Nova Financial & Investment Corporation Mortgage Rates, Fees & Info

TUCSON, AZ

LEI: 549300HIVO8XPBPNVG69

Tax ID: 86-0415227

2020 Data | 2019 Data | 2018 Data


Overview

Nova Financial & Investment Corporation is a large mortgage company specializing in Refi and Home Purchase loans. Nova Financial & Investment Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Phoenix, Tucson, Denver, Las Vegas, and San Diego among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Nova Financial & Investment Corporation is typically a low fee lendor.


Originations

29,718

Origination Dollar Volume (All Markets)

$7,839,320,000

Relative Rate

Nova Financial & Investment Corporation's average 30 year fixed rate mortgage was 3.23%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

This yields a difference of -0.13%.

Relative Fees

Nova Financial & Investment Corporation's average total fees for a 30 year fixed rate mortgage are $3,289.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 22,519 $6,003,935,000 $266,616 $2,354 3.15%
FHA 3,931 $886,705,000 $225,567 $6,268 3.40%
VA 3,040 $908,830,000 $298,957 $4,688 2.97%
USDA 228 $39,850,000 $174,781 $3,532 3.22%

For the 2020 period, Nova Financial & Investment Corporation's most frequently originated loan type was Conventional, with 22,519 originations. Their 2nd most popular type is FHA, with 3,931 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 13,808 $3,640,000,000 $263,615 $2,084 3.06%
Home Purchase 11,253 $3,035,055,000 $269,711 $4,472 3.26%
Cash Out Refi 4,657 $1,164,265,000 $250,003 $2,899 3.28%

For the 2020, Nova Financial & Investment Corporation's most frequently cited loan purpose was Refi, with 13,808 originations. The 2nd most popular reason was Home Purchase, with 11,253 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 25,540 $6,948,900,000 $272,079 $3,289 3.23%
15 Year 2,684 $572,730,000 $213,387 $2,096 2.71%
20 Year 826 $188,240,000 $227,893 $2,186 3.10%
Other 446 $106,530,000 $238,857 $2,045 3.10%
10 Year 114 $21,930,000 $192,368 $2,053 2.67%
3 Year 108 $990,000 $9,167 $1 0.00%

For the 2020, Nova Financial & Investment Corporation's most frequently cited loan length was 30 Year, with 25,540 originations. The 2nd most popular length was 15 Year, with 2,684 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 14,760 $4,093,860,000 $277,362
$1k-2k 12,118 $2,916,090,000 $240,641
$2k-3k 1,686 $442,420,000 $262,408
$3k-4k 899 $280,415,000 $311,919
$5k+ 223 $99,945,000 $448,184

