Quik Fund Inc Mortgage Rates, Fees & Info
Garden City, NYLEI: 549300L6D43H4DHZ8K12
Tax ID: 65-1078899
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Mortgage Data
Review & Overview
Quik Fund Inc is a smaller mortgage company specializing in Home Purchase loans. Quik Fund Inc has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Gainesville, Glens Falls, Washington, and Orlando among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Quik Fund Inc 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. Quik Fund Inc is typically a high 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.
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Originations
25Origination Dollar Volume (All Markets)
$11,785,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 16 | $9,700,000 | $606,250 | $21,842 | 5.89% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $15,586 | 5.63% |
| GLENS FALLS, NY (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $9,398 | 7.25% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,449 | 6.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $9,529 | 7.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $10,034 | 7.25% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $9,688 | 6.63% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $7,656 | 6.25% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,752 | 5.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against Quik Fund Inc based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $8,845,000 | $520,294 | $16,831 | 6.02% |
| FHA | 7 | $2,535,000 | $362,143 | $19,912 | 6.39% |
| VA | 1 | $405,000 | $405,000 | $5,449 | 6.63% |
For 2022, Quik Fund Inc's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
For 2022, Quik Fund Inc's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 24 | $11,690,000 | $487,083 | $17,759 | 6.17% |
| 15 Year | 1 | $95,000 | $95,000 | $4,752 | 5.63% |
For 2022, Quik Fund Inc's most frequently cited loan duration was 30 Year, with 24 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Quik Fund Inc's average total fees were $17,759, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 17 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 10 | $5,200,000 | $520,000 |
| 6-7% | 10 | $4,720,000 | $472,000 |
| 7-8% | 3 | $875,000 | $291,667 |
| 4-5% | 2 | $990,000 | $495,000 |
During 2022, Quik Fund Inc's average interest rate for loans was 6.17%, while their most frequently originated rate bucket for loans was 5-6%, with 10 originations.
Loan Sizing
2022 saw Quik Fund Inc place emphasis on $400k-600k loans with 8 originations, totaling $4,210,000 in origination value.
Applicant Income
Quik Fund Inc lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
Quik Fund Inc lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications88.89%
Quik Fund Inc has an average approval rate.
Pick Rate
Approvals leading to origination64.00%
Quik Fund Inc 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 | 25 | $11,785,000 | $471,400 |