Loanpeople Mortgage Rates, Fees & Info

Austin, TX

LEI: 875500CPQ9Z7QEFE5G90

Tax ID: 83-4428887

3.8 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Loanpeople is a smaller mortgage company specializing in Home Purchase loans. Loanpeople has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Austin, San Antonio, Houston, Dallas, and Killeen among others. Loanpeople has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Loanpeople is typically a high fee lendor.


Originations

2,081

Origination Dollar Volume (All Markets)

$790,825,000

Relative Rate

Loanpeople 's average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

Loanpeople 's average total fees for a 30 year fixed rate mortgage are $6,141.

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
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1,847 $726,975,000 $393,598 $6,045 3.04%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 68 $17,120,000 $251,765 $6,062 3.29%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 47 $12,535,000 $266,702 $5,144 3.04%
Outside of Metro Areas 26 $10,130,000 $389,615 $7,005 3.08%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 35 $9,685,000 $276,714 $5,098 3.15%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 20 $4,970,000 $248,500 $6,323 3.18%
CORPUS CHRISTI, TX (FHA|USDA|VA) 11 $3,045,000 $276,818 $4,671 3.33%
WACO, TX (FHA|USDA|VA) 8 $1,450,000 $181,250 $5,810 2.95%
Fredericksburg, TX (FHA|USDA|VA) 4 $1,220,000 $305,000 $5,636 3.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,010,000 $505,000 $4,631 3.00%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 4 $770,000 $192,500 $4,026 2.91%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 2 $450,000 $225,000 $7,610 2.81%
MIDLAND, TX (FHA|USDA|VA) 1 $365,000 $365,000 $5,657 3.00%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $345,000 $345,000 $4,214 3.25%
EL PASO, TX (FHA|USDA|VA) 2 $260,000 $130,000 $4,827 2.94%
TYLER, TX (FHA|USDA|VA) 1 $255,000 $255,000 $10,983 2.88%
LAREDO, TX (FHA|USDA|VA) 1 $145,000 $145,000 $3,839 2.75%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $95,000 $95,000 $4,052 3.38%

Loanpeople 's top markets include Austin, San Antonio, Houston, Dallas, and Killeen among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,011 $765,915,000 $380,863 $5,898 3.05%
FHA 42 $11,490,000 $273,571 $10,459 3.15%
VA 28 $13,420,000 $479,286 $7,350 2.77%

For the 2021 period, Loanpeople 's most frequently originated loan type of loans were Conventional, with 2,011 originations. Their 2nd most popular type is FHA, with 42 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,408 $558,700,000 $396,804 $6,352 3.08%
Refi 370 $120,060,000 $324,486 $4,315 2.82%
Cash Out Refi 303 $112,065,000 $369,851 $6,493 3.19%

For the 2021, Loanpeople 's most frequently cited loan purpose of loans were Home Purchase, with 1,408 originations. The 2nd most popular reason of loans were Refi, with 370 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,900 $739,140,000 $389,021 $6,141 3.09%
15 Year 129 $38,135,000 $295,620 $4,728 2.62%
20 Year 39 $11,135,000 $285,513 $4,499 2.78%
Other 7 $1,635,000 $233,571 $4,850 2.95%
10 Year 6 $780,000 $130,000 $3,350 2.48%

For the 2021, Loanpeople 's most frequently cited loan length of loans were 30 Year, with 1,900 originations. The 2nd most popular length of loans were 15 Year, with 129 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,666 $623,570,000 $374,292
$2k-3k 153 $55,005,000 $359,510
$3k-4k 148 $52,980,000 $357,973
$5k+ 94 $55,050,000 $585,638
$<1k 16 $3,160,000 $197,500

$6,141 of loans were Loanpeople 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,666 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,038 $413,840,000 $398,690
3-4% 823 $305,235,000 $370,881
<2.5% 181 $57,455,000 $317,431
4-5% 28 $12,350,000 $441,071
5-6% 6 $790,000 $131,667
6-7% 1 $95,000 $95,000

