Veritas Funding Mortgage Rates, Fees & Info

MIDVALE, UT

LEI: 549300UVOSI4XZZGUE14

Tax ID: 86-1092244

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Mortgage Data

Review & Overview

Veritas Funding is a smaller mortgage company specializing in Home Purchase loans. Veritas Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Salt Lake City, Ogden, Provo, St. George, and Heber among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Veritas 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. Veritas Funding 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 8.71% 4/22/24
30 Year Conventional Purchase 6.85% 4/22/24
30 Year Conventional Refi 6.57% 4/22/24
30 Year Cash-out Refi 6.95% 4/22/24
30 Year FHA Purchase 7.62% 4/22/24
30 Year FHA Refi 6.61% 4/22/24
30 Year VA Purchase 6.35% 4/22/24
30 Year VA Refi 6.10% 4/22/24
30 Year USDA Purchase 6.55% 4/22/24
15 Year Conventional Purchase 6.12% 4/22/24
15 Year Conventional Refi 6.10% 4/22/24
15 Year Cash-out Refi 6.10% 4/22/24
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.

Veritas Funding Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Veritas Funding. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

3,279

Origination Dollar Volume (All Markets)

$857,315,000

Awards

VERITAS FUNDING VA Loans gold VERITAS FUNDING 30 Year Conventional Loans bronze
Show all (2) awards

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
SALT LAKE CITY, UT (FHA|USDA|VA) 1,381 $376,015,000 $272,277 $6,085 4.91%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 759 $186,405,000 $245,593 $6,231 4.83%
PROVO-OREM, UT (FHA|USDA|VA) 587 $163,085,000 $277,828 $6,051 4.84%
ST. GEORGE, UT (FHA|USDA|VA) 208 $51,360,000 $246,923 $5,077 4.87%
Heber, UT (FHA|USDA|VA) 72 $23,640,000 $328,333 $5,256 4.81%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 94 $20,870,000 $222,021 $6,480 5.16%
Cedar City, UT (FHA|USDA|VA) 88 $17,590,000 $199,886 $5,598 4.90%
Outside of Metro Areas 38 $6,910,000 $181,842 $5,133 4.91%
LOGAN, UT-ID (FHA|USDA|VA) 26 $5,550,000 $213,462 $5,756 4.93%
Vernal, UT (FHA|USDA|VA) 11 $1,925,000 $175,000 $6,018 5.04%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $675,000 $675,000 $5,823 5.38%
TUCSON, AZ (FHA|USDA|VA) 3 $605,000 $201,667 $3,727 4.92%
SALINAS, CA (FHA|USDA|VA) 1 $435,000 $435,000 $13,919 4.38%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $375,000 $375,000 $4,661 4.38%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $5,647 5.13%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $305,000 $305,000 $2,819 5.25%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $305,000 $305,000 $4,259 4.75%
Price, UT (FHA|USDA|VA) 3 $285,000 $95,000 $4,908 5.15%
GREELEY, CO (FHA|USDA|VA) 1 $265,000 $265,000 $7,668 4.00%
Payson, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $11,840 5.75%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $6,601 4.88%
Veritas Funding's top markets include Salt Lake City, Ogden, Provo, St. George, and Heber among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

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

    American Interbanc Mortgage
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,220 $589,340,000 $265,468 $4,577 4.89%
    FHA 845 $202,565,000 $239,722 $9,195 4.90%
    VA 179 $56,915,000 $317,961 $8,643 4.65%
    USDA 35 $8,495,000 $242,714 $6,362 4.62%

    For 2018, Veritas Funding's most frequently originated type of loan was Conventional, with 2,220 originations. Their 2nd most popular type was FHA, with 845 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,716 $722,540,000 $266,031 $6,255 4.87%
    Cash Out Refi 389 $92,385,000 $237,494 $4,968 4.98%
    Refi 174 $42,390,000 $243,621 $4,581 4.77%

    For 2018, Veritas Funding's most frequently cited loan purpose was Home Purchase, with 2,716 originations. The 2nd most popular reason was Cash Out Refi, with 389 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,149 $829,585,000 $263,444 $6,105 4.90%
    15 Year 91 $19,395,000 $213,132 $3,746 4.29%
    20 Year 28 $6,460,000 $230,714 $4,409 4.64%
    Other 7 $1,375,000 $196,429 $3,098 5.14%
    10 Year 4 $500,000 $125,000 $3,442 4.31%

