Coastal Funding Slc Mortgage Rates, Fees & Info

SAN LUIS OBISPO, CA

LEI: 549300U7F7T8UG5AI038

Tax ID: 26-3958508

3.6 stars - out of 5 stars, based on 27 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Coastal Funding Slc is a smaller mortgage company specializing in Refi and Home Purchase loans. Coastal Funding Slc 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: San Luis Obispo, Santa Maria, San Francisco, Los Angeles, and San Diego among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Coastal Funding Slc 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. Coastal Funding Slc is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.61% 10/3/22
    30 Year Conventional Refi 6.53% 10/3/22
    30 Year Cash-out Refi 6.67% 10/3/22
    30 Year FHA Purchase 7.46% 10/3/22
    30 Year FHA Refi 6.95% 10/3/22
    30 Year VA Purchase 6.21% 10/3/22
    30 Year VA Refi 6.20% 10/3/22
    30 Year USDA Purchase 7.18% 10/3/22
    15 Year Conventional Purchase 6.09% 10/3/22
    15 Year Conventional Refi 6.35% 10/3/22
    15 Year Cash-out Refi 6.35% 10/3/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    707

    Origination Dollar Volume (All Markets)

    $329,295,000

    Relative Rate

    Coastal Funding Slc 's average 30 year fixed mortgage rate was 3.2%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.05%.

    Relative Fees (Closing Costs)

    Coastal Funding Slc 's average total fees/closing costs for a 30 year fixed rate mortgage were $5,992.

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

    Top 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 LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 423 $200,485,000 $473,960 $5,367 3.16%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 117 $45,135,000 $385,769 $7,184 3.15%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 54 $36,010,000 $666,852 $7,772 3.15%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 22 $9,650,000 $438,636 $5,755 3.07%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 11 $5,505,000 $500,455 $5,304 3.11%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 8 $5,310,000 $663,750 $4,692 3.20%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 11 $5,175,000 $470,455 $5,867 3.20%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 8 $3,740,000 $467,500 $6,678 3.12%
    BAKERSFIELD, CA (FHA|USDA|VA) 11 $2,345,000 $213,182 $5,280 3.49%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $2,030,000 $338,333 $5,647 3.31%
    REDDING, CA (FHA|USDA|VA) 4 $1,760,000 $440,000 $6,028 3.03%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 4 $1,620,000 $405,000 $5,876 3.12%
    SALINAS, CA (FHA|USDA|VA) 3 $1,535,000 $511,667 $9,048 3.38%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 3 $1,395,000 $465,000 $3,152 3.00%
    EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 2 $1,020,000 $510,000 $5,704 3.00%
    VISALIA, CA (FHA|USDA|VA) 3 $895,000 $298,333 $4,749 3.25%
    MERCED, CA (FHA|USDA|VA) 2 $800,000 $400,000 $8,968 3.56%
    FRESNO, CA (FHA|USDA|VA) 5 $695,000 $139,000 $3,580 3.60%
    Eureka-Arcata, CA (FHA|USDA|VA) 2 $590,000 $295,000 $2,126 3.56%
    BEND, OR (FHA|USDA|VA) 1 $545,000 $545,000 $4,942 3.12%
    NAPA, CA (FHA|USDA|VA) 1 $535,000 $535,000 $2,507 2.75%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 1 $515,000 $515,000 $8,031 2.63%
    Outside of Metro Areas 1 $505,000 $505,000 $3,944 3.00%
    STOCKTON, CA (FHA|USDA|VA) 1 $445,000 $445,000 $2,077 3.38%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $385,000 $385,000 $3,899 2.75%
    CORVALLIS, OR (FHA|USDA|VA) 1 $345,000 $345,000 $3,619 3.50%
    ALBANY-LEBANON, OR (FHA|USDA|VA) 1 $325,000 $325,000 $10,366 3.13%

    Coastal Funding Slc 's top markets include San Luis Obispo, Santa Maria, San Francisco, Los Angeles, and San Diego among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against COASTAL FUNDING SLC based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Christian Community Credit Union
    Similarity Rank: 354
    First City Credit Union
    Similarity Rank: 1026
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 1164
    Los Angeles Federal Credit Union
    Similarity Rank: 1230
    KINGS MORTGAGE SERVICES, INC.
    Similarity Rank: 1358
    LA Financial Federal Credit Union
    Similarity Rank: 1374
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    CommonWealth Central Credit Union
    Similarity Rank: 1428
    USC Credit Union
    Similarity Rank: 1440

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 647 $300,115,000 $463,856 $5,466 3.18%
    FHA 34 $16,130,000 $474,412 $13,153 3.05%
    VA 25 $12,675,000 $507,000 $6,582 2.76%
    USDA 1 $375,000 $375,000 $7,696 3.63%

    For 2021, Coastal Funding Slc 's most frequently originated type of loan was Conventional, with 647 originations. Their 2nd most popular type was FHA, with 34 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 278 $115,180,000 $414,317 $4,405 3.07%
    Home Purchase 272 $148,310,000 $545,257 $7,568 3.17%
    Cash Out Refi 156 $65,470,000 $419,679 $5,568 3.30%
    Home Improvement 1 $335,000 $335,000 $3,169 3.50%

    For 2021, Coastal Funding Slc 's most frequently cited loan purpose was Refi, with 278 originations. The 2nd most popular reason was Home Purchase, with 272 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 662 $311,960,000 $471,239 $5,992 3.20%
    15 Year 32 $12,620,000 $394,375 $4,240 2.61%
    20 Year 12 $4,520,000 $376,667 $3,818 2.96%
    10 Year 1 $195,000 $195,000 $2,588 2.25%

    For 2021, Coastal Funding Slc 's most frequently cited loan duration was 30 Year, with 662 originations. The 2nd most popular length was 15 Year, with 32 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 463 $201,195,000 $434,546
    $5k+ 134 $82,990,000 $619,328
    $2k-3k 37 $15,055,000 $406,892
    $4k-5k 32 $11,990,000 $374,688
    $3k-4k 29 $12,315,000 $424,655
    $<1k 10 $4,370,000 $437,000

    Coastal Funding Slc 's average total fees were $5,992, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 463 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 394 $190,100,000 $482,487
    2.5-3% 276 $122,430,000 $443,587
    <2.5% 24 $10,260,000 $427,500
    4-5% 11 $5,085,000 $462,273
    5-6% 2 $1,420,000 $710,000

    During 2021, Coastal Funding Slc 's average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 394 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 283 $137,865,000 $487,155 $5,492 3.10%
    $200k-400k 243 $76,605,000 $315,247 $4,790 3.16%
    $600k-1MM 119 $84,925,000 $713,655 $8,584 3.26%
    $100k-200k 40 $6,220,000 $155,500 $3,369 3.24%
    $1MM+ 19 $23,495,000 $1,236,579 $14,264 3.38%
    $100,000 or less 3 $185,000 $61,667 $2,810 3.50%

    2021 saw Coastal Funding Slc place emphasis on $400k-600k loans with 283 originations, totaling $137,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 226 $100,920,000 $446,549 $5,392 3.16%
    $150k-250k 177 $92,465,000 $522,401 $6,196 3.16%
    $75k-100k 110 $42,020,000 $382,000 $4,718 3.10%
    $250k+ 97 $64,475,000 $664,691 $8,795 3.25%
    $50k-75k 68 $20,960,000 $308,235 $4,815 3.15%
    $50k or less 28 $7,860,000 $280,714 $4,261 3.17%

    Coastal Funding Slc lent most frequently to those with incomes in the $100k-150k range, with 226 originations. The second most popular income band? $150k-250k, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 176 $76,780,000 $436,250 $5,295 3.17%
    30-36% 133 $59,895,000 $450,338 $5,339 3.12%
    <20% 56 $25,220,000 $450,357 $5,975 3.15%
    44% 34 $17,010,000 $500,294 $6,040 3.26%
    41% 30 $13,640,000 $454,667 $5,076 3.22%
    36% 29 $16,155,000 $557,069 $5,416 3.12%
    39% 27 $12,985,000 $480,926 $6,016 3.17%
    43% 26 $13,610,000 $523,462 $7,637 3.26%
    47% 24 $10,080,000 $420,000 $5,884 3.18%
    37% 24 $11,090,000 $462,083 $4,843 3.16%
    45% 22 $9,830,000 $446,818 $6,306 3.10%
    42% 20 $9,480,000 $474,000 $4,436 3.17%
    46% 19 $8,635,000 $454,474 $6,218 3.26%
    48% 18 $9,190,000 $510,556 $6,292 3.09%
    49% 18 $8,750,000 $486,111 $8,140 3.01%
    40% 17 $7,745,000 $455,588 $7,281 3.36%
    38% 16 $10,270,000 $641,875 $8,644 3.18%
    50-60% 9 $4,175,000 $463,889 $12,535 3.00%
    >60% 8 $4,050,000 $506,250 $6,643 2.86%

    Coastal Funding Slc lent most frequently to those with DTI ratios of 20-30%, with 176 originations. The next most common DTI ratio? 30-36%, with 133 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 383 $164,085,000 $428,420 $5,164 3.15%
    Not provided 301 $153,875,000 $511,213 $6,664 3.19%
    Asian 14 $7,610,000 $543,571 $7,303 3.07%
    Black 5 $2,185,000 $437,000 $7,663 3.22%
    American Indian 3 $1,235,000 $411,667 $8,053 2.83%
    Japanese 1 $305,000 $305,000 $3,103 3.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Coastal Funding Slc 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
    84.16%

    Coastal Funding Slc has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 707 $329,295,000 $465,764

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    707 $329,295,000 $465,764

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 64 $19,060,000 $297,813 $4,123 3.09%
    40-60% 192 $86,190,000 $448,906 $5,123 3.11%
    60-80% 277 $136,195,000 $491,679 $5,807 3.24%
    80-100% 159 $83,815,000 $527,138 $7,432 3.13%
    Over 100% 5 $2,375,000 $475,000 $15,791 2.92%
    Under 20% 10 $1,660,000 $166,000 $3,422 3.22%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Coastal Credit, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Coastal Credit, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 50.0%