Loanpeople Mortgage Rates, Fees & InfoAustin, TX
Tax ID: 83-4428887
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewLoanpeople is a smaller mortgage company specializing in 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 by origination volume include: Austin, San Antonio, Houston, Dallas, and Killeen among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)
Loanpeople has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Loanpeople is typically an average 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 about average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.41%||3/19/23|
|30 Year Conventional Refi||6.32%||3/19/23|
|30 Year Cash-out Refi||6.54%||3/19/23|
|30 Year FHA Purchase||7.47%||3/19/23|
|30 Year FHA Refi||6.27%||3/19/23|
|30 Year VA Purchase||6.20%||3/19/23|
|30 Year VA Refi||6.25%||3/19/23|
|15 Year Conventional Purchase||6.37%||3/19/23|
|15 Year Conventional Refi||5.88%||3/19/23|
|15 Year Cash-out Refi||5.88%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$790,825,000
Loanpeople's average 30 year fixed mortgage rate was
The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.
This yields a difference of -0.06%.
Relative Fees (Closing Costs)
Loanpeople's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,141.
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 $4,750.
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|
|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%|
We use machine learning to identify the top lenders compared against LOANPEOPLE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2021, Loanpeople's most frequently originated type of loan was Conventional, with 2,011 originations. Their 2nd most popular type was FHA, with 42 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||303||$112,065,000||$369,851||$6,493||3.19%|
For 2021, Loanpeople's most frequently cited loan purpose was Home Purchase, with 1,408 originations. The 2nd most popular reason was Refi, with 370 originations.
For 2021, Loanpeople's most frequently cited loan duration was 30 Year, with 1,900 originations. The 2nd most popular length was 15 Year, with 129 originations.
Origination Fees/Closing Costs
Loanpeople's average total fees were $6,141, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,666 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2021, Loanpeople's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,038 originations.
2021 saw Loanpeople place emphasis on $200k-400k loans with 1,018 originations, totaling $303,610,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Loanpeople has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Loanpeople has a below average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|