    For 2018, Veritas Funding's most frequently cited loan duration was 30 Year, with 3,149 originations. The 2nd most popular length was 15 Year, with 91 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,836 $487,080,000 $265,294
    $2k-3k 519 $128,345,000 $247,293
    $3k-4k 303 $74,785,000 $246,815
    $5k+ 301 $90,315,000 $300,050
    $4k-5k 297 $70,745,000 $238,199
    $<1k 22 $5,900,000 $268,182

    Veritas Funding's average total fees were $6,105, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,836 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,168 $578,440,000 $266,808
    5-6% 997 $247,495,000 $248,240
    3-4% 106 $29,680,000 $280,000
    6-7% 7 $1,515,000 $216,429
    7-8% 1 $185,000 $185,000

    During 2018, Veritas Funding's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 2,168 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 2,151 $596,565,000 $277,343 $6,487 4.88%
    $100k-200k 791 $128,915,000 $162,977 $4,822 4.92%
    $400k-600k 244 $110,790,000 $454,057 $6,432 4.78%
    $100,000 or less 71 $5,785,000 $81,479 $3,188 4.84%
    $600k-1MM 22 $15,260,000 $693,636 $7,150 4.72%

    2018 saw Veritas Funding place emphasis on $200k-400k loans with 2,151 originations, totaling $596,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,143 $278,455,000 $243,618 $6,597 4.91%
    $50k or less 729 $136,975,000 $187,894 $5,752 4.86%
    $75k-100k 566 $163,860,000 $289,505 $6,317 4.87%
    $100k-150k 509 $162,235,000 $318,733 $5,403 4.84%
    $150k-250k 218 $76,160,000 $349,358 $4,951 4.88%
    $250k+ 90 $32,960,000 $366,222 $4,846 4.90%

    Veritas Funding lent most frequently to those with incomes in the $50k-75k range, with 1,143 originations. The second most popular income band? $50k or less, with 729 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 431 $114,365,000 $265,348 $5,085 4.86%
    50-60% 375 $93,975,000 $250,600 $9,332 4.87%
    20-30% 362 $99,120,000 $273,812 $4,801 4.76%
    49% 215 $55,075,000 $256,163 $5,848 4.92%
    <20% 178 $45,060,000 $253,146 $4,538 4.70%
    44% 174 $46,030,000 $264,540 $6,453 4.93%
    48% 168 $43,680,000 $260,000 $6,151 4.90%
    46% 155 $38,905,000 $251,000 $5,969 4.94%
    43% 145 $39,235,000 $270,586 $6,275 4.95%
    47% 144 $36,480,000 $253,333 $6,230 4.92%
    39% 137 $35,005,000 $255,511 $5,571 4.95%
    42% 133 $35,195,000 $264,624 $5,731 4.94%
    41% 124 $32,260,000 $260,161 $5,959 4.96%
    45% 123 $31,105,000 $252,886 $5,983 4.93%
    40% 110 $30,050,000 $273,182 $6,225 4.88%
    38% 101 $27,185,000 $269,158 $5,339 4.93%
    36% 97 $24,645,000 $254,072 $5,229 4.89%
    37% 87 $24,815,000 $285,230 $5,493 4.88%
    >60% 20 $5,130,000 $256,500 $6,112 4.78%

    Veritas Funding lent most frequently to those with DTI ratios of 30-36%, with 431 originations. The next most common DTI ratio? 50-60%, with 375 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,985 $779,165,000 $261,027 $6,025 4.88%
    Not provided 147 $38,975,000 $265,136 $5,472 4.82%
    Asian 82 $21,890,000 $266,951 $5,593 4.85%
    Black 24 $6,500,000 $270,833 $7,695 4.83%
    Native Hawaiian or Islander 22 $5,880,000 $267,273 $6,804 4.97%
    American Indian 17 $4,365,000 $256,765 $7,293 4.88%
    Other Pacific Islander 2 $540,000 $270,000 $6,863 4.75%

    Approval Rates

    Total approvals of all applications
    96.31%

    Veritas 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 origination
    79.99%

    Veritas Funding has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,279 $857,315,000 $261,456

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 24 $4,540,000 $189,167
    Single Family (1-4 Units):Site-Built 3,255 $852,775,000 $261,989

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 83 $12,145,000 $146,325 $3,379 4.61%
    40-60% 163 $34,155,000 $209,540 $3,790 4.73%
    60-80% 793 $209,335,000 $263,979 $4,298 4.89%
    80-100% 2,192 $587,060,000 $267,819 $6,767 4.90%
    Over 100% 43 $14,275,000 $331,977 $13,204 4.69%
    Under 20% 5 $345,000 $69,000 $2,677 4.48%