Central Coast Lending Mortgage Rates, Fees & Info
MORRO BAY, CALEI: 549300OSXT524OFE8M55
Tax ID: 26-1681423
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Mortgage Data
Overview
Central Coast Lending is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Central Coast Lending 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.) They have a low ratio of USDA loans. Their top markets include San Luis Obispo, Oxnard, Santa Maria, Los Angeles, and San Francisco among others. Central Coast Lending has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Central Coast Lending is typically an average fee lendor.Originations
1,061Origination Dollar Volume (All Markets)
$428,515,000Awards
CENTRAL COAST LENDING - 2021
CENTRAL COAST LENDING is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Central Coast Lending 's average 30 year fixed rate mortgage of loans were
2.93%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.22%.
Relative Fees
Central Coast Lending 's average total fees for a 30 year fixed rate
mortgage are $4,758.
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 |
|---|---|---|---|---|---|
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 730 | $305,930,000 | $419,082 | $4,591 | 2.86% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 82 | $29,610,000 | $361,098 | $4,024 | 2.88% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 62 | $24,500,000 | $395,161 | $5,166 | 2.95% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 31 | $13,545,000 | $436,935 | $5,413 | 2.84% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 23 | $10,995,000 | $478,043 | $4,810 | 2.80% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 19 | $7,145,000 | $376,053 | $4,691 | 2.97% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 16 | $5,820,000 | $363,750 | $3,973 | 2.94% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 9 | $3,625,000 | $402,778 | $4,611 | 2.89% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 6 | $3,270,000 | $545,000 | $5,025 | 2.98% |
| VISALIA, CA (FHA|USDA|VA) | 11 | $3,235,000 | $294,091 | $4,397 | 2.74% |
| FRESNO, CA (FHA|USDA|VA) | 10 | $3,060,000 | $306,000 | $4,232 | 2.81% |
| SALINAS, CA (FHA|USDA|VA) | 9 | $2,445,000 | $271,667 | $5,054 | 2.94% |
| Outside of Metro Areas | 10 | $2,380,000 | $238,000 | $3,852 | 2.96% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 6 | $1,630,000 | $271,667 | $6,388 | 3.13% |
| STOCKTON, CA (FHA|USDA|VA) | 4 | $1,420,000 | $355,000 | $4,802 | 2.78% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 6 | $1,410,000 | $235,000 | $4,297 | 3.08% |
| CHICO, CA (FHA|USDA|VA) | 3 | $1,325,000 | $441,667 | $4,300 | 2.83% |
| MODESTO, CA (FHA|USDA|VA) | 4 | $1,190,000 | $297,500 | $3,835 | 2.94% |
| NAPA, CA (FHA|USDA|VA) | 2 | $1,170,000 | $585,000 | $4,121 | 3.75% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $5,006 | 3.00% |
| YUBA CITY, CA (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $6,641 | 2.56% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $3,113 | 2.63% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $3,306 | 2.44% |
| MADERA, CA (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $2,918 | 2.50% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $3,935 | 3.00% |
| MERCED, CA (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $3,348 | 2.54% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,542 | 3.25% |
Central Coast Lending 's top markets include San Luis Obispo, Oxnard, Santa Maria, Los Angeles, and San Francisco among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 974 | $389,210,000 | $399,600 | $4,318 | 2.90% |
| VA | 56 | $26,550,000 | $474,107 | $6,179 | 2.45% |
| FHA | 29 | $11,925,000 | $411,207 | $10,975 | 2.66% |
| USDA | 2 | $830,000 | $415,000 | $8,218 | 2.88% |
For the 2021 period, Central Coast Lending 's most frequently originated loan type of loans were Conventional, with 974 originations. Their 2nd most popular type is VA, with 56 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 540 | $198,290,000 | $367,204 | $3,766 | 2.76% |
| Home Purchase | 267 | $131,785,000 | $493,577 | $6,394 | 3.00% |
| Cash Out Refi | 254 | $98,440,000 | $387,559 | $4,455 | 2.96% |
For the 2021, Central Coast Lending 's most frequently cited loan purpose of loans were Refi, with 540 originations. The 2nd most popular reason of loans were Home Purchase, with 267 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 898 | $377,310,000 | $420,167 | $4,758 | 2.93% |
| 15 Year | 94 | $27,380,000 | $291,277 | $3,725 | 2.43% |
| Other | 33 | $12,145,000 | $368,030 | $3,004 | 2.59% |
| 20 Year | 30 | $10,460,000 | $348,667 | $4,076 | 2.72% |
