Amerifirst Financial Inc.

MESA, AZ 85203

LEI: 549300SVLCM6NZQ53P14

Tax ID: 86-0634557

2019 Data | 2018 Data


Overview

Amerifirst Financial Inc. is a small mortgage company specializing in Home Purchase and Refi loans. Amerifirst Financial Inc. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Phoenix, Denver, San Antonio, Anaheim, and Las Vegas 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. Amerifirst Financial Inc. is typically a medium-low fee lendor.


Originations

7,240

Origination Dollar Volume (All Markets)

$2,032,410,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,946 $1,432,900,000 $289,709
FHA 1,567 $377,695,000 $241,031
VA 640 $207,420,000 $324,094
USDA 87 $14,395,000 $165,460

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 4,802 $1,285,340,000 $267,668
Other 20 $5,700,000 $285,000
Refi 1,523 $486,815,000 $319,642
Cash Out Refi 895 $254,555,000 $284,419

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 3,182 $807,660,000 $253,821
DENVER-AURORA-LAKEWOOD, CO 1,491 $526,215,000 $352,928
Outside of Metro Areas 366 $76,860,000 $210,000
SAN ANTONIO-NEW BRAUNFELS, TX 322 $67,500,000 $209,627
ANAHEIM-SANTA ANA-IRVINE, CA 107 $59,965,000 $560,421
LAS VEGAS-HENDERSON-PARADISE, NV 185 $46,375,000 $250,676
YUMA, AZ 229 $34,295,000 $149,760
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 72 $33,840,000 $470,000
GREELEY, CO 99 $33,745,000 $340,859
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 113 $30,645,000 $271,195
MODESTO, CA 124 $27,410,000 $221,048
STOCKTON, CA 72 $26,510,000 $368,194
LOS ANGELES-LONG BEACH-GLENDALE, CA 49 $26,325,000 $537,245
SACRAMENTO-ROSEVILLE-FOLSOM, CA 55 $16,115,000 $293,000
FRESNO, CA 81 $15,575,000 $192,284
VALLEJO, CA 52 $13,290,000 $255,577
BOULDER, CO 28 $12,100,000 $432,143
SANTA MARIA-SANTA BARBARA, CA 10 $11,870,000 $1,187,000
REDDING, CA 42 $11,090,000 $264,048
PRESCOTT VALLEY-PRESCOTT, AZ 40 $10,690,000 $267,250
OAKLAND-BERKELEY-LIVERMORE, CA 19 $10,425,000 $548,684
COLORADO SPRINGS, CO 30 $9,080,000 $302,667
MERCED, CA 56 $9,020,000 $161,071
FORT COLLINS, CO 27 $8,595,000 $318,333
FLAGSTAFF, AZ 28 $7,550,000 $269,643
AUSTIN-ROUND ROCK-GEORGETOWN, TX 26 $7,010,000 $269,615
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 5 $5,125,000 $1,025,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 15 $4,755,000 $317,000
MIDLAND, TX 15 $4,525,000 $301,667
SEATTLE-BELLEVUE-KENT, WA 11 $3,905,000 $355,000
SALT LAKE CITY, UT 10 $3,680,000 $368,000
OXNARD-THOUSAND OAKS-VENTURA, CA 7 $3,645,000 $520,714
LAKE HAVASU CITY-KINGMAN, AZ 15 $3,635,000 $242,333
TUCSON, AZ 16 $3,480,000 $217,500
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 4 $3,220,000 $805,000
SANTA CRUZ-WATSONVILLE, CA 8 $3,050,000 $381,250
DALLAS-PLANO-IRVING, TX 7 $2,975,000 $425,000
PROVO-OREM, UT 9 $2,755,000 $306,111
SANTA ROSA-PETALUMA, CA 5 $2,345,000 $469,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 7 $2,295,000 $327,857
MADERA, CA 8 $1,890,000 $236,250
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 8 $1,890,000 $236,250
BOISE CITY, ID 11 $1,845,000 $167,727
BAKERSFIELD, CA 10 $1,700,000 $170,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 4 $1,540,000 $385,000
HANFORD-CORCORAN, CA 6 $1,420,000 $236,667
ODESSA, TX 6 $1,360,000 $226,667
LUBBOCK, TX 7 $1,345,000 $192,143
SAN RAFAEL, CA 1 $1,225,000 $1,225,000
SAN LUIS OBISPO-PASO ROBLES, CA 4 $1,190,000 $297,500
RENO, NV 3 $1,125,000 $375,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 7 $1,115,000 $159,286
OMAHA-COUNCIL BLUFFS, NE-IA 4 $1,060,000 $265,000
NEW BRUNSWICK-LAKEWOOD, NJ 4 $1,060,000 $265,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 3 $1,025,000 $341,667
COLUMBUS, OH 4 $970,000 $242,500
GRAND JUNCTION, CO 4 $940,000 $235,000
KILLEEN-TEMPLE, TX 5 $885,000 $177,000
PUEBLO, CO 4 $850,000 $212,500
CORPUS CHRISTI, TX 2 $840,000 $420,000
CHEYENNE, WY 2 $760,000 $380,000
SALINAS, CA 2 $760,000 $380,000
SIERRA VISTA-DOUGLAS, AZ 3 $735,000 $245,000
YUBA CITY, CA 3 $735,000 $245,000
CARSON CITY, NV 3 $725,000 $241,667
CAPE CORAL-FORT MYERS, FL 4 $680,000 $170,000
DES MOINES-WEST DES MOINES, IA 3 $615,000 $205,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 3 $615,000 $205,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 5 $595,000 $119,000
EUGENE-SPRINGFIELD, OR 3 $595,000 $198,333
TWIN FALLS, ID 4 $560,000 $140,000
BROWNSVILLE-HARLINGEN, TX 5 $515,000 $103,000
WATERLOO-CEDAR FALLS, IA 3 $435,000 $145,000
LAKELAND-WINTER HAVEN, FL 1 $405,000 $405,000
MUNCIE, IN 3 $405,000 $135,000
VISALIA, CA 2 $390,000 $195,000
NAPA, CA 1 $365,000 $365,000
OKLAHOMA CITY, OK 1 $365,000 $365,000
OLYMPIA-LACEY-TUMWATER, WA 1 $355,000 $355,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $355,000 $355,000
OGDEN-CLEARFIELD, UT 1 $315,000 $315,000
LINCOLN, NE 1 $285,000 $285,000
CHICO, CA 1 $275,000 $275,000
CLARKSVILLE, TN-KY 4 $270,000 $67,500
GRANTS PASS, OR 1 $265,000 $265,000
COEUR D'ALENE, ID 1 $255,000 $255,000
LONGVIEW, TX 1 $255,000 $255,000
LOGAN, UT-ID 1 $245,000 $245,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $245,000 $245,000
SPOKANE-SPOKANE VALLEY, WA 1 $235,000 $235,000
COLUMBUS, GA-AL 1 $235,000 $235,000
DAYTON-KETTERING, OH 1 $235,000 $235,000
EL CENTRO, CA 1 $225,000 $225,000
KOKOMO, IN 1 $225,000 $225,000
AMARILLO, TX 2 $220,000 $110,000
SALEM, OR 1 $205,000 $205,000
TRENTON-PRINCETON, NJ 1 $205,000 $205,000
KENNEWICK-RICHLAND, WA 1 $205,000 $205,000
ATLANTIC CITY-HAMMONTON, NJ 1 $195,000 $195,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $195,000 $195,000
FARMINGTON, NM 1 $185,000 $185,000
SANTA FE, NM 1 $175,000 $175,000
LAREDO, TX 1 $165,000 $165,000
BEAUMONT-PORT ARTHUR, TX 1 $155,000 $155,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $145,000 $145,000
EAST STROUDSBURG, PA 1 $145,000 $145,000
BATON ROUGE, LA 1 $145,000 $145,000
ALBUQUERQUE, NM 1 $135,000 $135,000
JACKSON, TN 1 $135,000 $135,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $125,000 $125,000
TALLAHASSEE, FL 2 $120,000 $60,000
OCALA, FL 1 $105,000 $105,000
ALBANY-LEBANON, OR 1 $105,000 $105,000
FORT WAYNE, IN 1 $105,000 $105,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 1 $85,000 $85,000
BLOOMINGTON, IN 1 $75,000 $75,000
KNOXVILLE, TN 1 $75,000 $75,000
PENSACOLA-FERRY PASS-BRENT, FL 1 $55,000 $55,000

