Homestead Funding Corp.

Albany, NY 12205

LEI: 549300T3F9S1MKFKHC53

Tax ID: 14-1770243

2019 Data | 2018 Data


Overview

Homestead Funding Corp. is a small mortgage company specializing in Home Purchase loans. Homestead Funding Corp. 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 Albany, Poughkeepsie, Glens Falls, New York, and Binghamton 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. Homestead Funding Corp. is typically a low fee medium-low fee lendor.


Originations

8,178

Origination Dollar Volume (All Markets)

$1,820,350,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,441 $1,273,785,000 $234,109
FHA 1,822 $328,760,000 $180,439
VA 738 $192,920,000 $261,409
USDA 177 $24,885,000 $140,593

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 6,519 $1,359,465,000 $208,539
Home Improvement 20 $2,890,000 $144,500
Other 56 $13,290,000 $237,321
Refi 1,004 $297,030,000 $295,847
Cash Out Refi 579 $147,675,000 $255,052

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
ALBANY-SCHENECTADY-TROY, NY 2,191 $463,345,000 $211,476
Outside of Metro Areas 1,263 $225,215,000 $178,317
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 536 $142,150,000 $265,205
GLENS FALLS, NY 385 $66,065,000 $171,597
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 128 $47,350,000 $369,922
BINGHAMTON, NY 331 $45,135,000 $136,360
NORWICH-NEW LONDON, CT 262 $42,630,000 $162,710
SYRACUSE, NY 255 $37,895,000 $148,608
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 126 $37,410,000 $296,905
BRIDGEPORT-STAMFORD-NORWALK, CT 100 $36,030,000 $360,300
WATERTOWN-FORT DRUM, NY 168 $30,100,000 $179,167
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 63 $25,765,000 $408,968
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 84 $25,180,000 $299,762
CHICAGO-NAPERVILLE-EVANSTON, IL 75 $24,685,000 $329,133
KINGSTON, NY 101 $22,645,000 $224,208
ROCHESTER, NY 136 $21,230,000 $156,103
BUFFALO-CHEEKTOWAGA, NY 123 $20,085,000 $163,293
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 70 $16,940,000 $242,000
PHOENIX-MESA-CHANDLER, AZ 52 $15,600,000 $300,000
LANCASTER, PA 77 $14,165,000 $183,961
NASSAU COUNTY-SUFFOLK COUNTY, NY 35 $13,935,000 $398,143
DALLAS-PLANO-IRVING, TX 48 $13,500,000 $281,250
RALEIGH-CARY, NC 49 $13,335,000 $272,143
UTICA-ROME, NY 81 $12,525,000 $154,630
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 55 $11,545,000 $209,909
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 35 $11,285,000 $322,429
WARREN-TROY-FARMINGTON HILLS, MI 38 $11,140,000 $293,158
CHARLOTTE-CONCORD-GASTONIA, NC-SC 38 $11,050,000 $290,789
DENVER-AURORA-LAKEWOOD, CO 29 $11,025,000 $380,172
BOSTON, MA 28 $10,370,000 $370,357
TAMPA-ST. PETERSBURG-CLEARWATER, FL 33 $8,835,000 $267,727
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 34 $8,830,000 $259,706
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 18 $8,350,000 $463,889
AUSTIN-ROUND ROCK-GEORGETOWN, TX 27 $8,045,000 $297,963
ORLANDO-KISSIMMEE-SANFORD, FL 26 $7,810,000 $300,385
LOS ANGELES-LONG BEACH-GLENDALE, CA 16 $7,770,000 $485,625
NORTH PORT-SARASOTA-BRADENTON, FL 31 $7,595,000 $245,000
MILWAUKEE-WAUKESHA, WI 28 $7,390,000 $263,929
SAN ANTONIO-NEW BRAUNFELS, TX 27 $7,285,000 $269,815
BALTIMORE-COLUMBIA-TOWSON, MD 22 $7,040,000 $320,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 18 $6,980,000 $387,778
INDIANAPOLIS-CARMEL-ANDERSON, IN 23 $6,475,000 $281,522
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 19 $6,425,000 $338,158
WILMINGTON, NC 27 $6,135,000 $227,222
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 19 $6,095,000 $320,789
JACKSONVILLE, FL 21 $6,075,000 $289,286
MIAMI-MIAMI BEACH-KENDALL, FL 17 $5,805,000 $341,471
