Express Funding Mortgage Rates, Fees & Info
PLANO, TXLEI: 549300RVA0V4U2J29Q12
Tax ID: 75-2518067
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Mortgage Data
Review & Overview
Express Funding is a smaller mortgage company specializing in Home Purchase loans. Express Funding has a high proportion of conventional loans. Their top markets by origination volume include: Denver, Colorado Springs, Boulder, Greeley, and Durango among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Express Funding has a below average approval rate when compared to the average across all lenders.
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 |
|---|---|---|
| 15 Year Conventional Purchase | 6.95% | 2/22/25 |
| 15 Year Conventional Refi | 8.09% | 2/22/25 |
| 15 Year Cash-out Refi | 8.09% | 2/22/25 |
| 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. | ||
Express Funding Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
28Origination Dollar Volume (All Markets)
$3,220,000Top 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 |
|---|---|---|---|---|---|
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 14 | $1,820,000 | $130,000 | $814 | 5.41% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 6 | $530,000 | $88,333 | $748 | 5.25% |
| BOULDER, CO (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $832 | 5.33% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $747 | 5.50% |
| Durango, CO (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $757 | 5.75% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $832 | 5.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 28 | $3,220,000 | $115,000 | $793 | 5.39% |
For 2020, Express Funding's most frequently originated type of loan was Conventional, with 28 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 22 | $2,630,000 | $119,545 | $779 | 5.41% |
| Refi | 6 | $590,000 | $98,333 | $845 | 5.33% |
For 2020, Express Funding's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 23 | $2,685,000 | $116,739 | $814 | 5.41% |
| 20 Year | 5 | $535,000 | $107,000 | $698 | 5.30% |
For 2020, Express Funding's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 20 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 28 | $3,220,000 | $115,000 |
Express Funding's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 25 | $2,875,000 | $115,000 |
| 4-5% | 3 | $345,000 | $115,000 |
During 2020, Express Funding's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 25 originations.
Loan Sizing
2020 saw Express Funding place emphasis on $100,000 or less loans with 13 originations, totaling $905,000 in origination value.
Applicant Income
Express Funding lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Express Funding lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications58.33%
Express Funding has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 28 | $3,220,000 | $115,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 28 | $3,220,000 | $115,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 6 | $1,150,000 | $191,667 | $804 | 5.50% |
| Under 20% | 22 | $2,070,000 | $94,091 | $791 | 5.36% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Experian Information Solutions Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.7% |
| Experian Information Solutions Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 7.7% |
| Experian Information Solutions Inc. | Conventional home mortgage | Improper use of your report | 1 | 7.7% |
| Experian Information Solutions Inc. | Conventional home mortgage | Incorrect information on your report | 3 | 23.1% |
| Experian Information Solutions Inc. | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 7.7% |
| Experian Information Solutions Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 15.4% |
| Experian Information Solutions Inc. | FHA mortgage | Incorrect information on your report | 2 | 15.4% |
| Experian Information Solutions Inc. | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 7.7% |
| Experian Information Solutions Inc. | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.7% |