$3,289 was Nova Financial & Investment Corporation's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 14,760 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PHOENIX-MESA-CHANDLER, AZ 8,989 $2,366,315,000 $263,246 $3,654 3.20%
TUCSON, AZ 9,458 $2,083,350,000 $220,274 $2,763 3.16%
DENVER-AURORA-LAKEWOOD, CO 3,984 $1,401,970,000 $351,900 $2,300 3.08%
LAS VEGAS-HENDERSON-PARADISE, NV 1,363 $373,735,000 $274,200 $4,120 3.21%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 711 $349,515,000 $491,582 $2,104 3.10%
YUMA, AZ 1,488 $270,480,000 $181,774 $3,323 3.23%
SIERRA VISTA-DOUGLAS, AZ 975 $195,245,000 $200,251 $3,437 3.15%
Outside of Metro Areas 656 $159,800,000 $243,598 $2,970 3.18%
FLAGSTAFF, AZ 245 $73,295,000 $299,163 $3,147 3.15%
COLORADO SPRINGS, CO 214 $65,560,000 $306,355 $3,217 3.06%
BOULDER, CO 147 $59,205,000 $402,755 $2,509 3.11%
PRESCOTT VALLEY-PRESCOTT, AZ 192 $51,910,000 $270,365 $3,223 3.22%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 202 $50,060,000 $247,822 $5,607 3.30%
LAKE HAVASU CITY-KINGMAN, AZ 250 $49,280,000 $197,120 $3,884 3.44%
GREELEY, CO 139 $43,725,000 $314,568 $2,872 3.08%
LOS ANGELES-LONG BEACH-GLENDALE, CA 63 $30,815,000 $489,127 $3,127 3.22%
FORT COLLINS, CO 91 $27,275,000 $299,725 $2,528 3.01%
ANAHEIM-SANTA ANA-IRVINE, CA 45 $21,855,000 $485,667 $3,642 3.07%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 66 $20,850,000 $315,909 $2,736 3.27%
INDIANAPOLIS-CARMEL-ANDERSON, IN 83 $20,135,000 $242,590 $2,609 3.15%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 10 $8,330,000 $833,000 $2,141 2.84%
SACRAMENTO-ROSEVILLE-FOLSOM, CA 21 $7,215,000 $343,571 $1,990 3.07%
OAKLAND-BERKELEY-LIVERMORE, CA 15 $6,255,000 $417,000 $1,991 2.92%
DALLAS-PLANO-IRVING, TX 18 $5,930,000 $329,444 $5,176 3.24%
SEATTLE-BELLEVUE-KENT, WA 12 $5,460,000 $455,000 $2,090 3.17%
RENO, NV 14 $4,750,000 $339,286 $2,540 3.28%
CHICAGO-NAPERVILLE-EVANSTON, IL 12 $4,350,000 $362,500 $4,194 2.92%
SAN RAFAEL, CA 5 $4,325,000 $865,000 $2,429 3.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX 13 $4,155,000 $319,615 $4,270 3.26%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 11 $4,125,000 $375,000 $3,053 3.31%
PUEBLO, CO 16 $3,850,000 $240,625 $2,367 3.24%
OXNARD-THOUSAND OAKS-VENTURA, CA 8 $3,710,000 $463,750 $2,188 3.20%
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 5 $3,665,000 $733,000 $3,783 3.20%
SAN LUIS OBISPO-PASO ROBLES, CA 8 $3,640,000 $455,000 $4,597 3.08%
TAMPA-ST. PETERSBURG-CLEARWATER, FL 10 $3,560,000 $356,000 $2,922 2.79%
SALINAS, CA 6 $2,760,000 $460,000 $3,232 2.77%
GRAND JUNCTION, CO 10 $2,530,000 $253,000 $4,113 3.11%
MIAMI-MIAMI BEACH-KENDALL, FL 6 $2,250,000 $375,000 $2,607 3.12%
LAS CRUCES, NM 10 $2,030,000 $203,000 $3,162 3.00%
LOGAN, UT-ID 4 $1,960,000 $490,000 $260 2.88%
SAN ANTONIO-NEW BRAUNFELS, TX 8 $1,870,000 $233,750 $4,602 3.56%
TACOMA-LAKEWOOD, WA 5 $1,755,000 $351,000 $2,702 2.92%
PALM BAY-MELBOURNE-TITUSVILLE, FL 6 $1,730,000 $288,333 $4,732 2.98%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 3 $1,675,000 $558,333 $4,761 2.92%
SANTA MARIA-SANTA BARBARA, CA 3 $1,565,000 $521,667 $8,021 3.25%
