Tidewater Home Funding Mortgage Rates, Fees & Info
CHESAPEAKE, VALEI: 549300XL5688T9WLKS84
Tax ID: 54-1969262
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Mortgage 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
1,432Origination Dollar Volume (All Markets)
$414,850,000Awards
Tidewater Home Funding - 2021
Tidewater Home Funding is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications98.40%
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 origination90.27%
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% |
