Westwood Mortgage Rates, Fees & Info
SEATTLE, WALEI: 549300JBTQ88S1XGQG53
Tax ID: 91-1465333
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Westwood Mortgage is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Westwood Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Seattle, Bremerton, Spokane, Wenatchee, and Oak Harbor among others. Westwood Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Westwood Mortgage is typically an average fee lendor.Originations
339Origination Dollar Volume (All Markets)
$158,045,000Relative Rate
Westwood Mortgage 's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Westwood Mortgage 's average total fees for a 30 year fixed rate
mortgage are $5,364.
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 $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 290 | $138,320,000 | $476,966 | $5,064 | 3.03% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 5 | $3,155,000 | $631,000 | $8,093 | 2.87% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 8 | $2,240,000 | $280,000 | $5,502 | 3.31% |
| WENATCHEE, WA (FHA|USDA|VA) | 4 | $1,930,000 | $482,500 | $3,296 | 3.28% |
| Oak Harbor, WA (FHA|USDA|VA) | 4 | $1,890,000 | $472,500 | $3,402 | 3.06% |
| Ellensburg, WA (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $3,835 | 2.85% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 4 | $1,540,000 | $385,000 | $4,832 | 3.22% |
| Outside of Metro Areas | 3 | $1,425,000 | $475,000 | $5,391 | 3.12% |
| Pullman, WA (FHA|USDA|VA) | 4 | $1,310,000 | $327,500 | $9,065 | 3.47% |
| BELLINGHAM, WA (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $2,930 | 2.92% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $3,966 | 2.75% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 2 | $840,000 | $420,000 | $3,942 | 3.31% |
| WALLA WALLA, WA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $4,232 | 3.19% |
| Port Angeles, WA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $5,685 | 3.38% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,843 | 3.13% |
| Centralia, WA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,467 | 2.75% |
Westwood Mortgage 's top markets include Seattle, Bremerton, Spokane, Wenatchee, and Oak Harbor among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 323 | $148,175,000 | $458,746 | $4,901 | 3.06% |
| VA | 15 | $9,315,000 | $621,000 | $7,961 | 2.61% |
| FHA | 1 | $555,000 | $555,000 | $14,318 | 3.63% |
For the 2021 period, Westwood Mortgage 's most frequently originated loan type of loans were Conventional, with 323 originations. Their 2nd most popular type is VA, with 15 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 168 | $75,730,000 | $450,774 | $4,262 | 2.89% |
| Cash Out Refi | 108 | $45,920,000 | $425,185 | $5,172 | 3.22% |
| Home Purchase | 63 | $36,395,000 | $577,698 | $7,006 | 3.15% |
For the 2021, Westwood Mortgage 's most frequently cited loan purpose of loans were Refi, with 168 originations. The 2nd most popular reason of loans were Cash Out Refi, with 108 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 292 | $144,230,000 | $493,938 | $5,364 | 3.11% |
| 15 Year | 29 | $8,145,000 | $280,862 | $3,156 | 2.59% |
| 20 Year | 15 | $4,675,000 | $311,667 | $3,411 | 2.83% |
| Other | 2 | $830,000 | $415,000 | $2,808 | 3.06% |
| 10 Year | 1 | $165,000 | $165,000 | $2,565 | 2.25% |
For the 2021, Westwood Mortgage 's most frequently cited loan length of loans were 30 Year, with 292 originations. The 2nd most popular length of loans were 15 Year, with 29 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 197 | $83,775,000 | $425,254 |
| $5k+ | 55 | $33,305,000 | $605,545 |
| $2k-3k | 47 | $20,945,000 | $445,638 |
| $3k-4k | 33 | $16,495,000 | $499,848 |
