V.i.p. Mortgage Inc.

SCOTTSDALE, AZ 85258

LEI: 549300PC4MFWQBNVKG88

Tax ID: 42-1720343

2019 Data | 2018 Data


Overview

V.i.p. Mortgage Inc. is a small mortgage company specializing in Home Purchase and Refi loans. V.i.p. Mortgage Inc. 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 Phoenix, Tucson, Denver, Colorado Springs, and Dallas among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. V.i.p. Mortgage Inc. is typically a medium-low fee lendor.


Originations

8,782

Origination Dollar Volume (All Markets)

$2,477,730,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,552 $1,893,770,000 $289,037
FHA 1,330 $300,920,000 $226,256
VA 865 $275,605,000 $318,618
USDA 35 $7,435,000 $212,429

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,355 $1,489,735,000 $278,195
Other 5 $705,000 $141,000
Refi 2,257 $676,045,000 $299,533
Cash Out Refi 1,165 $311,245,000 $267,163

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
PHOENIX-MESA-CHANDLER, AZ 4,798 $1,336,280,000 $278,508
TUCSON, AZ 1,674 $381,850,000 $228,106
DENVER-AURORA-LAKEWOOD, CO 731 $277,115,000 $379,090
Outside of Metro Areas 386 $118,710,000 $307,539
COLORADO SPRINGS, CO 283 $86,485,000 $305,601
DALLAS-PLANO-IRVING, TX 95 $26,805,000 $282,158
FORT WORTH-ARLINGTON-GRAPEVINE, TX 110 $26,540,000 $241,273
SAN ANTONIO-NEW BRAUNFELS, TX 82 $23,380,000 $285,122
SEATTLE-BELLEVUE-KENT, WA 40 $21,270,000 $531,750
FORT WAYNE, IN 90 $18,470,000 $205,222
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 24 $13,950,000 $581,250
PRESCOTT VALLEY-PRESCOTT, AZ 43 $11,335,000 $263,605
INDIANAPOLIS-CARMEL-ANDERSON, IN 35 $11,275,000 $322,143
FLAGSTAFF, AZ 31 $9,525,000 $307,258
GREELEY, CO 27 $9,255,000 $342,778
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 18 $5,550,000 $308,333
LOS ANGELES-LONG BEACH-GLENDALE, CA 10 $4,700,000 $470,000
ANAHEIM-SANTA ANA-IRVINE, CA 8 $4,450,000 $556,250
RALEIGH-CARY, NC 18 $4,380,000 $243,333
ELKHART-GOSHEN, IN 20 $4,340,000 $217,000
SANTA ROSA-PETALUMA, CA 9 $4,105,000 $456,111
URBAN HONOLULU, HI 10 $4,000,000 $400,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 11 $3,975,000 $361,364
FORT COLLINS, CO 11 $3,715,000 $337,727
TACOMA-LAKEWOOD, WA 12 $3,640,000 $303,333
CHICAGO-NAPERVILLE-EVANSTON, IL 9 $3,135,000 $348,333
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 4 $3,090,000 $772,500
OAKLAND-BERKELEY-LIVERMORE, CA 5 $3,065,000 $613,000
LAKE HAVASU CITY-KINGMAN, AZ 14 $2,710,000 $193,571
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 9 $2,445,000 $271,667
KAHULUI-WAILUKU-LAHAINA, HI 3 $2,345,000 $781,667
MADISON, WI 6 $2,060,000 $343,333
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 3 $2,005,000 $668,333
PUEBLO, CO 9 $2,005,000 $222,778
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 5 $1,945,000 $389,000
SAN RAFAEL, CA 2 $1,890,000 $945,000
BOULDER, CO 4 $1,660,000 $415,000
SOUTH BEND-MISHAWAKA, IN-MI 7 $1,575,000 $225,000
SIERRA VISTA-DOUGLAS, AZ 9 $1,545,000 $171,667
LAS VEGAS-HENDERSON-PARADISE, NV 5 $1,545,000 $309,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 8 $1,540,000 $192,500
ALBUQUERQUE, NM 6 $1,510,000 $251,667
AUSTIN-ROUND ROCK-GEORGETOWN, TX 3 $1,305,000 $435,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $1,135,000 $227,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $1,100,000 $275,000
BELLINGHAM, WA 2 $1,000,000 $500,000
OGDEN-CLEARFIELD, UT 3 $935,000 $311,667
ELGIN, IL 4 $910,000 $227,500
OXNARD-THOUSAND OAKS-VENTURA, CA 2 $870,000 $435,000
SALT LAKE CITY, UT 3 $815,000 $271,667
CHAMPAIGN-URBANA, IL 1 $755,000 $755,000
BLOOMINGTON, IN 2 $710,000 $355,000
ORLANDO-KISSIMMEE-SANFORD, FL 3 $695,000 $231,667
CHARLOTTE-CONCORD-GASTONIA, NC-SC 3 $665,000 $221,667
SAN LUIS OBISPO-PASO ROBLES, CA 1 $665,000 $665,000
DURHAM-CHAPEL HILL, NC 4 $650,000 $162,500
GRAND JUNCTION, CO 3 $625,000 $208,333
FAYETTEVILLE, NC 3 $615,000 $205,000
VALLEJO, CA 1 $605,000 $605,000
BROWNSVILLE-HARLINGEN, TX 2 $580,000 $290,000
NILES, MI 2 $570,000 $285,000
YAKIMA, WA 2 $520,000 $260,000
BEND, OR 1 $475,000 $475,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $475,000 $475,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $475,000 $475,000
YUMA, AZ 4 $460,000 $115,000
FRESNO, CA 1 $455,000 $455,000
FARMINGTON, NM 1 $415,000 $415,000
COEUR D'ALENE, ID 1 $415,000 $415,000
LOGAN, UT-ID 1 $405,000 $405,000
SANTA FE, NM 1 $405,000 $405,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 1 $405,000 $405,000
BAKERSFIELD, CA 1 $395,000 $395,000
RENO, NV 1 $385,000 $385,000
PROVO-OREM, UT 1 $355,000 $355,000
GARY, IN 2 $350,000 $175,000
KANKAKEE, IL 1 $335,000 $335,000
OLYMPIA-LACEY-TUMWATER, WA 1 $305,000 $305,000
NAPLES-MARCO ISLAND, FL 1 $285,000 $285,000
MICHIGAN CITY-LA PORTE, IN 1 $275,000 $275,000
SHERMAN-DENISON, TX 1 $265,000 $265,000
KILLEEN-TEMPLE, TX 1 $265,000 $265,000
LAKELAND-WINTER HAVEN, FL 1 $255,000 $255,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $235,000 $235,000
ABILENE, TX 1 $215,000 $215,000
PORT ST. LUCIE, FL 1 $195,000 $195,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $185,000 $185,000
OCALA, FL 1 $185,000 $185,000
EL PASO, TX 1 $175,000 $175,000
Outside of Metro Areas 1 $175,000 $175,000
MACON-BIBB COUNTY, GA 1 $175,000 $175,000
JANESVILLE-BELOIT, WI 1 $165,000 $165,000
MCALLEN-EDINBURG-MISSION, TX 1 $155,000 $155,000
MILWAUKEE-WAUKESHA, WI 1 $155,000 $155,000
EAU CLAIRE, WI 1 $135,000 $135,000
CLEVELAND-ELYRIA, OH 1 $135,000 $135,000
COLUMBUS, IN 1 $135,000 $135,000
SEBASTIAN-VERO BEACH, FL 1 $125,000 $125,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $115,000 $115,000
CAPE CORAL-FORT MYERS, FL 1 $105,000 $105,000
LAS CRUCES, NM 1 $105,000 $105,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $65,000 $65,000
MEMPHIS, TN-MS-AR 1 $45,000 $45,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 3 $35,000 $11,667
2.5-3% 19 $6,695,000 $352,368
3-4% 3,394 $1,044,350,000 $307,705
4-5% 4,314 $1,174,250,000 $272,195
5-6% 975 $232,435,000 $238,395
6-7% 76 $19,510,000 $256,711
7-8% 1 $455,000 $455,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 235 $18,575,000 $79,043
$100k-200k 2,284 $363,800,000 $159,282
$200k-400k 4,864 $1,367,320,000 $281,110
$400k-600k 1,153 $537,005,000 $465,746
$600k-1000k 219 $157,005,000 $716,918
$Over $1MM 27 $34,025,000 $1,260,185

