Equity Wave Lending Mortgage Rates, Fees & Info
IRVINE, CALEI: 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
302Origination Dollar Volume (All Markets)
$69,200,000Top 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% |
Their top states include:
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
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
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
2019 saw Equity Wave Lending place emphasis on $100k-200k loans with 95 originations, totaling $13,625,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications91.99%
Equity Wave Lending has an average approval rate.
Pick Rate
Approvals leading to origination75.17%
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 |