New Wave Lending Group Inc Mortgage Rates, Fees & Info

Industry, CA

LEI: 549300OPB0G5OMY0SM65

Tax ID: 82-1456336

4.7 stars - out of 5 stars, based on 81 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

New Wave Lending Group Inc is a mid-sized mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. New Wave Lending Group Inc has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Los Angeles, Riverside, San Francisco, San Jose, and San Diego among others. New Wave Lending Group Inc has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. New Wave Lending Group Inc is typically an average fee lendor.


Originations

6,549

Origination Dollar Volume (All Markets)

$3,051,315,000

Awards

NEW WAVE LENDING GROUP INC 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

New Wave Lending Group Inc's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

New Wave Lending Group Inc's average total fees for a 30 year fixed rate mortgage are $5,358.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 4,195 $2,012,075,000 $479,636 $5,135 2.93%
Outside of Metro Areas 880 $442,880,000 $503,273 $5,745 3.04%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 742 $269,020,000 $362,561 $4,728 3.06%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 170 $89,460,000 $526,235 $4,546 2.96%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 163 $81,725,000 $501,380 $3,941 3.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 145 $64,395,000 $444,103 $4,843 2.95%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 75 $32,465,000 $432,867 $3,491 2.87%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 77 $25,925,000 $336,688 $3,511 3.03%
BAKERSFIELD, CA (FHA|USDA|VA) 29 $8,105,000 $279,483 $4,914 3.15%
STOCKTON, CA (FHA|USDA|VA) 10 $3,710,000 $371,000 $5,416 3.31%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 9 $3,615,000 $401,667 $3,749 3.10%
FRESNO, CA (FHA|USDA|VA) 11 $2,575,000 $234,091 $4,093 3.14%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 5 $2,495,000 $499,000 $5,458 3.03%
VALLEJO, CA (FHA|USDA|VA) 6 $2,410,000 $401,667 $5,259 3.15%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,515,000 $505,000 $6,720 2.92%
CHICO, CA (FHA|USDA|VA) 4 $1,370,000 $342,500 $4,519 2.97%
MODESTO, CA (FHA|USDA|VA) 4 $1,270,000 $317,500 $3,928 3.16%
SALINAS, CA (FHA|USDA|VA) 3 $1,225,000 $408,333 $3,554 3.00%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 2 $1,110,000 $555,000 $0 3.00%
MERCED, CA (FHA|USDA|VA) 4 $970,000 $242,500 $4,024 2.97%
MADERA, CA (FHA|USDA|VA) 5 $735,000 $147,000 $4,678 3.35%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $700,000 $350,000 $8,476 2.56%
VISALIA, CA (FHA|USDA|VA) 2 $470,000 $235,000 $3,597 2.69%
Crescent City, CA (FHA|USDA|VA) 1 $405,000 $405,000 $4,667 3.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $395,000 $395,000 $5,180 2.88%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $295,000 $295,000 $3,405 2.88%

New Wave Lending Group Inc's top markets include Los Angeles, Riverside, San Francisco, San Jose, and San Diego among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 6,546 $3,049,510,000 $465,859 $5,070 2.97%
FHA 3 $1,805,000 $601,667 $15,109 2.67%

For the 2021 period, New Wave Lending Group Inc's most frequently originated loan type of loans were Conventional, with 6,546 originations. Their 2nd most popular type is FHA, with 3 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 3,515 $1,478,285,000 $420,565 $3,984 2.87%
Home Purchase 1,620 $928,640,000 $573,235 $7,938 3.09%
Cash Out Refi 1,412 $643,830,000 $455,970 $4,492 3.08%
Other 1 $155,000 $155,000 $0 5.50%
NA 1 $405,000 $405,000 $0 2.38%

For the 2021, New Wave Lending Group Inc's most frequently cited loan purpose of loans were Refi, with 3,515 originations. The 2nd most popular reason of loans were Home Purchase, with 1,620 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,443 $2,660,315,000 $488,759 $5,358 3.06%
15 Year 737 $268,625,000 $364,484 $3,829 2.42%
20 Year 280 $94,640,000 $338,000 $3,542 2.79%
10 Year 63 $16,515,000 $262,143 $3,114 2.29%
Other 26 $11,220,000 $431,538 $3,054 2.67%

For the 2021, New Wave Lending Group Inc's most frequently cited loan length of loans were 30 Year, with 5,443 originations. The 2nd most popular length of loans were 15 Year, with 737 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 3,540 $1,547,750,000 $437,218
$2k-3k 912 $450,140,000 $493,575
$5k+ 596 $365,710,000 $613,607
$3k-4k 367 $168,585,000 $459,360
$<1k 9 $4,725,000 $525,000

