Bay Equity Llc

SAUSALITO, CA 94965

LEI: 549300PL8ER6H23P0Z91

Tax ID: 26-0360466

2019 Data | 2018 Data

Overview

Bay Equity Llc is a small mortgage company specializing in Home Purchase and Refi loans. Bay Equity Llc 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 San Diego, Phoenix, Minneapolis, Seattle, and Grand Junction 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. Bay Equity Llc is typically a medium-low fee lendor.

Originations

16,845

Origination Dollar Volume (All Markets)

$4,969,555,000

Product Mix

Loan Type	Originations	Total Value	Average Loan
Conventional	11,136	$3,427,720,000	$307,805
FHA	3,921	$975,505,000	$248,790
VA	1,465	$500,405,000	$341,573
USDA	323	$65,925,000	$204,102

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	11,200	$3,100,690,000	$276,847
Refi	3,210	$1,134,520,000	$353,433
Cash Out Refi	2,435	$734,345,000	$301,579

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
Outside of Metro Areas	2,732	$751,280,000	$274,993
SAN DIEGO-CHULA VISTA-CARLSBAD, CA	694	$334,360,000	$481,787
PHOENIX-MESA-CHANDLER, AZ	1,213	$322,605,000	$265,956
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI	1,323	$319,775,000	$241,704
SEATTLE-BELLEVUE-KENT, WA	697	$295,105,000	$423,393
GRAND JUNCTION, CO	1,130	$276,090,000	$244,327
TACOMA-LAKEWOOD, WA	721	$237,575,000	$329,508
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA	743	$201,235,000	$270,841
OAKLAND-BERKELEY-LIVERMORE, CA	312	$174,450,000	$559,135
DENVER-AURORA-LAKEWOOD, CO	355	$129,515,000	$364,831
LOS ANGELES-LONG BEACH-GLENDALE, CA	277	$124,095,000	$447,996
CHICAGO-NAPERVILLE-EVANSTON, IL	560	$120,390,000	$214,982
COLORADO SPRINGS, CO	332	$99,030,000	$298,283
ANAHEIM-SANTA ANA-IRVINE, CA	158	$98,150,000	$621,203
FRESNO, CA	278	$84,900,000	$305,396
ST. GEORGE, UT	290	$74,000,000	$255,172
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT	237	$56,045,000	$236,477
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA	137	$50,575,000	$369,161
RENO, NV	145	$48,475,000	$334,310
SAN JOSE-SUNNYVALE-SANTA CLARA, CA	65	$47,845,000	$736,077
HOUSTON-THE WOODLANDS-SUGAR LAND, TX	208	$47,100,000	$226,442
ALBUQUERQUE, NM	220	$45,160,000	$205,273
LAKE COUNTY-KENOSHA COUNTY, IL-WI	199	$38,415,000	$193,040
OLYMPIA-LACEY-TUMWATER, WA	122	$34,960,000	$286,557
COLUMBIA, SC	200	$34,060,000	$170,300
STOCKTON, CA	110	$33,640,000	$305,818
ASHEVILLE, NC	106	$29,680,000	$280,000
LAS VEGAS-HENDERSON-PARADISE, NV	111	$29,415,000	$265,000
ORLANDO-KISSIMMEE-SANFORD, FL	134	$28,900,000	$215,672
CHARLOTTE-CONCORD-GASTONIA, NC-SC	128	$26,930,000	$210,391
TUCSON, AZ	119	$25,105,000	$210,966
PALM BAY-MELBOURNE-TITUSVILLE, FL	134	$24,440,000	$182,388
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA	32	$24,350,000	$760,938
TAMPA-ST. PETERSBURG-CLEARWATER, FL	118	$23,220,000	$196,780
SACRAMENTO-ROSEVILLE-FOLSOM, CA	58	$22,270,000	$383,966
BOSTON, MA	60	$21,740,000	$362,333
MOUNT VERNON-ANACORTES, WA	71	$20,975,000	$295,423
MONTGOMERY, AL	115	$20,715,000	$180,130
BREMERTON-SILVERDALE-PORT ORCHARD, WA	64	$20,530,000	$320,781
WENATCHEE, WA	66	$18,680,000	$283,030
JACKSONVILLE, FL	87	$18,365,000	$211,092
OKLAHOMA CITY, OK	80	$17,820,000	$222,750
BOISE CITY, ID	56	$17,420,000	$311,071
URBAN HONOLULU, HI	32	$17,340,000	$541,875
WORCESTER, MA-CT	62	$16,890,000	$272,419
