New West Lending Mortgage Rates, Fees & Info
PHOENIX, AZLEI: 549300RU0T31BIA8UR19
Tax ID: 86-0816467
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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, Denver, Prescott Valley, San Francisco, and Los Angeles among others. We have data for 11 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 4/22/24 |
| 30 Year Conventional Refi | 6.44% | 4/22/24 |
| 30 Year Cash-out Refi | 6.70% | 4/22/24 |
| 30 Year FHA Purchase | 7.02% | 4/22/24 |
| 30 Year VA Purchase | 5.81% | 4/22/24 |
| 15 Year Conventional Refi | 6.10% | 4/22/24 |
| 15 Year Cash-out Refi | 6.10% | 4/22/24 |
| 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
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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
580Origination Dollar Volume (All Markets)
$119,580,000Top 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 |
|---|---|---|---|---|---|
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 563 | $114,875,000 | $204,041 | $5,828 | 5.02% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $9,905 | 4.79% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $4,331 | 4.88% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $17,310 | 5.25% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,112 | 5.38% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $7,563 | 4.50% |
| Show Low, AZ (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $7,218 | 4.31% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $11,182 | 5.75% |
| Payson, AZ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,476 | 4.75% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,881 | 4.75% |
| Nogales, AZ (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $3,314 | 4.63% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 286 | $58,220,000 | $203,566 | $7,244 | 4.94% |
| Conventional | 276 | $56,200,000 | $203,623 | $4,256 | 5.11% |
| VA | 18 | $5,160,000 | $286,667 | $9,093 | 4.78% |
For 2018, New West Lending's most frequently originated type of loan was FHA, with 286 originations. Their 2nd most popular type was Conventional, with 276 originations.
Loan Reason
For 2018, New West Lending's most frequently cited loan purpose was Home Purchase, with 438 originations. The 2nd most popular reason was Cash Out Refi, with 100 originations.
Loan Duration/Length
For 2018, New West Lending's most frequently cited loan duration was 30 Year, with 553 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
New West Lending's average total fees were $5,993, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 342 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 344 | $72,810,000 | $211,657 |
| 5-6% | 210 | $41,230,000 | $196,333 |
| 3-4% | 13 | $2,805,000 | $215,769 |
| 6-7% | 13 | $2,735,000 | $210,385 |
During 2018, New West Lending's average interest rate for loans was 5.04%, while their most frequently originated rate bucket for loans was 4-5%, with 344 originations.
Loan Sizing
2018 saw New West Lending place emphasis on $100k-200k loans with 293 originations, totaling $48,165,000 in origination value.
Applicant Income
New West Lending lent most frequently to those with incomes in the $50k or less range, with 235 originations. The second most popular income band? $50k-75k, with 197 originations.
Applicant Debt to Income Ratio
New West Lending lent most frequently to those with DTI ratios of 50-60%, with 94 originations. The next most common DTI ratio? 30-36%, with 68 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.92%
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 origination75.34%
New West Lending has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 580 | $119,580,000 | $206,172 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 7 | $1,215,000 | $173,571 |
| Single Family (1-4 Units):Site-Built | 573 | $118,365,000 | $206,571 |