Sofi Mortgage Rates, Fees & Info
DOVER, DELEI: 549300ILXET2VTO1HD84
Tax ID: 81-2156653
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Mortgage Data
Review & Overview
Sofi Mortgage is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Sofi Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Dallas, Houston, San Francisco, New York, and Los Angeles among others. We have data for 100 markets. (Some data included below & more in-depth data is available with an active subscription.)Sofi Mortgage 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. Sofi Mortgage is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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Originations
248Origination Dollar Volume (All Markets)
$71,800,000Awards
SOFI MORTGAGE - 2019
SOFI MORTGAGE is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 19 | $5,085,000 | $267,632 | $4,970 | 4.18% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 15 | $4,555,000 | $303,667 | $6,043 | 4.19% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 6 | $3,770,000 | $628,333 | $5,242 | 4.33% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $3,190,000 | $531,667 | $7,594 | 4.31% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $2,480,000 | $620,000 | $6,524 | 4.25% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 5 | $2,355,000 | $471,000 | $5,057 | 4.20% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 7 | $2,065,000 | $295,000 | $3,577 | 4.39% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 7 | $1,975,000 | $282,143 | $4,105 | 4.21% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $1,945,000 | $277,857 | $5,458 | 4.20% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $1,930,000 | $321,667 | $3,129 | 4.17% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 5 | $1,805,000 | $361,000 | $6,199 | 4.93% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 5 | $1,705,000 | $341,000 | $4,159 | 4.50% |
| Outside of Metro Areas | 9 | $1,525,000 | $169,444 | $2,714 | 4.21% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 6 | $1,380,000 | $230,000 | $2,915 | 4.33% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,295,000 | $431,667 | $9,362 | 3.79% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 4 | $1,220,000 | $305,000 | $4,534 | 4.34% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $4,086 | 4.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 3 | $1,175,000 | $391,667 | $7,143 | 3.88% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $5,993 | 4.20% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $3,913 | 4.47% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $3,008 | 4.22% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $4,048 | 4.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $4,544 | 4.38% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $4,584 | 3.88% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $5,680 | 4.18% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 5 | $755,000 | $151,000 | $4,142 | 4.28% |
| SANTA FE, NM (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $3,099 | 3.63% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $4,645 | 4.69% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $5,600 | 3.31% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $2,154 | 3.81% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $1,928 | 4.71% |
| WICHITA, KS (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $10,627 | 3.75% |
| BATON ROUGE, LA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $4,539 | 3.88% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $3,320 | 4.75% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $2,270 | 4.38% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,586 | 4.13% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,872 | 4.06% |
| Key West, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $9,355 | 3.88% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,088 | 4.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $1,573 | 3.00% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $3,147 | 4.88% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $7,547 | 3.25% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $2,070 | 3.87% |
| OWENSBORO, KY (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $15,906 | 3.13% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $5,854 | 3.50% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $3,214 | 4.56% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,306 | 4.31% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $1,170 | 4.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $8,740 | 4.25% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $2,825 | 4.13% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,725 | 4.38% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,347 | 4.44% |
| TULSA, OK (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,767 | 4.00% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,378 | 3.38% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,921 | 3.31% |
| COLUMBIA, SC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $2,646 | 4.31% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,796 | 4.38% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,619 | 4.13% |
| MADISON, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,601 | 4.50% |
| Newport, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,208 | 4.25% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,885 | 4.06% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $1,891 | 4.75% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $2,169 | 4.88% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $3,899 | 3.75% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,250 | 3.88% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,488 | 3.38% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $7,735 | 3.88% |
| ABILENE, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,070 | 3.63% |
| Astoria, OR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,796 | 4.25% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,991 | 4.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $2,465 | 4.50% |
| Frankfort, KY (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,221 | 4.88% |
| DeRidder, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,802 | 3.88% |
| Salina, KS (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,705 | 4.25% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,542 | 4.88% |
| JONESBORO, AR (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,220 | 4.63% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,276 | 4.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,891 | 3.87% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,727 | 3.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,285 | 5.13% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,212 | 4.25% |
| SALEM, OR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,448 | 4.25% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,110 | 4.38% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,054 | 4.63% |
| Frankfort, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,400 | 4.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,830 | 3.75% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 4.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,283 | 5.25% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,172 | 4.88% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,849 | 3.75% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,941 | 4.63% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,081 | 4.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,953 | 3.38% |
| BLOOMINGTON, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.63% |
| Alamogordo, NM (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,454 | 3.63% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,250 | 3.88% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,755 | 4.13% |
| LINCOLN, NE (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,278 | 4.63% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,530 | 3.87% |
| LAWTON, OK (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,252 | 4.38% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 221 | $64,135,000 | $290,204 | $3,973 | 4.26% |
| FHA | 16 | $4,380,000 | $273,750 | $8,458 | 4.09% |
| VA | 11 | $3,285,000 | $298,636 | $8,413 | 3.67% |
For 2019, Sofi Mortgage's most frequently originated type of loan was Conventional, with 221 originations. Their 2nd most popular type was FHA, with 16 originations.
Loan Reason
For 2019, Sofi Mortgage's most frequently cited loan purpose was Cash Out Refi, with 101 originations. The 2nd most popular reason was Home Purchase, with 98 originations.
Loan Duration/Length
For 2019, Sofi Mortgage's most frequently cited loan duration was 30 Year, with 178 originations. The 2nd most popular length was 15 Year, with 56 originations.
Origination Fees/Closing Costs
Sofi Mortgage's average total fees were $4,795, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 109 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 128 | $37,500,000 | $292,969 |
| 3-4% | 102 | $29,590,000 | $290,098 |
| 5-6% | 16 | $3,800,000 | $237,500 |
| 2.5-3% | 2 | $910,000 | $455,000 |
During 2019, Sofi Mortgage's average interest rate for loans was 4.35%, while their most frequently originated rate bucket for loans was 4-5%, with 128 originations.
Loan Sizing
2019 saw Sofi Mortgage place emphasis on $200k-400k loans with 109 originations, totaling $30,915,000 in origination value.
Applicant Income
Sofi Mortgage lent most frequently to those with incomes in the $150k-250k range, with 81 originations. The second most popular income band? $100k-150k, with 67 originations.
Applicant Debt to Income Ratio
Sofi Mortgage lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 41 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.42%
Sofi Mortgage has a below average approval rate.
Pick Rate
Approvals leading to origination-135.48%
Sofi Mortgage 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 | 248 | $71,800,000 | $289,516 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $95,000 | $95,000 |
| Single Family (1-4 Units):Site-Built | 247 | $71,705,000 | $290,304 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SoFi Mortgage, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 4 | 80.0% |
| SoFi Mortgage, LLC | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |