Meriwest Mortgage Company Rates, Fees & Info
SAN JOSE, CALEI: 549300SKHHL7A2K8YV94
Tax ID: 47-0847332
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Mortgage Data
Review & 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 by origination volume include: San Jose, San Francisco, Santa Cruz, Sacramento, and Stockton 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.89% | 4/21/24 |
| 30 Year Conventional Refi | 5.96% | 4/21/24 |
| 30 Year Cash-out Refi | 5.95% | 4/21/24 |
| 15 Year Conventional Purchase | 6.07% | 4/21/24 |
| 15 Year Conventional Refi | 5.64% | 4/21/24 |
| 15 Year Cash-out Refi | 5.64% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
757Origination Dollar Volume (All Markets)
$402,485,000Awards
MERIWEST MORTGAGE COMPANY - 2020
MERIWEST MORTGAGE COMPANY is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 451 | $249,365,000 | $552,916 | $3,734 | 3.20% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 144 | $95,290,000 | $661,736 | $4,967 | 3.21% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 18 | $10,340,000 | $574,444 | $3,977 | 3.21% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 25 | $9,035,000 | $361,400 | $4,099 | 3.30% |
| STOCKTON, CA (FHA|USDA|VA) | 14 | $4,960,000 | $354,286 | $3,053 | 3.21% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 9 | $4,765,000 | $529,444 | $2,918 | 3.22% |
| TUCSON, AZ (FHA|USDA|VA) | 19 | $4,605,000 | $242,368 | $2,313 | 3.17% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 16 | $3,910,000 | $244,375 | $3,366 | 3.29% |
| SALINAS, CA (FHA|USDA|VA) | 7 | $3,245,000 | $463,571 | $3,279 | 3.30% |
| Outside of Metro Areas | 8 | $2,680,000 | $335,000 | $3,401 | 3.16% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 6 | $1,890,000 | $315,000 | $2,800 | 3.23% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 3 | $1,695,000 | $565,000 | $5,426 | 3.21% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 4 | $1,620,000 | $405,000 | $2,729 | 3.25% |
| MODESTO, CA (FHA|USDA|VA) | 7 | $1,585,000 | $226,429 | $2,873 | 3.09% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 2 | $1,090,000 | $545,000 | $5,614 | 3.63% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 4 | $1,040,000 | $260,000 | $2,667 | 3.13% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $2,332 | 3.42% |
| Sonora, CA (FHA|USDA|VA) | 4 | $980,000 | $245,000 | $2,617 | 3.06% |
| FRESNO, CA (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $3,209 | 3.29% |
| NAPA, CA (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $4,719 | 3.50% |
| VALLEJO, CA (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $3,464 | 3.00% |
| CHICO, CA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,986 | 3.69% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,450 | 3.38% |
| MADERA, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,420 | 2.75% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,340 | 3.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 757 | $402,485,000 | $531,684 | $3,881 | 3.21% |
For 2020, Meriwest Mortgage Company's most frequently originated type of loan was Conventional, with 757 originations.
Loan Reason
For 2020, Meriwest Mortgage Company's most frequently cited loan purpose was Refi, with 315 originations. The 2nd most popular reason was Cash Out Refi, with 167 originations.
Loan Duration/Length
For 2020, Meriwest Mortgage Company's most frequently cited loan duration was 30 Year, with 644 originations. The 2nd most popular length was 15 Year, with 82 originations.
Origination Fees/Closing Costs
Meriwest Mortgage Company's average total fees were $4,025, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 303 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 503 | $266,775,000 | $530,368 |
| 2.5-3% | 241 | $130,005,000 | $539,440 |
| <2.5% | 7 | $2,585,000 | $369,286 |
| 4-5% | 6 | $3,120,000 | $520,000 |
During 2020, Meriwest Mortgage Company's average interest rate for loans was 3.26%, while their most frequently originated rate bucket for loans was 3-4%, with 503 originations.
Loan Sizing
2020 saw Meriwest Mortgage Company place emphasis on $400k-600k loans with 227 originations, totaling $110,865,000 in origination value.
Applicant Income
Meriwest Mortgage Company lent most frequently to those with incomes in the $150k-250k range, with 268 originations. The second most popular income band? $100k-150k, with 182 originations.
Applicant Debt to Income Ratio
Meriwest Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 192 originations. The next most common DTI ratio? 30-36%, with 135 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.66%
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 origination51.25%
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 | 757 | $402,485,000 | $531,684 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $955,000 | $318,333 |
| Single Family (1-4 Units):Site-Built | 754 | $401,530,000 | $532,533 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Market Place Mortgage Corp. | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |