Iapprove Lending Mortgage Rates, Fees & Info
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Mortgage Data
Review & Overview
Iapprove Lending is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Iapprove Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Los Angeles, Washington, Phoenix, and Houston among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Iapprove Lending 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. Iapprove Lending is typically an average 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 11/22/24 |
| 30 Year Conventional Refi | 6.48% | 11/22/24 |
| 30 Year Cash-out Refi | 7.43% | 11/22/24 |
| 15 Year Conventional Refi | 5.88% | 11/22/24 |
| 15 Year Cash-out Refi | 5.88% | 11/22/24 |
| 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. | ||
Iapprove Lending Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
164Origination Dollar Volume (All Markets)
$60,010,000Top 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) | 120 | $47,560,000 | $396,333 | $6,556 | 4.82% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 22 | $8,070,000 | $366,818 | $9,881 | 4.76% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 13 | $2,425,000 | $186,538 | $4,022 | 4.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 9 | $1,955,000 | $217,222 | $5,846 | 5.17% |
Similar Lenders
We use machine learning to identify the top lenders compared against IAPPROVE LENDING 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 | 149 | $54,005,000 | $362,450 | $6,159 | 4.84% |
| FHA | 15 | $6,005,000 | $400,333 | $12,748 | 4.66% |
For 2018, Iapprove Lending's most frequently originated type of loan was Conventional, with 149 originations. Their 2nd most popular type was FHA, with 15 originations.
Loan Reason
For 2018, Iapprove Lending's most frequently cited loan purpose was Home Purchase, with 89 originations. The 2nd most popular reason was Cash Out Refi, with 43 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 157 | $57,735,000 | $367,739 | $6,795 | 4.84% |
| 15 Year | 7 | $2,275,000 | $325,000 | $6,030 | 4.39% |
For 2018, Iapprove Lending's most frequently cited loan duration was 30 Year, with 157 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
Iapprove Lending's average total fees were $6,795, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 81 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 120 | $43,030,000 | $358,583 |
| 5-6% | 35 | $14,005,000 | $400,143 |
| 3-4% | 9 | $2,975,000 | $330,556 |
During 2018, Iapprove Lending's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 120 originations.
Loan Sizing
2018 saw Iapprove Lending place emphasis on $200k-400k loans with 69 originations, totaling $21,805,000 in origination value.
Applicant Income
Iapprove Lending lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 39 originations.
Applicant Debt to Income Ratio
Iapprove Lending lent most frequently to those with DTI ratios of 49%, with 15 originations. The next most common DTI ratio? 20-30%, with 13 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination60.37%
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 | 164 | $60,010,000 | $365,915 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 164 | $60,010,000 | $365,915 |