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, 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
31Origination Dollar Volume (All Markets)
$27,625,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Their top states include:
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
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
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
2019 saw Redwood Mortgage Corp. place emphasis on $200k-400k loans with 12 originations, totaling $3,750,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications66.67%
Redwood Mortgage Corp. has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination35.48%
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 |