Central Coast Lending Mortgage Rates, Fees & Info

MORRO BAY, CA

LEI: 549300OSXT524OFE8M55

Tax ID: 26-1681423

5 stars - out of 5 stars, based on 33 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,061

Origination Dollar Volume (All Markets)

$428,515,000

Awards

CENTRAL COAST LENDING  30 Year Conventional Loans bronze CENTRAL COAST LENDING  30 Year Conventional Loans silver CENTRAL COAST LENDING  VA Loans gold CENTRAL COAST LENDING  FHA Loans bronze
Show all (4) awards

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 applications
99.65%

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 origination
91.48%

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%