Choice Lending Corp. Mortgage Rates, Fees & Info

VICTORVILLE, CA

LEI: 549300OH0GCHTF3S7J46

Tax ID: 20-2684905

1 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

346

Origination Dollar Volume (All Markets)

$104,350,000

Awards

CHOICE LENDING CORP. 30 Year Conventional Loans silver CHOICE LENDING CORP. 30 Year Conventional Loans silver
Show all (2) awards

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 applications
100.00%

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 origination

Points 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%