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 18 $5,790,000 $321,667
WORCESTER, MA-CT 28 $5,770,000 $206,071
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 18 $5,340,000 $296,667
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 14 $5,140,000 $367,143
MANCHESTER-NASHUA, NH 18 $4,950,000 $275,000
BIRMINGHAM-HOOVER, AL 17 $4,755,000 $279,706
FORT WORTH-ARLINGTON-GRAPEVINE, TX 16 $4,630,000 $289,375
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 15 $4,625,000 $308,333
NEWARK, NJ-PA 14 $4,170,000 $297,857
GRAND RAPIDS-KENTWOOD, MI 21 $3,975,000 $189,286
CAPE CORAL-FORT MYERS, FL 15 $3,905,000 $260,333
NEW BRUNSWICK-LAKEWOOD, NJ 13 $3,855,000 $296,538
RICHMOND, VA 13 $3,705,000 $285,000
PROVIDENCE-WARWICK, RI-MA 14 $3,670,000 $262,143
NEW HAVEN-MILFORD, CT 20 $3,590,000 $179,500
PHILADELPHIA, PA 12 $3,580,000 $298,333
CHARLESTON-NORTH CHARLESTON, SC 15 $3,555,000 $237,000
GREEN BAY, WI 13 $3,305,000 $254,231
APPLETON, WI 16 $3,250,000 $203,125
LAKE COUNTY-KENOSHA COUNTY, IL-WI 11 $3,205,000 $291,364
MADISON, WI 9 $3,185,000 $353,889
DURHAM-CHAPEL HILL, NC 10 $3,010,000 $301,000
PITTSBURGH, PA 14 $3,000,000 $214,286
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 9 $2,855,000 $317,222
ELGIN, IL 9 $2,705,000 $300,556
ASHEVILLE, NC 9 $2,635,000 $292,778
GREENVILLE-ANDERSON, SC 10 $2,550,000 $255,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 9 $2,535,000 $281,667
COLORADO SPRINGS, CO 7 $2,475,000 $353,571
NAPLES-MARCO ISLAND, FL 9 $2,435,000 $270,556
COLUMBIA, SC 9 $2,425,000 $269,444
HUNTSVILLE, AL 8 $2,420,000 $302,500
DETROIT-DEARBORN-LIVONIA, MI 10 $2,340,000 $234,000
HILTON HEAD ISLAND-BLUFFTON, SC 7 $2,195,000 $313,571
ANAHEIM-SANTA ANA-IRVINE, CA 5 $2,155,000 $431,000
PENSACOLA-FERRY PASS-BRENT, FL 8 $2,060,000 $257,500
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 7 $1,995,000 $285,000
OKLAHOMA CITY, OK 7 $1,935,000 $276,429
SEATTLE-BELLEVUE-KENT, WA 5 $1,925,000 $385,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 8 $1,880,000 $235,000
BARNSTABLE TOWN, MA 5 $1,745,000 $349,000
OSHKOSH-NEENAH, WI 8 $1,740,000 $217,500
FORT COLLINS, CO 5 $1,685,000 $337,000
MEMPHIS, TN-MS-AR 6 $1,630,000 $271,667
GREENSBORO-HIGH POINT, NC 6 $1,590,000 $265,000
OXNARD-THOUSAND OAKS-VENTURA, CA 3 $1,535,000 $511,667
SALISBURY, MD-DE 5 $1,495,000 $299,000
KILLEEN-TEMPLE, TX 6 $1,430,000 $238,333
ALBUQUERQUE, NM 4 $1,420,000 $355,000
PORT ST. LUCIE, FL 5 $1,375,000 $275,000
HARRISBURG-CARLISLE, PA 6 $1,360,000 $226,667
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 3 $1,355,000 $451,667
CHARLOTTESVILLE, VA 4 $1,350,000 $337,500
BOISE CITY, ID 5 $1,325,000 $265,000
PITTSFIELD, MA 5 $1,305,000 $261,000
PUNTA GORDA, FL 4 $1,270,000 $317,500
YORK-HANOVER, PA 6 $1,250,000 $208,333
TUCSON, AZ 5 $1,195,000 $239,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 6 $1,170,000 $195,000
ITHACA, NY 5 $1,135,000 $227,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 4 $1,120,000 $280,000
EAU CLAIRE, WI 3 $1,025,000 $341,667
TULSA, OK 4 $1,020,000 $255,000
BEND, OR 3 $1,015,000 $338,333
LANSING-EAST LANSING, MI 5 $1,015,000 $203,000
GAINESVILLE, FL 5 $1,005,000 $201,000
DAPHNE-FAIRHOPE-FOLEY, AL 3 $1,005,000 $335,000
WILMINGTON, DE-MD-NJ 5 $965,000 $193,000
BATON ROUGE, LA 3 $965,000 $321,667
TYLER, TX 3 $945,000 $315,000
CHATTANOOGA, TN-GA 4 $880,000 $220,000
FAYETTEVILLE, NC 3 $875,000 $291,667
KNOXVILLE, TN 3 $865,000 $288,333
SUMTER, SC 3 $855,000 $285,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 4 $830,000 $207,500
RACINE, WI 2 $830,000 $415,000
SPRINGFIELD, MA 2 $810,000 $405,000
VALLEJO, CA 2 $800,000 $400,000
SALINAS, CA 2 $790,000 $395,000
TALLAHASSEE, FL 3 $785,000 $261,667
CAMDEN, NJ 3 $785,000 $261,667
