Cathay Bank Mortgage Rates, Fees & Info

Los Angeles, CA

LEI: FT6J43S06X6CLJ0R0B48

Tax ID: 95-2156738

4.9 stars

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

Review & Overview

Cathay Bank is a small bank specializing in loans. Cathay Bank has a high proportion of conventional loans. Their top markets by origination volume include: New York, Los Angeles, Seattle, Riverside, and San Francisco among others. We have data for 38 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cathay Bank 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. Cathay Bank 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.

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	6.53%	3/27/23
30 Year Conventional Refi	6.60%	3/27/23
30 Year Cash-out Refi	6.63%	3/27/23
15 Year Conventional Purchase	6.63%	3/27/23
15 Year Conventional Refi	6.64%	3/27/23
15 Year Cash-out Refi	6.64%	3/27/23
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.

Originations

1,999

Origination Dollar Volume (All Markets)

$1,636,755,000

Relative Rate

Cathay Bank's average 30 year fixed mortgage rate was 4.95%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.19%.

Relative Fees (Closing Costs)

Cathay Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $6,003.

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.

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)	860	$607,350,000	$706,221	$6,808	4.91%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	453	$569,825,000	$1,257,892	$6,219	4.72%
Seattle-Tacoma-Bellevue, WA (FHA\|USDA\|VA)	81	$96,665,000	$1,193,395	$4,427	5.03%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA\|USDA\|VA)	170	$81,920,000	$481,882	$4,900	4.72%
San Francisco-Oakland-Berkeley, CA (FHA\|USDA\|VA)	56	$59,180,000	$1,056,786	$5,207	4.74%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA\|USDA\|VA)	53	$49,045,000	$925,377	$6,041	4.57%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	85	$37,395,000	$439,941	$4,764	5.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA\|USDA\|VA)	27	$35,155,000	$1,302,037	$4,167	4.42%
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	29	$21,625,000	$745,690	$4,849	5.09%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	45	$18,515,000	$411,444	$4,760	5.25%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	33	$13,445,000	$407,424	$5,588	5.23%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	34	$12,400,000	$364,706	$3,229	4.60%
SPRINGFIELD, MA (FHA\|USDA\|VA)	1	$6,135,000	$6,135,000	$0	6.16%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA\|USDA\|VA)	7	$4,375,000	$625,000	$5,839	5.41%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	13	$4,235,000	$325,769	$5,170	5.53%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA\|USDA\|VA)	12	$4,100,000	$341,667	$4,211	5.02%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	6	$3,100,000	$516,667	$4,856	4.85%
STOCKTON, CA (FHA\|USDA\|VA)	2	$1,970,000	$985,000	$3,999	6.23%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA\|USDA\|VA)	4	$1,930,000	$482,500	$5,271	3.94%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	4	$1,330,000	$332,500	$3,631	4.91%
TRENTON-PRINCETON, NJ (FHA\|USDA\|VA)	3	$1,265,000	$421,667	$5,638	4.76%
RENO, NV (FHA\|USDA\|VA)	2	$890,000	$445,000	$3,682	4.94%
VALLEJO, CA (FHA\|USDA\|VA)	2	$720,000	$360,000	$3,085	5.13%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	3	$605,000	$201,667	$3,615	5.29%
Moses Lake, WA (FHA\|USDA\|VA)	1	$495,000	$495,000	$3,663	4.00%
FRESNO, CA (FHA\|USDA\|VA)	1	$345,000	$345,000	$4,072	4.25%
MERCED, CA (FHA\|USDA\|VA)	1	$315,000	$315,000	$0	5.88%
WORCESTER, MA-CT (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,666	4.00%
BELLINGHAM, WA (FHA\|USDA\|VA)	1	$305,000	$305,000	$2,936	5.88%
OLYMPIA-LACEY-TUMWATER, WA (FHA\|USDA\|VA)	1	$305,000	$305,000	$3,832	3.88%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	1	$265,000	$265,000	$0	3.88%
Outside of Metro Areas	1	$255,000	$255,000	$2,976	5.88%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	1	$195,000	$195,000	$0	4.13%
PROVIDENCE-WARWICK, RI-MA (FHA\|USDA\|VA)	1	$175,000	$175,000	$3,906	5.50%
UTICA-ROME, NY (FHA\|USDA\|VA)	1	$175,000	$175,000	$3,971	3.75%
KILLEEN-TEMPLE, TX (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	6.25%
ALBANY-SCHENECTADY-TROY, NY (FHA\|USDA\|VA)	1	$165,000	$165,000	$0	5.88%
LUBBOCK, TX (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	4.25%

Cathay Bank's top markets include New York, Los Angeles, Seattle, Riverside, and San Francisco among others.

Their top states include:

California (FHA|USDA|VA)

New York (FHA|USDA|VA)

Washington (FHA|USDA|VA)

Texas (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

Similar Lenders

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

First Savings Bank of Hegewisch
Similarity Rank: 30

Liberty Bank for Savings
Similarity Rank: 153

Sharon & Crescent United Credit Union
Similarity Rank: 268

N C P D Federal Credit Union
Similarity Rank: 306

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 326

Schuyler Savings Bank
Similarity Rank: 352

The First National Bank of Long Island
Similarity Rank: 374

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

Piscataqua Savings Bank
Similarity Rank: 526

ALOHA PACIFIC
Similarity Rank: 536

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,999	$1,636,755,000	$818,787	$6,039	4.86%

For 2022, Cathay Bank's most frequently originated type of loan was Conventional, with 1,999 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	1,567	$1,113,245,000	$710,431	$6,326	4.96%
Refi	243	$221,425,000	$911,214	$4,795	4.37%
Cash Out Refi	185	$300,145,000	$1,622,405	$4,868	4.68%
Home Improvement	2	$1,170,000	$585,000	$4,840	4.00%
Other	2	$770,000	$385,000	$5,011	3.88%

For 2022, Cathay Bank's most frequently cited loan purpose was Home Purchase, with 1,567 originations. The 2nd most popular reason was Refi, with 243 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	1,326	$895,790,000	$675,558	$6,003	4.95%
15 Year	391	$195,465,000	$499,910	$6,146	4.42%
10 Year	216	$307,900,000	$1,425,463	$0	4.98%
5 Year	38	$161,910,000	$4,260,789	$0	5.18%
Other	19	$39,885,000	$2,099,211	$0	4.69%
3 Year	9	$35,805,000	$3,978,333	$0	5.83%

For 2022, Cathay Bank's most frequently cited loan duration was 30 Year, with 1,326 originations. The 2nd most popular length was 15 Year, with 391 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	1,089	$719,735,000	$660,914
$2k-3k	47	$22,015,000	$468,404
$3k-4k	45	$27,505,000	$611,222
$1k-2k	30	$13,420,000	$447,333
$5k+	23	$28,125,000	$1,222,826
$4k-5k	16	$12,310,000	$769,375

Cathay Bank's average total fees were $6,003, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,089 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
5-6%	776	$599,910,000	$773,080
3-4%	631	$488,405,000	$774,017
4-5%	430	$327,650,000	$761,977
6-7%	133	$146,545,000	$1,101,842
2.5-3%	26	$51,060,000	$1,963,846
7-8%	2	$2,180,000	$1,090,000
<2.5%	1	$21,005,000	$21,005,000

During 2022, Cathay Bank's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 5-6%, with 776 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$400k-600k	648	$315,880,000	$487,469	$5,708	4.79%
$600k-1MM	501	$387,175,000	$772,804	$6,669	4.99%
$200k-400k	423	$132,425,000	$313,061	$4,783	4.85%
$1MM+	349	$789,125,000	$2,261,103	$8,054	4.76%
$100k-200k	72	$11,640,000	$161,667	$4,015	5.00%
$100,000 or less	6	$510,000	$85,000	$4,448	5.00%

