Tidewater Home Funding Mortgage Rates, Fees & Info

CHESAPEAKE, VA

LEI: 549300XL5688T9WLKS84

Tax ID: 54-1969262

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Tidewater Home Funding is a smaller mortgage company specializing in Home Purchase loans. Tidewater Home Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Virginia Beach, Richmond, Kill Devil Hills, Washington, and Elizabeth City among others. Tidewater Home Funding has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Tidewater Home Funding is typically an average fee lendor.


Originations

1,432

Origination Dollar Volume (All Markets)

$414,850,000
Show all (8) awards

Relative Rate

Tidewater Home Funding 's average 30 year fixed rate mortgage of loans were 3.06%.

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

This yields a difference of -0.09%.

Relative Fees

Tidewater Home Funding 's average total fees for a 30 year fixed rate mortgage are $4,960.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 889 $251,455,000 $282,852 $5,156 3.02%
RICHMOND, VA (FHA|USDA|VA) 378 $119,060,000 $314,974 $4,471 3.02%
Outside of Metro Areas 83 $19,775,000 $238,253 $4,154 3.15%
Kill Devil Hills, NC (FHA|USDA|VA) 27 $9,585,000 $355,000 $3,604 3.19%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 10 $4,060,000 $406,000 $6,126 3.03%
Elizabeth City, NC (FHA|USDA|VA) 16 $3,580,000 $223,750 $3,762 3.13%
Roanoke Rapids, NC (FHA|USDA|VA) 5 $1,075,000 $215,000 $3,583 3.08%
WILMINGTON, NC (FHA|USDA|VA) 2 $680,000 $340,000 $6,949 2.81%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $630,000 $315,000 $12,452 2.69%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $550,000 $275,000 $2,003 2.69%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $525,000 $525,000 $9,570 3.25%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 4 $510,000 $127,500 $2,553 3.44%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $465,000 $465,000 $10,847 2.50%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $445,000 $445,000 $4,854 2.75%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $355,000 $355,000 $4,838 2.88%
LYNCHBURG, VA (FHA|USDA|VA) 2 $350,000 $175,000 $5,613 3.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,326 3.50%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,621 2.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $255,000 $255,000 $1,811 2.88%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $9,178 2.88%
NEW BERN, NC (FHA|USDA|VA) 1 $235,000 $235,000 $3,736 3.88%
HARRISONBURG, VA (FHA|USDA|VA) 1 $195,000 $195,000 $4,070 3.25%
GREENVILLE, NC (FHA|USDA|VA) 1 $145,000 $145,000 $1,866 2.75%
Danville, VA (FHA|USDA|VA) 1 $125,000 $125,000 $618 3.38%

Tidewater Home Funding 's top markets include Virginia Beach, Richmond, Kill Devil Hills, Washington, and Elizabeth City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 896 $264,120,000 $294,777 $3,913 3.14%
VA 253 $83,455,000 $329,862 $6,747 2.77%
FHA 246 $59,550,000 $242,073 $6,452 2.96%
USDA 37 $7,725,000 $208,784 $3,927 2.90%

For the 2021 period, Tidewater Home Funding 's most frequently originated loan type of loans were Conventional, with 896 originations. Their 2nd most popular type is VA, with 253 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 967 $288,775,000 $298,630 $5,018 3.06%
Refi 288 $80,570,000 $279,757 $4,191 2.88%
Cash Out Refi 177 $45,505,000 $257,090 $5,190 3.17%

For the 2021, Tidewater Home Funding 's most frequently cited loan purpose of loans were Home Purchase, with 967 originations. The 2nd most popular reason of loans were Refi, with 288 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,324 $390,830,000 $295,189 $4,960 3.06%
15 Year 80 $18,070,000 $225,875 $3,929 2.64%
20 Year 22 $4,710,000 $214,091 $3,796 2.93%
Other 5 $965,000 $193,000 $3,126 2.90%
10 Year 1 $275,000 $275,000 $3,752 2.13%

For the 2021, Tidewater Home Funding 's most frequently cited loan length of loans were 30 Year, with 1,324 originations. The 2nd most popular length of loans were 15 Year, with 80 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 740 $210,850,000 $284,932
$1k-2k 339 $84,895,000 $250,428
$2k-3k 145 $40,635,000 $280,241
$3k-4k 92 $34,120,000 $370,870
$5k+ 63 $35,295,000 $560,238

