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: Los Angeles, San Diego, San Francisco, Houston, and Phoenix 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
88Origination Dollar Volume (All Markets)
$21,680,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 18 | $7,510,000 | $417,222 | $11,065 | 9.19% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 13 | $4,135,000 | $318,077 | $10,206 | 8.84% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 5 | $1,915,000 | $383,000 | $12,172 | 9.49% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $1,185,000 | $395,000 | $13,589 | 9.08% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 11 | $1,145,000 | $104,091 | $5,889 | 9.34% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 8 | $1,090,000 | $136,250 | $5,867 | 9.25% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 5 | $895,000 | $179,000 | $7,734 | 9.39% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $9,372 | 9.16% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $6,788 | 9.62% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $12,563 | 10.75% |
| Outside of Metro Areas | 3 | $295,000 | $98,333 | $6,175 | 9.74% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $7,928 | 9.49% |
| VALLEJO, CA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $6,830 | 9.50% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $13,776 | 10.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,813 | 8.49% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,995 | 8.99% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,958 | 9.25% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,070 | 9.25% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,000 | 8.99% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,370 | 9.49% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $6,848 | 9.75% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,865 | 9.25% |
| Kingsville, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $5,120 | 9.99% |
| ODESSA, TX (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $6,345 | 9.49% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 88 | $21,680,000 | $246,364 | $8,819 | 9.28% |
For 2019, Source Capital Funding's most frequently originated type of loan was Conventional, with 88 originations.
Loan Reason
For 2019, Source Capital Funding's most frequently cited loan purpose was Cash Out Refi, with 76 originations. The 2nd most popular reason was Home Purchase, with 10 originations.
Loan Duration/Length
For 2019, Source Capital Funding's most frequently cited loan duration was 1 Year, with 44 originations. The 2nd most popular length was Other, with 38 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 28 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 81 | $17,485,000 | $215,864 |
| 7-8% | 7 | $4,195,000 | $599,286 |
During 2019, 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 81 originations.
Loan Sizing
2019 saw Source Capital Funding place emphasis on $100k-200k loans with 35 originations, totaling $4,955,000 in origination value.
Applicant Income
Source Capital Funding lent most frequently to those with incomes in the $50k or less range, with 64 originations. The second most popular income band? $250k+, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 2 | $170,000 | $85,000 | $5,663 | 10.00% |
Source Capital Funding lent most frequently to those with DTI ratios of <20%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination52.27%
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 | 88 | $21,680,000 | $246,364 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $1,025,000 | $1,025,000 |
| Single Family (1-4 Units):Site-Built | 87 | $20,655,000 | $237,414 |