Veritas Funding Mortgage Rates, Fees & Info
MIDVALE, UTLEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 8.71% | 12/3/24 |
| 30 Year Conventional Purchase | 6.85% | 12/3/24 |
| 30 Year Conventional Refi | 6.57% | 12/3/24 |
| 30 Year Cash-out Refi | 6.95% | 12/3/24 |
| 30 Year FHA Purchase | 7.62% | 12/3/24 |
| 30 Year FHA Refi | 6.61% | 12/3/24 |
| 30 Year VA Purchase | 6.35% | 12/3/24 |
| 30 Year VA Refi | 6.10% | 12/3/24 |
| 30 Year USDA Purchase | 6.55% | 12/3/24 |
| 15 Year Conventional Purchase | 6.12% | 12/3/24 |
| 15 Year Conventional Refi | 6.10% | 12/3/24 |
| 15 Year Cash-out Refi | 6.10% | 12/3/24 |
| 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
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This is not an official calculator from Veritas Funding. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,279Origination Dollar Volume (All Markets)
$857,315,000Awards
VERITAS FUNDING - 2018
VERITAS FUNDING is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
2018 saw Veritas Funding place emphasis on $200k-400k loans with 2,151 originations, totaling $596,565,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.31%
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 origination79.99%
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 |