On Q Financial Inc.
TEMPE, AZ 85281LEI: 549300SVKVT1EF3U0N48
Tax ID: 51-0517525
2019 Data | 2018 Data
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Overview
On Q Financial Inc. is a small mortgage company specializing in Home Purchase loans. On Q Financial Inc. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Phoenix, Seattle, Portland, Greenville, and Tacoma among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. On Q Financial Inc. is typically a medium-low fee lendor.Originations
8,638Origination Dollar Volume (All Markets)
$2,453,020,000Product Mix
Loan Type | Originations | Total Value | Average Loan |
---|---|---|---|
Conventional | 5,979 | $1,671,985,000 | $279,643 |
FHA | 1,864 | $548,250,000 | $294,126 |
VA | 795 | $232,785,000 | $292,811 |
Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.
Loan Reason
Loan Reason | Originations | Total Value | Average Loan |
---|---|---|---|
Home Purchase | 7,472 | $2,133,970,000 | $285,596 |
Other | 5 | $1,175,000 | $235,000 |
NA | 52 | $14,360,000 | $276,154 |
Refi | 438 | $122,640,000 | $280,000 |
Cash Out Refi | 671 | $180,875,000 | $269,560 |
Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.
Top Markets
Market | Originations | Total Value | Average Loan |
---|---|---|---|
PHOENIX-MESA-CHANDLER, AZ | 2,077 | $575,515,000 | $277,090 |
SEATTLE-BELLEVUE-KENT, WA | 595 | $287,835,000 | $483,756 |
PORTLAND-VANCOUVER-HILLSBORO, OR-WA | 457 | $144,865,000 | $316,991 |
GREENVILLE-ANDERSON, SC | 608 | $114,330,000 | $188,043 |
TACOMA-LAKEWOOD, WA | 268 | $98,290,000 | $366,754 |
Outside of Metro Areas | 497 | $96,895,000 | $194,960 |
DENVER-AURORA-LAKEWOOD, CO | 195 | $77,685,000 | $398,385 |
WILMINGTON, NC | 337 | $76,695,000 | $227,582 |
SANTA MARIA-SANTA BARBARA, CA | 141 | $76,265,000 | $540,887 |
RENO, NV | 220 | $73,720,000 | $335,091 |
AUSTIN-ROUND ROCK-GEORGETOWN, TX | 211 | $64,415,000 | $305,284 |
LAS VEGAS-HENDERSON-PARADISE, NV | 245 | $61,945,000 | $252,837 |
OXNARD-THOUSAND OAKS-VENTURA, CA | 140 | $61,010,000 | $435,786 |
PRESCOTT VALLEY-PRESCOTT, AZ | 139 | $33,285,000 | $239,460 |
SACRAMENTO-ROSEVILLE-FOLSOM, CA | 100 | $31,420,000 | $314,200 |
SANTA CRUZ-WATSONVILLE, CA | 58 | $30,100,000 | $518,966 |
BAKERSFIELD, CA | 127 | $27,855,000 | $219,331 |
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA | 98 | $25,280,000 | $257,959 |
DURHAM-CHAPEL HILL, NC | 106 | $24,580,000 | $231,887 |
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | 111 | $22,225,000 | $200,225 |
DALLAS-PLANO-IRVING, TX | 84 | $20,530,000 | $244,405 |
VALLEJO, CA | 48 | $20,200,000 | $420,833 |
SAVANNAH, GA | 92 | $19,290,000 | $209,674 |
CHARLOTTE-CONCORD-GASTONIA, NC-SC | 89 | $19,115,000 | $214,775 |
PUEBLO, CO | 93 | $16,445,000 | $176,828 |
JACKSONVILLE, NC | 90 | $16,000,000 | $177,778 |
TALLAHASSEE, FL | 85 | $15,705,000 | $184,765 |
SPARTANBURG, SC | 90 | $15,080,000 | $167,556 |
LOS ANGELES-LONG BEACH-GLENDALE, CA | 26 | $15,080,000 | $580,000 |
RALEIGH-CARY, NC | 64 | $15,030,000 | $234,844 |
ST. LOUIS, MO-IL | 67 | $14,225,000 | $212,313 |
OLYMPIA-LACEY-TUMWATER, WA | 45 | $13,725,000 | $305,000 |
SPRINGFIELD, MO | 68 | $12,030,000 | $176,912 |