$4,960 of loans were Tidewater Home Funding 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 740 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 636 $190,480,000 $299,497
3-4% 616 $175,090,000 $284,237
<2.5% 155 $45,055,000 $290,677
4-5% 25 $4,225,000 $169,000

During 2021, Tidewater Home Funding 's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 636 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 750 $214,380,000 $285,840 $4,775 3.01%
$100k-200k 362 $58,020,000 $160,276 $3,462 3.12%
$400k-600k 237 $111,755,000 $471,540 $6,670 2.93%
$100,000 or less 47 $3,655,000 $77,766 $2,846 3.25%
$600k-1MM 32 $21,970,000 $686,563 $9,641 3.12%
$1MM+ 4 $5,070,000 $1,267,500 $17,033 3.28%

2021 saw Tidewater Home Funding place emphasis on $200k-400k loans with 750 originations, totaling $214,380,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 357 $81,375,000 $227,941 $4,750 3.06%
$100k-150k 347 $115,365,000 $332,464 $4,828 3.08%
$75k-100k 236 $66,000,000 $279,661 $5,187 2.99%
$50k or less 226 $43,010,000 $190,310 $3,802 2.95%
$150k-250k 195 $76,325,000 $391,410 $5,405 3.06%
$250k+ 66 $31,600,000 $478,788 $7,213 3.17%

Tidewater Home Funding lent most frequently to those with incomes in the $50k-75k range, with 357 originations. The second most popular income band? $100k-150k, with 347 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 318 $93,910,000 $295,314 $4,401 3.04%
30-36% 286 $83,310,000 $291,294 $4,711 3.06%
<20% 101 $27,025,000 $267,574 $3,803 2.97%
42% 68 $19,700,000 $289,706 $5,246 3.09%
39% 68 $20,770,000 $305,441 $5,175 3.15%
44% 62 $16,010,000 $258,226 $4,847 3.06%
43% 59 $17,145,000 $290,593 $5,648 3.18%
41% 58 $17,770,000 $306,379 $5,664 3.05%
38% 57 $17,045,000 $299,035 $4,770 3.11%
40% 56 $16,610,000 $296,607 $5,416 3.08%
36% 52 $13,320,000 $256,154 $4,266 3.07%
37% 45 $12,305,000 $273,444 $5,201 3.04%
50-60% 45 $15,185,000 $337,444 $8,228 2.85%
46% 32 $9,100,000 $284,375 $5,667 3.10%
45% 27 $7,725,000 $286,111 $4,500 3.04%
47% 22 $6,190,000 $281,364 $5,882 3.05%
48% 18 $5,440,000 $302,222 $5,335 2.90%
49% 17 $4,705,000 $276,765 $6,702 3.03%
>60% 1 $255,000 $255,000 $3,334 2.38%

Tidewater Home Funding lent most frequently to those with DTI ratios of 20-30%, with 318 originations. The next most common DTI ratio? 30-36%, with 286 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,119 $323,625,000 $289,209 $4,844 3.04%
Black 190 $53,780,000 $283,053 $5,231 3.05%
Not provided 65 $20,105,000 $309,308 $4,064 3.01%
Asian 45 $14,405,000 $320,111 $5,179 3.03%
American Indian 5 $1,075,000 $215,000 $4,710 3.20%
Native Hawaiian 3 $785,000 $261,667 $5,938 2.92%
Other Pacific Islander 2 $510,000 $255,000 $6,711 2.94%
Other Asian 2 $350,000 $175,000 $3,231 3.94%
Filipino 1 $215,000 $215,000 $8,973 2.38%

Approval Rates

Total approvals of all applications
98.40%

Tidewater Home Funding 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
90.27%

Tidewater Home Funding has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 7 $2,095,000 $299,286
NA 1,425 $412,755,000 $289,653

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,432 $414,850,000 $289,700

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 38 $6,170,000 $162,368 $3,503 2.99%
40-60% 138 $31,610,000 $229,058 $3,310 2.96%
60-80% 364 $102,850,000 $282,555 $4,029 3.16%
80-100% 813 $248,645,000 $305,836 $5,020 3.01%
Over 100% 77 $25,415,000 $330,065 $10,272 2.83%
Under 20% 2 $160,000 $80,000 $0 3.69%