New West Lending Mortgage Rates, Fees & InfoPHOENIX, AZ
Tax ID: 86-0816467
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewNew 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 by origination volume include: Phoenix, Los Angeles, Riverside, Tucson, and Prescott Valley among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)
New West 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. New West Lending is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.68%||3/19/23|
|30 Year Conventional Refi||6.33%||3/19/23|
|30 Year Cash-out Refi||6.58%||3/19/23|
|30 Year FHA Purchase||7.30%||3/19/23|
|30 Year FHA Refi||6.68%||3/19/23|
|30 Year VA Purchase||5.92%||3/19/23|
|30 Year VA Refi||5.72%||3/19/23|
|15 Year Conventional Purchase||5.68%||3/19/23|
|15 Year Conventional Refi||5.96%||3/19/23|
|15 Year Cash-out Refi||5.96%||3/19/23|
|15 Year FHA Refi||5.68%||3/19/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
Origination Dollar Volume (All Markets)$250,750,000
New West Lending's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
New West Lending's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,172.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|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%|
We use machine learning to identify the top lenders compared against NEW WEST LENDING based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, New West Lending's most frequently originated type of loan was Conventional, with 724 originations. Their 2nd most popular type was FHA, with 165 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||302||$79,640,000||$263,709||$4,172||3.18%|
For 2021, New West Lending's most frequently cited loan purpose was Home Purchase, with 334 originations. The 2nd most popular reason was Cash Out Refi, with 302 originations.
For 2021, New West Lending's most frequently cited loan duration was 30 Year, with 826 originations. The 2nd most popular length was 15 Year, with 57 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
New West Lending's average total fees were $5,172, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 629 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, New West Lending's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 3-4%, with 411 originations.
2021 saw New West Lending place emphasis on $200k-400k loans with 586 originations, totaling $163,560,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
New West Lending has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
New West Lending has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|