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 Refi loans. Iapprove Lending has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Washington, Sacramento, Baltimore, and Riverside among others. We have data for 9 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. 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% | 11/21/24 |
| 30 Year Conventional Refi | 6.48% | 11/21/24 |
| 30 Year Cash-out Refi | 7.43% | 11/21/24 |
| 15 Year Conventional Refi | 5.88% | 11/21/24 |
| 15 Year Cash-out Refi | 5.88% | 11/21/24 |
| 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
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This is not an official calculator from Iapprove Lending. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
40Origination Dollar Volume (All Markets)
$17,350,000Top 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) | 15 | $7,335,000 | $489,000 | $0 | 3.99% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 15 | $6,185,000 | $412,333 | $0 | 4.93% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $0 | 6.19% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 5.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 5.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $585,000 | $585,000 | $0 | 2.88% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 5.38% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 3.38% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 3.25% |
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 | 40 | $17,350,000 | $433,750 | $0 | 4.59% |
For 2022, Iapprove Lending's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 25 | $11,395,000 | $455,800 | $0 | 5.00% |
| Refi | 11 | $4,375,000 | $397,727 | $0 | 3.51% |
| Cash Out Refi | 4 | $1,580,000 | $395,000 | $0 | 4.97% |
For 2022, Iapprove Lending's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 39 | $17,105,000 | $438,590 | $0 | 4.64% |
| 15 Year | 1 | $245,000 | $245,000 | $0 | 2.50% |
For 2022, Iapprove Lending's most frequently cited loan duration was 30 Year, with 39 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 5 | $2,525,000 | $505,000 |
| $<1k | 2 | $490,000 | $245,000 |
| $4k-5k | 2 | $940,000 | $470,000 |
| $3k-4k | 1 | $355,000 | $355,000 |
Iapprove Lending's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 5 originations.
Interest Rates
During 2022, Iapprove Lending's average interest rate for loans was 4.64%, while their most frequently originated rate bucket for loans was 4-5%, with 11 originations.
Loan Sizing
2022 saw Iapprove Lending place emphasis on $200k-400k loans with 15 originations, totaling $4,625,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 39 | $16,995,000 | $435,769 | $0 | 4.54% |
| $50k or less | 1 | $355,000 | $355,000 | $0 | 6.63% |
Iapprove Lending lent most frequently to those with incomes in the $250k+ range, with 39 originations. The second most popular income band? $50k or less, with 1 originations.
Applicant Debt to Income Ratio
Iapprove Lending lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 49%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Asian | 35 | $15,765,000 | $450,429 | $0 | 4.63% |
| White | 4 | $1,100,000 | $275,000 | $0 | 4.53% |
| Black | 1 | $485,000 | $485,000 | $0 | 3.38% |
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 origination52.50%
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 |
|---|---|---|---|
| 1095.0 | 4 | $1,860,000 | $465,000 |
| 1390.0 | 1 | $265,000 | $265,000 |
| 1690.0 | 31 | $13,345,000 | $430,484 |
| 1940.0 | 4 | $1,880,000 | $470,000 |