Affinity Mortgage Rates, Fees & Info
Des Moines, IALEI: 549300Q0QG1CZF1H4O06
Tax ID: 42-0794732
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Mortgage Data
Review & Overview
Affinity is a smaller mortgage company specializing in Home Improvement and Refi loans. Affinity has a high proportion of conventional loans. Their top two markets are Des Moines and Ames .Affinity has an above average approval rate when compared to the average across all lenders. They typically have about average rates.
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Originations
30Origination Dollar Volume (All Markets)
$1,870,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 26 | $1,540,000 | $59,231 | $0 | 3.86% |
| AMES, IA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 4.00% |
| Outside of Metro Areas | 2 | $40,000 | $20,000 | $0 | 4.12% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 16 | $1,390,000 | $86,875 | $0 | 3.92% |
| HELOC | 14 | $480,000 | $34,286 | n/a | 3.85% |
For 2020, Affinity's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was HELOC, with 14 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 19 | $705,000 | $37,105 | $0 | 4.14% |
| Refi | 9 | $1,075,000 | $119,444 | $0 | 3.66% |
| Other | 2 | $90,000 | $45,000 | $0 | 2.49% |
For 2020, Affinity's most frequently cited loan purpose was Home Improvement, with 19 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
For 2020, Affinity's most frequently cited loan duration was 30 Year, with 15 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 8 | $530,000 | $66,250 |
| $2k-3k | 1 | $215,000 | $215,000 |
Affinity's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 8 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $760,000 | $63,333 |
| <2.5% | 8 | $310,000 | $38,750 |
| 4-5% | 4 | $600,000 | $150,000 |
| 5-6% | 3 | $105,000 | $35,000 |
| Over 8% | 2 | $70,000 | $35,000 |
| 6-7% | 1 | $25,000 | $25,000 |
During 2020, Affinity's average interest rate for loans was 3.90%, while their most frequently originated rate bucket for loans was 3-4%, with 12 originations.
Loan Sizing
2020 saw Affinity place emphasis on $100,000 or less loans with 27 originations, totaling $1,195,000 in origination value.
Applicant Income
Affinity lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $75k-100k, with 7 originations.
Applicant Debt to Income Ratio
Affinity lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? <20%, with 11 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.77%
Affinity has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 170.0 | 1 | $35,000 | $35,000 |
| 260.0 | 3 | $95,000 | $31,667 |
| NA | 26 | $1,740,000 | $66,923 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 30 | $1,870,000 | $62,333 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Avantus, LLC | FHA mortgage | Incorrect information on your report | 1 | 100.0% |