2022 saw Cathay Bank place emphasis on $400k-600k loans with 648 originations, totaling $315,880,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	175	$104,245,000	$595,686	$6,855	4.90%
$100k-150k	150	$66,820,000	$445,467	$6,191	4.66%
$75k-100k	51	$19,885,000	$389,902	$5,021	4.21%
$250k+	42	$37,230,000	$886,429	$7,578	4.78%
$50k-75k	31	$10,595,000	$341,774	$3,888	3.55%
$50k or less	11	$3,935,000	$357,727	$2,955	3.74%

Cathay Bank lent most frequently to those with incomes in the $150k-250k range, with 175 originations. The second most popular income band? $100k-150k, with 150 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	118	$62,340,000	$528,305	$6,455	4.78%
20-30%	67	$29,005,000	$432,910	$5,812	4.79%
50-60%	34	$15,270,000	$449,118	$3,673	3.53%
36%	24	$14,350,000	$597,917	$6,051	4.73%
41%	23	$11,495,000	$499,783	$6,444	4.64%
38%	23	$12,665,000	$550,652	$7,009	4.64%
<20%	23	$8,205,000	$356,739	$5,399	4.54%
44%	21	$13,245,000	$630,714	$6,470	4.72%
39%	19	$11,575,000	$609,211	$7,387	4.78%
43%	18	$10,210,000	$567,222	$6,069	4.35%
37%	18	$9,440,000	$524,444	$6,462	4.74%
40%	17	$9,365,000	$550,882	$6,424	4.41%
42%	16	$12,990,000	$811,875	$7,007	4.30%
47%	10	$5,520,000	$552,000	$5,598	4.09%
46%	8	$4,980,000	$622,500	$5,913	4.59%
45%	7	$5,215,000	$745,000	$5,454	4.80%
48%	6	$2,920,000	$486,667	$7,093	5.83%
49%	5	$2,495,000	$499,000	$6,884	4.83%
>60%	2	$1,610,000	$805,000	$5,188	5.56%

Cathay Bank lent most frequently to those with DTI ratios of 30-36%, with 118 originations. The next most common DTI ratio? 20-30%, with 67 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Chinese	1,343	$852,415,000	$634,710	$6,095	4.82%
Not applicable	273	$535,145,000	$1,960,238	$0	5.01%
Not provided	169	$110,915,000	$656,302	$5,264	4.71%
Asian	77	$48,815,000	$633,961	$6,777	4.98%
White	45	$33,875,000	$752,778	$5,924	5.01%
Other Asian	26	$17,390,000	$668,846	$6,939	5.24%
Vietnamese	28	$16,180,000	$577,857	$5,196	5.07%
Asian Indian	13	$7,125,000	$548,077	$6,957	5.74%
Korean	8	$6,960,000	$870,000	$5,969	4.56%
Black	9	$3,675,000	$408,333	$4,513	4.00%
Filipino	2	$1,850,000	$925,000	$3,437	4.94%
American Indian	3	$1,455,000	$485,000	$3,742	3.88%
Japanese	2	$530,000	$265,000	$0	6.00%
Native Hawaiian or Islander	1	$425,000	$425,000	$0	5.75%

Approval Rates

Total approvals of all applications
92.12%

Cathay Bank has an average approval rate.

Pick Rate

Approvals leading to origination
83.54%

Cathay Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,999	$1,636,755,000	$818,787

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	1,999	$1,636,755,000	$818,787

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	153	$145,305,000	$949,706	$5,216	4.67%
40-60%	546	$409,140,000	$749,341	$5,773	4.81%
60-80%	1,205	$1,014,385,000	$841,813	$6,468	4.98%
80-100%	60	$26,260,000	$437,667	$3,601	3.44%
Over 100%	1	$3,705,000	$3,705,000	$0	4.59%
Under 20%	34	$37,960,000	$1,116,471	$4,602	4.62%

Complaints

Bank Name	Product	Issue	2022 CPFB Complaints	% of Total Issues
CITIBANK, N.A.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	33.3%
CITIBANK, N.A.	Conventional home mortgage	Struggling to pay mortgage	1	33.3%
CITIBANK, N.A.	Conventional home mortgage	Trouble during payment process	1	33.3%