The Anderson Financial Group Mortgage Rates, Fees & Info

CHICAGO, IL

LEI: 549300W09D8JV1ANXX59

Tax ID: 36-4226027

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Anderson Financial Group is a smaller mortgage company specializing in Refi and Home Purchase loans. The Anderson Financial Group 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 Chicago, Detroit, Phoenix, Grand Rapids, and Denver among others. The Anderson Financial Group has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. The Anderson Financial Group is typically an average fee lendor.


Originations

1,283

Origination Dollar Volume (All Markets)

$397,445,000

Awards

THE ANDERSON FINANCIAL GROUP  30 Year Conventional Loans gold THE ANDERSON FINANCIAL GROUP  VA Loans silver THE ANDERSON FINANCIAL GROUP  FHA Loans gold THE ANDERSON FINANCIAL GROUP  FHA Loans bronze
Show all (4) awards

Relative Rate

The Anderson Financial Group 's average 30 year fixed rate mortgage of loans were 3.02%.

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

This yields a difference of -0.13%.

Relative Fees

The Anderson Financial Group 's average total fees for a 30 year fixed rate mortgage are $3,720.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 821 $266,175,000 $324,208 $3,532 2.90%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 263 $68,655,000 $261,046 $2,996 2.93%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 80 $27,000,000 $337,500 $3,067 2.95%
Outside of Metro Areas 12 $3,450,000 $287,500 $3,425 3.07%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 11 $3,275,000 $297,727 $2,833 3.03%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $2,415,000 $483,000 $2,802 2.80%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 7 $1,775,000 $253,571 $3,980 3.11%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 5 $1,605,000 $321,000 $2,383 2.58%
Ottawa, IL (FHA|USDA|VA) 7 $1,505,000 $215,000 $4,032 2.86%
KANKAKEE, IL (FHA|USDA|VA) 7 $1,425,000 $203,571 $2,890 2.89%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,944 2.78%
TUCSON, AZ (FHA|USDA|VA) 4 $1,220,000 $305,000 $2,646 3.09%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,130,000 $282,500 $4,930 3.19%
Whitewater, WI (FHA|USDA|VA) 4 $1,080,000 $270,000 $3,147 3.03%
Edwards, CO (FHA|USDA|VA) 2 $1,020,000 $510,000 $3,814 3.18%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $930,000 $465,000 $5,362 2.69%
MADISON, WI (FHA|USDA|VA) 2 $920,000 $460,000 $3,671 3.25%
ANN ARBOR, MI (FHA|USDA|VA) 3 $835,000 $278,333 $5,106 3.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $805,000 $805,000 $7,289 3.38%
PEORIA, IL (FHA|USDA|VA) 3 $805,000 $268,333 $2,177 2.91%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $720,000 $360,000 $2,583 2.38%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $710,000 $177,500 $2,584 2.84%
Traverse City, MI (FHA|USDA|VA) 1 $635,000 $635,000 $4,306 3.00%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $590,000 $295,000 $2,988 2.56%
GREELEY, CO (FHA|USDA|VA) 1 $545,000 $545,000 $3,123 2.88%
Holland, MI (FHA|USDA|VA) 1 $545,000 $545,000 $4,048 3.75%
Breckenridge, CO (FHA|USDA|VA) 1 $515,000 $515,000 $2,833 3.13%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 2 $510,000 $255,000 $3,453 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $425,000 $425,000 $4,189 3.25%
FLINT, MI (FHA|USDA|VA) 2 $420,000 $210,000 $3,110 3.31%
Show Low, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $2,181 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $335,000 $335,000 $2,539 2.13%
MONROE, MI (FHA|USDA|VA) 1 $285,000 $285,000 $2,950 2.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,272 3.38%
Charleston-Mattoon, IL (FHA|USDA|VA) 1 $275,000 $275,000 $2,529 2.99%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,480 3.13%
Pontiac, IL (FHA|USDA|VA) 1 $255,000 $255,000 $3,700 2.99%
JACKSON, MI (FHA|USDA|VA) 1 $255,000 $255,000 $3,170 3.00%
NILES, MI (FHA|USDA|VA) 1 $255,000 $255,000 $2,844 2.75%
Cadillac, MI (FHA|USDA|VA) 1 $245,000 $245,000 $2,325 3.00%
ROCKFORD, IL (FHA|USDA|VA) 1 $225,000 $225,000 $7,354 2.88%
Dixon, IL (FHA|USDA|VA) 1 $225,000 $225,000 $3,001 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,607 3.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,997 2.38%
SAGINAW, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,326 2.75%
RACINE, WI (FHA|USDA|VA) 1 $195,000 $195,000 $2,041 2.63%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $155,000 $155,000 $2,878 2.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,256 2.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $145,000 $145,000 $2,794 2.50%

The Anderson Financial Group 's top markets include Chicago, Detroit, Phoenix, Grand Rapids, and Denver among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,210 $379,300,000 $313,471 $3,164 2.93%
FHA 53 $13,085,000 $246,887 $8,042 2.79%
VA 20 $5,060,000 $253,000 $4,184 2.61%

