Open Bank Mortgage Rates, Fees & Info

Los Angeles, CA

LEI: 549300WOJCNL7B110W30

Tax ID: 20-2274763

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Open Bank is a smaller bank specializing in Home Purchase loans. Open Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, and San Francisco among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Open Bank 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.

    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.


    Originations

    117

    Origination Dollar Volume (All Markets)

    $53,405,000

    Employee count

    154

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 96 $45,690,000 $475,938 $0 0.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 17 $5,775,000 $339,706 $0 0.00%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $970,000 $485,000 $0 0.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $970,000 $485,000 $0 0.00%
    Open Bank's top markets include Los Angeles, Riverside, San Diego, and San Francisco among others.

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 117 $53,405,000 $456,453 $0 0.00%

    For 2018, Open Bank's most frequently originated type of loan was Conventional, with 117 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 96 $43,730,000 $455,521 $0 0.00%
    Refi 11 $5,245,000 $476,818 $0 0.00%
    Cash Out Refi 10 $4,430,000 $443,000 $0 0.00%

    For 2018, Open Bank's most frequently cited loan purpose was Home Purchase, with 96 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 117 $53,405,000 $456,453 $0 0.00%

    For 2018, Open Bank's most frequently cited loan duration was Other, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 49 $15,855,000 $323,571 $0 0.00%
    $400k-600k 41 $20,065,000 $489,390 $0 0.00%
    $600k-1MM 16 $11,610,000 $725,625 $0 0.00%
    $100k-200k 5 $755,000 $151,000 $0 0.00%
    $1MM+ 5 $5,025,000 $1,005,000 $0 0.00%
    $100,000 or less 1 $95,000 $95,000 $0 0.00%

    2018 saw Open Bank place emphasis on $200k-400k loans with 49 originations, totaling $15,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 40 $16,550,000 $413,750 $0 0.00%
    $150k-250k 32 $17,050,000 $532,813 $0 0.00%
    $75k-100k 20 $6,540,000 $327,000 $0 0.00%
    $250k+ 16 $11,380,000 $711,250 $0 0.00%
    $50k-75k 6 $1,310,000 $218,333 $0 0.00%
    $50k or less 3 $575,000 $191,667 $0 0.00%

    Open Bank lent most frequently to those with incomes in the $100k-150k range, with 40 originations. The second most popular income band? $150k-250k, with 32 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 117 $53,405,000 $456,453 $0 0.00%

    Open Bank lent most frequently to those with DTI ratios of Exempt%, with 117 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 114 $51,650,000 $453,070 $0 0.00%
    White 2 $1,390,000 $695,000 $0 0.00%
    American Indian 1 $365,000 $365,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.40%

    Open Bank 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
    87.18%

    Open Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 117 $53,405,000 $456,453

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 117 $53,405,000 $456,453

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    OVM FINANCIAL, INC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Open Bank 1000 Wilshire Boulevard, Suite 100 Los Angeles, CA 90017 Full Service B&M $299,250
    Open Bank 15435 S. Western Avenue, #d Gardena, CA 90249 Full Service B&M $56,899
    Open Bank 2998 East El Camino Real Santa Clara, CA 95051 Full Service B&M $15,942
    Open Bank 3030 W. Olympic Blvd, Suite 101 Los Angeles, CA 90006 Full Service B&M $74,556
    Open Bank 3680 Wilshire Blvd., Suite 101 Los Angeles, CA 90010 Full Service B&M $122,250
    Open Bank 5141 Beach Blvd., Units E & F, Building 2 Buena Park, CA 90621 Full Service B&M $103,972
    Open Bank 550 South Western Avenue Los Angeles, CA 90020 Full Service B&M $58,668
    Open Bank 747 E. 10th Street, #310 & 311 Los Angeles, CA 90021 Full Service B&M $91,837

