Monarch Funding Corp. Mortgage Rates, Fees & Info

ANAHEIM, CA

LEI: 549300ULXKJUJDK2RQ54

Tax ID: 95-3363852

5 stars - out of 5 stars, based on 15 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Monarch Funding Corp. is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Monarch Funding Corp. 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 Los Angeles, Riverside, San Diego, San Luis Obispo, and San Jose among others. Monarch Funding Corp. has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Monarch Funding Corp. is typically an average fee lendor.


Originations

239

Origination Dollar Volume (All Markets)

$106,065,000

Awards

MONARCH FUNDING CORP. VA Loans silver
Show all (1) awards

Relative Rate

Monarch Funding Corp.'s average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Monarch Funding Corp.'s average total fees for a 30 year fixed rate mortgage are $5,012.

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
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 108 $54,900,000 $508,333 $4,887 2.98%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 121 $46,605,000 $385,165 $4,640 2.96%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 6 $2,630,000 $438,333 $5,175 3.12%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,455,000 $485,000 $4,470 3.29%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $1,634 2.88%

Monarch Funding Corp.'s top markets include Los Angeles, Riverside, San Diego, San Luis Obispo, and San Jose among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 213 $92,395,000 $433,779 $4,490 3.02%
VA 23 $12,315,000 $535,435 $5,866 2.56%
FHA 3 $1,355,000 $451,667 $14,734 2.63%

For the 2021 period, Monarch Funding Corp.'s most frequently originated loan type of loans were Conventional, with 213 originations. Their 2nd most popular type is VA, with 23 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 94 $39,080,000 $415,745 $2,816 2.74%
Home Purchase 72 $36,010,000 $500,139 $7,319 3.09%
Cash Out Refi 72 $30,790,000 $427,639 $4,727 3.16%
Home Improvement 1 $185,000 $185,000 $1,611 2.88%

For the 2021, Monarch Funding Corp.'s most frequently cited loan purpose of loans were Refi, with 94 originations. The 2nd most popular reason of loans were Home Purchase, with 72 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 208 $95,080,000 $457,115 $5,012 3.05%
15 Year 25 $8,715,000 $348,600 $3,086 2.46%
20 Year 6 $2,270,000 $378,333 $2,662 2.56%

For the 2021, Monarch Funding Corp.'s most frequently cited loan length of loans were 30 Year, with 208 originations. The 2nd most popular length of loans were 15 Year, with 25 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 61 $22,265,000 $365,000
$2k-3k 59 $26,365,000 $446,864
$<1k 55 $25,055,000 $455,545
$3k-4k 37 $18,575,000 $502,027
$5k+ 15 $8,115,000 $541,000

$5,012 of loans were Monarch Funding Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 61 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 109 $45,395,000 $416,468
3-4% 92 $45,380,000 $493,261
<2.5% 36 $14,440,000 $401,111
4-5% 2 $850,000 $425,000

During 2021, Monarch Funding Corp.'s average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 109 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 103 $50,285,000 $488,204 $5,148 2.97%
$200k-400k 85 $26,375,000 $310,294 $3,725 2.94%
$600k-1MM 36 $25,830,000 $717,500 $5,986 3.10%
$100k-200k 13 $1,995,000 $153,462 $2,923 2.79%
$100,000 or less 1 $85,000 $85,000 $2,297 2.63%
$1MM+ 1 $1,495,000 $1,495,000 $31,922 3.63%

2021 saw Monarch Funding Corp. place emphasis on $400k-600k loans with 103 originations, totaling $50,285,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 65 $29,085,000 $447,462 $4,518 3.01%
$150k-250k 56 $27,950,000 $499,107 $5,152 3.01%
$250k+ 36 $18,210,000 $505,833 $5,991 3.21%
$75k-100k 36 $13,310,000 $369,722 $4,939 2.97%
$50k or less 32 $13,370,000 $417,813 $3,424 2.59%
$50k-75k 14 $4,140,000 $295,714 $3,449 2.94%

Monarch Funding Corp. lent most frequently to those with incomes in the $100k-150k range, with 65 originations. The second most popular income band? $150k-250k, with 56 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 61 $26,405,000 $432,869 $4,370 2.99%
30-36% 56 $23,730,000 $423,750 $5,010 3.07%
<20% 21 $7,365,000 $350,714 $3,820 2.91%
37% 13 $6,485,000 $498,846 $5,501 3.07%
43% 10 $4,300,000 $430,000 $4,800 2.97%
44% 7 $2,745,000 $392,143 $3,174 2.91%
42% 6 $4,070,000 $678,333 $9,341 3.10%
40% 6 $3,340,000 $556,667 $8,144 3.12%
46% 6 $2,840,000 $473,333 $7,580 3.04%
41% 5 $2,445,000 $489,000 $5,165 3.28%
47% 5 $2,825,000 $565,000 $3,693 2.90%
45% 5 $1,875,000 $375,000 $5,109 3.07%
38% 4 $1,670,000 $417,500 $5,425 2.75%
39% 3 $1,365,000 $455,000 $4,981 3.00%
36% 3 $1,415,000 $471,667 $3,508 3.29%
49% 2 $810,000 $405,000 $4,049 3.00%
50-60% 2 $690,000 $345,000 $3,915 3.31%
48% 1 $455,000 $455,000 $3,807 3.25%

Monarch Funding Corp. lent most frequently to those with DTI ratios of 20-30%, with 61 originations. The next most common DTI ratio? 30-36%, with 56 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 219 $97,065,000 $443,219 $4,771 2.97%
Asian 17 $7,125,000 $419,118 $4,360 2.94%
Black 2 $1,260,000 $630,000 $5,686 3.25%
Native Hawaiian 1 $615,000 $615,000 $4,616 3.25%

Approval Rates

Total approvals of all applications
99.90%

Monarch Funding Corp. 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
95.76%

Monarch Funding Corp. has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 239 $106,065,000 $443,787

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
239 $106,065,000 $443,787

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 24 $6,870,000 $286,250 $3,061 2.75%
40-60% 54 $20,310,000 $376,111 $3,592 2.87%
60-80% 88 $41,720,000 $474,091 $4,877 3.14%
80-100% 50 $27,520,000 $550,400 $6,823 3.06%
Over 100% 1 $565,000 $565,000 $16,318 2.63%
Under 20% 3 $345,000 $115,000 $2,778 2.88%