Choice Lending Corp. Mortgage Rates, Fees & Info
VICTORVILLE, CALEI: 549300OH0GCHTF3S7J46
Tax ID: 20-2684905
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Choice Lending Corp. is a smaller mortgage company specializing in Home Purchase loans. Choice Lending Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Riverside, Los Angeles, San Diego, Lake Havasu City, and Santa Maria among others. Choice Lending Corp. has an above average approval rate for mortages when compared nationally. Choice Lending Corp. is typically a high fee lendor.Originations
346Origination Dollar Volume (All Markets)
$104,350,000Awards
CHOICE LENDING CORP. - 2021
CHOICE LENDING CORP. is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Choice Lending Corp.'s average 30 year fixed rate mortgage of loans were
3.01%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.14%.
Relative Fees
Choice Lending Corp.'s average total fees for a 30 year fixed rate
mortgage are $9,922.
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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 285 | $83,995,000 | $294,719 | $10,044 | 2.93% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 38 | $12,000,000 | $315,789 | $9,014 | 3.05% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 8 | $4,340,000 | $542,500 | $32,348 | 2.88% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 5 | $1,075,000 | $215,000 | $5,105 | 2.98% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $4,012 | 2.56% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $7,739 | 3.06% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,158 | 3.00% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,787 | 3.38% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $13,333 | 2.75% |
| Outside of Metro Areas | 1 | $265,000 | $265,000 | $0 | 2.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,174 | 3.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 2.25% |
Choice Lending Corp.'s top markets include Riverside, Los Angeles, San Diego, Lake Havasu City, and Santa Maria among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 277 | $81,895,000 | $295,650 | $6,015 | 2.94% |
| FHA | 42 | $14,250,000 | $339,286 | $12,726 | 3.05% |
| VA | 21 | $6,635,000 | $315,952 | $8,035 | 2.73% |
| USDA | 6 | $1,570,000 | $261,667 | $9,542 | 2.98% |
For the 2021 period, Choice Lending Corp.'s most frequently originated loan type of loans were Conventional, with 277 originations. Their 2nd most popular type is FHA, with 42 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 212 | $67,800,000 | $319,811 | $10,472 | 3.00% |
| Refi | 72 | $19,030,000 | $264,306 | $6,875 | 2.70% |
| Cash Out Refi | 62 | $17,520,000 | $282,581 | $8,902 | 3.03% |
For the 2021, Choice Lending Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 212 originations. The 2nd most popular reason of loans were Refi, with 72 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 303 | $94,615,000 | $312,261 | $9,922 | 3.01% |
| 15 Year | 35 | $8,225,000 | $235,000 | $5,192 | 2.40% |
| Other | 4 | $840,000 | $210,000 | $7,320 | 2.75% |
| 10 Year | 3 | $475,000 | $158,333 | $0 | 2.46% |
| 20 Year | 1 | $195,000 | $195,000 | $0 | 2.88% |
For the 2021, Choice Lending Corp.'s most frequently cited loan length of loans were 30 Year, with 303 originations. The 2nd most popular length of loans were 15 Year, with 35 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 97 | $30,005,000 | $309,330 |
