Coloramo Mortgage Rates, Fees & Info
Grand Junction, COLEI: 549300VEXSWLQB1TM843
Tax ID: 84-0433515
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Mortgage Data
Review & Overview
Coloramo is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Coloramo has a high proportion of conventional loans. Their top two markets are Grand Junction and Montrose .Coloramo has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Coloramo is typically a low 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 |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 5.71% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| 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. | ||
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Originations
91Origination Dollar Volume (All Markets)
$9,935,000Awards
COLORAMO - 2018
COLORAMO 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 |
|---|---|---|---|---|---|
| GRAND JUNCTION, CO (FHA|USDA|VA) | 86 | $9,400,000 | $109,302 | $2,668 | 4.74% |
| Outside of Metro Areas | 3 | $305,000 | $101,667 | $2,731 | 5.21% |
| Montrose, CO (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $2,917 | 4.56% |
Similar Lenders
We use machine learning to identify the top lenders compared against COLORAMO based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 30
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 65 | $9,125,000 | $140,385 | $2,677 | 4.35% |
| HELOC | 26 | $810,000 | $31,154 | n/a | 5.77% |
For 2018, Coloramo's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was HELOC, with 26 originations.
Loan Reason
For 2018, Coloramo's most frequently cited loan purpose was Cash Out Refi, with 35 originations. The 2nd most popular reason was Home Improvement, with 23 originations.
Loan Duration/Length
For 2018, Coloramo's most frequently cited loan duration was 30 Year, with 37 originations. The 2nd most popular length was 10 Year, with 28 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 34 | $4,550,000 | $133,824 |
| $2k-3k | 16 | $3,760,000 | $235,000 |
| $<1k | 15 | $815,000 | $54,333 |
Coloramo's average total fees were $3,131, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 34 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 47 | $6,795,000 | $144,574 |
| 5-6% | 26 | $900,000 | $34,615 |
| 3-4% | 17 | $2,225,000 | $130,882 |
| 7-8% | 1 | $15,000 | $15,000 |
During 2018, Coloramo's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 47 originations.
Loan Sizing
2018 saw Coloramo place emphasis on $100,000 or less loans with 45 originations, totaling $1,935,000 in origination value.
Applicant Income
Coloramo lent most frequently to those with incomes in the $50k or less range, with 31 originations. The second most popular income band? $50k-75k, with 30 originations.
Applicant Debt to Income Ratio
Coloramo lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 20 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 91 | $9,935,000 | $109,176 | $2,677 | 4.76% |
Approval Rates
Total approvals of all applications76.82%
Coloramo has a below average approval rate.
Pick Rate
Approvals leading to origination73.63%
Coloramo has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 91 | $9,935,000 | $109,176 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 6 | $410,000 | $68,333 |
| Single Family (1-4 Units):Site-Built | 85 | $9,525,000 | $112,059 |