Opendoor Home Loans Mortgage Rates, Fees & Info

Dover, DE

LEI: 549300TWX04RHQV22578

Tax ID: 30-0954104

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Opendoor Home Loans is a smaller mortgage company specializing in Home Purchase loans. Opendoor Home Loans has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Phoenix, Atlanta, Dallas, Houston, and San Antonio among others. Opendoor Home Loans has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Opendoor Home Loans is typically an average fee lendor.


Originations

643

Origination Dollar Volume (All Markets)

$196,295,000
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Relative Rate

Opendoor Home Loans 's average 30 year fixed rate mortgage of loans were 2.98%.

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

This yields a difference of -0.17%.

Relative Fees

Opendoor Home Loans 's average total fees for a 30 year fixed rate mortgage are $4,327.

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
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 187 $64,355,000 $344,144 $4,809 2.91%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 119 $35,335,000 $296,933 $4,030 2.95%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 92 $27,470,000 $298,587 $4,467 2.99%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 38 $9,300,000 $244,737 $4,166 3.06%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 34 $9,050,000 $266,176 $4,162 2.92%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 28 $8,390,000 $299,643 $2,840 2.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 21 $7,495,000 $356,905 $5,088 2.76%
RALEIGH-CARY, NC (FHA|USDA|VA) 25 $7,395,000 $295,800 $2,724 2.96%
TUCSON, AZ (FHA|USDA|VA) 26 $6,570,000 $252,692 $4,100 2.94%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 11 $4,045,000 $367,727 $2,358 2.78%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $3,195,000 $290,455 $5,754 3.06%
JACKSONVILLE, FL (FHA|USDA|VA) 9 $2,345,000 $260,556 $3,959 2.83%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $2,190,000 $273,750 $5,547 2.97%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 7 $1,955,000 $279,286 $2,491 2.86%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 4 $970,000 $242,500 $3,072 2.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $950,000 $475,000 $12,674 3.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $755,000 $251,667 $2,889 3.17%
GAINESVILLE, GA (FHA|USDA|VA) 2 $740,000 $370,000 $2,925 2.75%
Jefferson, GA (FHA|USDA|VA) 3 $725,000 $241,667 $2,465 3.04%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $650,000 $325,000 $4,287 4.06%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $630,000 $315,000 $3,356 2.81%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $615,000 $205,000 $5,507 2.92%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,636 2.25%
Payson, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $2,160 2.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,691 2.88%
COLUMBIA, SC (FHA|USDA|VA) 1 $175,000 $175,000 $2,802 2.63%
Outside of Metro Areas 1 $175,000 $175,000 $2,244 3.38%
WILMINGTON, NC (FHA|USDA|VA) 1 $115,000 $115,000 $2,835 2.13%

Opendoor Home Loans 's top markets include Phoenix, Atlanta, Dallas, Houston, and San Antonio among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 616 $186,590,000 $302,906 $4,069 2.96%
VA 26 $9,400,000 $361,538 $8,755 2.46%
FHA 1 $305,000 $305,000 $9,483 2.25%

For the 2021 period, Opendoor Home Loans 's most frequently originated loan type of loans were Conventional, with 616 originations. Their 2nd most popular type is VA, with 26 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 572 $178,280,000 $311,678 $4,464 2.96%
Refi 56 $14,360,000 $256,429 $2,460 2.66%
Cash Out Refi 15 $3,655,000 $243,667 $3,534 2.86%

For the 2021, Opendoor Home Loans 's most frequently cited loan purpose of loans were Home Purchase, with 572 originations. The 2nd most popular reason of loans were Refi, with 56 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 598 $184,580,000 $308,662 $4,327 2.98%
15 Year 38 $9,150,000 $240,789 $3,261 2.30%
20 Year 5 $1,735,000 $347,000 $4,562 2.83%
10 Year 2 $830,000 $415,000 $4,687 1.94%

For the 2021, Opendoor Home Loans 's most frequently cited loan length of loans were 30 Year, with 598 originations. The 2nd most popular length of loans were 15 Year, with 38 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 377 $115,495,000 $306,353
$1k-2k 127 $36,825,000 $289,961
$3k-4k 53 $16,805,000 $317,075
$2k-3k 52 $15,320,000 $294,615
$5k+ 33 $11,605,000 $351,667

$4,327 of loans were Opendoor Home Loans 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 377 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 370 $119,370,000 $322,622
3-4% 184 $50,550,000 $274,728
<2.5% 78 $24,090,000 $308,846
4-5% 11 $2,285,000 $207,727

During 2021, Opendoor Home Loans 's average interest rate of loans were 2.98%, while their most frequently originated rate bucket of loans were 2.5-3%, with 370 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 422 $126,540,000 $299,858 $4,112 2.94%
$400k-600k 111 $52,175,000 $470,045 $5,605 2.80%
$100k-200k 109 $17,505,000 $160,596 $3,504 3.06%
$100,000 or less 1 $75,000 $75,000 $4,278 3.00%

2021 saw Opendoor Home Loans place emphasis on $200k-400k loans with 422 originations, totaling $126,540,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 213 $69,125,000 $324,531 $4,204 2.88%
$75k-100k 148 $45,390,000 $306,689 $4,378 2.95%
$50k-75k 110 $27,310,000 $248,273 $3,976 3.03%
$150k-250k 104 $38,300,000 $368,269 $4,334 2.90%
$50k or less 44 $7,890,000 $179,318 $3,851 2.95%
$250k+ 23 $7,975,000 $346,739 $6,083 3.05%

Opendoor Home Loans lent most frequently to those with incomes in the $100k-150k range, with 213 originations. The second most popular income band? $75k-100k, with 148 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 153 $46,205,000 $301,993 $4,189 2.88%
30-36% 135 $43,195,000 $319,963 $4,155 2.93%
<20% 55 $15,895,000 $289,000 $3,916 2.83%
38% 34 $9,430,000 $277,353 $4,460 3.03%
42% 29 $8,245,000 $284,310 $4,513 3.11%
41% 24 $7,680,000 $320,000 $4,813 2.98%
43% 23 $6,835,000 $297,174 $4,090 3.01%
40% 23 $6,605,000 $287,174 $3,792 3.01%
37% 22 $7,200,000 $327,273 $4,982 2.95%
36% 22 $5,740,000 $260,909 $3,830 3.02%
44% 22 $6,710,000 $305,000 $3,665 3.03%
39% 21 $7,195,000 $342,619 $4,367 3.02%
47% 18 $5,700,000 $316,667 $3,684 2.97%
45% 17 $5,175,000 $304,412 $4,793 2.91%
48% 14 $4,740,000 $338,571 $5,899 2.71%
46% 11 $3,425,000 $311,364 $4,080 2.86%
49% 11 $3,305,000 $300,455 $5,023 2.86%
50-60% 8 $2,830,000 $353,750 $5,181 2.88%
>60% 1 $185,000 $185,000 $9,610 3.63%

Opendoor Home Loans lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 135 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 399 $121,545,000 $304,624 $4,342 2.92%
Not provided 82 $23,980,000 $292,439 $4,249 2.97%
Asian 57 $18,835,000 $330,439 $4,104 2.84%
Black 62 $17,300,000 $279,032 $3,913 3.08%
Asian Indian 27 $9,255,000 $342,778 $3,926 2.84%
American Indian 8 $2,800,000 $350,000 $6,043 2.98%
Other Asian 4 $1,370,000 $342,500 $4,174 2.94%
Vietnamese 2 $590,000 $295,000 $5,126 2.50%
Native Hawaiian 1 $345,000 $345,000 $2,938 4.25%
1 $275,000 $275,000 $2,187 3.13%

Approval Rates

Total approvals of all applications
77.95%

Opendoor Home Loans has a below average approval rate.

Pick Rate

Approvals leading to origination
41.76%

Opendoor Home Loans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 643 $196,295,000 $305,280

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
643 $196,295,000 $305,280

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 16 $2,330,000 $145,625 $3,498 2.87%
40-60% 46 $10,740,000 $233,478 $3,415 2.69%
60-80% 225 $67,845,000 $301,533 $4,212 2.95%
80-100% 348 $112,500,000 $323,276 $4,236 2.97%
Over 100% 8 $2,880,000 $360,000 $13,613 2.55%