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 and Refi loans. Open Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Jose, San Francisco, and Las Vegas among others. We have data for 10 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

    91

    Origination Dollar Volume (All Markets)

    $53,605,000

    Employee count

    193

    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) 65 $41,615,000 $640,231 $0 0.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 12 $4,440,000 $370,000 $0 0.00%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 3 $2,485,000 $828,333 $0 0.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 2 $1,430,000 $715,000 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $910,000 $455,000 $0 0.00%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $800,000 $400,000 $0 0.00%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $735,000 $735,000 $0 0.00%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 2 $570,000 $285,000 $0 0.00%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
    Open Bank's top markets include Los Angeles, Riverside, San Jose, San Francisco, and Las Vegas among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 91 $53,605,000 $589,066 $0 0.00%

    For 2021, Open Bank's most frequently originated type of loan was Conventional, with 91 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $40,670,000 $635,469 $0 0.00%
    Refi 22 $10,780,000 $490,000 $0 0.00%
    Other 3 $1,005,000 $335,000 $0 0.00%
    Cash Out Refi 2 $1,150,000 $575,000 $0 0.00%

    For 2021, Open Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 91 $53,605,000 $589,066 $0 0.00%

    For 2021, Open Bank's most frequently cited loan duration was Other, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 30 $14,930,000 $497,667 $0 0.00%
    $600k-1MM 26 $20,280,000 $780,000 $0 0.00%
    $200k-400k 25 $7,885,000 $315,400 $0 0.00%
    $1MM+ 8 $10,180,000 $1,272,500 $0 0.00%
    $100k-200k 2 $330,000 $165,000 $0 0.00%

    2021 saw Open Bank place emphasis on $400k-600k loans with 30 originations, totaling $14,930,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 29 $22,235,000 $766,724 $0 0.00%
    $100k-150k 27 $12,875,000 $476,852 $0 0.00%
    $150k-250k 26 $14,340,000 $551,538 $0 0.00%
    $50k-75k 4 $1,170,000 $292,500 $0 0.00%
    $50k or less 2 $350,000 $175,000 $0 0.00%
    $75k-100k 1 $255,000 $255,000 $0 0.00%

    Open Bank lent most frequently to those with incomes in the $250k+ range, with 29 originations. The second most popular income band? $100k-150k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 91 $53,605,000 $589,066 $0 0.00%

    Open Bank lent most frequently to those with DTI ratios of Exempt%, with 91 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 84 $46,900,000 $558,333 $0 0.00%
    White 5 $4,325,000 $865,000 $0 0.00%
    Not applicable 2 $2,380,000 $1,190,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.20%

    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
    80.22%

    Open Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 91 $53,605,000 $589,066

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    91 $53,605,000 $589,066

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    OVM FINANCIAL, INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    OVM FINANCIAL, INC Conventional home mortgage Trouble during payment process 1 33.3%
    OVM FINANCIAL, INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%

    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 $420,718
    Open Bank 15435 S. Western Avenue, #d Gardena, CA 90249 Full Service B&M $96,585
    Open Bank 2540 Old Denton Rd 314 Carrollton, TX 75006 Full Service B&M $24,638
    Open Bank 2998 East El Camino Real Santa Clara, CA 95051 Full Service B&M $77,920
    Open Bank 3030 W. Olympic Blvd, Suite 101 Los Angeles, CA 90006 Full Service B&M $187,796
    Open Bank 3680 Wilshire Blvd., Suite 101 Los Angeles, CA 90010 Full Service B&M $167,566
    Open Bank 5141 Beach Blvd, Units E & F, Building 2 Buena Park, CA 90621 Full Service B&M $164,308
    Open Bank 550 South Western Avenue Los Angeles, CA 90020 Full Service B&M $131,509
    Open Bank 747 E. 10th Street, #310 & 311 Los Angeles, CA 90021 Full Service B&M $165,731