BURLINGTON-SOUTH BURLINGTON, VT 2 $770,000 $385,000
SPARTANBURG, SC 4 $760,000 $190,000
GARY, IN 4 $750,000 $187,500
CALIFORNIA-LEXINGTON PARK, MD 3 $735,000 $245,000
FORT WAYNE, IN 2 $720,000 $360,000
ANN ARBOR, MI 2 $710,000 $355,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 2 $710,000 $355,000
OAKLAND-BERKELEY-LIVERMORE, CA 2 $700,000 $350,000
AUBURN-OPELIKA, AL 2 $690,000 $345,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $680,000 $340,000
ST. LOUIS, MO-IL 3 $665,000 $221,667
CORPUS CHRISTI, TX 3 $655,000 $218,333
DOVER, DE 2 $650,000 $325,000
BLOOMINGTON, IN 3 $645,000 $215,000
BLACKSBURG-CHRISTIANSBURG, VA 2 $640,000 $320,000
WACO, TX 3 $625,000 $208,333
CHAMPAIGN-URBANA, IL 3 $615,000 $205,000
PANAMA CITY, FL 2 $610,000 $305,000
REDDING, CA 2 $600,000 $300,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $595,000 $595,000
OCALA, FL 5 $585,000 $117,000
GREENVILLE, NC 3 $565,000 $188,333
LEXINGTON-FAYETTE, KY 2 $560,000 $280,000
THE VILLAGES, FL 2 $560,000 $280,000
BLOOMINGTON, IL 2 $530,000 $265,000
STOCKTON, CA 2 $520,000 $260,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $510,000 $255,000
TUSCALOOSA, AL 2 $500,000 $250,000
NEW ORLEANS-METAIRIE, LA 2 $500,000 $250,000
MANKATO, MN 1 $485,000 $485,000
FLORENCE, SC 2 $470,000 $235,000
COEUR D'ALENE, ID 2 $460,000 $230,000
ELMIRA, NY 2 $460,000 $230,000
CLEVELAND, TN 2 $460,000 $230,000
SHREVEPORT-BOSSIER CITY, LA 2 $450,000 $225,000
LAS CRUCES, NM 2 $450,000 $225,000
GRAND JUNCTION, CO 1 $445,000 $445,000
LAFAYETTE-WEST LAFAYETTE, IN 2 $420,000 $210,000
SHEBOYGAN, WI 2 $420,000 $210,000
JACKSONVILLE, NC 2 $420,000 $210,000
SANTA CRUZ-WATSONVILLE, CA 1 $415,000 $415,000
YUMA, AZ 2 $410,000 $205,000
FRESNO, CA 1 $395,000 $395,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $395,000 $395,000
SEBASTIAN-VERO BEACH, FL 2 $390,000 $195,000
OCEAN CITY, NJ 1 $375,000 $375,000
FLORENCE-MUSCLE SHOALS, AL 1 $365,000 $365,000
COLLEGE STATION-BRYAN, TX 1 $365,000 $365,000
LONGVIEW, TX 1 $355,000 $355,000
FLINT, MI 2 $350,000 $175,000
WINSTON-SALEM, NC 2 $350,000 $175,000
ROANOKE, VA 1 $345,000 $345,000
BELLINGHAM, WA 1 $345,000 $345,000
KALAMAZOO-PORTAGE, MI 1 $345,000 $345,000
CLARKSVILLE, TN-KY 1 $325,000 $325,000
YUBA CITY, CA 1 $325,000 $325,000
ERIE, PA 1 $305,000 $305,000
JOHNSON CITY, TN 1 $305,000 $305,000
LA CROSSE-ONALASKA, WI-MN 1 $305,000 $305,000
ST. CLOUD, MN 1 $295,000 $295,000
GRANTS PASS, OR 1 $285,000 $285,000
GREELEY, CO 1 $285,000 $285,000
AMARILLO, TX 1 $275,000 $275,000
FOND DU LAC, WI 1 $265,000 $265,000
SHERMAN-DENISON, TX 1 $255,000 $255,000
SANTA MARIA-SANTA BARBARA, CA 1 $255,000 $255,000
SANTA FE, NM 1 $245,000 $245,000
LINCOLN, NE 1 $245,000 $245,000
ALBANY-LEBANON, OR 1 $245,000 $245,000
ENID, OK 1 $245,000 $245,000
MICHIGAN CITY-LA PORTE, IN 1 $225,000 $225,000
NILES, MI 1 $225,000 $225,000
LAKELAND-WINTER HAVEN, FL 1 $215,000 $215,000
IDAHO FALLS, ID 1 $215,000 $215,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $205,000 $205,000
BURLINGTON, NC 1 $205,000 $205,000
READING, PA 1 $205,000 $205,000
KANKAKEE, IL 1 $195,000 $195,000
EL PASO, TX 1 $195,000 $195,000
VISALIA, CA 1 $195,000 $195,000
PRESCOTT VALLEY-PRESCOTT, AZ 1 $185,000 $185,000
HOMOSASSA SPRINGS, FL 1 $185,000 $185,000
CINCINNATI, OH-KY-IN 1 $185,000 $185,000
LYNCHBURG, VA 1 $175,000 $175,000
TRENTON-PRINCETON, NJ 1 $175,000 $175,000
GOLDSBORO, NC 1 $155,000 $155,000
DOTHAN, AL 1 $155,000 $155,000
ELIZABETHTOWN-FORT KNOX, KY 1 $135,000 $135,000
EVANSVILLE, IN-KY 1 $135,000 $135,000
JACKSON, MI 1 $125,000 $125,000
ROCKY MOUNT, NC 1 $115,000 $115,000
LEBANON, PA 1 $105,000 $105,000
KINGSPORT-BRISTOL, TN-VA 1 $105,000 $105,000
SCRANTON--WILKES-BARRE, PA 1 $85,000 $85,000

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% 1 $245,000 $245,000
2.5-3% 170 $47,040,000 $276,706
3-4% 4,364 $1,061,520,000 $243,245
4-5% 3,170 $634,110,000 $200,035
5-6% 463 $76,675,000 $165,605
6-7% 5 $735,000 $147,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 863 $62,775,000 $72,740
$100k-200k 3,129 $473,835,000 $151,433
$200k-400k 3,543 $978,455,000 $276,166
$400k-600k 589 $268,655,000 $456,121
$600k-1000k 54 $36,630,000 $678,333

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% 95 $17,025,000 $179,211
40-60% 416 $91,640,000 $220,288
60-80% 1,948 $470,110,000 $241,330
80-100% 5,399 $1,168,565,000 $216,441
Over 100% 146 $37,380,000 $256,027
Under 20% 68 $1,550,000 $22,794

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 1,798 $480,980,000 $267,508
$150k-250k 1,020 $323,620,000 $317,275
$50k-75k 2,086 $362,030,000 $173,552
$50k-or less 1,198 $147,140,000 $122,821
$75k-100k 1,571 $345,085,000 $219,659
$Over $250k 344 $112,840,000 $328,023

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,074 $1,292,070,000 $212,721
Not provided 1,438 $358,080,000 $249,013
Asian 380 $105,970,000 $278,868
Black 246 $54,840,000 $222,927
American Indian 26 $5,750,000 $221,154
Native Hawaiian 7 $1,475,000 $210,714
Asian Indian 3 $845,000 $281,667
Other Asian 2 $570,000 $285,000
Other Pacific Islander 1 $385,000 $385,000
Korean 1 $365,000 $365,000

Approval Rates

Total approvals of all applications
96.02%

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
81.79%

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 8,178 $1,820,350,000 $222,591

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 5,367 $1,113,275,000 $207,430
$1k-2k 1,845 $481,675,000 $261,070
$2k-3k 295 $74,045,000 $251,000
$3k-4k 159 $45,315,000 $285,000
$5k+ 75 $27,695,000 $369,267

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 73 $8,775,000 $120,205
Single Family (1-4 Units):Site-Built 8,105 $1,811,575,000 $223,513