Meriwest Mortgage Company Rates, Fees & Info

SAN JOSE, CA

LEI: 549300SKHHL7A2K8YV94

Tax ID: 47-0847332

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Meriwest Mortgage Company is a smaller mortgage company specializing in Refi and Home Purchase loans. Meriwest Mortgage Company has a high proportion of conventional loans. Their top markets include San Jose, San Francisco, Santa Cruz, Sacramento, and Stockton among others. Meriwest Mortgage Company 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. Meriwest Mortgage Company is typically an average fee lendor.


Originations

657

Origination Dollar Volume (All Markets)

$359,295,000

Awards

MERIWEST MORTGAGE COMPANY  30 Year Conventional Loans bronze MERIWEST MORTGAGE COMPANY  30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Meriwest Mortgage Company 's average 30 year fixed rate mortgage of loans were 2.87%.

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

This yields a difference of -0.28%.

Relative Fees

Meriwest Mortgage Company 's average total fees for a 30 year fixed rate mortgage are $5,656.

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
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 351 $202,225,000 $576,140 $4,902 2.77%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 168 $105,390,000 $627,321 $6,756 2.79%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 17 $8,745,000 $514,412 $5,719 2.82%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 20 $7,430,000 $371,500 $3,976 2.86%
STOCKTON, CA (FHA|USDA|VA) 16 $6,140,000 $383,750 $4,943 2.73%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 8 $4,860,000 $607,500 $5,794 2.78%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $3,900,000 $487,500 $4,905 2.89%
SALINAS, CA (FHA|USDA|VA) 7 $3,825,000 $546,429 $6,026 3.18%
TUCSON, AZ (FHA|USDA|VA) 19 $3,645,000 $191,842 $3,244 2.91%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $2,680,000 $446,667 $5,918 3.13%
FRESNO, CA (FHA|USDA|VA) 6 $1,360,000 $226,667 $4,812 2.56%
Outside of Metro Areas 3 $1,245,000 $415,000 $3,554 2.96%
MODESTO, CA (FHA|USDA|VA) 5 $1,195,000 $239,000 $2,992 3.03%
VALLEJO, CA (FHA|USDA|VA) 3 $1,135,000 $378,333 $5,446 2.25%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $1,035,000 $345,000 $4,702 2.79%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $850,000 $425,000 $3,444 2.81%
MERCED, CA (FHA|USDA|VA) 3 $695,000 $231,667 $4,545 2.92%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $660,000 $330,000 $4,023 2.75%
MADERA, CA (FHA|USDA|VA) 3 $565,000 $188,333 $4,172 3.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $425,000 $425,000 $4,520 2.75%
Show Low, AZ (FHA|USDA|VA) 1 $335,000 $335,000 $10,126 2.00%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $265,000 $265,000 $2,606 3.50%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $225,000 $225,000 $7,148 3.75%
Sonora, CA (FHA|USDA|VA) 1 $205,000 $205,000 $3,797 3.38%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $195,000 $195,000 $3,144 2.63%
CHICO, CA (FHA|USDA|VA) 1 $65,000 $65,000 $2,297 2.50%

Meriwest Mortgage Company 's top markets include San Jose, San Francisco, Santa Cruz, Sacramento, and Stockton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 657 $359,295,000 $546,872 $5,326 2.80%

For the 2021 period, Meriwest Mortgage Company 's most frequently originated loan type of loans were Conventional, with 657 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 234 $105,480,000 $450,769 $4,018 2.79%
Home Purchase 163 $128,255,000 $786,840 $7,181 2.79%
Cash Out Refi 157 $68,015,000 $433,217 $5,610 2.88%
Other 98 $55,430,000 $565,612 $4,800 2.68%
Home Improvement 5 $2,115,000 $423,000 $7,603 3.15%

For the 2021, Meriwest Mortgage Company 's most frequently cited loan purpose of loans were Refi, with 234 originations. The 2nd most popular reason of loans were Home Purchase, with 163 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 516 $311,580,000 $603,837 $5,656 2.87%
15 Year 93 $33,625,000 $361,559 $4,234 2.47%
20 Year 33 $10,865,000 $329,242 $4,209 2.74%
10 Year 14 $3,100,000 $221,429 $2,483 2.34%
Other 1 $125,000 $125,000 $4,592 3.75%

