Riverside Mortgage Rates, Fees & Info
Kenmore, NYLEI: 549300MX0RKEMMAWWU19
Tax ID: 16-0750181
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Mortgage Data
Review & Overview
Riverside is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Riverside has a high proportion of conventional loans. Their top (well, only) market is Buffalo.Riverside has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Riverside is typically a low 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 relatively high 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.33% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.45% | 11/21/24 |
| 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. | ||
Riverside Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
9Origination Dollar Volume (All Markets)
$1,505,000Top 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 |
|---|---|---|---|---|---|
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 9 | $1,505,000 | $167,222 | $3,212 | 4.78% |
Similar Lenders
We use machine learning to identify the top lenders compared against RIVERSIDE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 30
Similarity Rank: 76
Similarity Rank: 80
Similarity Rank: 84
Similarity Rank: 84
Similarity Rank: 333
Similarity Rank: 390
Similarity Rank: 833
Similarity Rank: 1280
Similarity Rank: 1311
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 9 | $1,505,000 | $167,222 | $3,212 | 4.78% |
For 2022, Riverside's most frequently originated type of loan was Conventional, with 9 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 7 | $1,075,000 | $153,571 | $3,138 | 4.88% |
| Home Purchase | 2 | $430,000 | $215,000 | $3,470 | 4.44% |
For 2022, Riverside's most frequently cited loan purpose was Cash Out Refi, with 7 originations. The 2nd most popular reason was Home Purchase, with 2 originations.
Loan Duration/Length
For 2022, Riverside's most frequently cited loan duration was 30 Year, with 5 originations. The 2nd most popular length was 15 Year, with 2 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $1,085,000 | $155,000 |
| $2k-3k | 1 | $145,000 | $145,000 |
| $3k-4k | 1 | $275,000 | $275,000 |
Riverside's average total fees were $3,409, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 3 | $625,000 | $208,333 |
| 3-4% | 2 | $290,000 | $145,000 |
| 5-6% | 2 | $430,000 | $215,000 |
| <2.5% | 1 | $95,000 | $95,000 |
| 2.5-3% | 1 | $65,000 | $65,000 |
During 2022, Riverside's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 6-7%, with 3 originations.
Loan Sizing
2022 saw Riverside place emphasis on $100k-200k loans with 4 originations, totaling $580,000 in origination value.
Applicant Income
Riverside lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
Riverside lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications61.11%
Riverside has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination77.78%
Riverside has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 9 | $1,505,000 | $167,222 |