Bellwether Enterprise Real Estate Capital Llc

Cleveland, OH 44121

LEI: 549300RFPLMCMJL7BS81

Tax ID: 26-2916887

2019 Data | 2018 Data


Overview

Bellwether Enterprise Real Estate Capital Llc is a small mortgage company specializing in Other and Cash Out Refi loans. Bellwether Enterprise Real Estate Capital Llc 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 Columbus, Cleveland, Warren, Anaheim, and Cincinnati among others. They have an above average approval rate for mortages when compared nationally -- and they have an above average pick rate when compared to the same sample of other lendors. Bellwether Enterprise Real Estate Capital Llc is typically a lendor.


Originations

226

Origination Dollar Volume (All Markets)

$2,284,320,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 194 $2,105,530,000 $10,853,247
FHA 14 $145,780,000 $10,412,857
USDA 18 $33,010,000 $1,833,889

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
Other 123 $1,214,575,000 $9,874,593
Refi 35 $322,675,000 $9,219,286
Cash Out Refi 68 $747,070,000 $10,986,324

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
COLUMBUS, OH 23 $410,485,000 $17,847,174
CLEVELAND-ELYRIA, OH 14 $138,180,000 $9,870,000
WARREN-TROY-FARMINGTON HILLS, MI 5 $130,495,000 $26,099,000
ANAHEIM-SANTA ANA-IRVINE, CA 5 $101,665,000 $20,333,000
CINCINNATI, OH-KY-IN 13 $89,075,000 $6,851,923
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 5 $76,395,000 $15,279,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 3 $76,285,000 $25,428,333
AUSTIN-ROUND ROCK-GEORGETOWN, TX 4 $68,970,000 $17,242,500
SEATTLE-BELLEVUE-KENT, WA 5 $59,375,000 $11,875,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $51,465,000 $51,465,000
GREENVILLE-ANDERSON, SC 6 $46,400,000 $7,733,333
DENVER-AURORA-LAKEWOOD, CO 2 $46,020,000 $23,010,000
Outside of Metro Areas 19 $45,375,000 $2,388,158
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $37,275,000 $37,275,000
BEAUMONT-PORT ARTHUR, TX 4 $36,510,000 $9,127,500
RICHMOND, VA 2 $36,030,000 $18,015,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 2 $29,720,000 $14,860,000
SANTA ROSA-PETALUMA, CA 1 $29,435,000 $29,435,000
SAN ANTONIO-NEW BRAUNFELS, TX 1 $29,205,000 $29,205,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 2 $28,690,000 $14,345,000
IOWA CITY, IA 3 $27,725,000 $9,241,667
PROVIDENCE-WARWICK, RI-MA 1 $27,155,000 $27,155,000
ALBUQUERQUE, NM 2 $27,030,000 $13,515,000
BISMARCK, ND 2 $26,320,000 $13,160,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 4 $22,840,000 $5,710,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 2 $22,790,000 $11,395,000
GRAND RAPIDS-KENTWOOD, MI 3 $21,745,000 $7,248,333
DES MOINES-WEST DES MOINES, IA 2 $21,190,000 $10,595,000
LEXINGTON-FAYETTE, KY 1 $20,935,000 $20,935,000
KANSAS CITY, MO-KS 1 $20,805,000 $20,805,000
ROCHESTER, MN 1 $20,295,000 $20,295,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 4 $19,880,000 $4,970,000
BILLINGS, MT 1 $19,505,000 $19,505,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 4 $18,690,000 $4,672,500
FARGO, ND-MN 2 $18,050,000 $9,025,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 2 $18,030,000 $9,015,000
GREENSBORO-HIGH POINT, NC 4 $16,680,000 $4,170,000
ASHEVILLE, NC 2 $16,590,000 $8,295,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $14,365,000 $14,365,000
NORWICH-NEW LONDON, CT 1 $13,705,000 $13,705,000
LIMA, OH 1 $13,005,000 $13,005,000
BIRMINGHAM-HOOVER, AL 4 $12,920,000 $3,230,000
DALLAS-PLANO-IRVING, TX 2 $12,880,000 $6,440,000
SPOKANE-SPOKANE VALLEY, WA 1 $12,685,000 $12,685,000
DAYTON-KETTERING, OH 1 $12,445,000 $12,445,000
OGDEN-CLEARFIELD, UT 1 $12,375,000 $12,375,000
WILMINGTON, NC 1 $10,635,000 $10,635,000
STAUNTON, VA 1 $10,105,000 $10,105,000
SANTA MARIA-SANTA BARBARA, CA 1 $10,005,000 $10,005,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $9,735,000 $9,735,000
NEWARK, NJ-PA 1 $9,505,000 $9,505,000
SPARTANBURG, SC 1 $9,415,000 $9,415,000
LONGVIEW, WA 1 $8,485,000 $8,485,000
RALEIGH-CARY, NC 2 $8,050,000 $4,025,000
BALTIMORE-COLUMBIA-TOWSON, MD 3 $7,655,000 $2,551,667
MIDLAND, MI 1 $7,405,000 $7,405,000
BAKERSFIELD, CA 1 $7,165,000 $7,165,000
PHOENIX-MESA-CHANDLER, AZ 2 $7,070,000 $3,535,000
JACKSON, TN 1 $7,015,000 $7,015,000
ST. CLOUD, MN 1 $6,655,000 $6,655,000
AKRON, OH 1 $6,255,000 $6,255,000
LAWTON, OK 1 $6,105,000 $6,105,000
VALDOSTA, GA 1 $5,685,000 $5,685,000
PITTSBURGH, PA 1 $5,445,000 $5,445,000
OKLAHOMA CITY, OK 1 $5,355,000 $5,355,000
BROWNSVILLE-HARLINGEN, TX 1 $5,285,000 $5,285,000
LAKELAND-WINTER HAVEN, FL 1 $5,265,000 $5,265,000
ST. LOUIS, MO-IL 1 $5,255,000 $5,255,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $4,935,000 $4,935,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 1 $4,905,000 $4,905,000
TOLEDO, OH 1 $4,755,000 $4,755,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 1 $4,265,000 $4,265,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 1 $4,005,000 $4,005,000
SAVANNAH, GA 1 $3,715,000 $3,715,000
JACKSON, MI 1 $3,665,000 $3,665,000
PORTLAND-SOUTH PORTLAND, ME 1 $3,645,000 $3,645,000
NEW BERN, NC 1 $3,005,000 $3,005,000
JANESVILLE-BELOIT, WI 1 $2,815,000 $2,815,000
LANSING-EAST LANSING, MI 1 $2,535,000 $2,535,000
MEDFORD, OR 2 $2,260,000 $1,130,000
SAGINAW, MI 2 $2,250,000 $1,125,000
BLOOMINGTON, IN 1 $2,125,000 $2,125,000
KOKOMO, IN 2 $1,980,000 $990,000
TULSA, OK 1 $1,975,000 $1,975,000
FLINT, MI 1 $1,965,000 $1,965,000
EL PASO, TX 1 $1,895,000 $1,895,000
MODESTO, CA 1 $1,535,000 $1,535,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $1,355,000 $1,355,000
ROANOKE, VA 1 $1,015,000 $1,015,000
WINSTON-SALEM, NC 1 $965,000 $965,000
SALEM, OR 1 $805,000 $805,000
MORGANTOWN, WV 1 $705,000 $705,000
ITHACA, NY 2 $10,000 $5,000

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

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 8 $40,000 $5,000
$200k-400k 1 $265,000 $265,000
$400k-600k 2 $920,000 $460,000
$600k-1000k 8 $6,650,000 $831,250
$Over $1MM 207 $2,276,445,000 $10,997,319

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% 15 $87,645,000 $5,843,000
40-60% 39 $216,035,000 $5,539,359
60-80% 130 $1,737,140,000 $13,362,615
80-100% 16 $150,750,000 $9,421,875
Over 100% 2 $44,090,000 $22,045,000
Under 20% 24 $48,660,000 $2,027,500

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

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
Not applicable 226 $2,284,320,000 $10,107,611

Approval Rates

Total approvals of all applications
95.89%

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
96.25%

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 226 $2,284,320,000 $10,107,611

Origination Fees

Origination Fee Originations Total Value Average Loan

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
Multifamily:Manufactured 37 $271,805,000 $7,346,081
Multifamily:Site-Built 185 $1,988,955,000 $10,751,108
Single Family (1-4 Units):Manufactured 1 $6,205,000 $6,205,000
Single Family (1-4 Units):Site-Built 3 $17,355,000 $5,785,000