Opendoor Home Loans Mortgage Rates, Fees & Info
Dover, DELEI: 549300TWX04RHQV22578
Tax ID: 30-0954104
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Mortgage 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
643Origination Dollar Volume (All Markets)
$196,295,000Awards
Opendoor Home Loans - 2021
Opendoor Home Loans is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications77.95%
Opendoor Home Loans has a below average approval rate.
Pick Rate
Approvals leading to origination41.76%
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% |