| $<1k | 1 | $305,000 | $305,000 |
$5,364 of loans were Westwood Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 197 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 156 | $72,870,000 | $467,115 |
| 3-4% | 148 | $69,430,000 | $469,122 |
| <2.5% | 34 | $15,310,000 | $450,294 |
| 4-5% | 1 | $435,000 | $435,000 |
During 2021, Westwood Mortgage 's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 2.5-3%, with 156 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $400k-600k | 126 | $62,100,000 | $492,857 | $4,908 | 3.12% |
| $200k-400k | 119 | $36,535,000 | $307,017 | $4,080 | 3.02% |
| $600k-1MM | 65 | $45,865,000 | $705,615 | $5,942 | 3.02% |
| $100k-200k | 20 | $3,190,000 | $159,500 | $3,075 | 2.86% |
| $1MM+ | 9 | $10,355,000 | $1,150,556 | $18,455 | 2.97% |
2021 saw Westwood Mortgage place emphasis on $400k-600k loans with 126 originations, totaling $62,100,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $150k-250k | 113 | $59,195,000 | $523,850 | $4,866 | 3.05% |
| $100k-150k | 89 | $39,425,000 | $442,978 | $4,791 | 3.08% |
| $250k+ | 52 | $31,390,000 | $603,654 | $7,590 | 3.08% |
| $75k-100k | 41 | $14,285,000 | $348,415 | $3,814 | 3.00% |
| $50k-75k | 36 | $10,710,000 | $297,500 | $4,377 | 3.01% |
| $50k or less | 8 | $3,040,000 | $380,000 | $3,965 | 2.78% |
Westwood Mortgage lent most frequently to those with incomes in the $150k-250k range, with 113 originations. The second most popular income band? $100k-150k, with 89 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 94 | $45,890,000 | $488,191 | $5,066 | 3.01% |
| 30-36% | 57 | $27,215,000 | $477,456 | $4,911 | 3.07% |
| <20% | 40 | $16,440,000 | $411,000 | $4,083 | 2.99% |
| 38% | 16 | $8,020,000 | $501,250 | $5,212 | 3.24% |
| 39% | 15 | $5,725,000 | $381,667 | $3,980 | 3.07% |
| 36% | 12 | $5,710,000 | $475,833 | $7,243 | 3.02% |
| 42% | 11 | $5,375,000 | $488,636 | $4,053 | 3.05% |
| 49% | 11 | $5,045,000 | $458,636 | $5,588 | 3.18% |
| 41% | 10 | $4,760,000 | $476,000 | $6,104 | 3.10% |
| 47% | 10 | $3,810,000 | $381,000 | $4,623 | 2.99% |
| 40% | 10 | $4,500,000 | $450,000 | $4,587 | 3.04% |
| 37% | 9 | $4,195,000 | $466,111 | $5,824 | 3.21% |
| 44% | 9 | $3,545,000 | $393,889 | $4,387 | 2.96% |
| 46% | 9 | $3,025,000 | $336,111 | $4,504 | 3.12% |
| 43% | 8 | $4,320,000 | $540,000 | $6,089 | 3.33% |
| 45% | 7 | $3,745,000 | $535,000 | $6,819 | 2.98% |
| 48% | 4 | $1,790,000 | $447,500 | $7,821 | 3.16% |
| 50-60% | 3 | $2,445,000 | $815,000 | $9,479 | 2.58% |
| >60% | 1 | $425,000 | $425,000 | $2,722 | 2.50% |
Westwood Mortgage lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 57 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 281 | $132,655,000 | $472,082 | $5,164 | 3.04% |
| Not provided | 28 | $11,500,000 | $410,714 | $4,241 | 3.12% |
| Asian | 22 | $10,400,000 | $472,727 | $5,317 | 2.99% |
| Black | 4 | $1,930,000 | $482,500 | $4,228 | 3.06% |
| Native Hawaiian | 3 | $1,345,000 | $448,333 | $3,265 | 3.37% |
| American Indian | 1 | $215,000 | $215,000 | $2,405 | 3.25% |
Approval Rates
Total approvals of all applications96.26%
Westwood Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination66.76%
Westwood 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 | 339 | $158,045,000 | $466,209 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 339 | $158,045,000 | $466,209 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 43 | $14,005,000 | $325,698 | $3,708 | 2.90% |
| 40-60% | 110 | $50,980,000 | $463,455 | $4,923 | 2.97% |
| 60-80% | 135 | $67,665,000 | $501,222 | $5,321 | 3.15% |
| 80-100% | 43 | $23,065,000 | $536,395 | $6,109 | 3.09% |
| Under 20% | 8 | $2,330,000 | $291,250 | $4,379 | 2.84% |
