Loanpal

Rosveille, CA 95661

LEI: 549300YN94MOAVYW0F52

Tax ID: 47-0912342

2019 Data | 2018 Data


Overview

Loanpal is a small mortgage company specializing in Refi and Cash Out Refi loans. Loanpal has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Sacramento, Phoenix, Riverside, Las Vegas, and Los Angeles among others. They have a below average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Loanpal is typically a normal fee high fee exceptionally high fee lendor.


Originations

9,266

Origination Dollar Volume (All Markets)

$2,450,770,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,644 $1,717,780,000 $258,546
FHA 1,462 $391,970,000 $268,105
VA 1,160 $341,020,000 $293,983

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 791 $225,985,000 $285,695
Home Improvement 839 $212,405,000 $253,164
Refi 4,293 $1,190,845,000 $277,392
Cash Out Refi 3,343 $821,535,000 $245,748

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1,413 $437,855,000 $309,876
PHOENIX-MESA-CHANDLER, AZ 644 $152,690,000 $237,096
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 506 $149,250,000 $294,960
LAS VEGAS-HENDERSON-PARADISE, NV 600 $144,280,000 $240,467
LOS ANGELES-LONG BEACH-GLENDALE, CA 326 $118,500,000 $363,497
DENVER-AURORA-LAKEWOOD, CO 363 $108,635,000 $299,270
Outside of Metro Areas 488 $99,920,000 $204,754
OAKLAND-BERKELEY-LIVERMORE, CA 184 $73,850,000 $401,359
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 142 $54,520,000 $383,944
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 174 $50,540,000 $290,460
STOCKTON, CA 166 $45,940,000 $276,747
VALLEJO, CA 123 $38,875,000 $316,057
ANAHEIM-SANTA ANA-IRVINE, CA 83 $34,875,000 $420,181
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 106 $33,270,000 $313,868
SEATTLE-BELLEVUE-KENT, WA 96 $31,130,000 $324,271
YUBA CITY, CA 110 $28,060,000 $255,091
SALT LAKE CITY, UT 114 $28,010,000 $245,702
BOISE CITY, ID 118 $26,050,000 $220,763
FRESNO, CA 111 $25,175,000 $226,802
SAN ANTONIO-NEW BRAUNFELS, TX 134 $24,200,000 $180,597
BAKERSFIELD, CA 107 $23,605,000 $220,607
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 48 $23,320,000 $485,833
COLORADO SPRINGS, CO 81 $21,115,000 $260,679
TACOMA-LAKEWOOD, WA 75 $19,755,000 $263,400
MODESTO, CA 69 $17,025,000 $246,739
TUCSON, AZ 82 $16,560,000 $201,951
OXNARD-THOUSAND OAKS-VENTURA, CA 38 $16,050,000 $422,368
OGDEN-CLEARFIELD, UT 60 $14,820,000 $247,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 74 $14,480,000 $195,676
DALLAS-PLANO-IRVING, TX 75 $14,395,000 $191,933
GREELEY, CO 50 $14,380,000 $287,600
AUSTIN-ROUND ROCK-GEORGETOWN, TX 69 $14,215,000 $206,014
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 62 $13,460,000 $217,097
VISALIA, CA 61 $13,215,000 $216,639
ALBUQUERQUE, NM 70 $12,440,000 $177,714
RENO, NV 44 $12,190,000 $277,045
BALTIMORE-COLUMBIA-TOWSON, MD 45 $11,825,000 $262,778
TAMPA-ST. PETERSBURG-CLEARWATER, FL 55 $11,635,000 $211,545
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 62 $11,600,000 $187,097
RALEIGH-CARY, NC 48 $10,950,000 $228,125
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 46 $10,820,000 $235,217
MADERA, CA 42 $10,630,000 $253,095
EL PASO, TX 78 $10,270,000 $131,667
ORLANDO-KISSIMMEE-SANFORD, FL 45 $9,815,000 $218,111
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 18 $9,590,000 $532,778
SANTA ROSA-PETALUMA, CA 22 $9,290,000 $422,273
PROVO-OREM, UT 35 $9,135,000 $261,000
MERCED, CA 37 $9,015,000 $243,649
SAN LUIS OBISPO-PASO ROBLES, CA 26 $8,710,000 $335,000
IDAHO FALLS, ID 45 $8,685,000 $193,000
NEWARK, NJ-PA 32 $8,320,000 $260,000
Outside of Metro Areas 23 $8,235,000 $358,043
SANTA MARIA-SANTA BARBARA, CA 24 $8,210,000 $342,083
SALEM, OR 35 $7,885,000 $225,286
FORT COLLINS, CO 23 $7,785,000 $338,478
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 36 $7,530,000 $209,167
NEW BRUNSWICK-LAKEWOOD, NJ 24 $7,360,000 $306,667
NAPA, CA 20 $7,290,000 $364,500
RICHMOND, VA 33 $7,215,000 $218,636
PUEBLO, CO 37 $6,955,000 $187,973
CHICO, CA 31 $6,735,000 $217,258
