Mortgage Bank Of California Rates, Fees & Info

MANHATTAN BEACH, CA

LEI: 549300XR0EY1M0FVG232

Tax ID: 20-3655285

1 stars - Updated: 7/14/24 - out of 5 stars, based on 7 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Mortgage Bank Of California is a smaller bank specializing in Cash Out Refi and Home Purchase loans. Mortgage Bank Of California has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, Phoenix, Houston, and Jacksonville among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mortgage Bank Of California has an above average approval rate when compared to the average across all lenders. Mortgage Bank Of California is typically a high 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 9.09% 7/14/24
30 Year Conventional Refi 6.27% 7/14/24
30 Year Cash-out Refi 8.68% 7/14/24
15 Year Conventional Purchase 10.11% 7/14/24
15 Year Conventional Refi 8.86% 7/14/24
15 Year Cash-out Refi 8.86% 7/14/24
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.

Mortgage Bank Of California Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mortgage Bank Of California. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

45

Origination Dollar Volume (All Markets)

$38,555,000

Relative Rate

Mortgage Bank Of California's average 30 year fixed mortgage rate was 8.87%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 2.39%.

Relative Fees (Closing Costs)

Mortgage Bank Of California's average total fees/closing costs for a 30 year fixed rate mortgage were $24,435.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 8 $7,560,000 $945,000 $26,294 8.22%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $5,550,000 $1,387,500 $32,637 9.06%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $5,375,000 $1,075,000 $30,873 9.28%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $3,005,000 $3,005,000 $85,452 8.63%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $2,320,000 $1,160,000 $34,113 8.56%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $2,060,000 $1,030,000 $32,067 8.38%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,850,000 $925,000 $29,526 9.13%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $41,701 9.75%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $1,245,000 $1,245,000 $19,879 7.50%
Breckenridge, CO (FHA|USDA|VA) 1 $945,000 $945,000 $27,025 8.50%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $715,000 $715,000 $19,554 9.13%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $605,000 $605,000 $21,738 8.88%
AKRON, OH (FHA|USDA|VA) 1 $595,000 $595,000 $10,423 8.88%
Sevierville, TN (FHA|USDA|VA) 1 $585,000 $585,000 $19,659 7.88%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $505,000 $505,000 $15,599 8.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $505,000 $505,000 $22,799 9.75%
Astoria, OR (FHA|USDA|VA) 1 $505,000 $505,000 $20,109 8.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $505,000 $505,000 $18,504 8.25%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $475,000 $475,000 $15,651 10.50%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $470,000 $235,000 $10,465 8.25%
Heber, UT (FHA|USDA|VA) 1 $405,000 $405,000 $14,559 9.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $315,000 $315,000 $13,529 9.63%
Outside of Metro Areas 1 $305,000 $305,000 $11,487 7.75%
Durango, CO (FHA|USDA|VA) 1 $205,000 $205,000 $11,138 11.25%
Alpena, MI (FHA|USDA|VA) 1 $165,000 $165,000 $6,907 8.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $155,000 $155,000 $9,262 8.63%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $125,000 $125,000 $8,286 12.25%
Mortgage Bank Of California's top markets include New York, Miami, Phoenix, Houston, and Jacksonville among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mortgage Bank of California based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Los Angeles Federal Credit Union
    Similarity Rank: 72
    LBS FINANCIAL
    Similarity Rank: 258
    AMOCO
    Similarity Rank: 258
    FineMark National Bank & Trust
    Similarity Rank: 280
    FIRST CONTINENTAL MORTGAGE, LTD.
    Similarity Rank: 300
    CLARK COUNTY CREDIT UNION
    Similarity Rank: 330
    SOUTHLAND CREDIT UNION
    Similarity Rank: 342
    FIRST ENTERTAINMENT
    Similarity Rank: 351

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 45 $38,555,000 $856,778 $24,908 8.86%

