Redwood Mortgage Corp. Rates, Fees & Info
SAN MATEO, CALEI: 549300HIBIY0XHM03574
Tax ID: 94-2479776
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Mortgage Data
Review & Overview
Redwood Mortgage Corp. is a smaller mortgage company specializing in Refi and Home Purchase loans. Redwood Mortgage Corp. has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Sacramento, San Jose, and San Diego among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Redwood Mortgage Corp. has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
16Origination Dollar Volume (All Markets)
$10,190,000Top 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) | 6 | $5,140,000 | $856,667 | $13,613 | 9.87% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 4 | $2,550,000 | $637,500 | $0 | 9.63% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $1,020,000 | $510,000 | $0 | 9.38% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $10,137 | 8.92% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 8.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $10,190,000 | $636,875 | $11,296 | 9.51% |
For 2023, Redwood Mortgage Corp.'s most frequently originated type of loan was Conventional, with 16 originations.
Loan Reason
For 2023, Redwood Mortgage Corp.'s most frequently cited loan purpose was Refi, with 8 originations. The 2nd most popular reason was Home Purchase, with 3 originations.
Loan Duration/Length
For 2023, Redwood Mortgage Corp.'s most frequently cited loan duration was Other, with 8 originations. The 2nd most popular length was 1 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 3 | $835,000 | $278,333 |
Redwood Mortgage Corp.'s average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 16 | $10,190,000 | $636,875 |
During 2023, Redwood Mortgage Corp.'s average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 16 originations.
Loan Sizing
2023 saw Redwood Mortgage Corp. place emphasis on $400k-600k loans with 7 originations, totaling $3,445,000 in origination value.
Applicant Income
Redwood Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $50k or less, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 2 | $1,170,000 | $585,000 | $0 | 9.38% |
| 50-60% | 1 | $235,000 | $235,000 | $0 | 11.00% |
Redwood Mortgage Corp. lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 50-60%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.92%
Redwood Mortgage Corp. has a below average approval rate.
Pick Rate
Approvals leading to origination25.00%
Redwood Mortgage Corp. 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 | 16 | $10,190,000 | $636,875 |