Priority Home Lending Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300XHPPLC0TBRV021

Tax ID: 46-1836968

3 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Priority Home Lending is a smaller mortgage company specializing in Home Purchase loans. Priority Home Lending has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Seattle, Spokane, Portland, Bremerton, and Olympia among others. Priority Home Lending has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Priority Home Lending is typically a high fee lendor.


Originations

969

Origination Dollar Volume (All Markets)

$412,235,000

Relative Rate

Priority Home Lending 's average 30 year fixed rate mortgage of loans were 3.17%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.02%.

Relative Fees

Priority Home Lending 's average total fees for a 30 year fixed rate mortgage are $6,722.

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) 446 $223,580,000 $501,300 $6,753 3.13%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 218 $73,700,000 $338,073 $6,783 3.15%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 144 $58,140,000 $403,750 $6,350 3.18%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 74 $24,480,000 $330,811 $5,570 3.20%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 11 $4,185,000 $380,455 $10,127 3.15%
Outside of Metro Areas 10 $3,140,000 $314,000 $6,218 3.15%
BEND, OR (FHA|USDA|VA) 7 $2,885,000 $412,143 $7,614 3.18%
WENATCHEE, WA (FHA|USDA|VA) 5 $2,035,000 $407,000 $4,396 3.35%
Centralia, WA (FHA|USDA|VA) 5 $1,895,000 $379,000 $7,818 3.05%
Shelton, WA (FHA|USDA|VA) 4 $1,810,000 $452,500 $6,046 3.41%
Outside of Metro Areas 5 $1,665,000 $333,000 $5,577 3.10%
BELLINGHAM, WA (FHA|USDA|VA) 5 $1,555,000 $311,000 $5,081 3.03%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 4 $1,500,000 $375,000 $8,407 3.34%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 4 $1,430,000 $357,500 $6,808 3.47%
Aberdeen, WA (FHA|USDA|VA) 4 $1,420,000 $355,000 $5,039 2.94%
SALEM, OR (FHA|USDA|VA) 3 $1,225,000 $408,333 $11,317 3.29%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,135,000 $378,333 $7,219 3.13%
Oak Harbor, WA (FHA|USDA|VA) 3 $1,015,000 $338,333 $3,956 2.96%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 3 $955,000 $318,333 $5,198 3.13%
Moses Lake, WA (FHA|USDA|VA) 1 $625,000 $625,000 $9,479 3.25%
BOISE CITY, ID (FHA|USDA|VA) 1 $605,000 $605,000 $0 3.88%
Astoria, OR (FHA|USDA|VA) 1 $545,000 $545,000 $6,541 3.13%
NAPA, CA (FHA|USDA|VA) 1 $475,000 $475,000 $5,294 3.13%
TUCSON, AZ (FHA|USDA|VA) 1 $465,000 $465,000 $2,461 3.38%
YAKIMA, WA (FHA|USDA|VA) 1 $405,000 $405,000 $14,036 3.25%
WALLA WALLA, WA (FHA|USDA|VA) 1 $375,000 $375,000 $9,160 3.38%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $345,000 $345,000 $5,782 3.00%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $285,000 $285,000 $5,669 2.88%
Newport, OR (FHA|USDA|VA) 1 $235,000 $235,000 $3,332 3.25%
Othello, WA (FHA|USDA|VA) 1 $125,000 $125,000 $5,128 2.75%

Priority Home Lending 's top markets include Seattle, Spokane, Portland, Bremerton, and Olympia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 860 $368,800,000 $428,837 $6,108 3.15%
VA 57 $24,235,000 $425,175 $9,447 2.98%
FHA 52 $19,200,000 $369,231 $11,923 3.27%

For the 2021 period, Priority Home Lending 's most frequently originated loan type of loans were Conventional, with 860 originations. Their 2nd most popular type is VA, with 57 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 638 $293,630,000 $460,235 $7,375 3.17%
Refi 193 $69,725,000 $361,269 $5,074 3.03%
Cash Out Refi 135 $47,525,000 $352,037 $5,322 3.21%
Home Improvement 2 $1,000,000 $500,000 $8,097 3.06%
Other 1 $355,000 $355,000 $6,523 3.13%

For the 2021, Priority Home Lending 's most frequently cited loan purpose of loans were Home Purchase, with 638 originations. The 2nd most popular reason of loans were Refi, with 193 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 920 $395,120,000 $429,478 $6,722 3.17%
15 Year 33 $11,395,000 $345,303 $4,657 2.58%
20 Year 9 $3,265,000 $362,778 $5,437 2.88%
Other 7 $2,455,000 $350,714 $6,145 2.95%