NAPLES-MARCO ISLAND, FL 4 $1,560,000 $390,000 $5,021 3.19%
EL CENTRO, CA 8 $1,470,000 $183,750 $3,303 3.13%
ALBUQUERQUE, NM 4 $1,460,000 $365,000 $4,335 3.63%
MEDFORD, OR 4 $1,240,000 $310,000 $2,446 2.99%
MIDLAND, TX 4 $1,130,000 $282,500 $7,273 3.84%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $1,025,000 $1,025,000 $7,765 3.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 4 $970,000 $242,500 $2,011 3.25%
BAKERSFIELD, CA 4 $940,000 $235,000 $2,826 3.12%
YUBA CITY, CA 3 $905,000 $301,667 $2,553 3.21%
SPOKANE-SPOKANE VALLEY, WA 4 $900,000 $225,000 $3,998 3.38%
ORLANDO-KISSIMMEE-SANFORD, FL 3 $895,000 $298,333 $8,793 2.96%
FRESNO, CA 2 $750,000 $375,000 $2,115 3.13%
LOUISVILLE/JEFFERSON COUNTY, KY-IN 3 $735,000 $245,000 $3,550 3.29%
KENNEWICK-RICHLAND, WA 2 $720,000 $360,000 $695 2.87%
STOCKTON, CA 3 $705,000 $235,000 $1,425 2.87%
ST. GEORGE, UT 2 $690,000 $345,000 $2,700 3.00%
SANTA FE, NM 2 $690,000 $345,000 $4,353 2.93%
WACO, TX 4 $690,000 $172,500 $3,459 3.94%
MOUNT VERNON-ANACORTES, WA 2 $680,000 $340,000 $2,480 2.87%
PHILADELPHIA, PA 2 $640,000 $320,000 $3,671 2.56%
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $640,000 $320,000 $2,008 2.94%
BELLINGHAM, WA 2 $630,000 $315,000 $3,300 2.94%
CORPUS CHRISTI, TX 2 $620,000 $310,000 $6,457 3.88%
PROVO-OREM, UT 2 $620,000 $310,000 $1,244 3.06%
MODESTO, CA 2 $610,000 $305,000 $2,150 3.24%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 2 $550,000 $275,000 $5,014 3.06%
LAKE COUNTY-KENOSHA COUNTY, IL-WI 2 $530,000 $265,000 $1,290 3.13%
FORT WORTH-ARLINGTON-GRAPEVINE, TX 3 $525,000 $175,000 $3,646 3.08%
OGDEN-CLEARFIELD, UT 1 $495,000 $495,000 $3,536 3.25%
GARY, IN 2 $490,000 $245,000 $3,879 3.06%
KILLEEN-TEMPLE, TX 1 $465,000 $465,000 $2,858 3.38%
EL PASO, TX 3 $455,000 $151,667 $2,382 2.95%
SANTA ROSA-PETALUMA, CA 1 $395,000 $395,000 $0 2.88%
HOMOSASSA SPRINGS, FL 1 $385,000 $385,000 $8,994 2.75%
OLYMPIA-LACEY-TUMWATER, WA 1 $365,000 $365,000 $4,433 3.00%
WALLA WALLA, WA 1 $365,000 $365,000 $1,153 2.88%
EUGENE-SPRINGFIELD, OR 1 $355,000 $355,000 $1,627 3.88%
PORT ST. LUCIE, FL 2 $350,000 $175,000 $5,382 2.75%
BEND, OR 1 $325,000 $325,000 $3,208 3.25%
LUBBOCK, TX 2 $320,000 $160,000 $4,233 3.06%
PUNTA GORDA, FL 1 $295,000 $295,000 $4,305 4.99%
SALT LAKE CITY, UT 1 $285,000 $285,000 $5,430 2.63%
OCALA, FL 2 $270,000 $135,000 $3,390 2.87%
JACKSONVILLE, FL 2 $260,000 $130,000 $2,446 3.94%
VALLEJO, CA 1 $255,000 $255,000 $2,543 3.25%
SEBASTIAN-VERO BEACH, FL 1 $255,000 $255,000 $3,211 2.49%
ODESSA, TX 1 $195,000 $195,000 $2,246 3.75%
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $195,000 $195,000 $3,452 2.75%
COLUMBUS, IN 1 $175,000 $175,000 $2,653 3.88%
FARMINGTON, NM 1 $175,000 $175,000 $2,979 3.75%
LAKELAND-WINTER HAVEN, FL 1 $165,000 $165,000 $1,233 3.25%
FORT WAYNE, IN 1 $155,000 $155,000 $1,862 2.75%
NORTH PORT-SARASOTA-BRADENTON, FL 1 $155,000 $155,000 $2,545 2.75%
VISALIA, CA 1 $135,000 $135,000 $3,017 3.38%
CINCINNATI, OH-KY-IN 1 $125,000 $125,000 $1,619 2.63%
SOUTH BEND-MISHAWAKA, IN-MI 1 $65,000 $65,000 $1,724 2.63%
CHAMBERSBURG-WAYNESBORO, PA 1 $55,000 $55,000 $3,104 3.99%

