Source Capital Funding Mortgage Rates, Fees & Info
SAN DIEGO, CALEI: 549300U46FRIL8ZZO651
Tax ID: 51-0617301
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Mortgage Data
Review & Overview
Source Capital Funding is a smaller mortgage company specializing in Cash Out Refi loans. Source Capital Funding has a high proportion of conventional loans. Their top markets by origination volume include: San Diego, Los Angeles, San Francisco, San Jose, and Riverside among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)Source Capital Funding has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
85Origination Dollar Volume (All Markets)
$28,845,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 15 | $9,405,000 | $627,000 | $16,123 | 8.94% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 20 | $9,080,000 | $454,000 | $11,713 | 8.92% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 6 | $2,150,000 | $358,333 | $10,342 | 9.41% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 3 | $1,535,000 | $511,667 | $16,187 | 9.16% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $7,607 | 9.12% |
| Outside of Metro Areas | 4 | $870,000 | $217,500 | $7,777 | 9.12% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $8,609 | 9.50% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $12,475 | 8.25% |
| FRESNO, CA (FHA|USDA|VA) | 4 | $600,000 | $150,000 | $6,233 | 9.68% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $585,000 | $83,571 | $4,409 | 8.88% |
| STOCKTON, CA (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $13,063 | 9.87% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $5,454 | 9.58% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,560 | 7.99% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $5,672 | 9.62% |
| SALINAS, CA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,935 | 8.49% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $9,381 | 9.49% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,725 | 9.25% |
| Red Bluff, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,863 | 9.25% |
| VISALIA, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $5,135 | 10.49% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,225 | 9.25% |
| CHICO, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,645 | 8.75% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,641 | 9.49% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $4,475 | 8.99% |
| MERCED, CA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $3,200 | 10.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 85 | $28,845,000 | $339,353 | $10,070 | 9.13% |
For 2018, Source Capital Funding's most frequently originated type of loan was Conventional, with 85 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 75 | $23,975,000 | $319,667 | $9,787 | 9.19% |
| Home Purchase | 10 | $4,870,000 | $487,000 | $12,191 | 8.69% |
For 2018, Source Capital Funding's most frequently cited loan purpose was Cash Out Refi, with 75 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2018, Source Capital Funding's most frequently cited loan duration was Other, with 41 originations. The 2nd most popular length was 1 Year, with 35 originations.
Origination Fees/Closing Costs
Source Capital Funding's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 46 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 74 | $22,970,000 | $310,405 |
| 7-8% | 11 | $5,875,000 | $534,091 |
During 2018, Source Capital Funding's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 74 originations.
Loan Sizing
2018 saw Source Capital Funding place emphasis on $200k-400k loans with 25 originations, totaling $7,025,000 in origination value.
Applicant Income
Source Capital Funding lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $100k-150k, with 16 originations.
Applicant Debt to Income Ratio
Source Capital Funding lent most frequently to those with DTI ratios of <20%, with 49 originations. The next most common DTI ratio? >60%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.61%
Source Capital Funding has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination65.88%
Source Capital Funding 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 | 85 | $28,845,000 | $339,353 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 85 | $28,845,000 | $339,353 |