CAMBRIDGE-NEWTON-FRAMINGHAM, MA	53	$16,835,000	$317,642
PORTLAND-VANCOUVER-HILLSBORO, OR-WA	48	$16,360,000	$340,833
LOUISVILLE/JEFFERSON COUNTY, KY-IN	89	$15,905,000	$178,708
SANTA CRUZ-WATSONVILLE, CA	24	$14,500,000	$604,167
PRESCOTT VALLEY-PRESCOTT, AZ	44	$13,420,000	$305,000
DALLAS-PLANO-IRVING, TX	43	$12,545,000	$291,744
BRUNSWICK, GA	59	$12,205,000	$206,864
ELGIN, IL	59	$11,915,000	$201,949
CAPE CORAL-FORT MYERS, FL	51	$11,835,000	$232,059
KANSAS CITY, MO-KS	49	$11,235,000	$229,286
OXNARD-THOUSAND OAKS-VENTURA, CA	21	$11,035,000	$525,476
SAN RAFAEL, CA	19	$10,865,000	$571,842
NORWICH-NEW LONDON, CT	45	$10,315,000	$229,222
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL	50	$10,280,000	$205,600
PORT ST. LUCIE, FL	43	$9,985,000	$232,209
MODESTO, CA	36	$9,610,000	$266,944
NEW HAVEN-MILFORD, CT	42	$9,540,000	$227,143
GREELEY, CO	28	$9,460,000	$337,857
CHARLESTON-NORTH CHARLESTON, SC	45	$9,435,000	$209,667
ROCHESTER, MN	46	$9,070,000	$197,174
SALINAS, CA	13	$8,615,000	$662,692
SANTA ROSA-PETALUMA, CA	16	$8,340,000	$521,250
VALLEJO, CA	20	$7,950,000	$397,500
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL	25	$7,455,000	$298,200
LAKELAND-WINTER HAVEN, FL	36	$6,630,000	$184,167
BRIDGEPORT-STAMFORD-NORWALK, CT	9	$6,515,000	$723,889
KNOXVILLE, TN	39	$6,435,000	$165,000
PROVO-OREM, UT	18	$5,750,000	$319,444
KAHULUI-WAILUKU-LAHAINA, HI	12	$5,640,000	$470,000
MADERA, CA	20	$5,280,000	$264,000
SAN LUIS OBISPO-PASO ROBLES, CA	8	$5,090,000	$636,250
SALT LAKE CITY, UT	16	$4,930,000	$308,125
SPOKANE-SPOKANE VALLEY, WA	18	$4,740,000	$263,333
ST. CLOUD, MN	30	$4,580,000	$152,667
BELLINGHAM, WA	18	$4,570,000	$253,889
PROVIDENCE-WARWICK, RI-MA	13	$4,405,000	$338,846
FORT COLLINS, CO	12	$4,160,000	$346,667
BOULDER, CO	8	$3,760,000	$470,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL	15	$3,525,000	$235,000
SALEM, OR	11	$3,445,000	$313,182
FLAGSTAFF, AZ	11	$3,445,000	$313,182
NORTH PORT-SARASOTA-BRADENTON, FL	14	$3,400,000	$242,857
BAKERSFIELD, CA	14	$3,310,000	$236,429
MORRISTOWN, TN	20	$3,310,000	$165,500
AUGUSTA-RICHMOND COUNTY, GA-SC	15	$3,235,000	$215,667
MERCED, CA	9	$3,125,000	$347,222
VISALIA, CA	11	$2,875,000	$261,364
PUNTA GORDA, FL	17	$2,855,000	$167,941
SANTA MARIA-SANTA BARBARA, CA	3	$2,805,000	$935,000
LEXINGTON-FAYETTE, KY	16	$2,680,000	$167,500
PUEBLO, CO	12	$2,590,000	$215,833
FORT WORTH-ARLINGTON-GRAPEVINE, TX	11	$2,565,000	$233,182
SANTA FE, NM	10	$2,510,000	$251,000
DULUTH, MN-WI	14	$2,480,000	$177,143
NAPA, CA	3	$2,455,000	$818,333
NAPLES-MARCO ISLAND, FL	7	$2,415,000	$345,000
YAKIMA, WA	11	$2,395,000	$217,727
LANSING-EAST LANSING, MI	15	$2,095,000	$139,667
GAINESVILLE, GA	8	$2,010,000	$251,250
SAN ANTONIO-NEW BRAUNFELS, TX	8	$1,990,000	$248,750
LAKE HAVASU CITY-KINGMAN, AZ	11	$1,975,000	$179,545
AUSTIN-ROUND ROCK-GEORGETOWN, TX	5	$1,935,000	$387,000
KENNEWICK-RICHLAND, WA	6	$1,840,000	$306,667
MISSOULA, MT	7	$1,815,000	$259,286
BEND, OR	5	$1,795,000	$359,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH	7	$1,775,000	$253,571
OGDEN-CLEARFIELD, UT	6	$1,760,000	$293,333
CHEYENNE, WY	6	$1,700,000	$283,333
SPRINGFIELD, MA	7	$1,515,000	$216,429
LONGVIEW, WA	5	$1,415,000	$283,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL	2	$1,340,000	$670,000
MANCHESTER-NASHUA, NH	5	$1,325,000	$265,000
PANAMA CITY, FL	4	$1,290,000	$322,500