    For 2018, Open Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $50,067
    Net interest income $40,957
    Total noninterest income $9,416
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,916
    Trading account gains and fees $0
    Additional Noninterest Income $7,500
    Pre-tax net operating income $19,678
    Securities gains (or losses, -) $-87
    Income before extraordinary items $14,347
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,347
    Minority interest net income $0
    Net income $14,347
    Sale, conversion, retirement of capital stock, net $24,252
    Net operating income $14,415

    Open Bank's gross interest income from loans was $50,067,000.
    Open Bank's net interest income from loans was $40,957,000.
    Open Bank's fee based income from loans was $1,916,000.
    Open Bank's net income from loans was $14,347,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,110
    Provision for credit losses $1,267
    Total noninterest expense $29,428
    Salaries and employee benefits $18,195
    Premises and equipment expense $4,089
    Additional noninterest expense $7,144
    Applicable income taxes $5,244
    Net charge-offs $771
    Cash dividends $0

    Open Bank's interest expense for loans was $9,110,000.
    Open Bank's payroll and benefits expense were $18,195,000.
    Open Bank's property, plant and equipment expenses $4,089,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $905,176
    Deposits held in domestic offices $905,176
    Deposits by Individuals, partnerships, and corporations $860,729
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $44,000
    Deposits by Commercial banks and other depository institutions in U.S. $447
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $287,150
    Demand deposits $285,132
    Nontransaction accounts $618,026
    Money market deposit accounts (MMDAs) $259,331
    Other savings deposits (excluding MMDAs) $3,421
    Total time deposits $355,274
    Total time and savings deposits $620,044
    Noninterest-bearing deposits $285,132
    Interest-bearing deposits $620,044
    Retail deposits $653,111
    IRAs and Keogh plan accounts $1,116
    Brokered deposits $87,784
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,044,131
    Cash & Balances due from depository institutions $77,726
    Interest-bearing balances $61,549
    Total securities $57,824
    Federal funds sold & reverse repurchase $0
    Net loans and leases $866,175
    Loan and leases loss allowance $9,636
    Trading account assets $0
    Bank premises and fixed assets $4,469
    Other real estate owned $0
    Goodwill and other intangibles $6,987
    All other assets $30,950

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,044,131
    Total Liabilities $914,399
    Total deposits $905,176
    Interest-bearing deposits $620,044
    Deposits held in domestic offices $905,176
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $9,223

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $866,175
    Loan and leases loss allowance $9,636
    Total loans and leases (domestic) $875,811
    All real estate loans $751,248
    Real estate loans in domestic offices $751,248
    Construction and development loans $9,831
    Residential 1-4 family construction $0
    Other construction, all land development and other land $9,831
    Loans secured by nonfarm nonresidential properties $600,784
    Nonfarm nonresidential secured by owner-occupied properties $252,392
    Commercial real estate & other non-farm, non-residential $348,392
    Multifamily residential real estate $6,428
    1-4 family residential loans $128,934
    Farmland loans $5,271
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $121,985
    To non-U.S. addressees $0
    Loans to individuals $2,578
    Credit card loans $0
    Related Plans $184
    Consumer Auto Loans $0
    Other loans to individuals $2,394
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $343
    Non 1-4 family restructured loans & leases $343
    Total loans and leases (foreign) $0

    Open Bank had $866,175,000 of loans outstanding in 2018. $751,248,000 of loans were in real estate loans. $9,831,000 of loans were in development loans. $6,428,000 of loans were in multifamily mortgage loans. $128,934,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 241 $81,180 $336,846
    Nonfarm, nonresidential loans - <$100k 1 $37 $37,000
    Nonfarm, nonresidential loans - $100-250k 11 $1,357 $123,364
    Nonfarm, nonresidential loans - $250k-1MM 229 $79,786 $348,410
    Commercial & Industrial, US addressed loans - <$1MM 360 $59,388 $164,967
    Commercial & Industrial, US addressed loans - <$100k 49 $1,816 $37,061
    Commercial & Industrial, US addressed loans - $100-250k 128 $7,838 $61,234
    Commercial & Industrial, US addressed loans - $250k-1MM 183 $49,734 $271,770