Frontwave Mortgage Rates, Fees & Info

Oceanside, CA

LEI: 549300PEQH6YK4DH0490

Tax ID: 95-1820763

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Frontwave is a smaller mortgage company specializing in Other and Cash Out Refi loans. Frontwave has a high proportion of conventional loans. Their top markets include San Diego, Riverside, Los Angeles, Sacramento, and Santa Rosa among others. Frontwave has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Frontwave is typically an average fee lendor.


Originations

576

Origination Dollar Volume (All Markets)

$174,760,000
Show all (8) awards

Relative Rate

Frontwave's average 30 year fixed rate mortgage of loans were 2.82%.

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

This yields a difference of -0.33%.

Relative Fees

Frontwave's average total fees for a 30 year fixed rate mortgage are $3,588.

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 DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 309 $114,835,000 $371,634 $2,940 2.97%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 242 $49,130,000 $203,017 $2,874 3.18%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 12 $5,550,000 $462,500 $6,879 3.04%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 2 $1,480,000 $740,000 $5,066 2.63%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 2 $1,450,000 $725,000 $17,338 2.13%
BAKERSFIELD, CA (FHA|USDA|VA) 3 $915,000 $305,000 $5,099 2.67%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $565,000 $188,333 $2,414 3.00%
STOCKTON, CA (FHA|USDA|VA) 1 $565,000 $565,000 $6,788 2.13%
MODESTO, CA (FHA|USDA|VA) 1 $155,000 $155,000 $1,063 2.38%
YUBA CITY, CA (FHA|USDA|VA) 1 $115,000 $115,000 $2,964 2.38%

Frontwave's top markets include San Diego, Riverside, Los Angeles, Sacramento, and Santa Rosa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 505 $143,905,000 $284,960 $2,928 3.14%
VA 71 $30,855,000 $434,577 $3,843 2.42%

For the 2021 period, Frontwave's most frequently originated loan type of loans were Conventional, with 505 originations. Their 2nd most popular type is VA, with 71 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Other 154 $38,420,000 $249,481 $2,553 3.24%
Cash Out Refi 143 $57,265,000 $400,455 $3,331 2.77%
Home Improvement 110 $14,640,000 $133,091 $1,139 3.66%
Refi 98 $33,560,000 $342,449 $2,575 2.64%
Home Purchase 71 $30,875,000 $434,859 $5,090 2.82%

For the 2021, Frontwave's most frequently cited loan purpose of loans were Other, with 154 originations. The 2nd most popular reason of loans were Cash Out Refi, with 143 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 298 $133,130,000 $446,745 $3,588 2.82%
Other 140 $15,330,000 $109,500 $0 3.25%
15 Year 74 $17,210,000 $232,568 $2,416 2.67%
20 Year 45 $7,655,000 $170,111 $1,869 3.96%
10 Year 14 $1,090,000 $77,857 $699 4.39%
5 Year 5 $345,000 $69,000 $0 4.85%

For the 2021, Frontwave's most frequently cited loan length of loans were 30 Year, with 298 originations. The 2nd most popular length of loans were Other, with 140 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 337 $127,975,000 $379,748
$1k-2k 51 $14,085,000 $276,176
$2k-3k 18 $5,690,000 $316,111
$3k-4k 16 $4,920,000 $307,500
$5k+ 14 $6,760,000 $482,857

$3,588 of loans were Frontwave's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 337 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 288 $106,900,000 $371,181
<2.5% 129 $44,375,000 $343,992
3-4% 111 $20,395,000 $183,739
5-6% 24 $1,580,000 $65,833
4-5% 20 $1,240,000 $62,000
6-7% 3 $225,000 $75,000
7-8% 1 $45,000 $45,000

During 2021, Frontwave's average interest rate of loans were 2.82%, while their most frequently originated rate bucket of loans were 2.5-3%, with 288 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 151 $42,345,000 $280,430 $3,030 2.79%
$100k-200k 139 $19,435,000 $139,820 $2,525 3.03%
$100,000 or less 120 $6,800,000 $56,667 $1,062 3.79%
$400k-600k 92 $45,600,000 $495,652 $4,440 2.77%
$600k-1MM 64 $48,750,000 $761,719 $3,601 2.74%
$1MM+ 10 $11,830,000 $1,183,000 $3,595 2.88%

