Riverfront Mortgage Rates, Fees & Info
Reading, PALEI: 549300I8I7EBXHMYYW54
Tax ID: 23-1343878
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Mortgage Data
Review & Overview
Riverfront is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Riverfront has a high proportion of conventional loans. Their top markets by origination volume include: Reading, Philadelphia, Lancaster, Trenton, and New York among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Riverfront has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 1.90% | 11/17/24 |
| 15 Year Conventional Purchase | 5.84% | 11/17/24 |
| 15 Year Conventional Refi | 5.94% | 11/17/24 |
| 15 Year Cash-out Refi | 5.94% | 11/17/24 |
| 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. | ||
Riverfront Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
91Origination Dollar Volume (All Markets)
$10,405,000Top 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 |
|---|---|---|---|---|---|
| READING, PA (FHA|USDA|VA) | 69 | $7,845,000 | $113,696 | $63 | 2.80% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 13 | $1,745,000 | $134,231 | $151 | 2.87% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $133 | 2.45% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $650 | 0.00% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $50 | 0.00% |
| Pottsville, PA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $265 | 0.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $60,000 | $30,000 | $43 | 0.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $75 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 91 | $10,405,000 | $114,341 | $85 | 2.80% |
For 2021, Riverfront's most frequently originated type of loan was Conventional, with 91 originations.
Loan Reason
For 2021, Riverfront's most frequently cited loan purpose was Cash Out Refi, with 33 originations. The 2nd most popular reason was Home Improvement, with 28 originations.
Loan Duration/Length
For 2021, Riverfront's most frequently cited loan duration was Other, with 48 originations. The 2nd most popular length was 10 Year, with 20 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 91 | $10,405,000 | $114,341 |
Riverfront's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 91 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 20 | $3,870,000 | $193,500 |
| <2.5% | 13 | $2,395,000 | $184,231 |
| 3-4% | 9 | $1,175,000 | $130,556 |
During 2021, Riverfront's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 20 originations.
Loan Sizing
2021 saw Riverfront place emphasis on $100,000 or less loans with 49 originations, totaling $2,375,000 in origination value.
Applicant Income
Riverfront lent most frequently to those with incomes in the $75k-100k range, with 22 originations. The second most popular income band? $100k-150k, with 20 originations.
Applicant Debt to Income Ratio
Riverfront lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? <20%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.96%
Riverfront has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.60%
Riverfront has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 91 | $10,405,000 | $114,341 |