Meriwest Mortgage Company Rates, Fees & Info

SAN JOSE, CA

LEI: 549300SKHHL7A2K8YV94

Tax ID: 47-0847332

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Meriwest Mortgage Company is a smaller mortgage company specializing in Home Purchase and Refi loans. Meriwest Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: San Jose, San Francisco, Sacramento, Stockton, and Santa Cruz among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Meriwest Mortgage Company 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. Meriwest Mortgage Company is typically a low 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 5.89% 11/21/24
    30 Year Conventional Refi 5.96% 11/21/24
    30 Year Cash-out Refi 5.95% 11/21/24
    15 Year Conventional Purchase 6.07% 11/21/24
    15 Year Conventional Refi 5.64% 11/21/24
    15 Year Cash-out Refi 5.64% 11/21/24
    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.

    Meriwest Mortgage Company Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Meriwest Mortgage Company. 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

    497

    Origination Dollar Volume (All Markets)

    $281,685,000
    Show all (5) awards

    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
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 296 $182,980,000 $618,176 $4,078 3.62%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 105 $63,935,000 $608,905 $5,380 3.55%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 20 $6,850,000 $342,500 $4,536 3.88%
    STOCKTON, CA (FHA|USDA|VA) 14 $5,010,000 $357,857 $3,722 3.56%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 6 $3,790,000 $631,667 $6,672 3.85%
    SALINAS, CA (FHA|USDA|VA) 7 $3,505,000 $500,714 $4,679 4.00%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $3,475,000 $496,429 $4,122 3.64%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,925,000 $641,667 $4,251 3.29%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,570,000 $392,500 $6,248 4.13%
    TUCSON, AZ (FHA|USDA|VA) 5 $1,325,000 $265,000 $3,613 3.88%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $1,135,000 $378,333 $5,341 3.63%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $1,085,000 $217,000 $2,839 4.30%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $785,000 $261,667 $3,237 3.75%
    MODESTO, CA (FHA|USDA|VA) 3 $685,000 $228,333 $5,172 4.25%
    VALLEJO, CA (FHA|USDA|VA) 2 $580,000 $290,000 $7,396 3.50%
    FLAGSTAFF, AZ (FHA|USDA|VA) 3 $555,000 $185,000 $2,882 3.67%
    MERCED, CA (FHA|USDA|VA) 3 $515,000 $171,667 $2,003 4.04%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $485,000 $485,000 $4,665 3.00%
    Sonora, CA (FHA|USDA|VA) 1 $445,000 $445,000 $989 3.75%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $405,000 $405,000 $4,594 4.25%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $2,025 3.75%
    Outside of Metro Areas 1 $145,000 $145,000 $3,573 4.00%
    MADERA, CA (FHA|USDA|VA) 1 $135,000 $135,000 $2,708 3.75%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $105,000 $105,000 $3,504 4.50%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $55,000 $55,000 $1,990 3.88%
    Meriwest Mortgage Company's top markets include San Jose, San Francisco, Sacramento, Stockton, and Santa Cruz among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MERIWEST MORTGAGE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Christian Community Credit Union
    Similarity Rank: 220
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 290
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 318
    SAFEAMERICA CREDIT UNION
    Similarity Rank: 368
    SOUTHLAND CREDIT UNION
    Similarity Rank: 464
    LBS FINANCIAL
    Similarity Rank: 546
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    EXCITE Credit Union
    Similarity Rank: 817
    Deer Valley Credit Union
    Similarity Rank: 820
    CommonWealth Central Credit Union
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 497 $281,685,000 $566,771 $4,395 3.64%

    For 2019, Meriwest Mortgage Company's most frequently originated type of loan was Conventional, with 497 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 155 $102,105,000 $658,742 $5,471 3.73%
    Refi 135 $75,515,000 $559,370 $3,197 3.50%
    Cash Out Refi 100 $47,730,000 $477,300 $4,486 3.83%
    Other 96 $51,340,000 $534,792 $4,043 3.49%
    Home Improvement 11 $4,995,000 $454,091 $5,911 3.83%

    For 2019, Meriwest Mortgage Company's most frequently cited loan purpose was Home Purchase, with 155 originations. The 2nd most popular reason was Refi, with 135 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 450 $265,740,000 $590,533 $4,466 3.64%
    15 Year 30 $11,420,000 $380,667 $3,819 3.65%
    10 Year 8 $1,400,000 $175,000 $5,076 3.47%
    20 Year 8 $2,880,000 $360,000 $2,297 3.72%
    Other 1 $245,000 $245,000 $0 3.25%