| $5k+ | 49 | $16,355,000 | $333,776 |
| $3k-4k | 48 | $13,710,000 | $285,625 |
| $2k-3k | 37 | $9,425,000 | $254,730 |
| $<1k | 4 | $960,000 | $240,000 |
$9,922 of loans were Choice Lending Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 97 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 171 | $53,265,000 | $311,491 |
| 3-4% | 113 | $34,715,000 | $307,212 |
| <2.5% | 60 | $15,910,000 | $265,167 |
| 4-5% | 1 | $385,000 | $385,000 |
| 5-6% | 1 | $75,000 | $75,000 |
During 2021, Choice Lending Corp.'s average interest rate of loans were 3.01%, while their most frequently originated rate bucket of loans were 2.5-3%, with 171 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 207 | $60,195,000 | $290,797 | $9,793 | 2.99% |
| $100k-200k | 65 | $10,715,000 | $164,846 | $5,687 | 2.78% |
| $400k-600k | 63 | $29,025,000 | $460,714 | $9,925 | 2.89% |
| $600k-1MM | 6 | $4,080,000 | $680,000 | $32,348 | 3.00% |
| $100,000 or less | 5 | $335,000 | $67,000 | $0 | 3.38% |
2021 saw Choice Lending Corp. place emphasis on $200k-400k loans with 207 originations, totaling $60,195,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 81 | $20,885,000 | $257,840 | $6,918 | 2.79% |
| $100k-150k | 76 | $26,770,000 | $352,237 | $11,319 | 3.00% |
| $50k-75k | 74 | $19,440,000 | $262,703 | $11,175 | 2.97% |
| $75k-100k | 73 | $21,915,000 | $300,205 | $10,382 | 3.03% |
| $150k-250k | 39 | $13,865,000 | $355,513 | $7,736 | 2.96% |
| $250k+ | 3 | $1,475,000 | $491,667 | $0 | 2.46% |
Choice Lending Corp. lent most frequently to those with incomes in the $50k or less range, with 81 originations. The second most popular income band? $100k-150k, with 76 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 76 | $22,450,000 | $295,395 | $7,805 | 2.80% |
| 20-30% | 59 | $17,195,000 | $291,441 | $6,713 | 2.94% |
| 38% | 21 | $7,295,000 | $347,381 | $5,095 | 2.81% |
| 39% | 20 | $6,280,000 | $314,000 | $11,640 | 2.98% |
| 50-60% | 18 | $6,310,000 | $350,556 | $13,823 | 2.97% |
| 41% | 16 | $4,980,000 | $311,250 | $9,968 | 3.10% |
| 44% | 15 | $4,715,000 | $314,333 | $4,081 | 3.12% |
| 45% | 14 | $4,500,000 | $321,429 | $10,523 | 3.04% |
| 42% | 14 | $4,160,000 | $297,143 | $12,962 | 2.95% |
| 40% | 13 | $2,835,000 | $218,077 | $7,040 | 3.21% |
| 47% | 13 | $3,765,000 | $289,615 | $9,532 | 2.87% |
| 43% | 12 | $4,230,000 | $352,500 | $6,449 | 3.00% |
| 37% | 12 | $2,990,000 | $249,167 | $7,315 | 2.87% |
| 49% | 11 | $3,825,000 | $347,727 | $19,387 | 2.93% |
| <20% | 10 | $2,060,000 | $206,000 | $12,437 | 3.00% |
| 46% | 10 | $2,660,000 | $266,000 | $13,333 | 3.09% |
| 36% | 6 | $1,860,000 | $310,000 | $9,134 | 2.94% |
| 48% | 5 | $1,855,000 | $371,000 | $12,625 | 3.08% |
| >60% | 1 | $385,000 | $385,000 | $11,148 | 3.25% |
Choice Lending Corp. lent most frequently to those with DTI ratios of 30-36%, with 76 originations. The next most common DTI ratio? 20-30%, with 59 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 311 | $91,835,000 | $295,289 | $9,104 | 2.93% |
| Black | 20 | $7,020,000 | $351,000 | $11,717 | 3.03% |
| Asian | 8 | $3,230,000 | $403,750 | $19,390 | 2.94% |
| Not provided | 3 | $805,000 | $268,333 | $0 | 3.33% |
| Other Asian | 1 | $415,000 | $415,000 | $0 | 2.88% |
| American Indian | 1 | $405,000 | $405,000 | $13,341 | 2.63% |
| Vietnamese | 1 | $375,000 | $375,000 | $0 | 3.13% |