PRESCOTT VALLEY-PRESCOTT, AZ 31 $6,725,000 $216,935
FORT WORTH-ARLINGTON-GRAPEVINE, TX 35 $6,255,000 $178,714
CHARLESTON-NORTH CHARLESTON, SC 29 $6,235,000 $215,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 27 $6,035,000 $223,519
ASHEVILLE, NC 32 $5,810,000 $181,563
POCATELLO, ID 33 $5,705,000 $172,879
SALINAS, CA 19 $5,525,000 $290,789
CAMDEN, NJ 24 $5,430,000 $226,250
KANSAS CITY, MO-KS 31 $5,295,000 $170,806
LAS CRUCES, NM 32 $5,120,000 $160,000
HANFORD-CORCORAN, CA 22 $4,970,000 $225,909
TWIN FALLS, ID 28 $4,820,000 $172,143
KILLEEN-TEMPLE, TX 27 $4,655,000 $172,407
KENNEWICK-RICHLAND, WA 21 $4,505,000 $214,524
SANTA CRUZ-WATSONVILLE, CA 10 $4,490,000 $449,000
LAKE HAVASU CITY-KINGMAN, AZ 21 $4,455,000 $212,143
REDDING, CA 19 $4,395,000 $231,316
BOULDER, CO 13 $4,205,000 $323,462
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 12 $3,970,000 $330,833
LAKELAND-WINTER HAVEN, FL 21 $3,915,000 $186,429
OLYMPIA-LACEY-TUMWATER, WA 14 $3,910,000 $279,286
BREMERTON-SILVERDALE-PORT ORCHARD, WA 15 $3,905,000 $260,333
SPOKANE-SPOKANE VALLEY, WA 23 $3,905,000 $169,783
DURHAM-CHAPEL HILL, NC 16 $3,760,000 $235,000
NORTH PORT-SARASOTA-BRADENTON, FL 14 $3,400,000 $242,857
LONGVIEW, WA 15 $3,345,000 $223,000
COLUMBUS, OH 17 $3,175,000 $186,765
ST. LOUIS, MO-IL 14 $3,020,000 $215,714
NEW HAVEN-MILFORD, CT 13 $2,815,000 $216,538
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 10 $2,700,000 $270,000
ALBANY-LEBANON, OR 12 $2,690,000 $224,167
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 8 $2,600,000 $325,000
MILWAUKEE-WAUKESHA, WI 15 $2,595,000 $173,000
CAPE CORAL-FORT MYERS, FL 12 $2,570,000 $214,167
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 10 $2,500,000 $250,000
MADISON, WI 10 $2,440,000 $244,000
COLUMBIA, SC 21 $2,375,000 $113,095
MEMPHIS, TN-MS-AR 11 $2,275,000 $206,818
GRAND JUNCTION, CO 12 $2,180,000 $181,667
YUMA, AZ 11 $2,175,000 $197,727
CHARLOTTESVILLE, VA 7 $2,135,000 $305,000
MEDFORD, OR 8 $2,070,000 $258,750
EL CENTRO, CA 9 $2,065,000 $229,444
FLAGSTAFF, AZ 5 $2,005,000 $401,000
YAKIMA, WA 10 $1,970,000 $197,000
ST. GEORGE, UT 8 $1,940,000 $242,500
CINCINNATI, OH-KY-IN 10 $1,890,000 $189,000
JACKSONVILLE, FL 9 $1,875,000 $208,333
EUGENE-SPRINGFIELD, OR 8 $1,870,000 $233,750
BEND, OR 6 $1,770,000 $295,000
WENATCHEE, WA 6 $1,700,000 $283,333
BURLINGTON, NC 9 $1,695,000 $188,333
SPARTANBURG, SC 9 $1,675,000 $186,111
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 9 $1,655,000 $183,889
KNOXVILLE, TN 8 $1,610,000 $201,250
PITTSBURGH, PA 10 $1,600,000 $160,000
MIAMI-MIAMI BEACH-KENDALL, FL 7 $1,445,000 $206,429
BELLINGHAM, WA 4 $1,430,000 $357,500
LUBBOCK, TX 11 $1,415,000 $128,636
PALM BAY-MELBOURNE-TITUSVILLE, FL 6 $1,380,000 $230,000
LOGAN, UT-ID 7 $1,375,000 $196,429
GREENVILLE-ANDERSON, SC 9 $1,335,000 $148,333
WINSTON-SALEM, NC 9 $1,325,000 $147,222
PORT ST. LUCIE, FL 7 $1,285,000 $183,571
GREENSBORO-HIGH POINT, NC 9 $1,255,000 $139,444
SAN RAFAEL, CA 5 $1,245,000 $249,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 7 $1,215,000 $173,571
WACO, TX 6 $1,190,000 $198,333
BRIDGEPORT-STAMFORD-NORWALK, CT 4 $1,180,000 $295,000
MONTGOMERY, AL 6 $1,150,000 $191,667
SANTA FE, NM 6 $1,140,000 $190,000
LAREDO, TX 8 $1,070,000 $133,750
PENSACOLA-FERRY PASS-BRENT, FL 7 $1,055,000 $150,714
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 5 $1,015,000 $203,000
WINCHESTER, VA-WV 4 $1,010,000 $252,500
OKLAHOMA CITY, OK 7 $1,005,000 $143,571
STAUNTON, VA 4 $1,000,000 $250,000
SALISBURY, MD-DE 5 $995,000 $199,000
CARSON CITY, NV 4 $990,000 $247,500
SUMTER, SC 5 $975,000 $195,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 5 $935,000 $187,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 4 $900,000 $225,000
JOPLIN, MO 6 $900,000 $150,000
DULUTH, MN-WI 4 $880,000 $220,000
EAU CLAIRE, WI 6 $870,000 $145,000
SPRINGFIELD, MO 6 $860,000 $143,333
SIERRA VISTA-DOUGLAS, AZ 5 $835,000 $167,000
MOUNT VERNON-ANACORTES, WA 4 $830,000 $207,500
ODESSA, TX 5 $825,000 $165,000
GOLDSBORO, NC 5 $825,000 $165,000
