $442,714 $9,473 3.21%
36% 34 $14,780,000 $434,706 $7,562 3.04%
38% 30 $11,440,000 $381,333 $7,779 3.07%
<20% 21 $6,525,000 $310,714 $5,748 2.97%

Home Approvals Direct lent most frequently to those with DTI ratios of 50-60%, with 159 originations. The next most common DTI ratio? 30-36%, with 142 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 715 $270,345,000 $378,105 $10,282 3.15%
Not provided 304 $129,640,000 $426,447 $9,798 3.07%
Asian 152 $66,110,000 $434,934 $5,634 2.84%
Black 75 $27,615,000 $368,200 $9,186 3.14%
Native Hawaiian 3 $1,645,000 $548,333 $14,535 3.21%
Korean 3 $1,215,000 $405,000 $7,739 2.79%
Filipino 1 $475,000 $475,000 $5,611 2.75%
American Indian 2 $430,000 $215,000 $10,199 2.94%

Approval Rates

Total approvals of all applications
99.92%

Home Approvals Direct 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
48.97%

Home Approvals Direct 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 1,255 $497,475,000 $396,394

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,255 $497,475,000 $396,394

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 85 $20,685,000 $243,353 $5,758 2.95%
40-60% 262 $88,610,000 $338,206 $6,437 3.00%
60-80% 455 $187,625,000 $412,363 $8,898 3.16%
80-100% 441 $197,225,000 $447,222 $12,771 3.11%
Over 100% 3 $1,775,000 $591,667 $19,420 2.71%
Under 20% 9 $1,555,000 $172,778 $5,995 2.97%