DOVER, DE | 52 | $11,970,000 | $230,192 |
FORT WORTH-ARLINGTON-GRAPEVINE, TX | 44 | $11,420,000 | $259,545 |
WENATCHEE, WA | 29 | $9,285,000 | $320,172 |
CARSON CITY, NV | 37 | $9,215,000 | $249,054 |
SAN DIEGO-CHULA VISTA-CARLSBAD, CA | 19 | $8,855,000 | $466,053 |
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | 28 | $8,010,000 | $286,071 |
SAN ANTONIO-NEW BRAUNFELS, TX | 34 | $7,760,000 | $228,235 |
FLAGSTAFF, AZ | 29 | $7,565,000 | $260,862 |
GREENVILLE, NC | 45 | $7,405,000 | $164,556 |
SPOKANE-SPOKANE VALLEY, WA | 28 | $6,920,000 | $247,143 |
HOUSTON-THE WOODLANDS-SUGAR LAND, TX | 23 | $6,525,000 | $283,696 |
BREMERTON-SILVERDALE-PORT ORCHARD, WA | 16 | $6,040,000 | $377,500 |
LAKE HAVASU CITY-KINGMAN, AZ | 25 | $5,735,000 | $229,400 |
TUCSON, AZ | 26 | $5,580,000 | $214,615 |
SALISBURY, MD-DE | 29 | $5,465,000 | $188,448 |
OAKLAND-BERKELEY-LIVERMORE, CA | 10 | $4,870,000 | $487,000 |
GREENSBORO-HIGH POINT, NC | 30 | $4,840,000 | $161,333 |
ALBUQUERQUE, NM | 20 | $4,540,000 | $227,000 |
WINSTON-SALEM, NC | 27 | $4,455,000 | $165,000 |
Outside of Metro Areas | 20 | $4,350,000 | $217,500 |
COLORADO SPRINGS, CO | 18 | $4,330,000 | $240,556 |
TAMPA-ST. PETERSBURG-CLEARWATER, FL | 14 | $4,120,000 | $294,286 |
ROCKY MOUNT, NC | 29 | $3,965,000 | $136,724 |
SALEM, OR | 15 | $3,445,000 | $229,667 |
BALTIMORE-COLUMBIA-TOWSON, MD | 11 | $3,325,000 | $302,273 |
SALT LAKE CITY, UT | 12 | $3,260,000 | $271,667 |
BOISE CITY, ID | 12 | $3,250,000 | $270,833 |
WILMINGTON, DE-MD-NJ | 11 | $3,105,000 | $282,273 |
HILTON HEAD ISLAND-BLUFFTON, SC | 15 | $2,765,000 | $184,333 |
SAN LUIS OBISPO-PASO ROBLES, CA | 7 | $2,685,000 | $383,571 |
BURLINGTON, NC | 12 | $2,480,000 | $206,667 |
PALM BAY-MELBOURNE-TITUSVILLE, FL | 8 | $2,400,000 | $300,000 |
PUNTA GORDA, FL | 14 | $2,350,000 | $167,857 |
ANAHEIM-SANTA ANA-IRVINE, CA | 5 | $2,305,000 | $461,000 |
COLUMBIA, MO | 13 | $2,235,000 | $171,923 |
FAYETTEVILLE, NC | 10 | $1,830,000 | $183,000 |
JACKSONVILLE, FL | 5 | $1,725,000 | $345,000 |
NAPA, CA | 3 | $1,665,000 | $555,000 |
FORT COLLINS, CO | 4 | $1,610,000 | $402,500 |
BELLINGHAM, WA | 5 | $1,545,000 | $309,000 |
HICKORY-LENOIR-MORGANTON, NC | 7 | $1,495,000 | $213,571 |
HINESVILLE, GA | 8 | $1,480,000 | $185,000 |
FRESNO, CA | 5 | $1,405,000 | $281,000 |
CHARLESTON-NORTH CHARLESTON, SC | 6 | $1,360,000 | $226,667 |
MODESTO, CA | 5 | $1,305,000 | $261,000 |
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV | 4 | $1,300,000 | $325,000 |
JEFFERSON CITY, MO | 7 | $1,245,000 | $177,857 |
VALDOSTA, GA | 6 | $1,230,000 | $205,000 |
NORTH PORT-SARASOTA-BRADENTON, FL | 5 | $1,195,000 | $239,000 |
STOCKTON, CA | 4 | $1,110,000 | $277,500 |
BOULDER, CO | 3 | $1,025,000 | $341,667 |
SAN JOSE-SUNNYVALE-SANTA CLARA, CA | 1 | $1,005,000 | $1,005,000 |
SALINAS, CA | 2 | $970,000 | $485,000 |
BEND, OR | 3 | $935,000 | $311,667 |
CORPUS CHRISTI, TX | 3 | $925,000 | $308,333 |
SANTA ROSA-PETALUMA, CA | 2 | $910,000 | $455,000 |
LONGVIEW, WA | 4 | $910,000 | $227,500 |
COEUR D'ALENE, ID | 2 | $900,000 | $450,000 |
GREELEY, CO | 2 | $820,000 | $410,000 |
ORLANDO-KISSIMMEE-SANFORD, FL | 2 | $740,000 | $370,000 |
ASHEVILLE, NC | 3 | $725,000 | $241,667 |
NEW BERN, NC | 5 | $705,000 | $141,000 |
YUBA CITY, CA | 2 | $690,000 | $345,000 |
GAINESVILLE, GA | 3 | $675,000 | $225,000 |
KANSAS CITY, MO-KS | 4 | $660,000 | $165,000 |
CHICAGO-NAPERVILLE-EVANSTON, IL | 3 | $605,000 | $201,667 |
KENNEWICK-RICHLAND, WA | 2 | $580,000 | $290,000 |
MOUNT VERNON-ANACORTES, WA | 2 | $560,000 | $280,000 |
WARNER ROBINS, GA | 3 | $555,000 | $185,000 |
SHERMAN-DENISON, TX | 3 | $505,000 | $168,333 |
VISALIA, CA | 3 | $495,000 | $165,000 |
COLUMBIA, SC | 3 | $465,000 | $155,000 |
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA | 1 | $445,000 | $445,000 |
OGDEN-CLEARFIELD, UT | 1 | $405,000 | $405,000 |
ALBANY-LEBANON, OR | 1 | $395,000 | $395,000 |
GRAND RAPIDS-KENTWOOD, MI | 2 | $390,000 | $195,000 |
BROWNSVILLE-HARLINGEN, TX | 2 | $370,000 | $185,000 |
LAREDO, TX | 1 | $365,000 | $365,000 |
MADERA, CA | 1 | $355,000 | $355,000 |
WARREN-TROY-FARMINGTON HILLS, MI | 2 | $340,000 | $170,000 |
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH | 1 | $335,000 | $335,000 |
LEWISTON, ID-WA | 2 | $330,000 | $165,000 |
KILLEEN-TEMPLE, TX | 2 | $330,000 | $165,000 |
PORTLAND-SOUTH PORTLAND, ME | 1 | $325,000 | $325,000 |
CORVALLIS, OR | 1 | $325,000 | $325,000 |
SAN RAFAEL, CA | 1 | $305,000 | $305,000 |
GOLDSBORO, NC | 1 | $295,000 | $295,000 |
PORT ST. LUCIE, FL | 1 | $295,000 | $295,000 |
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA | 1 | $285,000 | $285,000 |
COLLEGE STATION-BRYAN, TX | 1 | $275,000 | $275,000 |
BIRMINGHAM-HOOVER, AL | 1 | $265,000 | $265,000 |
WALLA WALLA, WA | 1 | $265,000 | $265,000 |
BRIDGEPORT-STAMFORD-NORWALK, CT | 1 | $255,000 | $255,000 |
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL | 1 | $255,000 | $255,000 |
DOTHAN, AL | 1 | $255,000 | $255,000 |
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL | 2 | $230,000 | $115,000 |
ROANOKE, VA | 1 | $215,000 | $215,000 |
LAFAYETTE, LA | 1 | $205,000 | $205,000 |
JOPLIN, MO | 1 | $205,000 | $205,000 |
TWIN FALLS, ID | 1 | $205,000 | $205,000 |
SANTA FE, NM | 1 | $205,000 | $205,000 |
TYLER, TX | 1 | $205,000 | $205,000 |
BRUNSWICK, GA | 2 | $200,000 | $100,000 |
LAKELAND-WINTER HAVEN, FL | 1 | $195,000 | $195,000 |
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN | 1 | $185,000 | $185,000 |
LEXINGTON-FAYETTE, KY | 1 | $185,000 | $185,000 |
FAIRBANKS, AK | 1 | $185,000 | $185,000 |
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR | 1 | $185,000 | $185,000 |
AUGUSTA-RICHMOND COUNTY, GA-SC | 1 | $175,000 | $175,000 |
CHICO, CA | 1 | $155,000 | $155,000 |
ABILENE, TX | 1 | $155,000 | $155,000 |
DALTON, GA | 1 | $145,000 | $145,000 |
YUMA, AZ | 1 | $145,000 | $145,000 |
FAYETTEVILLE-SPRINGDALE-ROGERS, AR | 1 | $135,000 | $135,000 |
FARMINGTON, NM | 1 | $135,000 | $135,000 |
PENSACOLA-FERRY PASS-BRENT, FL | 1 | $115,000 | $115,000 |
THE VILLAGES, FL | 1 | $105,000 | $105,000 |
AMARILLO, TX | 1 | $105,000 | $105,000 |
LAKE COUNTY-KENOSHA COUNTY, IL-WI | 1 | $85,000 | $85,000 |
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL | 1 | $75,000 | $75,000 |
POCATELLO, ID | 1 | $75,000 | $75,000 |
Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.
