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 Refi and 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, Provo, Ogden, St. George, and Heber among others. We have data for 59 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% | 1/26/25 |
| 30 Year Conventional Purchase | 6.85% | 1/26/25 |
| 30 Year Conventional Refi | 6.57% | 1/26/25 |
| 30 Year Cash-out Refi | 6.95% | 1/26/25 |
| 30 Year FHA Purchase | 7.62% | 1/26/25 |
| 30 Year FHA Refi | 6.61% | 1/26/25 |
| 30 Year VA Purchase | 6.35% | 1/26/25 |
| 30 Year VA Refi | 6.10% | 1/26/25 |
| 30 Year USDA Purchase | 6.55% | 1/26/25 |
| 15 Year Conventional Purchase | 6.12% | 1/26/25 |
| 15 Year Conventional Refi | 6.10% | 1/26/25 |
| 15 Year Cash-out Refi | 6.10% | 1/26/25 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,040Origination Dollar Volume (All Markets)
$881,890,000Awards
VERITAS FUNDING - 2020
VERITAS FUNDING is a 2020 , due to their low .
For 2020, 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) | 1,257 | $365,065,000 | $290,426 | $4,642 | 3.22% |
| PROVO-OREM, UT (FHA|USDA|VA) | 580 | $170,430,000 | $293,845 | $4,993 | 3.21% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 411 | $114,745,000 | $279,185 | $5,201 | 3.12% |
| ST. GEORGE, UT (FHA|USDA|VA) | 138 | $37,470,000 | $271,522 | $3,946 | 3.16% |
| Heber, UT (FHA|USDA|VA) | 70 | $33,990,000 | $485,571 | $3,946 | 3.18% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 104 | $24,750,000 | $237,981 | $6,291 | 3.06% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 58 | $18,350,000 | $316,379 | $4,248 | 3.46% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 33 | $14,145,000 | $428,636 | $3,208 | 2.94% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 28 | $9,920,000 | $354,286 | $9,145 | 3.31% |
| Outside of Metro Areas | 45 | $9,585,000 | $213,000 | $4,738 | 3.22% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 34 | $8,440,000 | $248,235 | $3,845 | 3.23% |
| LOGAN, UT-ID (FHA|USDA|VA) | 38 | $8,380,000 | $220,526 | $3,391 | 3.30% |
| BOISE CITY, ID (FHA|USDA|VA) | 27 | $7,665,000 | $283,889 | $5,041 | 3.08% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 23 | $7,295,000 | $317,174 | $6,208 | 3.32% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 14 | $7,290,000 | $520,714 | $7,115 | 3.29% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 11 | $4,495,000 | $408,636 | $6,168 | 3.01% |
| VISALIA, CA (FHA|USDA|VA) | 18 | $3,740,000 | $207,778 | $6,150 | 3.39% |
| HANFORD-CORCORAN, CA (FHA|USDA|VA) | 16 | $3,540,000 | $221,250 | $6,030 | 3.09% |
| Cedar City, UT (FHA|USDA|VA) | 17 | $3,145,000 | $185,000 | $4,049 | 3.28% |
| SALEM, OR (FHA|USDA|VA) | 10 | $2,820,000 | $282,000 | $8,720 | 3.69% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 5 | $2,455,000 | $491,000 | $9,586 | 3.13% |
| Blackfoot, ID (FHA|USDA|VA) | 11 | $2,155,000 | $195,909 | $5,482 | 3.03% |
| Rexburg, ID (FHA|USDA|VA) | 7 | $1,675,000 | $239,286 | $5,847 | 3.34% |
| STOCKTON, CA (FHA|USDA|VA) | 5 | $1,435,000 | $287,000 | $4,277 | 3.22% |
| ALBANY-LEBANON, OR (FHA|USDA|VA) | 4 | $1,250,000 | $312,500 | $5,178 | 4.34% |
| Price, UT (FHA|USDA|VA) | 8 | $1,230,000 | $153,750 | $4,603 | 3.47% |
| Vernal, UT (FHA|USDA|VA) | 7 | $1,185,000 | $169,286 | $5,028 | 2.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 7 | $1,135,000 | $162,143 | $3,465 | 3.25% |
| Jackson, WY-ID (FHA|USDA|VA) | 3 | $885,000 | $295,000 | $5,633 | 3.25% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $4,780 | 3.13% |
| Truckee-Grass Valley, CA (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $2,072 | 3.06% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $5,485 | 2.88% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 2 | $780,000 | $390,000 | $8,771 | 2.88% |
| Astoria, OR (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $7,520 | 3.40% |
| YUBA CITY, CA (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $5,945 | 3.50% |
| NAPA, CA (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $15,516 | 3.38% |
| Breckenridge, CO (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $7,539 | 3.38% |
| CHICO, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $13,625 | 3.63% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $18,066 | 2.88% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $8,405 | 3.19% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $2,261 | 2.75% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $2,502 | 3.13% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $2,352 | 3.38% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,737 | 3.25% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $2,626 | 2.50% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $9,298 | 3.13% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $5,013 | 3.31% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,263 | 3.00% |
| LONGVIEW, WA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,462 | 3.25% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,672 | 3.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 5 | $315,000 | $63,000 | $3,583 | 4.00% |
| POCATELLO, ID (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $5,948 | 2.81% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,567 | 2.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,338 | 4.88% |
| Susanville, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $10,377 | 3.75% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,301 | 3.25% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,062 | 3.25% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,492 | 3.00% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,215 | 2.88% |
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Product Mix
For 2020, Veritas Funding's most frequently originated type of loan was Conventional, with 2,487 originations. Their 2nd most popular type was FHA, with 402 originations.
Loan Reason
For 2020, Veritas Funding's most frequently cited loan purpose was Refi, with 1,353 originations. The 2nd most popular reason was Home Purchase, with 1,073 originations.
Loan Duration/Length
For 2020, Veritas Funding's most frequently cited loan duration was Other, with 1,745 originations. The 2nd most popular length was 30 Year, with 1,105 originations.
Origination Fees/Closing Costs
Veritas Funding's average total fees were $5,569, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,131 originations.
Interest Rates
During 2020, Veritas Funding's average interest rate for loans was 3.44%, while their most frequently originated rate bucket for loans was 3-4%, with 1,506 originations.
Loan Sizing
2020 saw Veritas Funding place emphasis on $200k-400k loans with 2,029 originations, totaling $585,255,000 in origination value.
Applicant Income
Veritas Funding lent most frequently to those with incomes in the $50k-75k range, with 953 originations. The second most popular income band? $75k-100k, with 591 originations.
Applicant Debt to Income Ratio
Veritas Funding lent most frequently to those with DTI ratios of 20-30%, with 569 originations. The next most common DTI ratio? 30-36%, with 536 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.28%
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 origination82.60%
Veritas Funding has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,040 | $881,890,000 | $290,095 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 12 | $2,020,000 | $168,333 |
| Single Family (1-4 Units):Site-Built | 3,028 | $879,870,000 | $290,578 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| VERITAS FUNDING, LLC | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |