Utah Power Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300TTK5T7CZ3UJ084

Tax ID: 87-0188878

5 stars - out of 5 stars, based on 21 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Utah Power is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Utah Power has a high proportion of conventional loans. Their top markets include Salt Lake City, Price, Ogden, Rock Springs, and Provo among others. Utah Power has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Utah Power is typically an average fee lendor.


Originations

447

Origination Dollar Volume (All Markets)

$84,785,000

Awards

Utah Power 30 Year Conventional Loans gold Utah Power 30 Year Conventional Loans gold Utah Power 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Utah Power's average 30 year fixed rate mortgage of loans were 2.73%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.42%.

Relative Fees

Utah Power's average total fees for a 30 year fixed rate mortgage are $4,637.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
SALT LAKE CITY, UT (FHA|USDA|VA) 84 $22,000,000 $261,905 $4,601 2.86%
Outside of Metro Areas 103 $15,255,000 $148,107 $3,981 2.78%
Price, UT (FHA|USDA|VA) 89 $11,025,000 $123,876 $3,325 2.97%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 31 $7,915,000 $255,323 $4,592 2.81%
Rock Springs, WY (FHA|USDA|VA) 36 $6,720,000 $186,667 $3,245 2.88%
PROVO-OREM, UT (FHA|USDA|VA) 25 $5,685,000 $227,400 $5,167 2.93%
ST. GEORGE, UT (FHA|USDA|VA) 10 $2,040,000 $204,000 $4,321 2.91%
Vernal, UT (FHA|USDA|VA) 11 $1,775,000 $161,364 $4,146 2.81%
Cedar City, UT (FHA|USDA|VA) 6 $1,380,000 $230,000 $4,862 2.90%
CASPER, WY (FHA|USDA|VA) 7 $1,125,000 $160,714 $3,170 2.84%
LOGAN, UT-ID (FHA|USDA|VA) 4 $1,040,000 $260,000 $5,517 2.53%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $850,000 $425,000 $8,809 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $650,000 $325,000 $0 2.56%
Heber, UT (FHA|USDA|VA) 3 $545,000 $181,667 $5,178 3.37%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $525,000 $525,000 $0 2.63%
GREELEY, CO (FHA|USDA|VA) 2 $510,000 $255,000 $0 2.63%
SALEM, OR (FHA|USDA|VA) 1 $505,000 $505,000 $7,962 2.50%
Evanston, WY (FHA|USDA|VA) 3 $385,000 $128,333 $0 3.54%
GRANTS PASS, OR (FHA|USDA|VA) 1 $385,000 $385,000 $6,326 2.63%
Newport, OR (FHA|USDA|VA) 1 $375,000 $375,000 $0 3.13%
Hilo, HI (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $315,000 $315,000 $0 3.00%
POCATELLO, ID (FHA|USDA|VA) 1 $305,000 $305,000 $5,807 2.63%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $295,000 $295,000 $5,283 2.63%
Riverton, WY (FHA|USDA|VA) 1 $285,000 $285,000 $4,396 2.63%
BEND, OR (FHA|USDA|VA) 1 $265,000 $265,000 $0 2.63%
Blackfoot, ID (FHA|USDA|VA) 2 $250,000 $125,000 $3,521 2.56%
BOISE CITY, ID (FHA|USDA|VA) 2 $240,000 $120,000 $3,728 2.63%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $215,000 $215,000 $3,736 2.63%
IDAHO FALLS, ID (FHA|USDA|VA) 2 $210,000 $105,000 $0 2.69%
CHICO, CA (FHA|USDA|VA) 1 $195,000 $195,000 $0 2.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $0 2.63%
TWIN FALLS, ID (FHA|USDA|VA) 1 $195,000 $195,000 $4,548 2.63%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.99%
ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $125,000 $125,000 $3,789 2.50%
Bradford, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 2.63%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.50%
Gillette, WY (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.99%
Branson, MO (FHA|USDA|VA) 1 $75,000 $75,000 $3,206 3.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.99%
Fergus Falls, MN (FHA|USDA|VA) 1 $55,000 $55,000 $0 4.99%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.88%

Utah Power's top markets include Salt Lake City, Price, Ogden, Rock Springs, and Provo among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 447 $84,785,000 $189,676 $4,405 2.87%

For the 2021 period, Utah Power's most frequently originated loan type of loans were Conventional, with 447 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 167 $39,705,000 $237,754 $4,548 2.70%
Refi 149 $27,785,000 $186,477 $4,055 2.65%
Home Purchase 69 $13,735,000 $199,058 $4,794 2.91%
Other 62 $3,560,000 $57,419 $3,238 3.80%

