New West Lending Mortgage Rates, Fees & Info

PHOENIX, AZ

LEI: 549300RU0T31BIA8UR19

Tax ID: 86-0816467

1.6 stars - Updated: 12/9/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

New West Lending is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. New West Lending has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Flagstaff, Riverside, Tucson, and Redding among others. We have data for 6 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 a high 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.67% 12/9/24
30 Year Conventional Refi 6.44% 12/9/24
30 Year Cash-out Refi 6.70% 12/9/24
30 Year FHA Purchase 7.02% 12/9/24
30 Year VA Purchase 5.81% 12/9/24
15 Year Conventional Refi 6.10% 12/9/24
15 Year Cash-out Refi 6.10% 12/9/24
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.

New West Lending Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from New West Lending. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

177

Origination Dollar Volume (All Markets)

$62,535,000

Relative Rate

New West Lending's average 30 year fixed mortgage rate was 6.61%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

New West Lending's average total fees/closing costs for a 30 year fixed rate mortgage were $12,121.

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 $9,089.

Top 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
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 170 $60,020,000 $353,059 $12,297 6.60%
FLAGSTAFF, AZ (FHA|USDA|VA) 3 $1,225,000 $408,333 $8,348 6.96%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $545,000 $545,000 $9,373 6.38%
TUCSON, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $10,028 7.63%
REDDING, CA (FHA|USDA|VA) 1 $245,000 $245,000 $7,799 7.50%
Payson, AZ (FHA|USDA|VA) 1 $195,000 $195,000 $9,775 5.75%
New West Lending's top markets include Phoenix, Flagstaff, Riverside, Tucson, and Redding among others.

Their top states include:
  • Arizona (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

    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.

    Los Angeles Federal Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 88 $30,590,000 $347,614 $14,876 6.38%
    Conventional 80 $28,360,000 $354,500 $9,133 6.87%
    VA 9 $3,585,000 $398,333 $9,717 6.57%

    For 2023, New West Lending's most frequently originated type of loan was FHA, with 88 originations. Their 2nd most popular type was Conventional, with 80 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 147 $54,525,000 $370,918 $12,995 6.61%
    Cash Out Refi 20 $5,430,000 $271,500 $8,018 6.69%
    Refi 10 $2,580,000 $258,000 $7,723 6.46%

    For 2023, New West Lending's most frequently cited loan purpose was Home Purchase, with 147 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 176 $62,150,000 $353,125 $12,121 6.61%
    20 Year 1 $385,000 $385,000 $17,719 6.50%

    For 2023, New West Lending's most frequently cited loan duration was 30 Year, with 176 originations. The 2nd most popular length was 20 Year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 100 $34,570,000 $345,700
    $1k-2k 25 $9,875,000 $395,000
    $4k-5k 13 $3,705,000 $285,000
    $3k-4k 11 $3,575,000 $325,000
    $2k-3k 7 $2,275,000 $325,000

    New West Lending's average total fees were $12,121, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 100 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 82 $28,640,000 $349,268
    7-8% 49 $17,645,000 $360,102
    5-6% 41 $14,465,000 $352,805
    4-5% 3 $1,085,000 $361,667
    Over 8% 2 $700,000 $350,000

    During 2023, New West Lending's average interest rate for loans was 6.61%, while their most frequently originated rate bucket for loans was 6-7%, with 82 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 115 $36,305,000 $315,696 $12,198 6.63%
    $400k-600k 42 $19,370,000 $461,190 $13,814 6.62%
    $100k-200k 12 $1,960,000 $163,333 $7,957 6.36%
    $600k-1MM 7 $4,835,000 $690,714 $10,619 6.77%
    $100,000 or less 1 $65,000 $65,000 $5,362 6.50%

    2023 saw New West Lending place emphasis on $200k-400k loans with 115 originations, totaling $36,305,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 50 $14,670,000 $293,400 $11,783 6.53%
    $75k-100k 46 $16,240,000 $353,043 $13,343 6.74%
    $100k-150k 37 $14,955,000 $404,189 $14,389 6.61%
    $150k-250k 19 $8,615,000 $453,421 $9,934 6.70%
    $50k or less 16 $3,600,000 $225,000 $9,623 6.26%
    $250k+ 9 $4,455,000 $495,000 $8,328 6.88%

    New West Lending lent most frequently to those with incomes in the $50k-75k range, with 50 originations. The second most popular income band? $75k-100k, with 46 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 36 $12,750,000 $354,167 $14,445 6.26%
    30-36% 26 $9,080,000 $349,231 $11,147 6.55%
    42% 12 $4,600,000 $383,333 $10,984 6.45%
    45% 11 $3,205,000 $291,364 $12,565 6.53%
    49% 10 $3,110,000 $311,000 $12,146 6.78%
    20-30% 9 $3,145,000 $349,444 $8,553 6.85%
    44% 9 $2,895,000 $321,667 $12,747 7.07%
    41% 9 $3,405,000 $378,333 $9,523 6.78%
    48% 8 $3,180,000 $397,500 $14,141 6.88%
    <20% 7 $2,545,000 $363,571 $6,963 6.96%
    43% 7 $2,585,000 $369,286 $11,094 6.63%
    46% 7 $2,615,000 $373,571 $13,888 6.96%
    39% 6 $2,240,000 $373,333 $10,682 6.71%
    40% 5 $1,765,000 $353,000 $15,486 6.75%
    36% 4 $1,240,000 $310,000 $9,358 6.78%
    47% 4 $1,490,000 $372,500 $18,179 6.34%
    37% 4 $1,500,000 $375,000 $10,525 7.00%
    38% 2 $760,000 $380,000 $13,680 5.63%
    >60% 1 $425,000 $425,000 $14,753 6.63%

    New West Lending lent most frequently to those with DTI ratios of 50-60%, with 36 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 163 $58,085,000 $356,350 $12,272 6.63%
    Black 7 $2,325,000 $332,143 $10,800 6.32%
    Asian 5 $1,335,000 $267,000 $9,893 6.58%
    American Indian 1 $525,000 $525,000 $15,265 5.75%
    Not provided 1 $265,000 $265,000 $11,584 7.50%

    Approval Rates

    Total approvals of all applications
    95.00%

    New West Lending has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.49%

    New West Lending has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 177 $62,535,000 $353,305

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    177 $62,535,000 $353,305

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $290,000 $145,000 $8,945 6.75%
    40-60% 14 $2,930,000 $209,286 $7,091 6.49%
    60-80% 31 $9,895,000 $319,194 $9,373 6.90%
    80-100% 128 $48,930,000 $382,266 $13,450 6.55%
    Over 100% 1 $425,000 $425,000 $14,753 6.63%
    Under 20% 1 $65,000 $65,000 $5,362 6.50%