Verity Mortgage Rates, Fees & Info
Seattle, WALEI: 549300XHF3PMRO08N352
Tax ID: 91-0219005
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Mortgage Data
Review & 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 by origination volume include: Seattle, Bremerton, Olympia, Yakima, and Oak Harbor among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Verity has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. Verity is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.65% | 12/16/24 |
| 30 Year Conventional Purchase | 6.27% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Refi | 5.68% | 12/16/24 |
| 15 Year Cash-out Refi | 5.68% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Verity Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
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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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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against VERITY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 301 | $99,615,000 | $330,947 | $2,852 | 2.91% |
| HELOC | 276 | $40,220,000 | $145,725 | n/a | 4.30% |
For 2021, Verity's most frequently originated type of loan was Conventional, with 301 originations. Their 2nd most popular type was HELOC, with 276 originations.
Loan Reason
For 2021, Verity's most frequently cited loan purpose was Home Improvement, with 199 originations. The 2nd most popular reason was Refi, with 150 originations.
Loan Duration/Length
For 2021, Verity's most frequently cited loan duration was Other, with 276 originations. The 2nd most popular length was 30 Year, with 176 originations.
Origination Fees/Closing Costs
Verity's average total fees were $3,234, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.14%, while their most frequently originated rate bucket for loans was 3-4%, with 270 originations.
Loan Sizing
2021 saw Verity place emphasis on $200k-400k loans with 190 originations, totaling $54,600,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications87.80%
Verity has an average approval rate.
Pick Rate
Approvals leading to origination91.51%
Verity has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 577 | $139,835,000 | $242,348 |