Iapprove Lending Mortgage Rates, Fees & Info

SANTA ANA, CA

LEI: 549300G3FCPL48R4HU28

Tax ID: 33-1131083

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Los Angeles, Riverside, Washington, San Diego, and San Francisco among others. We have data for 11 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.67% 4/21/24
    30 Year Conventional Refi 6.48% 4/21/24
    30 Year Cash-out Refi 7.43% 4/21/24
    15 Year Conventional Refi 5.88% 4/21/24
    15 Year Cash-out Refi 5.88% 4/21/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Iapprove Lending. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    338

    Origination Dollar Volume (All Markets)

    $127,000,000

    Awards

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

    Top 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) 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.

    Their top states include:
  • California (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • 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.

    Christian Community Credit Union
    Similarity Rank: 354
    First Credit Union
    Similarity Rank: 378
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 624
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 825
    Chaffey Federal Credit Union
    Similarity Rank: 966
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 1134
    ARIZONA CENTRAL
    Similarity Rank: 1166
    LA Financial Federal Credit Union
    Similarity Rank: 1374
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380

    Product Mix

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

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

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Iapprove Lending's most frequently cited loan purpose was Refi, with 200 originations. The 2nd most popular reason was 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 2021, Iapprove Lending's most frequently cited loan duration was 30 Year, with 260 originations. The 2nd most popular length was 15 Year, with 51 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 304 $114,510,000 $376,678
    $<1k 17 $6,295,000 $370,294
    $3k-4k 8 $3,090,000 $386,250
    $2k-3k 5 $1,685,000 $337,000
    $4k-5k 2 $720,000 $360,000
    $5k+ 2 $700,000 $350,000

    Iapprove Lending's average total fees were $5,918, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.90%, while their most frequently originated rate bucket for loans was 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
    99.34%

    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
    68.05%

    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%