Iapprove Lending Mortgage Rates, Fees & Info

SANTA ANA, CA

LEI: 549300G3FCPL48R4HU28

Tax ID: 33-1131083

4.6 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Iapprove Lending is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Iapprove Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Los Angeles, Riverside, Washington, San Diego, and San Francisco among others. Iapprove Lending 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. Iapprove Lending is typically an average fee lendor.


Originations

338

Origination Dollar Volume (All Markets)

$127,000,000

Awards

IAPPROVE LENDING 30 Year Conventional Loans silver IAPPROVE LENDING 30 Year Conventional Loans gold IAPPROVE LENDING 30 Year Conventional Loans silver IAPPROVE LENDING FHA Loans gold
Show all (4) awards

Relative Rate

Iapprove Lending's average 30 year fixed rate mortgage of loans were 2.9%.

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

This yields a difference of -0.25%.

Relative Fees

Iapprove Lending's average total fees for a 30 year fixed rate mortgage are $5,918.

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) 241 $92,015,000 $381,805 $5,890 2.77%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 34 $10,770,000 $316,765 $6,682 2.89%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 18 $6,890,000 $382,778 $1,807 2.88%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 13 $6,305,000 $485,000 $3,519 2.82%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 8 $3,470,000 $433,750 $3,672 2.48%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 11 $3,385,000 $307,727 $5,877 2.90%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 4 $1,870,000 $467,500 $4,042 3.06%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $820,000 $410,000 $8,266 2.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $705,000 $235,000 $1,993 2.88%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $430,000 $215,000 $5,692 2.88%
FRESNO, CA (FHA|USDA|VA) 2 $340,000 $170,000 $3,012 2.56%

Iapprove Lending's top markets include Los Angeles, Riverside, Washington, San Diego, and San Francisco among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 321 $119,785,000 $373,162 $5,357 2.80%
FHA 17 $7,215,000 $424,412 $10,054 2.61%

For the 2021 period, Iapprove Lending's most frequently originated loan type of loans were Conventional, with 321 originations. Their 2nd most popular type is FHA, with 17 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 200 $70,500,000 $352,500 $5,508 2.68%
Cash Out Refi 70 $25,800,000 $368,571 $5,924 2.96%
Home Purchase 68 $30,700,000 $451,471 $5,578 2.95%

For the 2021, Iapprove Lending's most frequently cited loan purpose of loans were Refi, with 200 originations. The 2nd most popular reason of loans were Cash Out Refi, with 70 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 260 $104,590,000 $402,269 $5,918 2.90%
15 Year 51 $14,075,000 $275,980 $4,420 2.39%
20 Year 12 $4,170,000 $347,500 $5,394 2.69%
10 Year 9 $1,825,000 $202,778 $4,133 2.33%
Other 6 $2,340,000 $390,000 $4,878 2.48%

For the 2021, Iapprove Lending's most frequently cited loan length of loans were 30 Year, with 260 originations. The 2nd most popular length of loans were 15 Year, with 51 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 304 $114,510,000 $376,678
$<1k 17 $6,295,000 $370,294
$3k-4k 10 $3,810,000 $381,000
$2k-3k 5 $1,685,000 $337,000
$5k+ 2 $700,000 $350,000

$5,918 of loans were Iapprove Lending's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 304 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 166 $62,670,000 $377,530
<2.5% 98 $33,880,000 $345,714
3-4% 74 $30,450,000 $411,486

During 2021, Iapprove Lending's average interest rate of loans were 2.90%, while their most frequently originated rate bucket of loans were 2.5-3%, with 166 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 157 $48,245,000 $307,293 $4,709 2.76%
$400k-600k 125 $58,955,000 $471,640 $7,245 2.82%
$100k-200k 34 $5,540,000 $162,941 $3,739 2.63%
$600k-1MM 21 $14,175,000 $675,000 $5,675 3.05%
$100,000 or less 1 $85,000 $85,000 $0 3.50%

2021 saw Iapprove Lending place emphasis on $200k-400k loans with 157 originations, totaling $48,245,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 102 $44,210,000 $433,431 $5,726 2.77%
$50k-75k 88 $27,880,000 $316,818 $5,102 2.82%
$75k-100k 78 $29,420,000 $377,179 $5,843 2.78%
$150k-250k 42 $17,120,000 $407,619 $6,037 2.78%
$50k or less 21 $4,435,000 $211,190 $3,636 2.87%
$250k+ 2 $1,560,000 $780,000 $2,406 3.25%

Iapprove Lending lent most frequently to those with incomes in the $100k-150k range, with 102 originations. The second most popular income band? $50k-75k, with 88 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 61 $22,935,000 $375,984 $5,670 2.75%
20-30% 52 $18,190,000 $349,808 $4,903 2.70%
48% 21 $7,815,000 $372,143 $5,219 2.83%
46% 18 $6,970,000 $387,222 $5,195 2.86%
47% 18 $6,410,000 $356,111 $5,518 2.81%
44% 18 $6,970,000 $387,222 $4,751 2.75%
40% 17 $6,555,000 $385,588 $5,028 2.75%
41% 16 $7,160,000 $447,500 $6,559 2.90%
43% 15 $6,145,000 $409,667 $4,175 2.88%
45% 14 $5,850,000 $417,857 $6,135 2.88%
42% 13 $4,895,000 $376,538 $6,155 2.94%
36% 12 $3,730,000 $310,833 $5,187 2.89%
38% 11 $4,095,000 $372,273 $6,409 2.69%
<20% 10 $2,600,000 $260,000 $4,103 2.78%
37% 10 $3,020,000 $302,000 $3,697 2.89%
49% 10 $4,410,000 $441,000 $7,230 2.98%
39% 9 $3,545,000 $393,889 $5,993 2.78%
50-60% 8 $3,330,000 $416,250 $8,463 2.67%

Iapprove Lending lent most frequently to those with DTI ratios of 30-36%, with 61 originations. The next most common DTI ratio? 20-30%, with 52 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Vietnamese 239 $90,365,000 $378,096 $5,485 2.77%
White 58 $20,620,000 $355,517 $7,201 2.86%
Asian 29 $11,665,000 $402,241 $5,220 2.74%
Not provided 9 $3,155,000 $350,556 $3,265 2.86%
Black 3 $1,195,000 $398,333 $0 2.88%

Approval Rates

Total approvals of all applications
99.74%

Iapprove Lending 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
60.80%

Iapprove Lending 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 338 $127,000,000 $375,740

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
338 $127,000,000 $375,740

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 68 $17,100,000 $251,471 $4,125 2.63%
40-60% 126 $46,690,000 $370,556 $5,816 2.76%
60-80% 100 $44,270,000 $442,700 $5,964 2.90%
80-100% 41 $18,535,000 $452,073 $6,760 2.89%
Under 20% 3 $405,000 $135,000 $3,204 2.67%