Equity Wave Lending Mortgage Rates, Fees & Info

IRVINE, CA

LEI: 549300RC1JITZLHVLH66

Tax ID: 27-3382969

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Mortgage Data

Review & Overview

Equity Wave Lending is a smaller mortgage company specializing in Cash Out Refi loans. Equity Wave Lending has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Jose, San Francisco, and San Diego among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

Equity Wave Lending has an above 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

302

Origination Dollar Volume (All Markets)

$69,200,000

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 166 $39,970,000 $240,783 $14,771 11.01%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 52 $10,610,000 $204,038 $0 10.90%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 11 $4,435,000 $403,182 $0 11.27%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 17 $4,215,000 $247,941 $0 11.26%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 19 $3,695,000 $194,474 $0 10.44%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 10 $2,010,000 $201,000 $0 10.84%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 4 $860,000 $215,000 $0 11.37%
MERCED, CA (FHA|USDA|VA) 2 $750,000 $375,000 $0 9.75%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $565,000 $188,333 $0 12.41%
FRESNO, CA (FHA|USDA|VA) 3 $445,000 $148,333 $0 9.74%
YUBA CITY, CA (FHA|USDA|VA) 1 $335,000 $335,000 $0 10.99%
BAKERSFIELD, CA (FHA|USDA|VA) 4 $290,000 $72,500 $0 10.68%
VISALIA, CA (FHA|USDA|VA) 2 $240,000 $120,000 $0 11.49%
Outside of Metro Areas 2 $200,000 $100,000 $0 11.37%
SALINAS, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 8.99%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 9.99%
STOCKTON, CA (FHA|USDA|VA) 1 $85,000 $85,000 $0 8.99%
REDDING, CA (FHA|USDA|VA) 1 $85,000 $85,000 $0 12.49%
NAPA, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 10.99%
MODESTO, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 12.99%
Equity Wave Lending's top markets include Los Angeles, Riverside, San Jose, San Francisco, and San Diego among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 302 $69,200,000 $229,139 $14,771 10.97%

    For 2019, Equity Wave Lending's most frequently originated type of loan was Conventional, with 302 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 258 $56,040,000 $217,209 $0 11.12%
    Home Purchase 30 $9,660,000 $322,000 $14,771 9.92%
    Refi 14 $3,500,000 $250,000 $0 10.37%

    For 2019, Equity Wave Lending's most frequently cited loan purpose was Cash Out Refi, with 258 originations. The 2nd most popular reason was Home Purchase, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    3 Year 256 $58,130,000 $227,070 $14,771 11.01%
    5 Year 38 $8,670,000 $228,158 $0 10.68%
    Other 7 $2,245,000 $320,714 $0 11.06%
    1 Year 1 $155,000 $155,000 $0 10.99%

    For 2019, Equity Wave Lending's most frequently cited loan duration was 3 Year, with 256 originations. The 2nd most popular length was 5 Year, with 38 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 1 $305,000 $305,000

    Equity Wave Lending's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 1 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 286 $64,670,000 $226,119
    7-8% 13 $3,425,000 $263,462
    6-7% 3 $1,105,000 $368,333

    During 2019, Equity Wave Lending's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 286 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 95 $13,625,000 $143,421 $0 10.93%
    $200k-400k 93 $25,135,000 $270,269 $14,771 10.86%
    $100,000 or less 73 $5,175,000 $70,890 $0 11.52%
    $400k-600k 25 $12,215,000 $488,600 $0 10.26%
    $600k-1MM 13 $9,265,000 $712,692 $0 10.36%
    $1MM+ 3 $3,785,000 $1,261,667 $0 10.32%

    2019 saw Equity Wave Lending place emphasis on $100k-200k loans with 95 originations, totaling $13,625,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 89 $21,355,000 $239,944 $14,771 11.18%
    $250k+ 79 $26,735,000 $338,418 $0 11.19%
    $100k-150k 69 $11,465,000 $166,159 $0 11.03%
    $75k-100k 31 $4,915,000 $158,548 $0 10.46%
    $50k-75k 24 $3,300,000 $137,500 $0 10.15%
    $50k or less 9 $1,095,000 $121,667 $0 10.24%

    Equity Wave Lending lent most frequently to those with incomes in the $150k-250k range, with 89 originations. The second most popular income band? $250k+, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 50 $11,190,000 $223,800 $0 10.39%
    30-36% 46 $8,750,000 $190,217 $0 11.01%
    50-60% 32 $7,360,000 $230,000 $14,771 11.41%
    <20% 26 $5,950,000 $228,846 $0 10.64%
    48% 17 $3,185,000 $187,353 $0 10.99%
    41% 16 $3,000,000 $187,500 $0 10.68%
    40% 13 $4,275,000 $328,846 $0 10.90%
    49% 13 $4,825,000 $371,154 $0 11.05%
    39% 10 $1,570,000 $157,000 $0 11.02%
    47% 10 $2,430,000 $243,000 $0 12.27%
    43% 10 $1,850,000 $185,000 $0 11.24%
    44% 9 $1,195,000 $132,778 $0 11.16%
    38% 9 $2,435,000 $270,556 $0 11.18%
    46% 9 $1,875,000 $208,333 $0 10.63%
    37% 8 $1,760,000 $220,000 $0 10.90%
    >60% 7 $2,215,000 $316,429 $0 11.14%
    45% 6 $2,530,000 $421,667 $0 10.45%
    36% 6 $1,400,000 $233,333 $0 12.12%
    42% 4 $1,070,000 $267,500 $0 11.81%

    Equity Wave Lending lent most frequently to those with DTI ratios of 20-30%, with 50 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 143 $31,635,000 $221,224 $14,771 10.93%
    Not provided 105 $24,305,000 $231,476 $0 11.13%
    Asian 28 $6,360,000 $227,143 $0 10.61%
    Black 21 $5,735,000 $273,095 $0 11.03%
    Native Hawaiian or Islander 2 $740,000 $370,000 $0 11.25%
    American Indian 1 $205,000 $205,000 $0 11.50%
    Guamanian 1 $165,000 $165,000 $0 7.00%
    Not applicable 1 $55,000 $55,000 $0 10.99%

    Approval Rates

    Total approvals of all applications
    91.99%

    Equity Wave Lending has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.17%

    Equity Wave Lending has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 302 $69,200,000 $229,139

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $335,000 $335,000
    Single Family (1-4 Units):Site-Built 301 $68,865,000 $228,787

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 80 $18,870,000 $235,875 $0 11.11%
    40-60% 43 $15,235,000 $354,302 $0 9.68%
    60-80% 50 $16,610,000 $332,200 $14,771 10.45%
    80-100% 1 $295,000 $295,000 $0 10.99%
    Under 20% 127 $17,965,000 $141,457 $0 11.50%