| 10 Year | 6 | $1,220,000 | $203,333 | $3,149 | 2.48% |
For the 2021, Central Coast Lending 's most frequently cited loan length of loans were 30 Year, with 898 originations. The 2nd most popular length of loans were 15 Year, with 94 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 746 | $291,600,000 | $390,885 |
| $2k-3k | 100 | $36,760,000 | $367,600 |
| $3k-4k | 97 | $42,975,000 | $443,041 |
| $5k+ | 86 | $46,200,000 | $537,209 |
| $<1k | 10 | $3,300,000 | $330,000 |
$4,758 of loans were Central Coast Lending 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 746 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 549 | $217,115,000 | $395,474 |
| 3-4% | 290 | $131,520,000 | $453,517 |
| <2.5% | 216 | $78,280,000 | $362,407 |
| 4-5% | 4 | $1,380,000 | $345,000 |
| 5-6% | 1 | $135,000 | $135,000 |
| 6-7% | 1 | $85,000 | $85,000 |
During 2021, Central Coast Lending 's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 549 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 465 | $143,905,000 | $309,473 | $3,924 | 2.84% |
| $400k-600k | 401 | $194,755,000 | $485,673 | $5,062 | 2.85% |
| $600k-1MM | 97 | $66,075,000 | $681,186 | $6,491 | 3.07% |
| $100k-200k | 82 | $13,080,000 | $159,512 | $3,254 | 2.81% |
| $100,000 or less | 8 | $640,000 | $80,000 | $2,796 | 3.54% |
| $1MM+ | 8 | $10,060,000 | $1,257,500 | $11,040 | 3.19% |
2021 saw Central Coast Lending place emphasis on $200k-400k loans with 465 originations, totaling $143,905,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 328 | $134,650,000 | $410,518 | $4,447 | 2.88% |
| $75k-100k | 224 | $84,010,000 | $375,045 | $4,444 | 2.82% |
| $150k-250k | 202 | $92,340,000 | $457,129 | $4,912 | 2.94% |
| $50k-75k | 151 | $46,445,000 | $307,583 | $4,157 | 2.87% |
| $250k+ | 84 | $50,390,000 | $599,881 | $5,982 | 3.04% |
| $50k or less | 70 | $19,570,000 | $279,571 | $4,057 | 2.66% |
Central Coast Lending lent most frequently to those with incomes in the $100k-150k range, with 328 originations. The second most popular income band? $75k-100k, with 224 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 245 | $97,925,000 | $399,694 | $4,242 | 2.83% |
| 30-36% | 186 | $72,200,000 | $388,172 | $4,228 | 2.90% |
| <20% | 82 | $28,450,000 | $346,951 | $4,208 | 2.79% |
| 42% | 46 | $19,160,000 | $416,522 | $5,363 | 3.03% |
| 37% | 45 | $19,315,000 | $429,222 | $4,542 | 2.94% |
| 44% | 43 | $16,385,000 | $381,047 | $4,338 | 3.00% |
| 39% | 42 | $18,460,000 | $439,524 | $5,597 | 2.81% |
| 48% | 41 | $17,375,000 | $423,780 | $5,860 | 2.93% |
| 38% | 40 | $15,490,000 | $387,250 | $4,580 | 2.92% |
| 41% | 38 | $14,350,000 | $377,632 | $4,092 | 2.90% |
| 43% | 35 | $15,135,000 | $432,429 | $4,933 | 2.88% |
| 40% | 34 | $14,960,000 | $440,000 | $4,654 | 2.91% |
| 46% | 32 | $13,960,000 | $436,250 | $5,183 | 2.95% |
| 45% | 29 | $11,275,000 | $388,793 | $4,127 | 2.95% |
| 47% | 29 | $12,505,000 | $431,207 | $4,628 | 2.91% |
| >60% | 27 | $11,555,000 | $427,963 | $4,371 | 2.30% |
| 36% | 24 | $10,650,000 | $443,750 | $4,474 | 2.92% |
| 49% | 24 | $10,210,000 | $425,417 | $4,992 | 2.80% |
| 50-60% | 19 | $9,155,000 | $481,842 | $7,796 | 2.90% |
Central Coast Lending lent most frequently to those with DTI ratios of 20-30%, with 245 originations. The next most common DTI ratio? 30-36%, with 186 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 785 | $319,655,000 | $407,204 | $4,657 | 2.87% |
| Not provided | 229 | $87,835,000 | $383,559 | $4,214 | 2.87% |
| Asian | 25 | $11,855,000 | $474,200 | $4,657 | 2.79% |
| Black | 9 | $3,865,000 | $429,444 | $9,116 | 3.47% |
| American Indian | 9 | $3,135,000 | $348,333 | $4,500 | 2.72% |
| Native Hawaiian | 3 | $1,695,000 | $565,000 | $5,070 | 3.00% |
| Filipino | 1 | $475,000 | $475,000 | $2,857 | 3.25% |
Approval Rates
Total approvals of all applications99.65%
Central Coast Lending has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.48%
Central Coast Lending has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,061 | $428,515,000 | $403,878 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,061 | $428,515,000 | $403,878 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 161 | $45,295,000 | $281,335 | $3,753 | 2.75% |
| 40-60% | 308 | $116,650,000 | $378,734 | $4,097 | 2.82% |
| 60-80% | 396 | $175,060,000 | $442,071 | $4,504 | 2.94% |
| 80-100% | 178 | $87,170,000 | $489,719 | $6,223 | 2.91% |
| Over 100% | 4 | $2,110,000 | $527,500 | $15,446 | 2.38% |
| Under 20% | 14 | $2,230,000 | $159,286 | $3,383 | 3.36% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Central Mortgage Funding, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