    For 2023, Mortgage Bank Of California's most frequently originated type of loan was Conventional, with 45 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 23 $21,055,000 $915,435 $25,767 9.10%
    Home Purchase 19 $15,375,000 $809,211 $24,187 8.63%
    Refi 3 $2,125,000 $708,333 $22,892 8.46%

    For 2023, Mortgage Bank Of California's most frequently cited loan purpose was Cash Out Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 44 $37,020,000 $841,364 $24,435 8.87%
    30+ year 1 $1,535,000 $1,535,000 $45,727 8.25%

    For 2023, Mortgage Bank Of California's most frequently cited loan duration was 30 Year, with 44 originations. The 2nd most popular length was 30+ year, with 1 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 44 $38,070,000 $865,227
    $<1k 1 $485,000 $485,000

    Mortgage Bank Of California's average total fees were $24,435, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 44 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 36 $33,250,000 $923,611
    7-8% 8 $4,970,000 $621,250
    6-7% 1 $335,000 $335,000

    During 2023, Mortgage Bank Of California's average interest rate for loans was 8.87%, while their most frequently originated rate bucket for loans was Over 8%, with 36 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 12 $21,430,000 $1,785,833 $44,794 8.76%
    $400k-600k 12 $6,020,000 $501,667 $16,410 8.98%
    $600k-1MM 11 $8,705,000 $791,364 $25,382 8.82%
    $200k-400k 7 $1,955,000 $279,286 $11,823 8.55%
    $100k-200k 3 $445,000 $148,333 $8,152 9.63%

    2023 saw Mortgage Bank Of California place emphasis on $1MM+ loans with 12 originations, totaling $21,430,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 27 $29,175,000 $1,080,556 $30,096 9.07%
    $150k-250k 4 $1,590,000 $397,500 $14,858 8.63%
    $100k-150k 3 $855,000 $285,000 $12,128 9.13%
    $75k-100k 1 $635,000 $635,000 $22,169 9.50%

    Mortgage Bank Of California lent most frequently to those with incomes in the $250k+ range, with 27 originations. The second most popular income band? $150k-250k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 9 $9,145,000 $1,016,111 $30,493 8.69%
    20-30% 5 $4,245,000 $849,000 $26,683 8.15%
    30-36% 4 $3,050,000 $762,500 $22,682 9.22%
    >60% 3 $3,745,000 $1,248,333 $27,579 9.46%
    44% 3 $1,645,000 $548,333 $20,189 9.21%
    49% 3 $3,865,000 $1,288,333 $30,046 9.79%
    41% 2 $1,050,000 $525,000 $15,636 7.81%
    43% 2 $2,280,000 $1,140,000 $31,444 8.56%
    38% 2 $1,520,000 $760,000 $24,627 8.94%
    40% 2 $2,310,000 $1,155,000 $33,898 9.25%
    46% 1 $445,000 $445,000 $18,444 8.38%
    42% 1 $525,000 $525,000 $18,407 8.50%
    47% 1 $505,000 $505,000 $18,504 8.25%
    39% 1 $405,000 $405,000 $14,559 9.88%

    Mortgage Bank Of California lent most frequently to those with DTI ratios of <20%, with 9 originations. The next most common DTI ratio? 20-30%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $31,050,000 $913,235 $26,414 8.89%
    Black 5 $4,025,000 $805,000 $20,484 8.33%
    Not provided 3 $1,435,000 $478,333 $19,455 8.54%
    Asian 2 $1,040,000 $520,000 $17,901 10.63%
    American Indian 1 $1,005,000 $1,005,000 $26,215 7.88%

    Approval Rates

    Total approvals of all applications
    100.00%

    Mortgage Bank Of California 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 45 $38,555,000 $856,778

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    45 $38,555,000 $856,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $475,000 $475,000 $15,651 10.50%
    40-60% 1 $155,000 $155,000 $9,262 8.63%
    60-80% 17 $10,735,000 $631,471 $19,815 8.86%
    80-100% 1 $925,000 $925,000 $23,878 9.75%
    Over 100% 4 $7,180,000 $1,795,000 $44,492 8.94%