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 and Home Purchase loans. Equity Wave Lending has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Los Angeles, Riverside, San Francisco, San Diego, and Fresno among others. We have data for 21 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
169Origination Dollar Volume (All Markets)
$63,995,000Top 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) | 80 | $35,270,000 | $440,875 | $0 | 9.64% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 34 | $10,320,000 | $303,529 | $0 | 9.81% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 11 | $4,395,000 | $399,545 | $0 | 10.51% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 6 | $3,260,000 | $543,333 | $0 | 9.66% |
| Outside of Metro Areas | 8 | $2,620,000 | $327,500 | $0 | 10.12% |
| FRESNO, CA (FHA|USDA|VA) | 5 | $2,095,000 | $419,000 | $0 | 8.80% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 6 | $960,000 | $160,000 | $0 | 9.74% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $0 | 10.62% |
| MERCED, CA (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 8.50% |
| CHICO, CA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 11.99% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 7.75% |
| MODESTO, CA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $0 | 10.99% |
| NAPA, CA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 9.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $0 | 10.24% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 8.99% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 6.50% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 8.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 8.99% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 9.75% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 11.50% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 7.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 168 | $63,890,000 | $380,298 | $0 | 9.71% |
| FHA | 1 | $105,000 | $105,000 | $0 | 11.99% |
For 2021, Equity Wave Lending's most frequently originated type of loan was Conventional, with 168 originations. Their 2nd most popular type was FHA, with 1 originations.
Loan Reason
For 2021, Equity Wave Lending's most frequently cited loan purpose was Cash Out Refi, with 94 originations. The 2nd most popular reason was Home Purchase, with 41 originations.
Loan Duration/Length
For 2021, Equity Wave Lending's most frequently cited loan duration was 3 Year, with 104 originations. The 2nd most popular length was 5 Year, with 33 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 130 | $50,230,000 | $386,385 |
| 7-8% | 31 | $11,395,000 | $367,581 |
| 6-7% | 7 | $2,015,000 | $287,857 |
During 2021, 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 130 originations.
Loan Sizing
2021 saw Equity Wave Lending place emphasis on $200k-400k loans with 64 originations, totaling $18,160,000 in origination value.
Applicant Income
Equity Wave Lending lent most frequently to those with incomes in the $250k+ range, with 58 originations. The second most popular income band? $100k-150k, with 35 originations.
Applicant Debt to Income Ratio
Equity Wave Lending lent most frequently to those with DTI ratios of <20%, with 73 originations. The next most common DTI ratio? 20-30%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.58%
Equity Wave Lending has an average approval rate.
Pick Rate
Approvals leading to origination30.77%
Equity Wave Lending 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 | 169 | $63,995,000 | $378,669 |