Embark Mortgage Rates, Fees & Info

Great Falls, MT

LEI: 549300QXTT2NBSRNYO73

Tax ID: 81-0247002

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Embark is a smaller mortgage company specializing in Cash Out Refi loans. Embark has a high proportion of conventional loans. Their top two markets are Great Falls and Bozeman .

    Embark has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    56

    Origination Dollar Volume (All Markets)

    $3,560,000

    Top 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
    GREAT FALLS, MT (FHA|USDA|VA) 54 $3,460,000 $64,074 $0 4.27%
    Bozeman, MT (FHA|USDA|VA) 1 $75,000 $75,000 $0 2.99%
    Outside of Metro Areas 1 $25,000 $25,000 $0 3.25%
    Embark's top markets include Great Falls and Bozeman among others.

    Their top states include:
  • Montana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 55 $3,545,000 $64,455 $0 4.20%
    HELOC 1 $15,000 $15,000 n/a 5.50%

    For 2021, Embark's most frequently originated type of loan was Conventional, with 55 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 39 $2,455,000 $62,949 $0 3.73%
    Home Purchase 10 $440,000 $44,000 $0 6.73%
    Refi 6 $650,000 $108,333 $0 3.07%
    Home Improvement 1 $15,000 $15,000 $0 5.50%

    For 2021, Embark's most frequently cited loan purpose was Cash Out Refi, with 39 originations. The 2nd most popular reason was Home Purchase, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 27 $2,165,000 $80,185 $0 4.96%
    10 Year 12 $710,000 $59,167 $0 3.70%
    Other 10 $470,000 $47,000 $0 3.37%
    5 Year 7 $215,000 $30,714 $0 3.53%

    For 2021, Embark's most frequently cited loan duration was 15 Year, with 27 originations. The 2nd most popular length was 10 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 52 $3,320,000 $63,846
    $1k-2k 1 $45,000 $45,000

    Embark's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 52 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 16 $940,000 $58,750
    <2.5% 10 $1,180,000 $118,000
    6-7% 10 $450,000 $45,000
    2.5-3% 9 $535,000 $59,444
    5-6% 8 $390,000 $48,750
    4-5% 3 $65,000 $21,667

    During 2021, Embark's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $2,120,000 $46,087 $0 4.53%
    $100k-200k 9 $1,175,000 $130,556 $0 2.86%
    $200k-400k 1 $265,000 $265,000 $0 2.49%

    2021 saw Embark place emphasis on $100,000 or less loans with 46 originations, totaling $2,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 21 $1,325,000 $63,095 $0 4.12%
    $50k or less 10 $420,000 $42,000 $0 6.09%
    $75k-100k 9 $475,000 $52,778 $0 4.10%
    $150k-250k 8 $610,000 $76,250 $0 3.26%
    $100k-150k 7 $635,000 $90,714 $0 2.94%
    $250k+ 1 $95,000 $95,000 $0 5.74%

    Embark lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $50k or less, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 14 $990,000 $70,714 $0 4.02%
    30-36% 12 $570,000 $47,500 $0 5.04%
    <20% 8 $510,000 $63,750 $0 3.21%
    >60% 3 $235,000 $78,333 $0 5.23%
    38% 3 $145,000 $48,333 $0 4.50%
    46% 2 $210,000 $105,000 $0 2.94%
    47% 2 $70,000 $35,000 $0 4.75%
    50-60% 2 $70,000 $35,000 $0 4.12%
    36% 2 $100,000 $50,000 $0 2.99%
    43% 2 $320,000 $160,000 $0 3.24%
    40% 2 $100,000 $50,000 $0 5.49%
    37% 1 $55,000 $55,000 $0 3.99%
    41% 1 $35,000 $35,000 $0 6.00%
    42% 1 $25,000 $25,000 $0 5.70%
    44% 1 $125,000 $125,000 $0 2.49%

    Embark lent most frequently to those with DTI ratios of 20-30%, with 14 originations. The next most common DTI ratio? 30-36%, with 12 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 52 $3,380,000 $65,000 $0 4.17%
    American Indian 2 $100,000 $50,000 $0 4.99%
    Not provided 2 $80,000 $40,000 $0 4.99%

    Approval Rates

    Total approvals of all applications
    79.81%

    Embark has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    53.57%

    Embark 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 56 $3,560,000 $63,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    56 $3,560,000 $63,571

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 18 $1,260,000 $70,000 $0 3.92%
    40-60% 5 $775,000 $155,000 $0 2.64%
    60-80% 7 $495,000 $70,714 $0 5.76%
    80-100% 5 $205,000 $41,000 $0 6.48%
    Under 20% 21 $825,000 $39,286 $0 3.82%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    EMBRACE HOME LOANS Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 40.0%
    EMBRACE HOME LOANS Conventional home mortgage Closing on a mortgage 1 20.0%
    EMBRACE HOME LOANS Conventional home mortgage Trouble during payment process 1 20.0%
    EMBRACE HOME LOANS VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%