Westwood Mortgage Rates, Fees & Info

SEATTLE, WA

LEI: 549300JBTQ88S1XGQG53

Tax ID: 91-1465333

4.5 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

339

Origination Dollar Volume (All Markets)

$158,045,000

Relative 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 applications
96.26%

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 origination
66.76%

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%