For the 2021, Utah Power's most frequently cited loan purpose of loans were Cash Out Refi, with 167 originations. The 2nd most popular reason of loans were Refi, with 149 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 258 $62,540,000 $242,403 $4,637 2.73%
15 Year 111 $15,165,000 $136,622 $3,580 2.76%
10 Year 46 $3,200,000 $69,565 $2,106 4.07%
5 Year 18 $850,000 $47,222 $2,430 2.66%
20 Year 12 $2,950,000 $245,833 $4,639 2.63%
Other 2 $80,000 $40,000 $4,047 2.99%

For the 2021, Utah Power's most frequently cited loan length of loans were 30 Year, with 258 originations. The 2nd most popular length of loans were 15 Year, with 111 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 50 $11,290,000 $225,800
$3k-4k 32 $13,700,000 $428,125
$1k-2k 28 $3,440,000 $122,857
$<1k 15 $2,625,000 $175,000

$4,637 of loans were Utah Power's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 50 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 259 $61,385,000 $237,008
<2.5% 99 $13,985,000 $141,263
3-4% 71 $7,815,000 $110,070
4-5% 16 $1,330,000 $83,125
5-6% 2 $270,000 $135,000

During 2021, Utah Power's average interest rate of loans were 2.73%, while their most frequently originated rate bucket of loans were 2.5-3%, with 259 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 162 $24,170,000 $149,198 $3,458 2.78%
$200k-400k 141 $40,065,000 $284,149 $4,689 2.67%
$100,000 or less 114 $6,420,000 $56,316 $2,540 3.28%
$400k-600k 29 $13,425,000 $462,931 $6,938 2.77%
$600k-1MM 1 $705,000 $705,000 $7,273 2.88%

2021 saw Utah Power place emphasis on $100k-200k loans with 162 originations, totaling $24,170,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 115 $26,935,000 $234,217 $4,732 2.87%
$50k-75k 104 $16,400,000 $157,692 $3,757 2.79%
$75k-100k 99 $17,115,000 $172,879 $4,192 3.00%
$50k or less 71 $9,545,000 $134,437 $3,406 2.81%
$150k-250k 52 $12,650,000 $243,269 $5,293 2.84%
$250k+ 5 $1,785,000 $357,000 $5,699 3.00%

Utah Power lent most frequently to those with incomes in the $100k-150k range, with 115 originations. The second most popular income band? $50k-75k, with 104 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 144 $27,360,000 $190,000 $4,328 2.84%
<20% 90 $13,890,000 $154,333 $3,755 2.85%
30-36% 89 $19,755,000 $221,966 $4,927 2.86%
36% 21 $4,135,000 $196,905 $4,236 2.92%
39% 17 $3,345,000 $196,765 $5,243 2.92%
37% 16 $2,960,000 $185,000 $4,484 2.93%
38% 13 $2,285,000 $175,769 $4,481 3.27%
40% 11 $1,895,000 $172,273 $4,551 2.87%
41% 10 $1,460,000 $146,000 $3,759 3.06%
42% 8 $1,490,000 $186,250 $3,643 2.75%
44% 8 $1,940,000 $242,500 $0 2.91%
46% 6 $1,420,000 $236,667 $3,949 2.62%
45% 4 $700,000 $175,000 $3,306 2.78%
50-60% 3 $785,000 $261,667 $0 2.46%
47% 2 $380,000 $190,000 $0 2.63%
48% 2 $340,000 $170,000 $4,453 3.06%
43% 2 $250,000 $125,000 $0 2.63%
49% 1 $395,000 $395,000 $0 3.25%

Utah Power lent most frequently to those with DTI ratios of 20-30%, with 144 originations. The next most common DTI ratio? <20%, with 90 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 374 $69,330,000 $185,374 $4,371 2.86%
Not provided 68 $14,970,000 $220,147 $4,691 2.93%
Black 2 $360,000 $180,000 $0 2.56%
American Indian 2 $80,000 $40,000 $2,141 3.75%
Native Hawaiian 1 $45,000 $45,000 $0 2.99%

Approval Rates

Total approvals of all applications
95.57%

Utah Power has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
90.72%

Utah Power has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 447 $84,785,000 $189,676

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
447 $84,785,000 $189,676

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 59 $7,155,000 $121,271 $3,414 2.92%
40-60% 109 $20,745,000 $190,321 $4,248 2.80%
60-80% 188 $42,750,000 $227,394 $4,742 2.80%
80-100% 53 $12,275,000 $231,604 $4,780 2.73%
Under 20% 38 $1,860,000 $48,947 $3,238 3.55%