Interest Rate & Spreads
Loan Rate | Originations | Total Value | Average Loan |
---|---|---|---|
<2.5% | 14 | $480,000 | $34,286 |
2.5-3% | 114 | $27,580,000 | $241,930 |
3-4% | 3,324 | $1,020,010,000 | $306,862 |
4-5% | 3,922 | $1,116,180,000 | $284,595 |
5-6% | 1,029 | $240,365,000 | $233,591 |
6-7% | 211 | $41,505,000 | $196,706 |
7-8% | 21 | $6,255,000 | $297,857 |
Over 8% | 3 | $645,000 | $215,000 |
Loan Sizing
Loan Size | Originations | Total Value | Average Loan |
---|---|---|---|
$100,000 or less | 425 | $31,255,000 | $73,541 |
$100k-200k | 2,325 | $360,015,000 | $154,845 |
$200k-400k | 4,371 | $1,231,365,000 | $281,712 |
$400k-600k | 1,176 | $549,800,000 | $467,517 |
$600k-1000k | 289 | $209,895,000 | $726,280 |
$Over $1MM | 52 | $70,690,000 | $1,359,423 |
Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.
LTV Distribution
Loan to Value | Originations | Total Value | Average Loan |
---|---|---|---|
20-40% | 256 | $54,350,000 | $212,305 |
40-60% | 788 | $213,980,000 | $271,548 |
60-80% | 2,469 | $786,985,000 | $318,746 |
80-100% | 4,900 | $1,344,680,000 | $274,424 |
Over 100% | 150 | $45,640,000 | $304,267 |
Under 20% | 75 | $7,385,000 | $98,467 |
LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.
Applicant Income
Applicant Income | Originations | Total Value | Average Loan |
---|---|---|---|
$100k-150k | 1,735 | $571,205,000 | $329,225 |
$150k-250k | 1,052 | $426,640,000 | $405,551 |
$50k-75k | 2,097 | $470,935,000 | $224,576 |
$50k-or less | 1,599 | $272,565,000 | $170,460 |
$75k-100k | 1,617 | $435,925,000 | $269,589 |
$Over $250k | 457 | $249,965,000 | $546,969 |
Ethnicity Mix
Applicant Ethnicity | Originations | Total Value | Average Loan |
---|---|---|---|
White | 6,888 | $1,917,230,000 | $278,343 |
Not provided | 901 | $297,235,000 | $329,895 |
Black | 508 | $123,850,000 | $243,799 |
Asian | 272 | $89,790,000 | $330,110 |
Asian Indian | 32 | $15,000,000 | $468,750 |
American Indian | 21 | $5,045,000 | $240,238 |
Native Hawaiian | 15 | $4,675,000 | $311,667 |
Samoan | 1 | $195,000 | $195,000 |
Approval Rates
Total approvals of all applications93.31%
A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.
Pick Rate
Approvals leading to origination72.73%
A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 8,638 | $2,453,020,000 | $283,980 |
Origination Fees
Origination Fee | Originations | Total Value | Average Loan |
---|---|---|---|
$<1k | 745 | $161,535,000 | $216,826 |
$1k-2k | 4,840 | $1,369,410,000 | $282,936 |
$2k-3k | 1,212 | $320,480,000 | $264,422 |
$3k-4k | 939 | $293,825,000 | $312,913 |
$5k+ | 445 | $202,115,000 | $454,191 |
Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Single Family (1-4 Units):Manufactured | 227 | $34,715,000 | $152,930 |
Single Family (1-4 Units):Site-Built | 8,411 | $2,418,305,000 | $287,517 |