New West Lending Mortgage Rates, Fees & Info

PHOENIX, AZ

LEI: 549300RU0T31BIA8UR19

Tax ID: 86-0816467

4.7 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

New West Lending is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. New West Lending has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Phoenix, Los Angeles, Riverside, Tucson, and Prescott Valley among others. New West Lending has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. New West Lending is typically an average fee lendor.


Originations

926

Origination Dollar Volume (All Markets)

$250,750,000

Awards

NEW WEST LENDING  VA Loans silver NEW WEST LENDING  VA Loans silver NEW WEST LENDING  VA Loans silver
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Relative Rate

New West Lending 's average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

New West Lending 's average total fees for a 30 year fixed rate mortgage are $5,172.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 751 $192,495,000 $256,318 $4,626 3.07%
Outside of Metro Areas 71 $19,805,000 $278,944 $5,863 3.18%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 24 $13,710,000 $571,250 $9,635 2.75%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 32 $11,230,000 $350,938 $7,354 3.08%
TUCSON, AZ (FHA|USDA|VA) 12 $2,190,000 $182,500 $5,421 3.15%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 6 $1,850,000 $308,333 $5,278 3.08%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 4 $1,760,000 $440,000 $6,486 2.88%
Payson, AZ (FHA|USDA|VA) 6 $1,650,000 $275,000 $4,063 2.90%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 4 $1,210,000 $302,500 $3,258 2.78%
Show Low, AZ (FHA|USDA|VA) 2 $860,000 $430,000 $3,539 3.00%
FLAGSTAFF, AZ (FHA|USDA|VA) 3 $745,000 $248,333 $4,080 3.12%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $735,000 $735,000 $0 3.00%
GREELEY, CO (FHA|USDA|VA) 1 $495,000 $495,000 $3,601 3.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $470,000 $235,000 $2,917 3.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $460,000 $230,000 $7,665 2.94%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $355,000 $355,000 $3,098 2.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $255,000 $255,000 $4,405 2.00%
YUMA, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $874 2.25%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 1 $165,000 $165,000 $3,854 3.25%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $105,000 $105,000 $5,060 3.25%

New West Lending 's top markets include Phoenix, Los Angeles, Riverside, Tucson, and Prescott Valley among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 725 $193,445,000 $266,821 $3,945 3.12%
FHA 165 $45,595,000 $276,333 $8,928 2.97%
VA 36 $11,710,000 $325,278 $6,161 2.47%

For the 2021 period, New West Lending 's most frequently originated loan type of loans were Conventional, with 725 originations. Their 2nd most popular type is FHA, with 165 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 334 $100,170,000 $299,910 $6,973 3.11%
Cash Out Refi 302 $79,640,000 $263,709 $4,172 3.18%
Refi 290 $70,940,000 $244,621 $3,392 2.90%

For the 2021, New West Lending 's most frequently cited loan purpose of loans were Home Purchase, with 334 originations. The 2nd most popular reason of loans were Cash Out Refi, with 302 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 826 $229,830,000 $278,245 $5,172 3.11%
15 Year 57 $11,955,000 $209,737 $2,931 2.57%
20 Year 29 $6,205,000 $213,966 $3,352 2.83%
Other 12 $2,490,000 $207,500 $3,092 3.24%
10 Year 2 $270,000 $135,000 $1,574 2.50%

For the 2021, New West Lending 's most frequently cited loan length of loans were 30 Year, with 826 originations. The 2nd most popular length of loans were 15 Year, with 57 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 629 $166,565,000 $264,809
$3k-4k 85 $22,275,000 $262,059
$2k-3k 81 $18,835,000 $232,531
$5k+ 40 $15,880,000 $397,000
$<1k 1 $215,000 $215,000

$5,172 of loans were New West Lending 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 629 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 411 $109,215,000 $265,730
2.5-3% 390 $107,980,000 $276,872
<2.5% 103 $28,475,000 $276,456
4-5% 21 $4,855,000 $231,190
5-6% 1 $225,000 $225,000

During 2021, New West Lending 's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 411 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 586 $163,560,000 $279,113 $5,265 3.08%
$100k-200k 241 $38,845,000 $161,183 $3,568 3.06%
$400k-600k 83 $39,855,000 $480,181 $5,888 2.99%
$600k-1MM 9 $6,915,000 $768,333 $12,697 2.89%
$100,000 or less 6 $520,000 $86,667 $3,932 3.40%
$1MM+ 1 $1,055,000 $1,055,000 $14,500 3.13%

2021 saw New West Lending place emphasis on $200k-400k loans with 586 originations, totaling $163,560,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 278 $69,880,000 $251,367 $5,068 3.10%
$50k or less 266 $57,450,000 $215,977 $4,911 3.07%
$75k-100k 149 $41,305,000 $277,215 $4,966 3.11%
$100k-150k 138 $42,930,000 $311,087 $4,382 3.04%
$150k-250k 71 $28,475,000 $401,056 $5,206 2.93%
$250k+ 24 $10,710,000 $446,250 $6,399 3.05%

New West Lending lent most frequently to those with incomes in the $50k-75k range, with 278 originations. The second most popular income band? $50k or less, with 266 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 174 $45,490,000 $261,437 $4,400 3.09%
20-30% 171 $46,265,000 $270,556 $4,331 3.04%
<20% 82 $23,690,000 $288,902 $4,195 2.88%
44% 50 $14,620,000 $292,400 $5,904 3.07%
40% 47 $11,855,000 $252,234 $4,872 3.08%
43% 43 $12,085,000 $281,047 $4,812 3.21%
42% 40 $11,740,000 $293,500 $6,258 3.03%
39% 36 $10,240,000 $284,444 $4,716 3.10%
38% 36 $9,070,000 $251,944 $4,526 3.03%
37% 32 $7,350,000 $229,688 $4,511 3.20%
41% 31 $8,385,000 $270,484 $5,144 3.15%
36% 31 $7,765,000 $250,484 $4,251 3.13%
45% 30 $8,150,000 $271,667 $5,725 3.18%
46% 29 $8,215,000 $283,276 $6,027 3.02%
50-60% 27 $7,475,000 $276,852 $8,271 2.84%
47% 23 $5,795,000 $251,957 $5,667 3.12%
48% 22 $6,650,000 $302,273 $6,725 3.19%
49% 20 $5,410,000 $270,500 $5,972 3.18%
>60% 2 $500,000 $250,000 $4,104 3.06%

New West Lending lent most frequently to those with DTI ratios of 30-36%, with 174 originations. The next most common DTI ratio? 20-30%, with 171 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 827 $221,705,000 $268,083 $5,000 3.07%
Asian 39 $12,435,000 $318,846 $4,108 3.01%
Not provided 23 $6,555,000 $285,000 $4,882 3.21%
Black 15 $4,455,000 $297,000 $5,764 3.02%
American Indian 12 $2,940,000 $245,000 $3,594 3.21%
Filipino 6 $1,590,000 $265,000 $5,107 3.08%
Native Hawaiian 3 $805,000 $268,333 $3,324 3.04%
Other Asian 1 $265,000 $265,000 $4,559 3.25%

Approval Rates

Total approvals of all applications
96.88%

New West Lending has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
81.00%

New West Lending has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 926 $250,750,000 $270,788

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
926 $250,750,000 $270,788

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $6,120,000 $170,000 $3,890 2.89%
40-60% 160 $34,690,000 $216,813 $3,399 2.94%
60-80% 408 $112,550,000 $275,858 $4,112 3.15%
80-100% 317 $95,585,000 $301,530 $6,749 3.06%
Over 100% 5 $1,805,000 $361,000 $15,714 2.48%