Cherry Creek Mortgage Co. Inc.

Greenwood Village, CO 80111

LEI: 549300RBX56T2MW5HO19

Tax ID: 84-1040263

2019 Data | 2018 Data


Overview

Cherry Creek Mortgage Co. Inc. is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Cherry Creek Mortgage Co. Inc. 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 Denver, Colorado Springs, Boulder, Portland, and Houston 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. Cherry Creek Mortgage Co. Inc. is typically a low fee lendor.


Originations

15,795

Origination Dollar Volume (All Markets)

$5,049,745,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 10,986 $3,699,040,000 $336,705
FHA 2,965 $730,115,000 $246,245
VA 1,712 $594,630,000 $347,331
USDA 132 $25,960,000 $196,667

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 9,852 $3,076,450,000 $312,267
Refi 4,036 $1,361,770,000 $337,406
Cash Out Refi 1,907 $611,525,000 $320,674

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
DENVER-AURORA-LAKEWOOD, CO 3,703 $1,383,775,000 $373,690
COLORADO SPRINGS, CO 1,400 $481,840,000 $344,171
BOULDER, CO 748 $333,760,000 $446,203
Outside of Metro Areas 854 $226,040,000 $264,684
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 607 $213,305,000 $351,409
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 778 $210,510,000 $270,578
GREELEY, CO 585 $188,605,000 $322,402
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 526 $169,790,000 $322,795
FORT COLLINS, CO 434 $142,810,000 $329,055
FORT WORTH-ARLINGTON-GRAPEVINE, TX 531 $134,675,000 $253,625
ST. GEORGE, UT 373 $102,735,000 $275,429
CHICAGO-NAPERVILLE-EVANSTON, IL 364 $90,480,000 $248,571
OAKLAND-BERKELEY-LIVERMORE, CA 154 $79,930,000 $519,026
DALLAS-PLANO-IRVING, TX 292 $79,660,000 $272,808
PHOENIX-MESA-CHANDLER, AZ 298 $79,300,000 $266,107
SACRAMENTO-ROSEVILLE-FOLSOM, CA 232 $78,250,000 $337,284
MILWAUKEE-WAUKESHA, WI 330 $70,050,000 $212,273
LOS ANGELES-LONG BEACH-GLENDALE, CA 153 $65,015,000 $424,935
SEATTLE-BELLEVUE-KENT, WA 113 $42,855,000 $379,248
KENNEWICK-RICHLAND, WA 155 $40,955,000 $264,226
CHEYENNE, WY 160 $39,810,000 $248,813
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 133 $36,605,000 $275,226
ELGIN, IL 147 $35,445,000 $241,122
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 72 $33,060,000 $459,167
LAS VEGAS-HENDERSON-PARADISE, NV 127 $29,175,000 $229,724
GRANTS PASS, OR 109 $29,125,000 $267,202
ANAHEIM-SANTA ANA-IRVINE, CA 62 $28,900,000 $466,129
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 124 $25,370,000 $204,597
CASPER, WY 126 $24,120,000 $191,429
SALEM, OR 81 $23,135,000 $285,617
GRAND JUNCTION, CO 97 $21,725,000 $223,969
BOISE CITY, ID 66 $21,400,000 $324,242
EUGENE-SPRINGFIELD, OR 72 $19,910,000 $276,528
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 36 $18,910,000 $525,278
OGDEN-CLEARFIELD, UT 66 $17,980,000 $272,424
LAKE COUNTY-KENOSHA COUNTY, IL-WI 66 $17,210,000 $260,758
LANSING-EAST LANSING, MI 106 $16,690,000 $157,453
SPOKANE-SPOKANE VALLEY, WA 72 $16,580,000 $230,278
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 42 $15,450,000 $367,857
FRESNO, CA 57 $15,095,000 $264,825
MEDFORD, OR 45 $11,785,000 $261,889
OXNARD-THOUSAND OAKS-VENTURA, CA 27 $11,495,000 $425,741
SALT LAKE CITY, UT 44 $11,240,000 $255,455
VALLEJO, CA 31 $10,845,000 $349,839
APPLETON, WI 65 $10,715,000 $164,846
INDIANAPOLIS-CARMEL-ANDERSON, IN 48 $9,440,000 $196,667