For the 2021 period, The Anderson Financial Group 's most frequently originated loan type of loans were Conventional, with 1,210 originations. Their 2nd most popular type is FHA, with 53 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 685 $214,895,000 $313,715 $2,396 2.83%
Home Purchase 483 $146,905,000 $304,151 $4,913 3.00%
Cash Out Refi 115 $35,645,000 $309,957 $2,769 3.07%

For the 2021, The Anderson Financial Group 's most frequently cited loan purpose of loans were Refi, with 685 originations. The 2nd most popular reason of loans were Home Purchase, with 483 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 941 $302,575,000 $321,546 $3,720 3.02%
15 Year 187 $53,235,000 $284,679 $2,510 2.48%
20 Year 88 $23,020,000 $261,591 $2,386 2.81%
Other 51 $14,855,000 $291,275 $2,392 2.99%
10 Year 16 $3,760,000 $235,000 $2,085 2.48%

For the 2021, The Anderson Financial Group 's most frequently cited loan length of loans were 30 Year, with 941 originations. The 2nd most popular length of loans were 15 Year, with 187 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,243 $384,315,000 $309,183
$2k-3k 17 $6,405,000 $376,765
$<1k 12 $3,230,000 $269,167
$3k-4k 8 $2,220,000 $277,500
$5k+ 3 $1,275,000 $425,000

$3,720 of loans were The Anderson Financial Group 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,243 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 671 $210,965,000 $314,404
3-4% 401 $122,735,000 $306,072
<2.5% 205 $62,315,000 $303,976
4-5% 6 $1,430,000 $238,333

During 2021, The Anderson Financial Group 's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 671 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 675 $192,045,000 $284,511 $3,413 2.90%
$100k-200k 295 $47,495,000 $161,000 $3,115 2.92%
$400k-600k 226 $106,960,000 $473,274 $3,491 2.91%
$600k-1MM 57 $40,755,000 $715,000 $3,958 3.09%
$100,000 or less 23 $1,835,000 $79,783 $3,255 2.97%
$1MM+ 7 $8,355,000 $1,193,571 $3,337 2.84%

2021 saw The Anderson Financial Group place emphasis on $200k-400k loans with 675 originations, totaling $192,045,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 341 $103,645,000 $303,944 $3,246 2.92%
$150k-250k 303 $115,765,000 $382,063 $3,081 2.89%
$75k-100k 232 $59,600,000 $256,897 $3,393 2.96%
$50k-75k 196 $39,450,000 $201,276 $3,805 2.95%
$250k+ 127 $62,535,000 $492,402 $3,415 2.88%
$50k or less 78 $13,600,000 $174,359 $4,086 2.88%

The Anderson Financial Group lent most frequently to those with incomes in the $100k-150k range, with 341 originations. The second most popular income band? $150k-250k, with 303 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 358 $114,280,000 $319,218 $3,086 2.87%
30-36% 265 $80,855,000 $305,113 $3,410 2.92%
<20% 142 $41,320,000 $290,986 $2,728 2.84%
40% 51 $14,775,000 $289,706 $3,548 2.96%
37% 51 $15,985,000 $313,431 $3,515 2.98%
42% 45 $14,435,000 $320,778 $3,302 3.05%
43% 40 $12,830,000 $320,750 $3,258 3.00%
39% 39 $12,775,000 $327,564 $3,435 3.01%
41% 37 $12,005,000 $324,459 $3,320 3.07%
44% 37 $12,305,000 $332,568 $3,734 3.04%
36% 35 $10,155,000 $290,143 $3,377 2.97%
38% 32 $7,760,000 $242,500 $3,559 2.87%
48% 29 $9,135,000 $315,000 $3,966 2.97%
46% 28 $8,700,000 $310,714 $4,344 2.86%
49% 28 $9,850,000 $351,786 $3,593 2.86%
45% 24 $7,770,000 $323,750 $4,043 2.97%
47% 17 $4,985,000 $293,235 $4,800 2.94%
50-60% 17 $5,055,000 $297,353 $6,606 2.81%

The Anderson Financial Group lent most frequently to those with DTI ratios of 20-30%, with 358 originations. The next most common DTI ratio? 30-36%, with 265 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,089 $332,565,000 $305,386 $3,342 2.92%
Not provided 134 $45,840,000 $342,090 $3,238 2.83%
Asian 33 $10,965,000 $332,273 $3,933 2.87%
Black 26 $7,860,000 $302,308 $5,040 3.09%
Native Hawaiian 1 $215,000 $215,000 $2,274 2.75%

Approval Rates

Total approvals of all applications
98.30%

The Anderson Financial Group 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
76.22%

The Anderson Financial Group has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,283 $397,445,000 $309,778

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,283 $397,445,000 $309,778

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 38 $8,020,000 $211,053 $2,720 2.62%
40-60% 189 $52,385,000 $277,169 $2,554 2.73%
60-80% 635 $211,315,000 $332,780 $2,889 2.94%
80-100% 415 $124,335,000 $299,602 $4,558 2.99%
Over 100% 2 $500,000 $250,000 $9,438 2.63%
Under 20% 2 $170,000 $85,000 $4,163 2.75%