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. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, San Jose, and Oxnard among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Equity Wave Lending 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
281Origination Dollar Volume (All Markets)
$98,165,000Top 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) | 149 | $54,535,000 | $366,007 | $0 | 10.46% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 51 | $14,495,000 | $284,216 | $0 | 10.37% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 24 | $9,300,000 | $387,500 | $0 | 10.65% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 11 | $3,835,000 | $348,636 | $0 | 11.06% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 3 | $3,345,000 | $1,115,000 | $0 | 9.74% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 9 | $3,185,000 | $353,889 | $0 | 11.10% |
| Outside of Metro Areas | 8 | $2,880,000 | $360,000 | $0 | 10.04% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 9 | $2,385,000 | $265,000 | $0 | 10.97% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $0 | 10.50% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $0 | 10.33% |
| FRESNO, CA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $0 | 9.50% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 9.99% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 7.99% |
| STOCKTON, CA (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $0 | 10.75% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 11.00% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 11.75% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 7.50% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 9.99% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 8.99% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 281 | $98,165,000 | $349,342 | $0 | 10.48% |
For 2022, Equity Wave Lending's most frequently originated type of loan was Conventional, with 281 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 230 | $75,450,000 | $328,043 | $0 | 10.61% |
| Home Purchase | 49 | $22,305,000 | $455,204 | $0 | 9.90% |
| Refi | 2 | $410,000 | $205,000 | $0 | 10.25% |
For 2022, Equity Wave Lending's most frequently cited loan purpose was Cash Out Refi, with 230 originations. The 2nd most popular reason was Home Purchase, with 49 originations.
Loan Duration/Length
For 2022, Equity Wave Lending's most frequently cited loan duration was 3 Year, with 136 originations. The 2nd most popular length was Other, with 94 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 263 | $91,385,000 | $347,471 |
| 7-8% | 15 | $5,165,000 | $344,333 |
| 5-6% | 2 | $1,010,000 | $505,000 |
| 6-7% | 1 | $605,000 | $605,000 |
During 2022, 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 263 originations.
Loan Sizing
2022 saw Equity Wave Lending place emphasis on $200k-400k loans with 102 originations, totaling $28,640,000 in origination value.
Applicant Income
Equity Wave Lending lent most frequently to those with incomes in the $50k or less range, with 72 originations. The second most popular income band? $50k-75k, with 5 originations.
Applicant Debt to Income Ratio
Equity Wave Lending lent most frequently to those with DTI ratios of <20%, with 133 originations. The next most common DTI ratio? 20-30%, with 64 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.72%
Equity Wave Lending has a below average approval rate.
Pick Rate
Approvals leading to origination41.28%
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 | 281 | $98,165,000 | $349,342 |