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 40 $9,260,000 $231,500
BEND, OR 24 $9,120,000 $380,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 16 $8,570,000 $535,625
STOCKTON, CA 23 $8,525,000 $370,652
WARREN-TROY-FARMINGTON HILLS, MI 29 $7,785,000 $268,448
SHEBOYGAN, WI 47 $7,545,000 $160,532
JACKSONVILLE, FL 29 $7,535,000 $259,828
MIDLAND, TX 29 $7,285,000 $251,207
SANTA ROSA-PETALUMA, CA 14 $6,510,000 $465,000
IDAHO FALLS, ID 25 $5,885,000 $235,400
ORLANDO-KISSIMMEE-SANFORD, FL 16 $5,820,000 $363,750
TAMPA-ST. PETERSBURG-CLEARWATER, FL 20 $5,620,000 $281,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 17 $5,475,000 $322,059
PUEBLO, CO 24 $5,220,000 $217,500
OSHKOSH-NEENAH, WI 34 $5,140,000 $151,176
COLUMBUS, OH 15 $5,075,000 $338,333
SAN ANTONIO-NEW BRAUNFELS, TX 16 $4,850,000 $303,125
CINCINNATI, OH-KY-IN 14 $4,780,000 $341,429
TACOMA-LAKEWOOD, WA 13 $4,435,000 $341,154
PROVO-OREM, UT 15 $4,435,000 $295,667
RENO, NV 13 $4,335,000 $333,462
SANTA MARIA-SANTA BARBARA, CA 10 $4,190,000 $419,000
RACINE, WI 18 $4,110,000 $228,333
WALLA WALLA, WA 17 $4,095,000 $240,882
BATTLE CREEK, MI 32 $3,920,000 $122,500
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 16 $3,790,000 $236,875
SANTA CRUZ-WATSONVILLE, CA 9 $3,735,000 $415,000
MIAMI-MIAMI BEACH-KENDALL, FL 8 $3,580,000 $447,500
GREEN BAY, WI 22 $3,400,000 $154,545
BILLINGS, MT 15 $3,345,000 $223,000
ALBANY-LEBANON, OR 13 $3,095,000 $238,077
ODESSA, TX 13 $2,935,000 $225,769
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 8 $2,840,000 $355,000
CLEVELAND-ELYRIA, OH 9 $2,835,000 $315,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 8 $2,810,000 $351,250
BREMERTON-SILVERDALE-PORT ORCHARD, WA 8 $2,790,000 $348,750
SAN LUIS OBISPO-PASO ROBLES, CA 7 $2,515,000 $359,286
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 16 $2,510,000 $156,875
MODESTO, CA 9 $2,445,000 $271,667
KNOXVILLE, TN 6 $2,400,000 $400,000
NAPA, CA 5 $2,395,000 $479,000
MEMPHIS, TN-MS-AR 7 $2,365,000 $337,857
NEWARK, NJ-PA 6 $2,320,000 $386,667
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 7 $2,315,000 $330,714
JOHNSON CITY, TN 7 $2,135,000 $305,000
SAN RAFAEL, CA 4 $2,070,000 $517,500
NEW BRUNSWICK-LAKEWOOD, NJ 6 $1,860,000 $310,000
FOND DU LAC, WI 14 $1,820,000 $130,000
BAKERSFIELD, CA 7 $1,815,000 $259,286
MADISON, WI 8 $1,760,000 $220,000
PRESCOTT VALLEY-PRESCOTT, AZ 7 $1,645,000 $235,000
SALINAS, CA 2 $1,620,000 $810,000
COEUR D'ALENE, ID 5 $1,605,000 $321,000
MADERA, CA 6 $1,580,000 $263,333
CAPE CORAL-FORT MYERS, FL 5 $1,575,000 $315,000
CORVALLIS, OR 4 $1,560,000 $390,000
PHILADELPHIA, PA 4 $1,520,000 $380,000
BELLINGHAM, WA 4 $1,490,000 $372,500
ROCHESTER, MN 7 $1,415,000 $202,143
GRAND RAPIDS-KENTWOOD, MI 9 $1,395,000 $155,000
FLAGSTAFF, AZ 7 $1,385,000 $197,857
SANTA FE, NM 5 $1,335,000 $267,000
CARSON CITY, NV 5 $1,325,000 $265,000
VISALIA, CA 4 $1,320,000 $330,000
YAKIMA, WA 5 $1,305,000 $261,000
WAUSAU-WESTON, WI 8 $1,220,000 $152,500
WENATCHEE, WA 4 $1,210,000 $302,500
TOLEDO, OH 3 $1,165,000 $388,333
YUBA CITY, CA 5 $1,155,000 $231,000
PITTSBURGH, PA 4 $1,150,000 $287,500
TUCSON, AZ 5 $1,115,000 $223,000
NORTH PORT-SARASOTA-BRADENTON, FL 4 $1,100,000 $275,000
AKRON, OH 3 $1,085,000 $361,667
GARY, IN 6 $1,020,000 $170,000
LAKE HAVASU CITY-KINGMAN, AZ 6 $990,000 $165,000
LONGVIEW, TX 4 $990,000 $247,500