For the 2021, Priority Home Lending 's most frequently cited loan length of loans were 30 Year, with 920 originations. The 2nd most popular length of loans were 15 Year, with 33 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 407 $173,645,000 $426,646
$3k-4k 183 $72,055,000 $393,743
$2k-3k 161 $61,705,000 $383,261
$5k+ 155 $80,865,000 $521,710
$<1k 21 $8,635,000 $411,190

$6,722 of loans were Priority Home Lending 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 407 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 583 $249,765,000 $428,413
2.5-3% 342 $145,420,000 $425,205
<2.5% 26 $9,700,000 $373,077
4-5% 17 $7,085,000 $416,765
5-6% 1 $265,000 $265,000

During 2021, Priority Home Lending 's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 3-4%, with 583 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 423 $130,475,000 $308,452 $6,013 3.16%
$400k-600k 348 $169,630,000 $487,443 $7,069 3.14%
$600k-1MM 112 $79,770,000 $712,232 $8,441 3.16%
$100k-200k 68 $11,130,000 $163,676 $4,322 3.11%
$1MM+ 15 $20,965,000 $1,397,667 $11,020 3.12%
$100,000 or less 3 $265,000 $88,333 $5,765 3.50%

2021 saw Priority Home Lending place emphasis on $200k-400k loans with 423 originations, totaling $130,475,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 253 $110,775,000 $437,846 $6,802 3.15%
$150k-250k 191 $102,395,000 $536,099 $6,964 3.17%
$50k-75k 191 $60,095,000 $314,634 $6,317 3.09%
$75k-100k 185 $70,685,000 $382,081 $6,449 3.19%
$250k+ 73 $51,745,000 $708,836 $7,940 3.16%
$50k or less 72 $15,260,000 $211,944 $5,591 3.13%

Priority Home Lending lent most frequently to those with incomes in the $100k-150k range, with 253 originations. The second most popular income band? $150k-250k, with 191 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 194 $85,110,000 $438,711 $6,537 3.16%
20-30% 172 $73,220,000 $425,698 $5,868 3.13%
42% 54 $20,760,000 $384,444 $7,016 3.22%
37% 54 $25,320,000 $468,889 $7,181 3.13%
44% 51 $21,945,000 $430,294 $6,652 3.18%
<20% 46 $19,430,000 $422,391 $5,909 3.07%
41% 45 $20,395,000 $453,222 $6,317 3.16%
43% 44 $16,250,000 $369,318 $5,896 3.12%
36% 38 $15,340,000 $403,684 $5,908 3.29%
45% 34 $14,430,000 $424,412 $7,867 3.21%
39% 33 $14,365,000 $435,303 $6,368 3.11%
49% 33 $13,865,000 $420,152 $7,982 3.19%
50-60% 32 $13,080,000 $408,750 $10,478 3.12%
40% 30 $14,710,000 $490,333 $6,493 3.17%
38% 29 $13,325,000 $459,483 $6,910 3.06%
46% 28 $10,730,000 $383,214 $6,216 3.18%
47% 28 $10,900,000 $389,286 $6,265 3.15%
48% 20 $7,780,000 $389,000 $8,018 3.03%

Priority Home Lending lent most frequently to those with DTI ratios of 30-36%, with 194 originations. The next most common DTI ratio? 20-30%, with 172 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 632 $264,320,000 $418,228 $6,532 3.13%
Not provided 220 $93,520,000 $425,091 $6,646 3.20%
Asian 52 $26,980,000 $518,846 $5,924 3.06%
Black 37 $16,005,000 $432,568 $8,508 3.19%
American Indian 14 $5,140,000 $367,143 $7,549 3.16%
Asian Indian 4 $2,520,000 $630,000 $11,500 3.34%
Filipino 4 $1,430,000 $357,500 $6,832 3.19%
Vietnamese 1 $605,000 $605,000 $16,727 3.00%
Japanese 1 $465,000 $465,000 $5,119 2.88%
Other Pacific Islander 1 $435,000 $435,000 $4,786 3.75%
Chinese 1 $435,000 $435,000 $4,202 3.63%
Native Hawaiian 1 $215,000 $215,000 $625 3.25%
Other Asian 1 $165,000 $165,000 $4,083 3.25%

Approval Rates

Total approvals of all applications
98.15%

Priority Home Lending 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
85.04%

Priority Home Lending has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 969 $412,235,000 $425,423

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
969 $412,235,000 $425,423

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 42 $11,280,000 $268,571 $4,473 3.01%
40-60% 131 $44,925,000 $342,939 $5,058 3.06%
60-80% 346 $158,480,000 $458,035 $6,200 3.15%
80-100% 427 $188,195,000 $440,738 $7,262 3.19%
Over 100% 19 $8,445,000 $444,474 $15,343 3.07%
Under 20% 4 $910,000 $227,500 $3,602 3.19%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Priority Financial Services Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%