COLLEGE STATION-BRYAN, TX 4 $820,000 $205,000
MCALLEN-EDINBURG-MISSION, TX 7 $805,000 $115,000
WAUSAU-WESTON, WI 4 $790,000 $197,500
WILMINGTON, DE-MD-NJ 4 $750,000 $187,500
TALLAHASSEE, FL 4 $680,000 $170,000
SAVANNAH, GA 4 $670,000 $167,500
OCALA, FL 5 $665,000 $133,000
FAYETTEVILLE, NC 4 $660,000 $165,000
HAGERSTOWN-MARTINSBURG, MD-WV 3 $655,000 $218,333
CORVALLIS, OR 2 $640,000 $320,000
PHILADELPHIA, PA 4 $640,000 $160,000
PUNTA GORDA, FL 2 $600,000 $300,000
COEUR D'ALENE, ID 3 $595,000 $198,333
URBAN HONOLULU, HI 1 $595,000 $595,000
CALIFORNIA-LEXINGTON PARK, MD 3 $595,000 $198,333
CHATTANOOGA, TN-GA 3 $565,000 $188,333
AUGUSTA-RICHMOND COUNTY, GA-SC 4 $560,000 $140,000
WILMINGTON, NC 2 $540,000 $270,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 4 $510,000 $127,500
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 3 $505,000 $168,333
HILTON HEAD ISLAND-BLUFFTON, SC 2 $490,000 $245,000
MIDLAND, TX 1 $485,000 $485,000
NAPLES-MARCO ISLAND, FL 2 $480,000 $240,000
LYNCHBURG, VA 3 $475,000 $158,333
COLUMBIA, MO 2 $470,000 $235,000
FLORENCE, SC 4 $470,000 $117,500
FORT WAYNE, IN 3 $465,000 $155,000
CORPUS CHRISTI, TX 4 $460,000 $115,000
ATHENS-CLARKE COUNTY, GA 3 $455,000 $151,667
CANTON-MASSILLON, OH 3 $455,000 $151,667
GAINESVILLE, FL 3 $435,000 $145,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 2 $420,000 $210,000
WORCESTER, MA-CT 2 $410,000 $205,000
GAINESVILLE, GA 2 $400,000 $200,000
WICHITA, KS 2 $390,000 $195,000
TERRE HAUTE, IN 2 $390,000 $195,000
LA CROSSE-ONALASKA, WI-MN 2 $380,000 $190,000
MORRISTOWN, TN 3 $375,000 $125,000
BLACKSBURG-CHRISTIANSBURG, VA 2 $370,000 $185,000
THE VILLAGES, FL 2 $370,000 $185,000
WARNER ROBINS, GA 2 $360,000 $180,000
READING, PA 2 $340,000 $170,000
HARRISBURG-CARLISLE, PA 3 $335,000 $111,667
TYLER, TX 3 $335,000 $111,667
ST. CLOUD, MN 1 $325,000 $325,000
CLARKSVILLE, TN-KY 1 $305,000 $305,000
CLEVELAND-ELYRIA, OH 2 $300,000 $150,000
KAHULUI-WAILUKU-LAHAINA, HI 1 $295,000 $295,000
JANESVILLE-BELOIT, WI 2 $290,000 $145,000
TULSA, OK 2 $290,000 $145,000
AKRON, OH 2 $280,000 $140,000
LEWISTON, ID-WA 1 $275,000 $275,000
DAYTON-KETTERING, OH 2 $270,000 $135,000
JACKSONVILLE, NC 2 $260,000 $130,000
ATLANTIC CITY-HAMMONTON, NJ 2 $260,000 $130,000
GREEN BAY, WI 2 $250,000 $125,000
LAWTON, OK 2 $250,000 $125,000
BROWNSVILLE-HARLINGEN, TX 2 $250,000 $125,000
ERIE, PA 2 $240,000 $120,000
COLUMBUS, GA-AL 1 $235,000 $235,000
SEBRING-AVON PARK, FL 1 $215,000 $215,000
OCEAN CITY, NJ 1 $215,000 $215,000
SEBASTIAN-VERO BEACH, FL 1 $185,000 $185,000
PANAMA CITY, FL 1 $185,000 $185,000
TRENTON-PRINCETON, NJ 2 $180,000 $90,000
GARY, IN 1 $165,000 $165,000
BRUNSWICK, GA 1 $165,000 $165,000
HOMOSASSA SPRINGS, FL 1 $165,000 $165,000
GRANTS PASS, OR 1 $155,000 $155,000
VICTORIA, TX 1 $155,000 $155,000
ROCHESTER, MN 1 $155,000 $155,000
CLEVELAND, TN 1 $155,000 $155,000
HICKORY-LENOIR-MORGANTON, NC 1 $155,000 $155,000
EVANSVILLE, IN-KY 1 $145,000 $145,000
SAN ANGELO, TX 1 $135,000 $135,000
WHEELING, WV-OH 1 $135,000 $135,000
GETTYSBURG, PA 1 $135,000 $135,000
YORK-HANOVER, PA 1 $135,000 $135,000
NORWICH-NEW LONDON, CT 1 $135,000 $135,000
WALLA WALLA, WA 1 $135,000 $135,000
WEIRTON-STEUBENVILLE, WV-OH 1 $115,000 $115,000
ROANOKE, VA 1 $105,000 $105,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $95,000 $95,000
TOLEDO, OH 1 $85,000 $85,000
HINESVILLE, GA 1 $85,000 $85,000
KOKOMO, IN 1 $85,000 $85,000
AMARILLO, TX 1 $65,000 $65,000
BEAUMONT-PORT ARTHUR, TX 1 $45,000 $45,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 72 $2,690,000 $37,361
2.5-3% 394 $80,760,000 $204,975
3-4% 5,512 $1,489,470,000 $270,223
4-5% 2,868 $771,970,000 $269,167
5-6% 412 $102,680,000 $249,223
6-7% 4 $1,370,000 $342,500
7-8% 2 $350,000 $175,000
Over 8% 2 $1,480,000 $740,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 513 $31,705,000 $61,803
$100k-200k 2,437 $380,365,000 $156,079
$200k-400k 5,049 $1,425,165,000 $282,267
$400k-600k 1,150 $532,240,000 $462,817
$600k-1000k 115 $78,425,000 $681,957
$Over $1MM 2 $2,870,000 $1,435,000