2021 saw Frontwave place emphasis on $200k-400k loans with 151 originations, totaling $42,345,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 172 $49,030,000 $285,058 $3,360 3.11%
$150k-250k 123 $51,335,000 $417,358 $3,353 3.13%
$50k-75k 105 $20,155,000 $191,952 $3,059 3.03%
$75k-100k 88 $21,410,000 $243,295 $2,941 3.04%
$50k or less 39 $6,465,000 $165,769 $2,331 2.85%
$250k+ 37 $22,095,000 $597,162 $3,346 2.99%

Frontwave lent most frequently to those with incomes in the $100k-150k range, with 172 originations. The second most popular income band? $150k-250k, with 123 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 106 $33,430,000 $315,377 $2,748 3.04%
20-30% 96 $27,820,000 $289,792 $3,051 2.99%
42% 36 $12,890,000 $358,056 $2,807 3.03%
<20% 31 $8,235,000 $265,645 $2,765 2.73%
39% 26 $5,130,000 $197,308 $4,125 3.29%
40% 25 $10,105,000 $404,200 $2,928 3.21%
44% 24 $6,090,000 $253,750 $3,912 3.27%
45% 23 $7,805,000 $339,348 $3,492 3.22%
41% 23 $6,055,000 $263,261 $3,065 3.09%
47% 21 $5,045,000 $240,238 $1,756 3.40%
48% 20 $5,390,000 $269,500 $3,835 2.91%
38% 20 $6,290,000 $314,500 $2,987 2.89%
36% 20 $4,900,000 $245,000 $3,337 3.51%
43% 19 $6,495,000 $341,842 $3,345 2.89%
37% 17 $6,905,000 $406,176 $4,187 3.06%
49% 16 $2,450,000 $153,125 $1,719 3.58%
50-60% 14 $5,900,000 $421,429 $1,603 2.95%
46% 11 $4,005,000 $364,091 $6,029 3.02%
>60% 8 $3,040,000 $380,000 $2,929 2.41%

Frontwave lent most frequently to those with DTI ratios of 30-36%, with 106 originations. The next most common DTI ratio? 20-30%, with 96 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 294 $84,150,000 $286,224 $2,900 3.10%
Not provided 211 $62,035,000 $294,005 $3,132 3.00%
Asian 27 $12,195,000 $451,667 $3,652 2.93%
Black 23 $8,545,000 $371,522 $4,484 2.88%
Other Asian 3 $1,625,000 $541,667 $2,526 3.25%
American Indian 7 $1,365,000 $195,000 $1,267 3.64%
Vietnamese 3 $1,315,000 $438,333 $2,752 2.67%
Native Hawaiian 4 $1,280,000 $320,000 $2,614 3.00%
Asian Indian 2 $1,040,000 $520,000 $3,029 2.88%
Filipino 1 $645,000 $645,000 $3,232 2.88%
Other Pacific Islander 1 $565,000 $565,000 $1,944 2.88%

Approval Rates

Total approvals of all applications
83.23%

Frontwave has a below average approval rate.

Pick Rate

Approvals leading to origination
57.80%

Frontwave has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 576 $174,760,000 $303,403

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
576 $174,760,000 $303,403

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 103 $18,875,000 $183,252 $2,368 2.97%
40-60% 124 $42,300,000 $341,129 $2,894 2.79%
60-80% 121 $60,095,000 $496,653 $3,755 2.82%
80-100% 61 $33,825,000 $554,508 $3,981 2.70%
Over 100% 6 $3,440,000 $573,333 $14,216 2.71%
Under 20% 147 $11,785,000 $80,170 $390 3.73%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Fairway Independent Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 11 22.9%
Fairway Independent Mortgage Corporation Conventional home mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation Conventional home mortgage Struggling to pay mortgage 3 6.3%
Fairway Independent Mortgage Corporation Conventional home mortgage Trouble during payment process 11 22.9%
Fairway Independent Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 4.2%
Fairway Independent Mortgage Corporation FHA mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation FHA mortgage Struggling to pay mortgage 1 2.1%
Fairway Independent Mortgage Corporation FHA mortgage Trouble during payment process 2 4.2%
Fairway Independent Mortgage Corporation Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
Fairway Independent Mortgage Corporation Other type of mortgage Closing on a mortgage 3 6.3%
Fairway Independent Mortgage Corporation Other type of mortgage Struggling to pay mortgage 1 2.1%
Fairway Independent Mortgage Corporation Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
Fairway Independent Mortgage Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 4.2%
Fairway Independent Mortgage Corporation VA mortgage Closing on a mortgage 1 2.1%
Fairway Independent Mortgage Corporation VA mortgage Trouble during payment process 3 6.3%