    For 2019, Meriwest Mortgage Company's most frequently cited loan duration was 30 Year, with 450 originations. The 2nd most popular length was 15 Year, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 178 $82,950,000 $466,011
    $1k-2k 133 $89,055,000 $669,586
    $2k-3k 55 $26,315,000 $478,455
    $3k-4k 44 $33,950,000 $771,591
    $5k+ 40 $22,440,000 $561,000
    $4k-5k 29 $18,685,000 $644,310

    Meriwest Mortgage Company's average total fees were $4,466, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 178 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 338 $198,950,000 $588,609
    4-5% 83 $41,265,000 $497,169
    2.5-3% 71 $39,785,000 $560,352
    5-6% 5 $1,685,000 $337,000

    During 2019, Meriwest Mortgage Company's average interest rate for loans was 3.64%, while their most frequently originated rate bucket for loans was 3-4%, with 338 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 169 $131,555,000 $778,432 $5,276 3.56%
    $400k-600k 141 $69,175,000 $490,603 $4,019 3.65%
    $200k-400k 118 $35,710,000 $302,627 $3,883 3.70%
    $1MM+ 33 $40,145,000 $1,216,515 $4,726 3.56%
    $100k-200k 32 $4,820,000 $150,625 $3,100 3.87%
    $100,000 or less 4 $280,000 $70,000 $1,933 3.75%

    2019 saw Meriwest Mortgage Company place emphasis on $600k-1MM loans with 169 originations, totaling $131,555,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 182 $119,490,000 $656,538 $4,932 3.53%
    $100k-150k 131 $59,905,000 $457,290 $3,882 3.70%
    $250k+ 86 $70,850,000 $823,837 $4,543 3.56%
    $75k-100k 64 $23,250,000 $363,281 $3,925 3.85%
    $50k-75k 27 $6,685,000 $247,593 $3,663 3.87%
    $50k or less 7 $1,505,000 $215,000 $5,306 3.91%

    Meriwest Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 182 originations. The second most popular income band? $100k-150k, with 131 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 93 $49,665,000 $534,032 $4,656 3.69%
    20-30% 83 $37,495,000 $451,747 $3,639 3.58%
    44% 28 $16,570,000 $591,786 $5,127 3.63%
    36% 26 $17,020,000 $654,615 $4,883 3.58%
    38% 23 $12,045,000 $523,696 $5,166 3.72%
    49% 22 $14,000,000 $636,364 $4,498 3.65%
    39% 21 $13,675,000 $651,190 $3,885 3.51%
    40% 21 $14,165,000 $674,524 $4,986 3.46%
    42% 21 $14,085,000 $670,714 $4,278 3.68%
    47% 20 $12,120,000 $606,000 $4,359 3.73%
    43% 20 $12,900,000 $645,000 $4,008 3.61%
    48% 20 $12,740,000 $637,000 $4,296 3.83%
    46% 18 $8,840,000 $491,111 $4,149 3.75%
    50-60% 18 $11,850,000 $658,333 $4,272 3.35%
    <20% 17 $5,275,000 $310,294 $4,196 3.80%
    41% 16 $10,810,000 $675,625 $3,806 3.84%
    37% 16 $9,330,000 $583,125 $3,508 3.41%
    45% 11 $7,845,000 $713,182 $6,503 3.84%
    >60% 2 $660,000 $330,000 $4,518 3.88%

    Meriwest Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 93 originations. The next most common DTI ratio? 20-30%, with 83 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 224 $110,000,000 $491,071 $4,293 3.73%
    Asian 124 $79,430,000 $640,565 $4,443 3.54%
    Not provided 105 $61,895,000 $589,476 $4,628 3.62%
    Asian Indian 25 $20,235,000 $809,400 $4,408 3.42%
    Black 7 $3,655,000 $522,143 $3,203 3.84%
    American Indian 3 $1,525,000 $508,333 $5,432 3.79%
    Native Hawaiian or Islander 2 $1,500,000 $750,000 $3,563 3.56%
    Other Asian 2 $1,000,000 $500,000 $3,950 3.38%
    Filipino 2 $930,000 $465,000 $2,000 3.19%
    Chinese 2 $800,000 $400,000 $3,441 3.38%
    Japanese 1 $715,000 $715,000 $7,637 3.50%

    Approval Rates

    Total approvals of all applications
    95.69%

    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
    58.95%

    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 497 $281,685,000 $566,771

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $205,000 $205,000
    Single Family (1-4 Units):Site-Built 496 $281,480,000 $567,500

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 80 $29,180,000 $364,750 $3,393 3.61%
    40-60% 112 $57,370,000 $512,232 $4,236 3.68%
    60-80% 178 $113,250,000 $636,236 $4,523 3.64%
    80-100% 105 $77,385,000 $737,000 $5,387 3.65%
    Under 20% 22 $4,500,000 $204,545 $2,930 3.56%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Market Place Mortgage Corp. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Market Place Mortgage Corp. FHA mortgage Closing on a mortgage 1 50.0%