Legend Lending Corporation Mortgage Rates, Fees & Info

HOUSTON, TX

LEI: 549300QCYEU2QLIWN517

Tax ID: 20-8157645

2.2 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Legend Lending Corporation is a smaller mortgage company specializing in Home Purchase loans. Legend Lending Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Houston, Austin, Tampa, San Antonio, and Corpus Christi among others. Legend Lending Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Legend Lending Corporation is typically a high fee lendor.


Originations

1,896

Origination Dollar Volume (All Markets)

$600,790,000

Awards

LEGEND LENDING CORPORATION FHA Loans bronze LEGEND LENDING CORPORATION FHA Loans silver LEGEND LENDING CORPORATION FHA Loans gold
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Relative Rate

Legend Lending Corporation's average 30 year fixed rate mortgage of loans were 3.21%.

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

This yields a difference of 0.06%.

Relative Fees

Legend Lending Corporation's average total fees for a 30 year fixed rate mortgage are $7,374.

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
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 798 $245,660,000 $307,845 $7,124 3.11%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 545 $190,725,000 $349,954 $5,997 3.11%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 301 $92,215,000 $306,362 $8,732 3.26%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 50 $12,610,000 $252,200 $5,556 3.17%
CORPUS CHRISTI, TX (FHA|USDA|VA) 34 $9,490,000 $279,118 $5,781 3.23%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 31 $9,385,000 $302,742 $10,624 3.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 28 $8,950,000 $319,643 $6,661 3.10%
Outside of Metro Areas 22 $5,430,000 $246,818 $7,877 3.15%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 15 $4,465,000 $297,667 $7,961 3.20%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 9 $2,725,000 $302,778 $5,062 3.10%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 7 $2,225,000 $317,857 $15,810 3.16%
PUNTA GORDA, FL (FHA|USDA|VA) 8 $2,030,000 $253,750 $6,827 3.31%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,340,000 $670,000 $17,102 3.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $1,215,000 $405,000 $11,790 3.38%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $900,000 $450,000 $6,943 2.69%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 2 $890,000 $445,000 $24,127 2.94%
Brownwood, TX (FHA|USDA|VA) 2 $870,000 $435,000 $18,694 3.44%
OCALA, FL (FHA|USDA|VA) 2 $820,000 $410,000 $8,644 3.38%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $770,000 $385,000 $6,743 2.88%
MIDLAND, TX (FHA|USDA|VA) 2 $760,000 $380,000 $4,620 2.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $735,000 $245,000 $9,926 3.04%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $725,000 $241,667 $6,536 2.83%
El Campo, TX (FHA|USDA|VA) 3 $635,000 $211,667 $5,482 2.75%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $580,000 $290,000 $6,755 3.13%
Key West, FL (FHA|USDA|VA) 1 $545,000 $545,000 $12,039 2.75%
Brenham, TX (FHA|USDA|VA) 2 $490,000 $245,000 $3,801 2.93%
FORT COLLINS, CO (FHA|USDA|VA) 1 $375,000 $375,000 $2,337 3.38%
Huntsville, TX (FHA|USDA|VA) 2 $360,000 $180,000 $4,007 3.38%
WACO, TX (FHA|USDA|VA) 1 $315,000 $315,000 $5,021 3.50%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $285,000 $285,000 $7,566 3.50%
Fredericksburg, TX (FHA|USDA|VA) 1 $255,000 $255,000 $5,235 2.63%
THE VILLAGES, FL (FHA|USDA|VA) 1 $245,000 $245,000 $9,964 3.50%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $235,000 $235,000 $13,672 3.25%
LONGVIEW, TX (FHA|USDA|VA) 1 $215,000 $215,000 $2,646 2.75%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $215,000 $215,000 $7,231 3.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $195,000 $195,000 $7,111 3.38%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $185,000 $185,000 $4,721 2.50%
EL PASO, TX (FHA|USDA|VA) 1 $175,000 $175,000 $4,045 2.99%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,561 3.50%
WICHITA FALLS, TX (FHA|USDA|VA) 1 $155,000 $155,000 $4,311 3.38%
LUBBOCK, TX (FHA|USDA|VA) 1 $125,000 $125,000 $3,028 2.75%
Kingsville, TX (FHA|USDA|VA) 1 $115,000 $115,000 $4,216 3.00%

Legend Lending Corporation's top markets include Houston, Austin, Tampa, San Antonio, and Corpus Christi among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,693 $539,315,000 $318,556 $7,047 3.14%
FHA 131 $35,875,000 $273,855 $7,150 3.20%
VA 72 $25,600,000 $355,556 $8,599 3.02%

For the 2021 period, Legend Lending Corporation's most frequently originated loan type of loans were Conventional, with 1,693 originations. Their 2nd most popular type is FHA, with 131 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,279 $416,105,000 $325,336 $8,232 3.18%
Refi 343 $101,125,000 $294,825 $4,220 2.87%
Cash Out Refi 274 $83,560,000 $304,964 $5,521 3.30%