For the 2021, Meriwest Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 516 originations. The 2nd most popular length of loans were 15 Year, with 93 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 256 $168,510,000 $658,242
$5k+ 125 $79,725,000 $637,800
$3k-4k 122 $58,260,000 $477,541
$2k-3k 94 $31,390,000 $333,936
$<1k 57 $20,845,000 $365,702

$5,656 of loans were Meriwest Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 256 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 339 $167,975,000 $495,501
<2.5% 159 $107,535,000 $676,321
3-4% 159 $83,785,000 $526,950

During 2021, Meriwest Mortgage Company 's average interest rate of loans were 2.87%, while their most frequently originated rate bucket of loans were 2.5-3%, with 339 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 224 $68,580,000 $306,161 $4,431 2.85%
$400k-600k 172 $85,460,000 $496,860 $5,365 2.85%
$600k-1MM 115 $91,085,000 $792,043 $6,858 2.78%
$1MM+ 79 $104,025,000 $1,316,772 $7,581 2.57%
$100k-200k 62 $9,770,000 $157,581 $2,897 2.75%
$100,000 or less 5 $375,000 $75,000 $2,481 2.90%

2021 saw Meriwest Mortgage Company place emphasis on $200k-400k loans with 224 originations, totaling $68,580,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 227 $139,995,000 $616,718 $5,751 2.76%
$100k-150k 142 $58,410,000 $411,338 $4,939 2.81%
$250k+ 119 $112,965,000 $949,286 $6,194 2.67%
$75k-100k 80 $26,070,000 $325,875 $4,914 2.92%
$50k-75k 69 $18,095,000 $262,246 $4,289 2.96%
$50k or less 19 $3,255,000 $171,316 $3,094 2.84%

Meriwest Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 227 originations. The second most popular income band? $100k-150k, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 155 $70,835,000 $457,000 $4,701 2.78%
30-36% 130 $68,450,000 $526,538 $4,746 2.86%
<20% 60 $20,030,000 $333,833 $4,144 2.69%
43% 37 $20,775,000 $561,486 $5,891 2.82%
44% 30 $18,790,000 $626,333 $5,229 2.87%
49% 29 $14,995,000 $517,069 $4,540 2.79%
36% 25 $16,175,000 $647,000 $6,634 2.87%
38% 24 $13,560,000 $565,000 $5,548 2.96%
48% 22 $16,120,000 $732,727 $6,939 2.82%
39% 21 $12,765,000 $607,857 $8,244 2.81%
40% 21 $15,675,000 $746,429 $6,614 2.63%
42% 18 $16,660,000 $925,556 $4,744 2.69%
45% 18 $9,420,000 $523,333 $5,046 2.75%
46% 16 $13,410,000 $838,125 $8,029 2.74%
41% 15 $8,435,000 $562,333 $5,939 2.72%
37% 13 $6,975,000 $536,538 $6,535 2.75%
47% 11 $5,615,000 $510,455 $5,961 3.01%
50-60% 9 $6,805,000 $756,111 $7,948 2.69%
>60% 3 $3,805,000 $1,268,333 $5,638 2.25%

Meriwest Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 155 originations. The next most common DTI ratio? 30-36%, with 130 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 287 $131,725,000 $458,972 $4,990 2.83%
Not provided 206 $117,900,000 $572,330 $5,487 2.82%
Asian 117 $76,695,000 $655,513 $5,532 2.71%
Asian Indian 20 $20,170,000 $1,008,500 $7,514 2.48%
Black 13 $5,275,000 $405,769 $5,025 2.83%
Filipino 5 $2,495,000 $499,000 $3,221 2.93%
Chinese 2 $2,120,000 $1,060,000 $13,539 2.50%
Other Asian 2 $1,410,000 $705,000 $4,938 2.56%
Native Hawaiian 3 $715,000 $238,333 $3,634 2.79%
Other Pacific Islander 1 $435,000 $435,000 $4,285 2.88%
Guamanian 1 $355,000 $355,000 $3,796 2.88%

Approval Rates

Total approvals of all applications
96.45%

Meriwest Mortgage Company 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
55.32%

Meriwest Mortgage Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 657 $359,295,000 $546,872

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
657 $359,295,000 $546,872

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 185 $72,205,000 $390,297 $4,773 2.75%
40-60% 176 $86,440,000 $491,136 $4,918 2.88%
60-80% 146 $112,740,000 $772,192 $6,167 2.80%
80-100% 90 $72,420,000 $804,667 $7,191 2.78%
Under 20% 58 $14,360,000 $247,586 $3,299 2.70%