Homeservices Lending Llc

West Des Moines, IA 50266

LEI: 549300FYXKL13UG7P021

Tax ID: 41-1914032

2019 Data | 2018 Data


Overview

Homeservices Lending Llc is a small mortgage company specializing in Home Purchase loans. Homeservices Lending Llc has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Des Moines, Dallas, Tucson, Minneapolis, and San Diego among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Homeservices Lending Llc is typically a low fee medium-low fee lendor.


Originations

6,509

Origination Dollar Volume (All Markets)

$1,819,545,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,186 $1,499,860,000 $289,213
FHA 699 $149,735,000 $214,213
VA 535 $156,345,000 $292,234
USDA 89 $13,605,000 $152,865

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,651 $1,507,635,000 $266,791
Home Improvement 1 $215,000 $215,000
Other 15 $4,335,000 $289,000
Refi 598 $227,810,000 $380,953
Cash Out Refi 244 $79,550,000 $326,025

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
DES MOINES-WEST DES MOINES, IA 1,186 $247,120,000 $208,364
DALLAS-PLANO-IRVING, TX 789 $243,125,000 $308,143
TUCSON, AZ 675 $143,735,000 $212,941
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 452 $109,740,000 $242,788
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 183 $106,755,000 $583,361
DENVER-AURORA-LAKEWOOD, CO 204 $93,820,000 $459,902
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 122 $81,620,000 $669,016
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 344 $75,120,000 $218,372
FORT WORTH-ARLINGTON-GRAPEVINE, TX 184 $53,910,000 $292,989
ANAHEIM-SANTA ANA-IRVINE, CA 84 $51,320,000 $610,952
CHICAGO-NAPERVILLE-EVANSTON, IL 155 $44,905,000 $289,710
LOUISVILLE/JEFFERSON COUNTY, KY-IN 212 $40,540,000 $191,226
Outside of Metro Areas 235 $39,815,000 $169,426
LOS ANGELES-LONG BEACH-GLENDALE, CA 71 $39,785,000 $560,352
BRIDGEPORT-STAMFORD-NORWALK, CT 91 $36,145,000 $397,198
SANTA MARIA-SANTA BARBARA, CA 44 $33,100,000 $752,273
CINCINNATI, OH-KY-IN 133 $23,035,000 $173,195
KANSAS CITY, MO-KS 110 $22,590,000 $205,364
SEATTLE-BELLEVUE-KENT, WA 52 $22,570,000 $434,038
SALEM, OR 76 $20,310,000 $267,237
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 54 $18,510,000 $342,778
NORWICH-NEW LONDON, CT 72 $17,050,000 $236,806
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 18 $16,480,000 $915,556
OXNARD-THOUSAND OAKS-VENTURA, CA 34 $14,490,000 $426,176
NEW HAVEN-MILFORD, CT 72 $14,300,000 $198,611
PHOENIX-MESA-CHANDLER, AZ 47 $12,655,000 $269,255
LINCOLN, NE 76 $12,260,000 $161,316
OAKLAND-BERKELEY-LIVERMORE, CA 20 $11,180,000 $559,000
MILWAUKEE-WAUKESHA, WI 43 $10,835,000 $251,977
OMAHA-COUNCIL BLUFFS, NE-IA 63 $10,465,000 $166,111
TACOMA-LAKEWOOD, WA 29 $9,825,000 $338,793
LAKE COUNTY-KENOSHA COUNTY, IL-WI 29 $9,125,000 $314,655
SIERRA VISTA-DOUGLAS, AZ 45 $7,805,000 $173,444
LEXINGTON-FAYETTE, KY 40 $7,230,000 $180,750
WINSTON-SALEM, NC 21 $6,855,000 $326,429
SHERMAN-DENISON, TX 31 $6,515,000 $210,161
MADISON, WI 22 $5,760,000 $261,818
FRESNO, CA 23 $5,755,000 $250,217
CEDAR RAPIDS, IA 30 $4,480,000 $149,333
SANTA CRUZ-WATSONVILLE, CA 7 $4,345,000 $620,714
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 13 $4,325,000 $332,692
ROCHESTER, MN 21 $4,265,000 $203,095
AUSTIN-ROUND ROCK-GEORGETOWN, TX 12 $4,250,000 $354,167
FORT COLLINS, CO 6 $4,010,000 $668,333
ELIZABETHTOWN-FORT KNOX, KY 29 $3,855,000 $132,931
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 13 $3,675,000 $282,692
ALBANY-LEBANON, OR 11 $3,205,000 $291,364
MERCED, CA 11 $2,905,000 $264,091
PROVIDENCE-WARWICK, RI-MA 12 $2,700,000 $225,000
AMES, IA 14 $2,620,000 $187,143
BIRMINGHAM-HOOVER, AL 14 $2,560,000 $182,857