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 377 $64,225,000 $170,358
40-60% 1,300 $303,200,000 $233,231
60-80% 3,762 $1,017,710,000 $270,524
80-100% 3,367 $977,835,000 $290,417
Over 100% 88 $28,890,000 $328,295
Under 20% 185 $6,875,000 $37,162

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,872 $598,590,000 $319,760
$150k-250k 765 $311,585,000 $407,301
$50k-75k 2,441 $535,665,000 $219,445
$50k-or less 1,432 $229,810,000 $160,482
$75k-100k 1,869 $494,895,000 $264,791
$Over $250k 111 $52,625,000 $474,099

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 5,469 $1,444,635,000 $264,150
Not provided 3,042 $794,820,000 $261,282
Black 434 $110,390,000 $254,355
Asian 248 $82,350,000 $332,056
American Indian 44 $10,820,000 $245,909
Native Hawaiian 29 $7,755,000 $267,414

Approval Rates

Total approvals of all applications
60.96%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
-51.83%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 9,266 $2,450,770,000 $264,491

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,076 $627,860,000 $302,437
$1k-2k 773 $199,875,000 $258,571
$2k-3k 1,128 $251,830,000 $223,254
$3k-4k 2,643 $590,395,000 $223,381
$5k+ 2,645 $780,415,000 $295,053

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 71 $12,105,000 $170,493
Single Family (1-4 Units):Site-Built 9,195 $2,438,665,000 $265,216