PALM BAY-MELBOURNE-TITUSVILLE, FL 4 $970,000 $242,500
CHICO, CA 3 $955,000 $318,333
SEBASTIAN-VERO BEACH, FL 3 $915,000 $305,000
EAU CLAIRE, WI 5 $895,000 $179,000
DETROIT-DEARBORN-LIVONIA, MI 7 $865,000 $123,571
ROCKFORD, IL 6 $860,000 $143,333
JANESVILLE-BELOIT, WI 5 $855,000 $171,000
KALAMAZOO-PORTAGE, MI 4 $820,000 $205,000
OLYMPIA-LACEY-TUMWATER, WA 2 $810,000 $405,000
LONGVIEW, WA 3 $775,000 $258,333
TWIN FALLS, ID 3 $755,000 $251,667
REDDING, CA 3 $735,000 $245,000
MERCED, CA 2 $670,000 $335,000
BRIDGEPORT-STAMFORD-NORWALK, CT 2 $670,000 $335,000
LUBBOCK, TX 3 $665,000 $221,667
GREENVILLE-ANDERSON, SC 2 $630,000 $315,000
KILLEEN-TEMPLE, TX 3 $605,000 $201,667
SHERMAN-DENISON, TX 3 $605,000 $201,667
ALBUQUERQUE, NM 2 $600,000 $300,000
KANKAKEE, IL 2 $580,000 $290,000
CHATTANOOGA, TN-GA 2 $560,000 $280,000
OKLAHOMA CITY, OK 4 $550,000 $137,500
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 2 $540,000 $270,000
BROWNSVILLE-HARLINGEN, TX 2 $530,000 $265,000
LOGAN, UT-ID 2 $530,000 $265,000
PORT ST. LUCIE, FL 3 $525,000 $175,000
HOMOSASSA SPRINGS, FL 2 $490,000 $245,000
LAKELAND-WINTER HAVEN, FL 2 $490,000 $245,000
NEW HAVEN-MILFORD, CT 1 $485,000 $485,000
MONROE, MI 1 $485,000 $485,000
JACKSON, TN 3 $455,000 $151,667
EL CENTRO, CA 2 $450,000 $225,000
MOUNT VERNON-ANACORTES, WA 2 $450,000 $225,000
BIRMINGHAM-HOOVER, AL 1 $445,000 $445,000
STATE COLLEGE, PA 1 $425,000 $425,000
FLORENCE, SC 1 $425,000 $425,000
AMARILLO, TX 2 $420,000 $210,000
CAMDEN, NJ 1 $415,000 $415,000
CHARLESTON-NORTH CHARLESTON, SC 1 $375,000 $375,000
YORK-HANOVER, PA 1 $375,000 $375,000
SIERRA VISTA-DOUGLAS, AZ 2 $360,000 $180,000
PUNTA GORDA, FL 1 $335,000 $335,000
ALTOONA, PA 1 $335,000 $335,000
JACKSON, MI 3 $325,000 $108,333
SAGINAW, MI 1 $325,000 $325,000
ANN ARBOR, MI 1 $315,000 $315,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $315,000 $315,000
BATON ROUGE, LA 1 $315,000 $315,000
ST. CLOUD, MN 2 $310,000 $155,000
SAN ANGELO, TX 2 $300,000 $150,000
WICHITA, KS 1 $295,000 $295,000
OCALA, FL 1 $295,000 $295,000
TYLER, TX 1 $275,000 $275,000
LINCOLN, NE 4 $260,000 $65,000
TERRE HAUTE, IN 3 $255,000 $85,000
HOT SPRINGS, AR 2 $240,000 $120,000
OCEAN CITY, NJ 1 $235,000 $235,000
READING, PA 1 $215,000 $215,000
LAFAYETTE-WEST LAFAYETTE, IN 2 $210,000 $105,000
KANSAS CITY, MO-KS 1 $205,000 $205,000
LEWISTON, ID-WA 1 $205,000 $205,000
MOBILE, AL 1 $205,000 $205,000
FLINT, MI 1 $195,000 $195,000
GRAND ISLAND, NE 3 $195,000 $65,000
HARRISBURG-CARLISLE, PA 1 $195,000 $195,000
CORPUS CHRISTI, TX 2 $190,000 $95,000
MUSKEGON, MI 1 $185,000 $185,000
COLUMBIA, SC 1 $175,000 $175,000
WACO, TX 1 $175,000 $175,000
THE VILLAGES, FL 1 $165,000 $165,000
BLOOMINGTON, IL 1 $155,000 $155,000
KINGSPORT-BRISTOL, TN-VA 1 $155,000 $155,000
LA CROSSE-ONALASKA, WI-MN 1 $155,000 $155,000
ENID, OK 1 $155,000 $155,000
BLOOMINGTON, IN 1 $145,000 $145,000
COLLEGE STATION-BRYAN, TX 1 $145,000 $145,000
NAPLES-MARCO ISLAND, FL 1 $145,000 $145,000
SPRINGFIELD, IL 1 $145,000 $145,000
ST. LOUIS, MO-IL 1 $145,000 $145,000
LAS CRUCES, NM 1 $135,000 $135,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 1 $135,000 $135,000
HANFORD-CORCORAN, CA 1 $125,000 $125,000
FORT WAYNE, IN 1 $115,000 $115,000
YUMA, AZ 1 $115,000 $115,000
DULUTH, MN-WI 1 $105,000 $105,000
EVANSVILLE, IN-KY 1 $95,000 $95,000
GAINESVILLE, FL 1 $85,000 $85,000

