Redwood Mortgage Corp. Rates, Fees & Info

SAN MATEO, CA

LEI: 549300HIBIY0XHM03574

Tax ID: 94-2479776

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Mortgage Data

Review & Overview

Redwood Mortgage Corp. is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Redwood Mortgage Corp. has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, Los Angeles, San Jose, Salinas, and Vallejo among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Redwood Mortgage Corp. has a below 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

31

Origination Dollar Volume (All Markets)

$27,625,000

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
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 15 $16,865,000 $1,124,333 $9,901 8.80%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $6,440,000 $805,000 $0 9.42%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $1,685,000 $561,667 $0 7.96%
SALINAS, CA (FHA|USDA|VA) 1 $1,115,000 $1,115,000 $0 8.75%
VALLEJO, CA (FHA|USDA|VA) 1 $605,000 $605,000 $0 9.50%
Red Bluff, CA (FHA|USDA|VA) 1 $405,000 $405,000 $0 8.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $265,000 $265,000 $0 8.50%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $245,000 $245,000 $0 8.25%
Redwood Mortgage Corp.'s top markets include San Francisco, Los Angeles, San Jose, Salinas, and Vallejo among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 31 $27,625,000 $891,129 $9,901 8.85%

    For 2019, Redwood Mortgage Corp.'s most frequently originated type of loan was Conventional, with 31 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 10 $12,760,000 $1,276,000 $9,901 9.23%
    Cash Out Refi 10 $6,960,000 $696,000 $0 9.09%
    Home Purchase 8 $6,840,000 $855,000 $0 8.22%
    Home Improvement 3 $1,065,000 $355,000 $0 8.43%

    For 2019, Redwood Mortgage Corp.'s most frequently cited loan purpose was Refi, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    1 Year 17 $17,015,000 $1,000,882 $9,901 8.68%
    Other 8 $6,400,000 $800,000 $0 9.09%
    3 Year 3 $2,955,000 $985,000 $0 9.58%
    5 Year 3 $1,255,000 $418,333 $0 8.38%

    For 2019, Redwood Mortgage Corp.'s most frequently cited loan duration was 1 Year, with 17 originations. The 2nd most popular length was Other, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 3 $935,000 $311,667

    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% 24 $23,080,000 $961,667
    7-8% 7 $4,545,000 $649,286

    During 2019, 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 24 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 12 $3,750,000 $312,500 $9,901 8.96%
    $1MM+ 8 $18,160,000 $2,270,000 $0 8.80%
    $600k-1MM 6 $3,870,000 $645,000 $0 8.73%
    $400k-600k 4 $1,660,000 $415,000 $0 8.47%
    $100k-200k 1 $185,000 $185,000 $0 9.99%

    2019 saw Redwood Mortgage Corp. place emphasis on $200k-400k loans with 12 originations, totaling $3,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 5 $5,425,000 $1,085,000 $0 8.78%
    $50k or less 3 $705,000 $235,000 $0 9.41%
    $100k-150k 2 $480,000 $240,000 $9,901 9.50%
    $250k+ 2 $1,010,000 $505,000 $0 8.70%
    $75k-100k 2 $620,000 $310,000 $0 8.75%

    Redwood Mortgage Corp. lent most frequently to those with incomes in the $150k-250k range, with 5 originations. The second most popular income band? $50k or less, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 9 $4,495,000 $499,444 $0 9.24%
    48% 2 $660,000 $330,000 $9,901 8.75%
    20-30% 1 $675,000 $675,000 $0 7.90%
    45% 1 $245,000 $245,000 $0 8.25%
    49% 1 $2,165,000 $2,165,000 $0 9.25%

    Redwood Mortgage Corp. lent most frequently to those with DTI ratios of >60%, with 9 originations. The next most common DTI ratio? 48%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 12 $14,880,000 $1,240,000 $0 8.62%
    White 10 $5,640,000 $564,000 $0 8.97%
    Not provided 6 $4,120,000 $686,667 $9,901 9.33%
    Asian 2 $2,210,000 $1,105,000 $0 7.95%
    Black 1 $775,000 $775,000 $0 9.25%

    Approval Rates

    Total approvals of all applications
    66.67%

    Redwood Mortgage Corp. has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    35.48%

    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 31 $27,625,000 $891,129

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 7 $11,115,000 $1,587,857
    Single Family (1-4 Units):Site-Built 24 $16,510,000 $687,917

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $3,985,000 $569,286 $0 9.21%
    40-60% 8 $6,980,000 $872,500 $0 8.34%
    60-80% 8 $10,410,000 $1,301,250 $0 8.61%
    Under 20% 8 $6,250,000 $781,250 $9,901 9.27%