Citywide Home Loans A Utah Corporation

Sandy, UT 84070

LEI: 549300Q1WJSOIS2FON98

Tax ID: 87-0623581

2019 Data | 2018 Data


Overview

Citywide Home Loans A Utah Corporation is a small mortgage company specializing in Home Purchase loans. Citywide Home Loans A Utah Corporation 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 Salt Lake City, Denver, Ogden, Las Vegas, and Provo 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. Citywide Home Loans A Utah Corporation is typically a medium-low fee lendor.


Originations

11,665

Origination Dollar Volume (All Markets)

$2,890,985,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 8,248 $2,027,110,000 $245,770
FHA 2,539 $609,355,000 $239,998
VA 712 $220,630,000 $309,874
USDA 166 $33,890,000 $204,157

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 10,078 $2,446,680,000 $242,774
Home Improvement 781 $201,535,000 $258,047
Other 4 $430,000 $107,500
Refi 620 $194,350,000 $313,468
Cash Out Refi 182 $47,990,000 $263,681

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
SALT LAKE CITY, UT 2,470 $623,750,000 $252,530
DENVER-AURORA-LAKEWOOD, CO 1,312 $390,300,000 $297,485
OGDEN-CLEARFIELD, UT 1,490 $339,360,000 $227,758
LAS VEGAS-HENDERSON-PARADISE, NV 1,058 $268,670,000 $253,941
PROVO-OREM, UT 737 $191,595,000 $259,966
Outside of Metro Areas 619 $135,805,000 $219,394
VISALIA, CA 810 $116,320,000 $143,605
PHOENIX-MESA-CHANDLER, AZ 406 $101,760,000 $250,640
FRESNO, CA 369 $98,515,000 $266,978
BOULDER, CO 176 $74,660,000 $424,205
BOISE CITY, ID 367 $74,565,000 $203,174
ST. GEORGE, UT 187 $45,755,000 $244,679
OAKLAND-BERKELEY-LIVERMORE, CA 98 $43,950,000 $448,469
GREELEY, CO 156 $42,630,000 $273,269
FORT COLLINS, CO 107 $32,795,000 $306,495
SEATTLE-BELLEVUE-KENT, WA 66 $20,200,000 $306,061
MCALLEN-EDINBURG-MISSION, TX 119 $20,015,000 $168,193
COLORADO SPRINGS, CO 81 $17,115,000 $211,296
ANAHEIM-SANTA ANA-IRVINE, CA 34 $16,520,000 $485,882
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 58 $16,000,000 $275,862
LOGAN, UT-ID 83 $15,755,000 $189,819
LOS ANGELES-LONG BEACH-GLENDALE, CA 38 $15,570,000 $409,737
Outside of Metro Areas 94 $14,360,000 $152,766
BAKERSFIELD, CA 62 $12,090,000 $195,000
TACOMA-LAKEWOOD, WA 49 $12,035,000 $245,612
SPOKANE-SPOKANE VALLEY, WA 66 $11,400,000 $172,727
VALLEJO, CA 28 $10,410,000 $371,786
OXNARD-THOUSAND OAKS-VENTURA, CA 30 $10,280,000 $342,667
URBAN HONOLULU, HI 16 $9,460,000 $591,250
SACRAMENTO-ROSEVILLE-FOLSOM, CA 33 $9,055,000 $274,394
JACKSONVILLE, FL 44 $8,870,000 $201,591
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 26 $8,490,000 $326,538
HANFORD-CORCORAN, CA 48 $5,900,000 $122,917
STOCKTON, CA 16 $5,170,000 $323,125
DALLAS-PLANO-IRVING, TX 18 $4,780,000 $265,556
SAN ANTONIO-NEW BRAUNFELS, TX 12 $4,460,000 $371,667
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 6 $4,140,000 $690,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 38 $4,090,000 $107,632
Outside of Metro Areas 17 $3,805,000 $223,824
LAKELAND-WINTER HAVEN, FL 27 $3,215,000 $119,074
FORT WORTH-ARLINGTON-GRAPEVINE, TX 14 $3,050,000 $217,857
NAPA, CA 5 $2,905,000 $581,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 9 $2,865,000 $318,333
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 3 $2,675,000 $891,667
ELGIN, IL 12 $2,280,000 $190,000
MERCED, CA 7 $1,895,000 $270,714
MADERA, CA 8 $1,580,000 $197,500
SAN RAFAEL, CA 2 $1,470,000 $735,000
SAN LUIS OBISPO-PASO ROBLES, CA 3 $1,425,000 $475,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 6 $1,310,000 $218,333
COEUR D'ALENE, ID 4 $1,200,000 $300,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 3 $1,195,000 $398,333
PUEBLO, CO 7 $1,185,000 $169,286
GRAND JUNCTION, CO 4 $1,050,000 $262,500
ORLANDO-KISSIMMEE-SANFORD, FL 7 $975,000 $139,286
LAKE HAVASU CITY-KINGMAN, AZ 7 $895,000 $127,857
FLAGSTAFF, AZ 6 $890,000 $148,333
SANTA CRUZ-WATSONVILLE, CA 1 $885,000 $885,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $845,000 $169,000
MODESTO, CA 6 $820,000 $136,667
BEND, OR 2 $810,000 $405,000
IDAHO FALLS, ID 4 $730,000 $182,500
TULSA, OK 3 $725,000 $241,667
TUCSON, AZ 3 $625,000 $208,333
MIDLAND, TX 2 $610,000 $305,000
SANTA MARIA-SANTA BARBARA, CA 2 $600,000 $300,000
KAHULUI-WAILUKU-LAHAINA, HI 1 $595,000 $595,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 3 $585,000 $195,000
POCATELLO, ID 2 $560,000 $280,000
YUBA CITY, CA 2 $550,000 $275,000
AMARILLO, TX 3 $525,000 $175,000
EL PASO, TX 2 $490,000 $245,000
TWIN FALLS, ID 1 $455,000 $455,000
GRAND RAPIDS-KENTWOOD, MI 1 $415,000 $415,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 1 $405,000 $405,000
BROWNSVILLE-HARLINGEN, TX 3 $405,000 $135,000
OMAHA-COUNCIL BLUFFS, NE-IA 2 $400,000 $200,000
SANTA ROSA-PETALUMA, CA 1 $385,000 $385,000
GREAT FALLS, MT 1 $355,000 $355,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $355,000 $355,000
KNOXVILLE, TN 1 $355,000 $355,000
LEWISTON, ID-WA 2 $350,000 $175,000
ALBUQUERQUE, NM 2 $330,000 $165,000
OLYMPIA-LACEY-TUMWATER, WA 2 $320,000 $160,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $295,000 $295,000
ODESSA, TX 1 $285,000 $285,000
COLUMBUS, OH 1 $265,000 $265,000
LAS CRUCES, NM 1 $245,000 $245,000
SALEM, OR 1 $235,000 $235,000
MEDFORD, OR 1 $225,000 $225,000
SHERMAN-DENISON, TX 1 $215,000 $215,000
CHATTANOOGA, TN-GA 2 $200,000 $100,000
YAKIMA, WA 1 $195,000 $195,000
KANSAS CITY, MO-KS 1 $195,000 $195,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 1 $185,000 $185,000
CAPE CORAL-FORT MYERS, FL 2 $170,000 $85,000
KILLEEN-TEMPLE, TX 1 $165,000 $165,000
KANKAKEE, IL 1 $145,000 $145,000
HUNTSVILLE, AL 1 $145,000 $145,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $145,000 $145,000
Outside of Metro Areas 1 $145,000 $145,000
VICTORIA, TX 1 $115,000 $115,000
GARY, IN 2 $110,000 $55,000
MOBILE, AL 1 $105,000 $105,000
EVANSVILLE, IN-KY 2 $80,000 $40,000
DETROIT-DEARBORN-LIVONIA, MI 1 $65,000 $65,000
DOTHAN, AL 1 $55,000 $55,000
NORWICH-NEW LONDON, CT 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% 512 $4,810,000 $9,395
3-4% 280 $86,600,000 $309,286
4-5% 6,463 $1,859,915,000 $287,779
5-6% 3,456 $885,900,000 $256,337
6-7% 313 $36,825,000 $117,652
7-8% 455 $12,745,000 $28,011
Over 8% 6 $2,850,000 $475,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,602 $32,380,000 $20,212
$100k-200k 2,505 $404,885,000 $161,631
$200k-400k 6,225 $1,756,235,000 $282,126
$400k-600k 1,100 $509,990,000 $463,627
$600k-1000k 197 $141,725,000 $719,416
$Over $1MM 36 $45,770,000 $1,271,389