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 174 $29,620,000 $170,230
40-60% 751 $182,205,000 $242,617
60-80% 2,758 $814,700,000 $295,395
80-100% 4,852 $1,376,360,000 $283,669
Over 100% 198 $63,370,000 $320,051
Under 20% 16 $2,070,000 $129,375

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,888 $594,670,000 $314,974
$150k-250k 1,114 $424,930,000 $381,445
$50k-75k 2,107 $477,725,000 $226,732
$50k-or less 1,424 $251,970,000 $176,945
$75k-100k 1,611 $444,585,000 $275,968
$Over $250k 469 $232,085,000 $494,851

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,778 $2,193,810,000 $282,053
Not provided 403 $111,905,000 $277,680
Asian 259 $77,995,000 $301,139
Black 258 $68,620,000 $265,969
Native Hawaiian 44 $14,100,000 $320,455
American Indian 39 $11,195,000 $287,051
Korean 1 $105,000 $105,000

Approval Rates

Total approvals of all applications
93.32%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
87.55%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 8,782 $2,477,730,000 $282,137

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 618 $181,230,000 $293,252
$1k-2k 5,702 $1,604,420,000 $281,378
$2k-3k 898 $232,400,000 $258,797
$3k-4k 1,048 $286,380,000 $273,263
$5k+ 358 $145,140,000 $405,419

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 117 $20,665,000 $176,624
Single Family (1-4 Units):Site-Built 8,665 $2,457,065,000 $283,562