SIERRA VISTA-DOUGLAS, AZ	6	$1,280,000	$213,333
ELIZABETHTOWN-FORT KNOX, KY	8	$1,280,000	$160,000
HICKORY-LENOIR-MORGANTON, NC	6	$1,220,000	$203,333
MANKATO, MN	3	$1,165,000	$388,333
RALEIGH-CARY, NC	6	$1,150,000	$191,667
BOWLING GREEN, KY	7	$1,135,000	$162,143
PORTLAND-SOUTH PORTLAND, ME	4	$1,100,000	$275,000
MIAMI-MIAMI BEACH-KENDALL, FL	4	$1,090,000	$272,500
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN	4	$1,040,000	$260,000
GREENVILLE-ANDERSON, SC	4	$1,000,000	$250,000
SAVANNAH, GA	5	$995,000	$199,000
ROME, GA	6	$940,000	$156,667
CORVALLIS, OR	2	$910,000	$455,000
COEUR D'ALENE, ID	4	$840,000	$210,000
BILLINGS, MT	4	$830,000	$207,500
ATHENS-CLARKE COUNTY, GA	1	$805,000	$805,000
SEBASTIAN-VERO BEACH, FL	4	$800,000	$200,000
GARY, IN	2	$800,000	$400,000
EL CENTRO, CA	4	$790,000	$197,500
CARSON CITY, NV	3	$785,000	$261,667
AUBURN-OPELIKA, AL	3	$775,000	$258,333
CINCINNATI, OH-KY-IN	3	$705,000	$235,000
LOGAN, UT-ID	3	$705,000	$235,000
WARNER ROBINS, GA	4	$700,000	$175,000
HANFORD-CORCORAN, CA	3	$675,000	$225,000
REDDING, CA	2	$640,000	$320,000
GREAT FALLS, MT	2	$630,000	$315,000
RACINE, WI	3	$615,000	$205,000
BARNSTABLE TOWN, MA	2	$580,000	$290,000
KANKAKEE, IL	4	$570,000	$142,500
YUMA, AZ	3	$565,000	$188,333
BIRMINGHAM-HOOVER, AL	3	$565,000	$188,333
CLEVELAND, TN	2	$540,000	$270,000
SUMTER, SC	4	$500,000	$125,000
MILWAUKEE-WAUKESHA, WI	3	$495,000	$165,000
SIOUX FALLS, SD	2	$490,000	$245,000
HINESVILLE, GA	2	$490,000	$245,000
SPARTANBURG, SC	3	$485,000	$161,667
COLLEGE STATION-BRYAN, TX	2	$470,000	$235,000
CHICO, CA	2	$460,000	$230,000
MEDFORD, OR	1	$425,000	$425,000
TULSA, OK	1	$425,000	$425,000
DURHAM-CHAPEL HILL, NC	2	$410,000	$205,000
LAS CRUCES, NM	2	$400,000	$200,000
MIDLAND, TX	1	$395,000	$395,000
GAINESVILLE, FL	2	$320,000	$160,000
HOMOSASSA SPRINGS, FL	2	$300,000	$150,000
ROCKFORD, IL	2	$300,000	$150,000
OCALA, FL	2	$300,000	$150,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC	1	$295,000	$295,000
SHEBOYGAN, WI	1	$295,000	$295,000
EUGENE-SPRINGFIELD, OR	1	$295,000	$295,000
ODESSA, TX	1	$285,000	$285,000
DAPHNE-FAIRHOPE-FOLEY, AL	1	$285,000	$285,000
ST. LOUIS, MO-IL	2	$280,000	$140,000
YUBA CITY, CA	1	$275,000	$275,000
FARMINGTON, NM	1	$275,000	$275,000
SPRINGFIELD, MO	1	$255,000	$255,000
WARREN-TROY-FARMINGTON HILLS, MI	1	$245,000	$245,000
WILMINGTON, NC	1	$235,000	$235,000
JACKSON, MI	2	$230,000	$115,000
PEORIA, IL	1	$225,000	$225,000
MACON-BIBB COUNTY, GA	2	$220,000	$110,000
POCATELLO, ID	1	$215,000	$215,000
GREENSBORO-HIGH POINT, NC	1	$205,000	$205,000
WALLA WALLA, WA	1	$195,000	$195,000
SHERMAN-DENISON, TX	2	$190,000	$95,000
HILTON HEAD ISLAND-BLUFFTON, SC	1	$185,000	$185,000
SPRINGFIELD, IL	1	$175,000	$175,000
FAYETTEVILLE, NC	1	$175,000	$175,000
INDIANAPOLIS-CARMEL-ANDERSON, IN	1	$165,000	$165,000
FLORENCE, SC	2	$160,000	$80,000
FARGO, ND-MN	1	$155,000	$155,000
TUSCALOOSA, AL	1	$145,000	$145,000
ELKHART-GOSHEN, IN	1	$145,000	$145,000
CHATTANOOGA, TN-GA	1	$145,000	$145,000
GRANTS PASS, OR	1	$145,000	$145,000
CLARKSVILLE, TN-KY	1	$145,000	$145,000
MICHIGAN CITY-LA PORTE, IN	1	$115,000	$115,000
TALLAHASSEE, FL	1	$115,000	$115,000
PENSACOLA-FERRY PASS-BRENT, FL	1	$95,000	$95,000
JANESVILLE-BELOIT, WI	1	$95,000	$95,000
BATTLE CREEK, MI	1	$85,000	$85,000
JACKSONVILLE, NC	1	$65,000	$65,000
LEWISTON, ID-WA	1	$55,000	$55,000