| Asian Indian | 1 | $265,000 | $265,000 | $0 | 2.88% |
Approval Rates
Total approvals of all applications100.00%
Choice Lending Corp. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 10 | $3,150,000 | $315,000 |
| 1000.0 | 1 | $405,000 | $405,000 |
| 1011.75 | 1 | $265,000 | $265,000 |
| 10785.19 | 1 | $725,000 | $725,000 |
| 11363.58 | 1 | $405,000 | $405,000 |
| 11405.75 | 1 | $495,000 | $495,000 |
| 1225.0 | 4 | $840,000 | $210,000 |
| 1375.0 | 1 | $275,000 | $275,000 |
| 1580.0 | 28 | $8,790,000 | $313,929 |
| 1788.25 | 1 | $165,000 | $165,000 |
| 1930.0 | 1 | $285,000 | $285,000 |
| 1937.88 | 1 | $285,000 | $285,000 |
| 1950.63 | 1 | $295,000 | $295,000 |
| 1955.0 | 1 | $305,000 | $305,000 |
| 1980.0 | 1 | $325,000 | $325,000 |
| 2044.38 | 1 | $375,000 | $375,000 |
| 2051.31 | 1 | $375,000 | $375,000 |
| 2053.75 | 1 | $375,000 | $375,000 |
| 2067.5 | 1 | $195,000 | $195,000 |
| 2092.88 | 1 | $415,000 | $415,000 |
| 2101.25 | 1 | $135,000 | $135,000 |
| 2186.05 | 1 | $485,000 | $485,000 |
| 2210.0 | 2 | $420,000 | $210,000 |
| 2296.25 | 1 | $195,000 | $195,000 |
| 2380.0 | 1 | $325,000 | $325,000 |
| 2408.38 | 1 | $225,000 | $225,000 |
| 2479.0 | 1 | $445,000 | $445,000 |
| 2482.5 | 1 | $365,000 | $365,000 |
| 2541.88 | 1 | $385,000 | $385,000 |
| 2625.0 | 1 | $285,000 | $285,000 |
| 2705.0 | 4 | $980,000 | $245,000 |
| 2745.0 | 1 | $245,000 | $245,000 |
| 2892.5 | 1 | $75,000 | $75,000 |
| 3044.38 | 1 | $235,000 | $235,000 |
| 3065.0 | 1 | $295,000 | $295,000 |
| 3130.0 | 1 | $245,000 | $245,000 |
| 3276.5 | 1 | $295,000 | $295,000 |
| 3350.0 | 1 | $475,000 | $475,000 |
| 3400.0 | 1 | $185,000 | $185,000 |
| 3530.0 | 1 | $265,000 | $265,000 |
| 3605.0 | 1 | $275,000 | $275,000 |
| 3859.29 | 1 | $305,000 | $305,000 |
| 3920.0 | 1 | $315,000 | $315,000 |
| 3956.4 | 1 | $185,000 | $185,000 |
| 4205.0 | 1 | $525,000 | $525,000 |
| 4288.75 | 1 | $195,000 | $195,000 |
| 4585.88 | 1 | $245,000 | $245,000 |
| 4695.0 | 1 | $355,000 | $355,000 |
| 4759.05 | 1 | $295,000 | $295,000 |
| 4760.0 | 1 | $475,000 | $475,000 |
| 4775.0 | 1 | $285,000 | $285,000 |
| 4891.49 | 1 | $365,000 | $365,000 |
| 4955.0 | 1 | $185,000 | $185,000 |
| 5217.5 | 1 | $725,000 | $725,000 |
| 5340.63 | 1 | $275,000 | $275,000 |
| 5540.0 | 2 | $750,000 | $375,000 |
| 5654.4 | 1 | $455,000 | $455,000 |
| 5948.75 | 1 | $235,000 | $235,000 |
| 6380.0 | 1 | $255,000 | $255,000 |
| 650.0 | 2 | $560,000 | $280,000 |
| 6566.1 | 1 | $235,000 | $235,000 |
| 7049.59 | 1 | $335,000 | $335,000 |
| 7230.0 | 1 | $285,000 | $285,000 |
| 7362.28 | 1 | $295,000 | $295,000 |
| 750.0 | 1 | $205,000 | $205,000 |
| 7530.0 | 1 | $285,000 | $285,000 |
| 7559.16 | 1 | $275,000 | $275,000 |
| 7991.38 | 1 | $425,000 | $425,000 |
| 8671.55 | 1 | $465,000 | $465,000 |
| 8725.25 | 1 | $405,000 | $405,000 |
| 8762.0 | 1 | $515,000 | $515,000 |
| 9060.0 | 1 | $545,000 | $545,000 |
| NA | 229 | $67,515,000 | $294,825 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 346 | $104,350,000 | $301,590 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 19 | $2,955,000 | $155,526 | $3,861 | 2.64% |
| 40-60% | 56 | $12,260,000 | $218,929 | $6,250 | 2.84% |
| 60-80% | 151 | $47,405,000 | $313,940 | $7,041 | 2.94% |
| 80-100% | 115 | $40,605,000 | $353,087 | $10,935 | 3.02% |
| Over 100% | 3 | $995,000 | $331,667 | $14,955 | 3.17% |
| Under 20% | 2 | $130,000 | $65,000 | $0 | 4.13% |