    For 2021, Open Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $64,158
    Net interest income $61,026
    Total noninterest income $16,125
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,562
    Trading account gains and fees $0
    Additional Noninterest Income $14,563
    Pre-tax net operating income $41,365
    Securities gains (or losses, -) $-108
    Income before extraordinary items $29,316
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,316
    Minority interest net income $0
    Net income $29,316
    Sale, conversion, retirement of capital stock, net $213
    Net operating income $29,401

    Open Bank's gross interest income from loans was $64,158,000.
    Open Bank's net interest income from loans was $61,026,000.
    Open Bank's fee based income from loans was $1,562,000.
    Open Bank's net income from loans was $29,316,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,132
    Provision for credit losses $522
    Total noninterest expense $35,264
    Salaries and employee benefits $21,027
    Premises and equipment expense $5,148
    Additional noninterest expense $9,089
    Applicable income taxes $11,941
    Net charge-offs $189
    Cash dividends $5,123

    Open Bank's interest expense for loans was $3,132,000.
    Open Bank's payroll and benefits expense were $21,027,000.
    Open Bank's property, plant and equipment expenses $5,148,000.

    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 $1,536,497
    Deposits held in domestic offices $1,536,497
    Deposits by Individuals, partnerships, and corporations $1,470,049
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $64,756
    Deposits by Commercial banks and other depository institutions in U.S. $1,692
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $800,235
    Demand deposits $794,087
    Nontransaction accounts $736,262
    Money market deposit accounts (MMDAs) $348,054
    Other savings deposits (excluding MMDAs) $9,122
    Total time deposits $379,086
    Total time and savings deposits $742,410
    Noninterest-bearing deposits $777,943
    Interest-bearing deposits $758,554
    Retail deposits $1,293,385
    IRAs and Keogh plan accounts $2,330
    Brokered deposits $35,824
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,726,548
    Cash & Balances due from depository institutions $115,459
    Interest-bearing balances $104,176
    Total securities $154,152
    Federal funds sold & reverse repurchase $0
    Net loans and leases $1,387,119
    Loan and leases loss allowance $16,328
    Trading account assets $0
    Bank premises and fixed assets $12,920
    Other real estate owned $0
    Goodwill and other intangibles $12,720
    All other assets $44,178

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,726,548
    Total Liabilities $1,563,867
    Total deposits $1,536,497
    Interest-bearing deposits $758,554
    Deposits held in domestic offices $1,536,497
    % insured (estimated) $41
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $27,370

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $1,387,119
    Loan and leases loss allowance $16,328
    Total loans and leases (domestic) $1,403,447
    All real estate loans $1,189,778
    Real estate loans in domestic offices $1,189,778
    Construction and development loans $7,338
    Residential 1-4 family construction $0
    Other construction, all land development and other land $7,338
    Loans secured by nonfarm nonresidential properties $993,021
    Nonfarm nonresidential secured by owner-occupied properties $477,963
    Commercial real estate & other non-farm, non-residential $515,058
    Multifamily residential real estate $7,658
    1-4 family residential loans $176,480
    Farmland loans $5,281
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $212,805
    To non-U.S. addressees $0
    Loans to individuals $865
    Credit card loans $0
    Related Plans $185
    Consumer Auto Loans $0
    Other loans to individuals $680
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Open Bank had $1,387,119,000 of loans outstanding in 2021. $1,189,778,000 of loans were in real estate loans. $7,338,000 of loans were in development loans. $7,658,000 of loans were in multifamily mortgage loans. $176,480,000 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 370 $104,744 $283,092
    Nonfarm, nonresidential loans - <$100k 1 $9 $9,000
    Nonfarm, nonresidential loans - $100-250k 21 $1,620 $77,143
    Nonfarm, nonresidential loans - $250k-1MM 348 $103,115 $296,307
    Commercial & Industrial, US addressed loans - <$1MM 1,185 $154,075 $130,021
    Commercial & Industrial, US addressed loans - <$100k 486 $13,179 $27,117
    Commercial & Industrial, US addressed loans - $100-250k 292 $26,841 $91,921
    Commercial & Industrial, US addressed loans - $250k-1MM 407 $114,055 $280,233