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 5 $2,215,000 $443,000
SAN LUIS OBISPO-PASO ROBLES, CA 3 $1,955,000 $651,667
MODESTO, CA 6 $1,950,000 $325,000
WORCESTER, MA-CT 10 $1,820,000 $182,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 5 $1,715,000 $343,000
PROVO-OREM, UT 5 $1,675,000 $335,000
ELGIN, IL 6 $1,660,000 $276,667
EAU CLAIRE, WI 10 $1,590,000 $159,000
GREENSBORO-HIGH POINT, NC 4 $1,490,000 $372,500
STOCKTON, CA 4 $1,450,000 $362,500
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $1,340,000 $335,000
COLORADO SPRINGS, CO 4 $1,290,000 $322,500
IOWA CITY, IA 5 $1,275,000 $255,000
GREENVILLE-ANDERSON, SC 3 $1,065,000 $355,000
ST. CLOUD, MN 8 $1,020,000 $127,500
MADERA, CA 4 $1,010,000 $252,500
BOULDER, CO 1 $955,000 $955,000
OKLAHOMA CITY, OK 4 $950,000 $237,500
OLYMPIA-LACEY-TUMWATER, WA 3 $855,000 $285,000
SPRINGFIELD, MO 6 $840,000 $140,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 3 $835,000 $278,333
NEW BRUNSWICK-LAKEWOOD, NJ 2 $730,000 $365,000
COLLEGE STATION-BRYAN, TX 4 $700,000 $175,000
NILES, MI 2 $650,000 $325,000
CORVALLIS, OR 2 $590,000 $295,000
BAKERSFIELD, CA 3 $585,000 $195,000
SALINAS, CA 1 $575,000 $575,000
VALLEJO, CA 2 $570,000 $285,000
BOWLING GREEN, KY 2 $550,000 $275,000
MICHIGAN CITY-LA PORTE, IN 2 $520,000 $260,000
DURHAM-CHAPEL HILL, NC 1 $475,000 $475,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 2 $450,000 $225,000
AKRON, OH 1 $445,000 $445,000
COLUMBUS, OH 2 $440,000 $220,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $435,000 $435,000
CASPER, WY 2 $390,000 $195,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1 $375,000 $375,000
TULSA, OK 1 $325,000 $325,000
CORPUS CHRISTI, TX 1 $325,000 $325,000
YUMA, AZ 1 $315,000 $315,000
SALT LAKE CITY, UT 1 $315,000 $315,000
EL PASO, TX 1 $305,000 $305,000
MIDLAND, TX 1 $305,000 $305,000
GARY, IN 1 $295,000 $295,000
WACO, TX 1 $295,000 $295,000
SCRANTON--WILKES-BARRE, PA 1 $275,000 $275,000
CHAMPAIGN-URBANA, IL 1 $275,000 $275,000
SIOUX CITY, IA-NE-SD 1 $275,000 $275,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $265,000 $265,000
DULUTH, MN-WI 2 $260,000 $130,000
HAMMOND, LA 1 $255,000 $255,000
LA CROSSE-ONALASKA, WI-MN 1 $245,000 $245,000
FLORENCE-MUSCLE SHOALS, AL 1 $245,000 $245,000
JACKSON, MS 1 $245,000 $245,000
LANCASTER, PA 1 $235,000 $235,000
WATERLOO-CEDAR FALLS, IA 2 $230,000 $115,000
GRAND JUNCTION, CO 1 $225,000 $225,000
FOND DU LAC, WI 2 $220,000 $110,000
DAYTON-KETTERING, OH 1 $215,000 $215,000
WARNER ROBINS, GA 1 $215,000 $215,000
SIOUX FALLS, SD 1 $195,000 $195,000
SPARTANBURG, SC 1 $185,000 $185,000
OSHKOSH-NEENAH, WI 1 $185,000 $185,000
FARGO, ND-MN 1 $185,000 $185,000
RACINE, WI 1 $185,000 $185,000
TOPEKA, KS 1 $185,000 $185,000
DUBUQUE, IA 1 $175,000 $175,000
GRAND RAPIDS-KENTWOOD, MI 1 $175,000 $175,000
CLEVELAND-ELYRIA, OH 1 $165,000 $165,000
KALAMAZOO-PORTAGE, MI 1 $165,000 $165,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $155,000 $155,000
COLUMBUS, GA-AL 1 $145,000 $145,000
ST. JOSEPH, MO-KS 1 $145,000 $145,000
ALBUQUERQUE, NM 1 $135,000 $135,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $125,000 $125,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $95,000 $95,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 158 $1,440,000 $9,114
2.5-3% 20 $7,350,000 $367,500
3-4% 2,471 $799,395,000 $323,511
4-5% 3,478 $936,070,000 $269,140
5-6% 378 $74,290,000 $196,534
6-7% 4 $1,000,000 $250,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 528 $25,400,000 $48,106
$100k-200k 1,902 $296,310,000 $155,789
$200k-400k 2,945 $817,185,000 $277,482
$400k-600k 721 $340,855,000 $472,753
$600k-1000k 342 $250,270,000 $731,784
$Over $1MM 71 $89,525,000 $1,260,915