$5,358 of loans were New Wave Lending Group Inc's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,540 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 3,420 $1,576,590,000 $460,991
3-4% 2,164 $1,081,940,000 $499,972
<2.5% 873 $330,105,000 $378,127
4-5% 78 $53,100,000 $680,769
5-6% 10 $6,050,000 $605,000
6-7% 1 $965,000 $965,000

During 2021, New Wave Lending Group Inc's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 3,420 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 2,530 $1,244,220,000 $491,787 $4,881 2.95%
$200k-400k 2,484 $774,560,000 $311,820 $4,010 2.92%
$600k-1MM 1,097 $796,775,000 $726,322 $7,147 3.09%
$100k-200k 296 $48,650,000 $164,358 $3,530 2.86%
$1MM+ 138 $186,760,000 $1,353,333 $14,170 3.40%
$100,000 or less 4 $350,000 $87,500 $4,087 3.03%

2021 saw New Wave Lending Group Inc place emphasis on $400k-600k loans with 2,530 originations, totaling $1,244,220,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,949 $903,815,000 $463,733 $4,901 2.96%
$150k-250k 1,500 $799,610,000 $533,073 $5,426 2.97%
$75k-100k 1,175 $477,295,000 $406,209 $4,660 2.92%
$50k-75k 867 $287,385,000 $331,471 $4,147 2.92%
$250k+ 802 $507,050,000 $632,232 $6,592 3.07%
$50k or less 243 $70,955,000 $291,996 $4,635 3.11%

New Wave Lending Group Inc lent most frequently to those with incomes in the $100k-150k range, with 1,949 originations. The second most popular income band? $150k-250k, with 1,500 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 1,037 $501,195,000 $483,312 $4,974 2.94%
20-30% 920 $395,650,000 $430,054 $4,487 2.88%
49% 482 $215,810,000 $447,739 $5,096 2.97%
48% 395 $178,735,000 $452,494 $5,124 2.98%
47% 343 $166,955,000 $486,749 $5,339 2.96%
<20% 334 $152,690,000 $457,156 $5,437 3.07%
46% 319 $143,945,000 $451,238 $4,844 2.99%
43% 318 $150,890,000 $474,497 $5,061 2.99%
44% 316 $157,970,000 $499,905 $5,838 3.06%
45% 312 $143,640,000 $460,385 $4,912 2.97%
41% 288 $138,630,000 $481,354 $5,133 2.96%
42% 283 $142,845,000 $504,753 $5,434 3.01%
40% 255 $120,375,000 $472,059 $5,416 3.01%
39% 255 $117,555,000 $461,000 $5,249 3.01%
38% 230 $113,500,000 $493,478 $5,359 2.96%
37% 197 $91,965,000 $466,827 $5,181 3.02%
36% 165 $77,005,000 $466,697 $4,837 2.97%
50-60% 73 $30,115,000 $412,534 $5,375 2.93%
>60% 13 $4,605,000 $354,231 $3,260 2.73%

New Wave Lending Group Inc lent most frequently to those with DTI ratios of 30-36%, with 1,037 originations. The next most common DTI ratio? 20-30%, with 920 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 5,740 $2,676,670,000 $466,319 $5,057 2.96%
White 701 $324,055,000 $462,275 $5,221 2.98%
Black 52 $22,050,000 $424,038 $4,620 3.02%
Not provided 21 $13,775,000 $655,952 $7,071 3.37%
American Indian 11 $5,345,000 $485,909 $4,797 3.09%
Native Hawaiian 10 $3,980,000 $398,000 $5,031 2.80%
Chinese 7 $2,405,000 $343,571 $3,633 3.05%
Korean 2 $1,330,000 $665,000 $9,168 3.31%
Vietnamese 2 $790,000 $395,000 $5,641 3.31%
Not applicable 1 $395,000 $395,000 $5,055 2.88%
Asian Indian 1 $275,000 $275,000 $4,655 3.50%
Other Asian 1 $245,000 $245,000 $2,732 2.75%

Approval Rates

Total approvals of all applications
99.63%

New Wave Lending Group Inc 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
72.40%

New Wave Lending Group Inc has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
6145.0 1 $415,000 $415,000
NA 6,548 $3,050,900,000 $465,929

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
6,549 $3,051,315,000 $465,921

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,053 $343,565,000 $326,273 $3,951 2.82%
40-60% 2,417 $1,076,325,000 $445,314 $4,333 2.91%
60-80% 2,582 $1,369,660,000 $530,465 $5,881 3.08%
80-100% 415 $240,635,000 $579,843 $7,358 3.07%
Under 20% 81 $19,475,000 $240,432 $4,119 2.69%