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% 153 $1,445,000 $9,444
2.5-3% 52 $7,040,000 $135,385
3-4% 2,569 $812,885,000 $316,421
4-5% 3,553 $996,515,000 $280,471
5-6% 831 $197,455,000 $237,611
6-7% 43 $12,595,000 $292,907
7-8% 29 $2,845,000 $98,103
Over 8% 8 $1,260,000 $157,500

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 415 $15,565,000 $37,506
$100k-200k 1,730 $276,170,000 $159,636
$200k-400k 3,887 $1,101,145,000 $283,289
$400k-600k 990 $461,320,000 $465,980
$600k-1000k 178 $127,850,000 $718,258
$Over $1MM 40 $50,360,000 $1,259,000

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% 111 $19,875,000 $179,054
40-60% 443 $111,105,000 $250,801
60-80% 1,962 $616,200,000 $314,067
80-100% 4,334 $1,239,530,000 $286,001
Over 100% 132 $42,610,000 $322,803
Under 20% 258 $3,090,000 $11,977

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 1,381 $453,825,000 $328,621
$150k-250k 840 $346,300,000 $412,262
$50k-75k 1,926 $428,160,000 $222,305
$50k-or less 1,436 $279,110,000 $194,366
$75k-100k 1,397 $378,515,000 $270,948
$Over $250k 260 $146,500,000 $563,462

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,192 $1,727,680,000 $279,018
Not provided 377 $114,175,000 $302,851
Asian 283 $92,785,000 $327,862
Black 312 $78,690,000 $252,212
American Indian 51 $12,965,000 $254,216
Native Hawaiian 25 $6,115,000 $244,600

Approval Rates

Total approvals of all applications
97.17%

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
58.48%

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 7,240 $2,032,410,000 $280,720

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,065 $264,705,000 $248,549
$1k-2k 3,232 $926,360,000 $286,621
$2k-3k 1,174 $297,870,000 $253,722
$3k-4k 1,270 $352,730,000 $277,740
$5k+ 498 $190,730,000 $382,992

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 138 $22,170,000 $160,652
Single Family (1-4 Units):Site-Built 7,102 $2,010,240,000 $283,053