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 159 $35,625,000 $224,057
40-60% 456 $132,340,000 $290,219
60-80% 1,882 $651,400,000 $346,121
80-100% 3,707 $975,625,000 $263,185
Over 100% 62 $19,350,000 $312,097
Under 20% 243 $5,205,000 $21,420

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,483 $460,055,000 $310,219
$150k-250k 952 $391,620,000 $411,366
$50k-75k 1,551 $285,895,000 $184,329
$50k-or less 844 $104,840,000 $124,218
$75k-100k 1,189 $285,945,000 $240,492
$Over $250k 422 $269,070,000 $637,607

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 4,725 $1,258,625,000 $266,376
Not provided 1,307 $414,535,000 $317,165
Asian 244 $87,470,000 $358,484
Black 181 $43,025,000 $237,707
Native Hawaiian 15 $5,115,000 $341,000
American Indian 22 $4,680,000 $212,727
Asian Indian 9 $4,575,000 $508,333
Japanese 2 $480,000 $240,000
Filipino 1 $375,000 $375,000
Chinese 1 $345,000 $345,000
Other Asian 2 $320,000 $160,000

Approval Rates

Total approvals of all applications
94.32%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
76.36%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
0.0 32 $570,000 $17,813
NA 6,477 $1,818,975,000 $280,836

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 3,592 $882,910,000 $245,799
$1k-2k 2,146 $656,610,000 $305,969
$2k-3k 410 $126,410,000 $308,317
$3k-4k 258 $99,400,000 $385,271
$5k+ 102 $53,660,000 $526,078

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 45 $5,025,000 $111,667
Single Family (1-4 Units):Site-Built 6,464 $1,814,520,000 $280,712