Astera Mortgage Rates, Fees & Info

Lansing, MI

LEI: 549300YW2Z3JIKD72X32

Tax ID: 38-1399600

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Mortgage Data

Review & Overview

Astera is a smaller mortgage company specializing in Other loans. Astera has a high proportion of conventional loans. Their top markets by origination volume include: Lansing, Jackson, Grand Rapids, Alma, and Flint among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Astera has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

50

Origination Dollar Volume (All Markets)

$2,250,000

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
LANSING-EAST LANSING, MI (FHA|USDA|VA) 42 $1,860,000 $44,286 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $60,000 $30,000 $0 0.00%
Alma, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
FLINT, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Outside of Metro Areas 1 $45,000 $45,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
Astera's top markets include Lansing, Jackson, Grand Rapids, Alma, and Flint among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 50 $2,250,000 $45,000 $0 0.00%

    For 2018, Astera's most frequently originated type of loan was Conventional, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 31 $1,235,000 $39,839 $0 0.00%
    Home Improvement 9 $415,000 $46,111 $0 0.00%
    Cash Out Refi 5 $275,000 $55,000 $0 0.00%
    Refi 3 $175,000 $58,333 $0 0.00%
    Home Purchase 2 $150,000 $75,000 $0 0.00%

    For 2018, Astera's most frequently cited loan purpose was Other, with 31 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 50 $2,250,000 $45,000 $0 0.00%

    For 2018, Astera's most frequently cited loan duration was Other, with 50 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 46 $1,780,000 $38,696 $0 0.00%
    $100k-200k 4 $470,000 $117,500 $0 0.00%

    2018 saw Astera place emphasis on $100,000 or less loans with 46 originations, totaling $1,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 15 $575,000 $38,333 $0 0.00%
    $50k-75k 12 $590,000 $49,167 $0 0.00%
    $100k-150k 10 $450,000 $45,000 $0 0.00%
    $75k-100k 10 $500,000 $50,000 $0 0.00%
    $150k-250k 2 $90,000 $45,000 $0 0.00%

    Astera lent most frequently to those with incomes in the $50k or less range, with 15 originations. The second most popular income band? $50k-75k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 50 $2,250,000 $45,000 $0 0.00%

    Astera lent most frequently to those with DTI ratios of Exempt%, with 50 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 49 $2,235,000 $45,612 $0 0.00%
    Not provided 1 $15,000 $15,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.56%

    Astera has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    48.00%

    Astera has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 50 $2,250,000 $45,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 50 $2,250,000 $45,000

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Astra Business Services Other type of mortgage Struggling to pay mortgage 1 100.0%