On Q Financial Inc.

TEMPE, AZ 85281

LEI: 549300SVKVT1EF3U0N48

Tax ID: 51-0517525

2019 Data | 2018 Data


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

8,638

Origination Dollar Volume (All Markets)

$2,453,020,000

Product 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 applications
93.31%

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 origination
72.73%

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