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%	8	$50,000	$6,250
2.5-3%	57	$19,515,000	$342,368
3-4%	6,675	$2,071,445,000	$310,329
4-5%	8,221	$2,421,445,000	$294,544
5-6%	1,733	$424,485,000	$244,942
6-7%	121	$28,855,000	$238,471
7-8%	25	$2,705,000	$108,200
Over 8%	5	$1,055,000	$211,000

Loan Sizing

Loan Size	Originations	Total Value	Average Loan
$100,000 or less	582	$36,190,000	$62,182
$100k-200k	4,266	$677,080,000	$158,715
$200k-400k	8,784	$2,472,750,000	$281,506
$400k-600k	2,421	$1,141,615,000	$471,547
$600k-1000k	675	$484,425,000	$717,667
$Over $1MM	117	$157,495,000	$1,346,111

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%	389	$77,615,000	$199,524
40-60%	1,169	$349,845,000	$299,269
60-80%	4,610	$1,532,740,000	$332,482
80-100%	10,182	$2,896,340,000	$284,457
Over 100%	316	$106,360,000	$336,582
Under 20%	178	$6,230,000	$35,000

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	3,543	$1,202,415,000	$339,378
$150k-250k	2,057	$851,495,000	$413,950
$50k-75k	4,303	$971,485,000	$225,769
$50k-or less	2,791	$537,385,000	$192,542
$75k-100k	3,266	$909,660,000	$278,524
$Over $250k	764	$456,210,000	$597,134

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan
White	13,026	$3,795,490,000	$291,378
Not provided	2,216	$716,140,000	$323,168
Black	802	$202,590,000	$252,606
Asian	583	$192,205,000	$329,683
American Indian	148	$37,660,000	$254,459
Native Hawaiian	55	$18,715,000	$340,273
Other Asian	5	$2,265,000	$453,000
Asian Indian	5	$1,985,000	$397,000
Other Pacific Islander	3	$1,315,000	$438,333
Chinese	2	$1,190,000	$595,000

Approval Rates

Total approvals of all applications
95.29%

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
84.66%

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	16,845	$4,969,555,000	$295,017

Origination Fees

Origination Fee	Originations	Total Value	Average Loan
$<1k	1,086	$276,060,000	$254,199
$1k-2k	7,300	$2,171,230,000	$297,429
$2k-3k	3,051	$776,045,000	$254,358
$3k-4k	3,217	$926,815,000	$288,099
$5k+	1,470	$651,210,000	$443,000

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	404	$79,330,000	$196,361
Single Family (1-4 Units):Site-Built	16,441	$4,890,225,000	$297,441