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% 169 $26,515,000 $156,893
40-60% 584 $145,830,000 $249,709
60-80% 2,377 $725,765,000 $305,328
80-100% 6,916 $1,904,970,000 $275,444
Over 100% 226 $71,410,000 $315,973
Under 20% 1,393 $16,495,000 $11,841

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 1,746 $572,470,000 $327,875
$150k-250k 880 $347,490,000 $394,875
$50k-75k 3,803 $785,755,000 $206,615
$50k-or less 2,591 $405,075,000 $156,339
$75k-100k 2,205 $575,405,000 $260,955
$Over $250k 344 $178,200,000 $518,023

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 10,093 $2,487,105,000 $246,419
Not provided 630 $157,580,000 $250,127
Asian 443 $132,415,000 $298,905
Black 338 $76,900,000 $227,515
Native Hawaiian 93 $23,035,000 $247,688
American Indian 60 $12,110,000 $201,833
Asian Indian 2 $590,000 $295,000
Other Asian 2 $410,000 $205,000
Samoan 2 $340,000 $170,000
Other Pacific Islander 1 $315,000 $315,000
Filipino 1 $185,000 $185,000

Approval Rates

Total approvals of all applications
93.18%

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
62.70%

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 11,665 $2,890,985,000 $247,834

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,390 $83,590,000 $60,137
$1k-2k 4,964 $1,424,410,000 $286,948
$2k-3k 1,758 $441,120,000 $250,922
$3k-4k 2,163 $555,815,000 $256,965
$5k+ 1,115 $376,465,000 $337,637

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 180 $29,080,000 $161,556
Single Family (1-4 Units):Site-Built 11,485 $2,861,905,000 $249,186