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

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Mortgage Data

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

    • 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 Francisco, San Diego, and Oxnard among others. We have data for 7 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.

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    Originations

    41

    Origination Dollar Volume (All Markets)

    $26,655,000

    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) 32 $22,370,000 $699,063 $0 0.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 4 $1,640,000 $410,000 $0 0.00%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $945,000 $945,000 $0 0.00%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $605,000 $605,000 $0 0.00%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Open Bank's top markets include Los Angeles, Riverside, San Francisco, San Diego, and Oxnard among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 41 $26,655,000 $650,122 $0 0.00%

    For 2022, Open Bank's most frequently originated type of loan was Conventional, with 41 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 28 $18,710,000 $668,214 $0 0.00%
    Other 5 $2,415,000 $483,000 $0 0.00%
    Cash Out Refi 5 $4,035,000 $807,000 $0 0.00%
    Refi 3 $1,495,000 $498,333 $0 0.00%

    For 2022, Open Bank's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Other, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 41 $26,655,000 $650,122 $0 0.00%

    For 2022, Open Bank's most frequently cited loan duration was Other, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 13 $3,885,000 $298,846 $0 0.00%
    $600k-1MM 13 $9,845,000 $757,308 $0 0.00%
    $400k-600k 8 $3,780,000 $472,500 $0 0.00%
    $1MM+ 7 $9,145,000 $1,306,429 $0 0.00%

    2022 saw Open Bank place emphasis on $200k-400k loans with 13 originations, totaling $3,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 13 $10,045,000 $772,692 $0 0.00%
    $150k-250k 11 $5,675,000 $515,909 $0 0.00%
    $100k-150k 5 $2,455,000 $491,000 $0 0.00%
    $50k-75k 3 $765,000 $255,000 $0 0.00%
    $75k-100k 2 $580,000 $290,000 $0 0.00%

    Open Bank lent most frequently to those with incomes in the $250k+ range, with 13 originations. The second most popular income band? $150k-250k, with 11 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 41 $26,655,000 $650,122 $0 0.00%

    Open Bank lent most frequently to those with DTI ratios of Exempt%, with 41 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 33 $19,535,000 $591,970 $0 0.00%
    Not applicable 5 $5,025,000 $1,005,000 $0 0.00%
    White 3 $2,095,000 $698,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.83%

    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
    56.10%

    Open Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 41 $26,655,000 $650,122

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    41 $26,655,000 $650,122