Verity Mortgage Rates, Fees & Info
Seattle, WALEI: 549300XHF3PMRO08N352
Tax ID: 91-0219005
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Verity is a smaller mortgage company specializing in Home Improvement, Refi, and Other loans. Verity has a high proportion of conventional loans. Their top markets include Seattle, Bremerton, Olympia, Yakima, and Oak Harbor among others. Verity has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Verity is typically a low fee lendor.Originations
577Origination Dollar Volume (All Markets)
$139,835,000Awards
VERITY - 2021
VERITY is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Verity's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Verity's average total fees for a 30 year fixed rate
mortgage are $3,234.
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 |
|---|---|---|---|---|---|
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 354 | $70,150,000 | $198,164 | $2,591 | 3.83% |
| Outside of Metro Areas | 174 | $59,170,000 | $340,057 | $2,991 | 3.02% |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) | 12 | $3,570,000 | $297,500 | $3,542 | 3.89% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 10 | $2,070,000 | $207,000 | $1,852 | 3.79% |
| YAKIMA, WA (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $0 | 4.25% |
| Oak Harbor, WA (FHA|USDA|VA) | 5 | $795,000 | $159,000 | $1,888 | 3.08% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 4 | $580,000 | $145,000 | $2,639 | 3.53% |
| BELLINGHAM, WA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $3,594 | 3.38% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,446 | 3.00% |
| BEND, OR (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,109 | 2.63% |
| Aberdeen, WA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,930 | 2.88% |
| Centralia, WA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 4.25% |
| Newport, OR (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,712 | 3.50% |
| Moses Lake, WA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,790 | 2.88% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.50% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.00% |
| Ellensburg, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.25% |
Verity's top markets include Seattle, Bremerton, Olympia, Yakima, and Oak Harbor among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 577 | $139,835,000 | $242,348 | $2,852 | 3.58% |
For the 2021 period, Verity's most frequently originated loan type of loans were Conventional, with 577 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Improvement | 199 | $33,105,000 | $166,357 | $2,494 | 4.02% |
| Refi | 150 | $44,800,000 | $298,667 | $2,527 | 3.10% |
| Other | 148 | $32,930,000 | $222,500 | $2,857 | 3.58% |
| Home Purchase | 61 | $22,895,000 | $375,328 | $3,757 | 3.24% |
| Cash Out Refi | 19 | $6,105,000 | $321,316 | $3,104 | 3.63% |
For the 2021, Verity's most frequently cited loan purpose of loans were Home Improvement, with 199 originations. The 2nd most popular reason of loans were Refi, with 150 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 276 | $40,220,000 | $145,725 | $0 | 4.30% |
| 30 Year | 176 | $66,590,000 | $378,352 | $3,234 | 3.14% |
| 15 Year | 70 | $16,790,000 | $239,857 | $2,285 | 2.68% |
| 20 Year | 33 | $8,985,000 | $272,273 | $2,694 | 2.89% |
| 10 Year | 17 | $5,065,000 | $297,941 | $1,681 | 2.14% |
| 5 Year | 5 | $2,185,000 | $437,000 | $0 | 0.80% |
For the 2021, Verity's most frequently cited loan length of loans were Other, with 276 originations. The 2nd most popular length of loans were 30 Year, with 176 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 207 | $61,775,000 | $298,430 |
| $1k-2k | 48 | $16,950,000 | $353,125 |
| $2k-3k | 13 | $6,655,000 | $511,923 |