Nova Financial & Investment Corporation's top markets include Phoenix, Tucson, Denver, Las Vegas, and San Diego among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 13,580 $3,539,380,000 $260,632
2.5-3% 12,075 $3,358,935,000 $278,173
<2.5% 2,219 $540,885,000 $243,752
4-5% 1,666 $356,550,000 $214,016
5-6% 171 $40,125,000 $234,649
7-8% 4 $1,330,000 $332,500
6-7% 3 $2,115,000 $705,000

During 2020, Nova Financial & Investment Corporation's average interest rate was 3.23%, while their most frequently originated rate bucket was 3-4%, with 13,580 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 14,979 $4,181,005,000 $279,124 $3,475 3.17%
$100k-200k 9,448 $1,477,960,000 $156,431 $2,644 3.22%
$400k-600k 3,484 $1,638,810,000 $470,382 $3,032 3.07%
$100,000 or less 1,254 $89,550,000 $71,411 $1,983 2.92%
$600k-1MM 455 $329,605,000 $724,407 $4,323 3.16%
$1MM+ 98 $122,390,000 $1,248,878 $5,711 3.17%

2020 saw Nova Financial & Investment Corporation place emphasis on $200k-400k loans with 14,979 originations, totaling $4,181,005,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 7,031 $1,508,895,000 $214,606 $3,536 3.21%
$50k or less 6,493 $1,259,545,000 $193,985 $3,030 3.14%
$100k-150k 5,884 $1,766,290,000 $300,185 $2,911 3.16%
$75k-100k 5,212 $1,332,600,000 $255,679 $3,271 3.18%
$150k-250k 3,544 $1,287,560,000 $363,307 $2,693 3.14%
$250k+ 1,361 $633,745,000 $465,647 $2,915 3.19%

Nova Financial & Investment Corporation lent most frequently to those with incomes in the $50k-75k range, with 7,031 originations. The second most popular income band? $50k or less, with 6,493 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 6,567 $1,755,005,000 $267,246 $2,584 3.11%
30-36% 5,127 $1,379,545,000 $269,075 $2,963 3.17%
<20% 4,293 $1,158,295,000 $269,810 $2,333 2.98%
44% 1,250 $307,030,000 $245,624 $3,657 3.32%
50-60% 1,127 $286,265,000 $254,006 $6,349 3.25%
43% 1,088 $270,740,000 $248,842 $3,432 3.29%
41% 1,055 $272,075,000 $257,891 $3,313 3.29%
40% 1,037 $270,515,000 $260,863 $3,366 3.26%
42% 1,014 $266,710,000 $263,028 $3,482 3.26%
38% 976 $261,990,000 $268,432 $3,143 3.23%
39% 954 $252,810,000 $265,000 $3,152 3.26%
37% 950 $249,820,000 $262,968 $3,139 3.22%
36% 932 $249,710,000 $267,929 $3,149 3.22%
49% 794 $199,210,000 $250,894 $3,748 3.24%
45% 698 $181,150,000 $259,527 $3,510 3.20%
46% 627 $159,515,000 $254,410 $3,752 3.22%
48% 605 $155,095,000 $256,355 $3,629 3.19%
47% 569 $145,355,000 $255,457 $3,713 3.24%
>60% 55 $18,485,000 $336,091 $7,097 3.12%

Nova Financial & Investment Corporation lent most frequently to those with DTI ratios of 20-30%, with 6,567 originations. The next most common DTI ratio? 30-36%, with 5,127 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 26,243 $6,885,675,000 $262,381 $3,057 3.17%
Not provided 1,743 $479,785,000 $275,264 $3,539 3.15%
Asian 723 $205,965,000 $284,876 $3,149 3.11%
Black 656 $173,180,000 $263,994 $4,102 3.19%
American Indian 210 $52,710,000 $251,000 $3,734 3.16%
Native Hawaiian 80 $20,990,000 $262,375 $3,021 3.18%
Asian Indian 24 $9,420,000 $392,500 $2,158 2.84%
Other Asian 15 $4,875,000 $325,000 $3,952 2.87%
Filipino 6 $2,010,000 $335,000 $7,860 3.69%
Japanese 5 $1,395,000 $279,000 $3,030 3.12%
Other Pacific Islander 4 $1,000,000 $250,000 $3,416 3.63%
Vietnamese 4 $720,000 $180,000 $1,755 3.75%
Korean 2 $700,000 $350,000 $7,225 3.62%
Samoan 2 $560,000 $280,000 $1,290 4.44%
Guamanian 1 $335,000 $335,000 $4,608 3.13%

Approval Rates

Total approvals of all applications
96.29%

Nova Financial & Investment Corporation 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
77.23%

Nova Financial & Investment Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 29,718 $7,839,320,000 $263,790

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 1 $515,000 $515,000
Single Family (1-4 Units):Manufactured 657 $99,675,000 $151,712
Single Family (1-4 Units):Site-Built 29,060 $7,739,130,000 $266,316

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,158 $213,620,000 $184,473 $2,019 2.91%
40-60% 4,368 $1,077,390,000 $246,655 $2,013 3.01%
60-80% 11,528 $3,170,470,000 $275,023 $2,449 3.21%
80-100% 12,135 $3,270,695,000 $269,526 $4,082 3.26%
Over 100% 305 $96,865,000 $317,590 $11,537 3.02%
Under 20% 224 $10,280,000 $45,893 $699 0.97%