Choice Lending Corp. Mortgage Rates, Fees & Info
VICTORVILLE, CALEI: 549300OH0GCHTF3S7J46
Tax ID: 20-2684905
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Mortgage Data
Review & 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 a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Riverside, Los Angeles, Bakersfield, Sacramento, and San Diego among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Choice Lending Corp. has an above average approval rate when compared to the average across all lenders. Choice Lending Corp. is typically an average 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 | 6.00% | 12/16/24 |
| 30 Year Conventional Refi | 5.47% | 12/16/24 |
| 30 Year Cash-out Refi | 6.01% | 12/16/24 |
| 30 Year FHA Purchase | 6.81% | 12/16/24 |
| 30 Year FHA Refi | 5.80% | 12/16/24 |
| 30 Year VA Purchase | 5.78% | 12/16/24 |
| 15 Year Conventional Purchase | 5.66% | 12/16/24 |
| 15 Year Conventional Refi | 6.77% | 12/16/24 |
| 15 Year Cash-out Refi | 6.77% | 12/16/24 |
| 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. | ||
Choice Lending Corp. Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
272Origination Dollar Volume (All Markets)
$68,830,000Awards
CHOICE LENDING CORP. - 2018
CHOICE LENDING CORP. is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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Top 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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 214 | $51,150,000 | $239,019 | $7,459 | 7.71% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 42 | $13,260,000 | $315,714 | $9,602 | 4.94% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $6,793 | 5.20% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $5,625 | 4.81% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $11,318 | 4.75% |
| MODESTO, CA (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $9,142 | 4.99% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,946 | 4.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,899 | 0.00% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,183 | 4.38% |
| MADERA, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,384 | 5.13% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,763 | 4.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against CHOICE LENDING CORP. 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
For 2018, Choice Lending Corp.'s most frequently originated type of loan was Conventional, with 126 originations. Their 2nd most popular type was FHA, with 103 originations.
Loan Reason
For 2018, Choice Lending Corp.'s most frequently cited loan purpose was Home Purchase, with 184 originations. The 2nd most popular reason was Cash Out Refi, with 46 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 268 | $68,110,000 | $254,142 | $7,796 | 7.18% |
| 15 Year | 4 | $720,000 | $180,000 | $5,615 | 4.19% |
For 2018, Choice Lending Corp.'s most frequently cited loan duration was 30 Year, with 268 originations. The 2nd most popular length was 15 Year, with 4 originations.
Origination Fees/Closing Costs
Choice Lending Corp.'s average total fees were $7,796, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 84 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 185 | $48,815,000 | $263,865 |
| 5-6% | 68 | $15,340,000 | $225,588 |
| 3-4% | 15 | $3,805,000 | $253,667 |
| Over 8% | 2 | $430,000 | $215,000 |
During 2018, Choice Lending Corp.'s average interest rate for loans was 7.18%, while their most frequently originated rate bucket for loans was 4-5%, with 185 originations.
Loan Sizing
2018 saw Choice Lending Corp. place emphasis on $200k-400k loans with 161 originations, totaling $44,055,000 in origination value.
Applicant Income
Choice Lending Corp. lent most frequently to those with incomes in the $50k-75k range, with 74 originations. The second most popular income band? $75k-100k, with 58 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 7 | $2,015,000 | $287,857 | $8,518 | 4.84% |
Choice Lending Corp. lent most frequently to those with DTI ratios of <20%, with 7 originations.
Ethnicity Mix
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 |
|---|---|---|---|
| NA | 272 | $68,830,000 | $253,051 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 272 | $68,830,000 | $253,051 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CHOICE LENDING CORP | FHA mortgage | Closing on a mortgage | 1 | 100.0% |