| $3k-4k | 10 | $3,750,000 | $375,000 |
| $5k+ | 7 | $3,575,000 | $510,714 |
$3,234 of loans were Verity's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 207 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 270 | $68,400,000 | $253,333 |
| 2.5-3% | 125 | $40,005,000 | $320,040 |
| 4-5% | 109 | $15,735,000 | $144,358 |
| <2.5% | 58 | $13,570,000 | $233,966 |
| 5-6% | 13 | $1,775,000 | $136,538 |
During 2021, Verity's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 270 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 190 | $54,600,000 | $287,368 | $2,754 | 3.34% |
| $100k-200k | 166 | $23,210,000 | $139,819 | $2,131 | 3.77% |
| $100,000 or less | 124 | $7,200,000 | $58,065 | $851 | 3.95% |
| $400k-600k | 74 | $35,070,000 | $473,919 | $3,487 | 3.20% |
| $600k-1MM | 19 | $13,665,000 | $719,211 | $5,072 | 3.24% |
| $1MM+ | 4 | $6,090,000 | $1,522,500 | $6,416 | 3.63% |
2021 saw Verity place emphasis on $200k-400k loans with 190 originations, totaling $54,600,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 136 | $33,860,000 | $248,971 | $3,020 | 3.49% |
| $150k-250k | 135 | $35,265,000 | $261,222 | $3,215 | 3.79% |
| $75k-100k | 121 | $26,885,000 | $222,190 | $2,620 | 3.41% |
| $50k-75k | 76 | $15,020,000 | $197,632 | $2,325 | 3.36% |
| $250k+ | 60 | $18,150,000 | $302,500 | $4,456 | 3.85% |
| $50k or less | 34 | $4,080,000 | $120,000 | $2,236 | 3.48% |
Verity lent most frequently to those with incomes in the $100k-150k range, with 136 originations. The second most popular income band? $150k-250k, with 135 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 153 | $32,535,000 | $212,647 | $2,803 | 3.64% |
| 30-36% | 106 | $27,280,000 | $257,358 | $2,656 | 3.39% |
| <20% | 77 | $15,745,000 | $204,481 | $2,485 | 3.47% |
| 41% | 26 | $7,110,000 | $273,462 | $3,158 | 3.48% |
| 42% | 20 | $6,630,000 | $331,500 | $3,471 | 3.67% |
| 40% | 20 | $4,480,000 | $224,000 | $3,497 | 3.67% |
| 37% | 17 | $4,645,000 | $273,235 | $3,509 | 3.29% |
| 43% | 17 | $5,975,000 | $351,471 | $3,846 | 3.39% |
| 38% | 16 | $3,310,000 | $206,875 | $2,899 | 3.78% |
| 36% | 16 | $3,370,000 | $210,625 | $2,427 | 3.80% |
| 46% | 15 | $3,275,000 | $218,333 | $2,617 | 3.98% |
| 39% | 13 | $4,035,000 | $310,385 | $3,154 | 3.23% |
| 47% | 13 | $2,935,000 | $225,769 | $2,793 | 3.73% |
| 44% | 12 | $3,030,000 | $252,500 | $2,409 | 3.28% |
| 48% | 12 | $2,830,000 | $235,833 | $2,580 | 3.71% |
| 50-60% | 10 | $1,180,000 | $118,000 | $0 | 4.30% |
| 45% | 10 | $2,050,000 | $205,000 | $3,146 | 3.64% |
| 49% | 8 | $2,610,000 | $326,250 | $2,771 | 3.86% |
Verity lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 106 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 414 | $97,050,000 | $234,420 | $2,916 | 3.59% |
| Not provided | 59 | $14,205,000 | $240,763 | $2,747 | 3.61% |
| Asian | 42 | $11,650,000 | $277,381 | $2,624 | 3.29% |
| Black | 33 | $7,985,000 | $241,970 | $2,771 | 3.44% |
| Not applicable | 17 | $7,035,000 | $413,824 | $2,481 | 3.99% |
| Native Hawaiian | 7 | $1,185,000 | $169,286 | $2,816 | 3.89% |
| American Indian | 5 | $725,000 | $145,000 | $2,377 | 3.68% |
Approval Rates
Total approvals of all applications87.12%
Verity has an average approval rate.
Pick Rate
Approvals leading to origination87.32%
Verity has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 577 | $139,835,000 | $242,348 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 577 | $139,835,000 | $242,348 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 152 | $30,710,000 | $202,039 | $2,268 | 3.67% |
| 40-60% | 117 | $36,815,000 | $314,658 | $2,698 | 3.10% |
| 60-80% | 98 | $38,240,000 | $390,204 | $3,485 | 3.38% |
| 80-100% | 35 | $18,705,000 | $534,429 | $4,022 | 3.28% |
| Under 20% | 174 | $15,130,000 | $86,954 | $796 | 3.98% |