During 2021, Loanpeople 's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,038 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,018 $303,610,000 $298,242 $5,533 3.07%
$400k-600k 644 $314,450,000 $488,276 $6,447 2.99%
$100k-200k 251 $40,765,000 $162,410 $4,392 3.06%
$600k-1MM 117 $85,925,000 $734,402 $8,958 3.13%
$1MM+ 33 $44,635,000 $1,352,576 $15,530 3.17%
$100,000 or less 18 $1,440,000 $80,000 $3,118 3.49%

2021 saw Loanpeople place emphasis on $200k-400k loans with 1,018 originations, totaling $303,610,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 645 $263,605,000 $408,690 $6,156 3.06%
$100k-150k 544 $196,480,000 $361,176 $5,711 3.01%
$250k+ 371 $187,715,000 $505,970 $7,045 3.17%
$75k-100k 263 $80,835,000 $307,357 $5,524 2.99%
$50k-75k 192 $46,750,000 $243,490 $5,377 2.99%
$50k or less 53 $9,665,000 $182,358 $4,962 2.94%

Loanpeople lent most frequently to those with incomes in the $150k-250k range, with 645 originations. The second most popular income band? $100k-150k, with 544 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 539 $209,655,000 $388,970 $5,812 2.96%
30-36% 363 $137,215,000 $378,003 $5,681 3.03%
<20% 214 $76,330,000 $356,682 $5,551 2.92%
42% 89 $34,405,000 $386,573 $6,126 3.09%
43% 83 $33,805,000 $407,289 $6,926 3.14%
39% 76 $28,070,000 $369,342 $5,661 3.15%
44% 75 $28,415,000 $378,867 $6,465 3.19%
41% 73 $28,395,000 $388,973 $6,149 3.06%
37% 72 $29,920,000 $415,556 $6,182 3.11%
40% 66 $25,320,000 $383,636 $6,241 3.12%
38% 65 $25,405,000 $390,846 $5,565 3.04%
48% 61 $20,135,000 $330,082 $6,575 3.20%
46% 57 $22,465,000 $394,123 $7,119 3.20%
36% 56 $22,010,000 $393,036 $6,644 3.17%
47% 55 $19,465,000 $353,909 $5,811 3.22%
49% 55 $19,945,000 $362,636 $6,813 3.11%
45% 52 $16,750,000 $322,115 $6,307 3.19%
50-60% 20 $8,210,000 $410,500 $8,301 3.10%
>60% 1 $425,000 $425,000 $7,976 2.75%

Loanpeople lent most frequently to those with DTI ratios of 20-30%, with 539 originations. The next most common DTI ratio? 30-36%, with 363 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,338 $523,720,000 $391,420 $6,063 3.04%
Not provided 365 $131,475,000 $360,205 $5,988 3.06%
Asian 259 $93,015,000 $359,131 $5,779 3.07%
Asian Indian 54 $18,120,000 $335,556 $5,922 3.14%
Black 28 $8,280,000 $295,714 $5,410 3.06%
Chinese 10 $3,750,000 $375,000 $6,193 3.20%
American Indian 8 $3,470,000 $433,750 $7,554 3.20%
Vietnamese 5 $2,615,000 $523,000 $6,649 3.33%
Korean 5 $2,285,000 $457,000 $6,235 2.95%
Other Asian 5 $1,945,000 $389,000 $5,988 3.00%
Japanese 3 $1,905,000 $635,000 $6,391 3.00%
Filipino 1 $245,000 $245,000 $4,383 2.88%

Approval Rates

Total approvals of all applications
99.02%

Loanpeople 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
77.21%

Loanpeople has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,081 $790,825,000 $380,022

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,081 $790,825,000 $380,022

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 87 $21,315,000 $245,000 $4,870 2.91%
40-60% 312 $105,650,000 $338,622 $5,234 2.92%
60-80% 983 $390,215,000 $396,963 $6,160 3.11%
80-100% 685 $271,145,000 $395,832 $6,318 3.02%
Over 100% 2 $640,000 $320,000 $14,945 2.81%
Under 20% 12 $1,860,000 $155,000 $3,053 3.99%