For the 2021, Legend Lending Corporation's most frequently cited loan purpose of loans were Home Purchase, with 1,279 originations. The 2nd most popular reason of loans were Refi, with 343 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,666 $538,290,000 $323,103 $7,374 3.21%
15 Year 183 $49,755,000 $271,885 $5,415 2.60%
20 Year 24 $6,750,000 $281,250 $5,019 2.92%
Other 18 $4,950,000 $275,000 $3,883 2.99%
10 Year 5 $1,045,000 $209,000 $4,499 2.48%

For the 2021, Legend Lending Corporation's most frequently cited loan length of loans were 30 Year, with 1,666 originations. The 2nd most popular length of loans were 15 Year, with 183 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,416 $440,450,000 $311,052
$<1k 312 $107,740,000 $345,321
$2k-3k 82 $23,850,000 $290,854
$3k-4k 62 $19,420,000 $313,226
$5k+ 16 $7,180,000 $448,750

$7,374 of loans were Legend Lending Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,416 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,032 $328,550,000 $318,362
2.5-3% 687 $221,075,000 $321,798
<2.5% 139 $42,055,000 $302,554
4-5% 37 $8,935,000 $241,486
6-7% 1 $175,000 $175,000

During 2021, Legend Lending Corporation's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 1,032 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,100 $319,550,000 $290,500 $6,734 3.14%
$400k-600k 438 $213,790,000 $488,105 $8,639 3.09%
$100k-200k 319 $51,805,000 $162,398 $5,605 3.20%
$100,000 or less 19 $1,515,000 $79,737 $4,504 3.34%
$600k-1MM 18 $11,930,000 $662,778 $16,585 3.38%
$1MM+ 2 $2,200,000 $1,100,000 $59,362 3.13%

2021 saw Legend Lending Corporation place emphasis on $200k-400k loans with 1,100 originations, totaling $319,550,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 553 $178,875,000 $323,463 $6,991 3.13%
$150k-250k 487 $179,545,000 $368,676 $7,532 3.13%
$50k-75k 278 $67,370,000 $242,338 $6,569 3.19%
$75k-100k 269 $75,005,000 $278,829 $6,726 3.14%
$250k+ 209 $81,395,000 $389,450 $8,264 3.14%
$50k or less 95 $17,215,000 $181,211 $5,994 3.17%

Legend Lending Corporation lent most frequently to those with incomes in the $100k-150k range, with 553 originations. The second most popular income band? $150k-250k, with 487 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 370 $115,720,000 $312,757 $6,832 3.06%
30-36% 353 $113,045,000 $320,241 $6,941 3.11%
<20% 136 $39,700,000 $291,912 $6,302 3.11%
44% 88 $29,990,000 $340,795 $7,480 3.23%
43% 88 $28,510,000 $323,977 $7,536 3.16%
39% 85 $26,075,000 $306,765 $6,454 3.16%
40% 83 $28,515,000 $343,554 $8,777 3.20%
50-60% 78 $23,940,000 $306,923 $7,880 3.17%
42% 75 $24,025,000 $320,333 $6,943 3.17%
41% 74 $23,470,000 $317,162 $7,668 3.19%
38% 72 $23,840,000 $331,111 $7,243 3.13%
36% 62 $18,800,000 $303,226 $7,065 3.19%
37% 61 $19,695,000 $322,869 $7,326 3.20%
47% 60 $18,590,000 $309,833 $7,489 3.18%
49% 58 $18,220,000 $314,138 $6,730 3.27%
45% 57 $19,055,000 $334,298 $7,454 3.15%
48% 52 $15,900,000 $305,769 $7,450 3.22%
46% 37 $11,245,000 $303,919 $6,239 3.23%
>60% 7 $2,455,000 $350,714 $9,168 2.96%

Legend Lending Corporation lent most frequently to those with DTI ratios of 20-30%, with 370 originations. The next most common DTI ratio? 30-36%, with 353 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,278 $396,410,000 $310,180 $7,319 3.14%
Not provided 288 $98,470,000 $341,910 $6,547 3.11%
Asian 263 $85,295,000 $324,316 $6,593 3.17%
Black 50 $15,520,000 $310,400 $7,501 3.18%
American Indian 14 $4,250,000 $303,571 $8,627 3.70%
Native Hawaiian 3 $845,000 $281,667 $4,857 2.91%

Approval Rates

Total approvals of all applications
99.36%

Legend Lending Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
79.75%

Legend Lending Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,896 $600,790,000 $316,872

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,896 $600,790,000 $316,872

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 65 $14,915,000 $229,462 $5,951 2.94%
40-60% 259 $80,325,000 $310,135 $6,014 3.01%
60-80% 827 $261,335,000 $316,004 $7,091 3.20%
80-100% 730 $239,330,000 $327,849 $7,586 3.14%
Over 100% 10 $3,840,000 $384,000 $11,253 3.01%
Under 20% 5 $1,045,000 $209,000 $5,473 3.45%