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% 1 $485,000 $485,000
2.5-3% 184 $68,420,000 $371,848
3-4% 7,559 $2,642,925,000 $349,640
4-5% 6,810 $2,029,660,000 $298,041
5-6% 1,189 $290,545,000 $244,361
6-7% 41 $12,135,000 $295,976
7-8% 4 $3,850,000 $962,500
Over 8% 7 $1,725,000 $246,429

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 449 $31,995,000 $71,258
$100k-200k 2,739 $432,635,000 $157,954
$200k-400k 8,778 $2,615,830,000 $297,998
$400k-600k 3,274 $1,525,450,000 $465,929
$600k-1000k 468 $333,580,000 $712,778
$Over $1MM 87 $110,255,000 $1,267,299

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% 441 $86,465,000 $196,066
40-60% 1,338 $384,850,000 $287,631
60-80% 4,277 $1,512,525,000 $353,642
80-100% 7,593 $2,346,525,000 $309,038
Over 100% 210 $72,590,000 $345,667
Under 20% 102 $7,890,000 $77,353

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 3,816 $1,343,620,000 $352,102
$150k-250k 2,636 $1,092,730,000 $414,541
$50k-75k 3,295 $801,365,000 $243,206
$50k-or less 1,427 $268,005,000 $187,810
$75k-100k 3,056 $918,080,000 $300,419
$Over $250k 849 $459,535,000 $541,266

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 12,258 $3,873,920,000 $316,032
Not provided 2,389 $810,975,000 $339,462
Asian 470 $173,920,000 $370,043
Black 535 $143,355,000 $267,953
American Indian 86 $26,790,000 $311,512
Native Hawaiian 54 $19,670,000 $364,259
Other Asian 1 $675,000 $675,000
Filipino 2 $440,000 $220,000

Approval Rates

Total approvals of all applications
95.19%

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
75.05%

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 15,795 $5,049,745,000 $319,705

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 12,594 $3,985,200,000 $316,436
$1k-2k 1,138 $417,220,000 $366,626
$2k-3k 460 $168,400,000 $366,087
$3k-4k 418 $150,860,000 $360,909
$5k+ 694 $244,070,000 $351,686

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 187 $36,465,000 $195,000
Single Family (1-4 Units):Site-Built 15,608 $5,013,280,000 $321,199