First Republic Bank

SAN FRANCISCO, CA 94111

LEI: YWC0TIKBQM2JV8L4IV08

Tax ID: 80-0513856

2019 Data *Active* | 2018 Data


Overview

First Republic Bank is a large mortgage company specializing in Home Purchase and Refi loans. First Republic Bank has a high proportion of conventional loans. Their top markets include San Francisco, Los Angeles, New York, Oakland, and Boston among others. They have an above 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. First Republic Bank is typically a low/ medium-low/ fee lendor.


Originations

19,351

Origination Dollar Volume (All Markets)

$21,952,005,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 19,351 $21,952,005,000 $1,134,412

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 8,496 $10,731,840,000 $1,263,164
Home Improvement 669 $296,165,000 $442,698
Other 1,519 $1,294,045,000 $851,906
Refi 4,747 $5,264,995,000 $1,109,120
Cash Out Refi 3,920 $4,364,960,000 $1,113,510

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
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 3,731 $4,533,465,000 $1,215,080
LOS ANGELES-LONG BEACH-GLENDALE, CA 2,537 $3,291,945,000 $1,297,574
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1,954 $3,123,790,000 $1,598,664
OAKLAND-BERKELEY-LIVERMORE, CA 2,363 $1,884,925,000 $797,683
BOSTON, MA 1,388 $1,250,630,000 $901,030
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 866 $946,620,000 $1,093,095
SAN RAFAEL, CA 859 $939,525,000 $1,093,743
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 952 $925,970,000 $972,658
Outside of Metro Areas 459 $723,275,000 $1,575,763
ANAHEIM-SANTA ANA-IRVINE, CA 547 $599,015,000 $1,095,091
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 608 $543,320,000 $893,618
NASSAU COUNTY-SUFFOLK COUNTY, NY 331 $540,085,000 $1,631,677
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 429 $288,595,000 $672,716
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 248 $240,500,000 $969,758
SANTA MARIA-SANTA BARBARA, CA 137 $240,375,000 $1,754,562
BRIDGEPORT-STAMFORD-NORWALK, CT 178 $231,590,000 $1,301,067
SANTA ROSA-PETALUMA, CA 222 $227,150,000 $1,023,198
NAPA, CA 179 $182,785,000 $1,021,145
SACRAMENTO-ROSEVILLE-FOLSOM, CA 102 $115,980,000 $1,137,059
SEATTLE-BELLEVUE-KENT, WA 59 $110,285,000 $1,869,237
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 128 $82,300,000 $642,969
BARNSTABLE TOWN, MA 89 $78,645,000 $883,652
NEW BRUNSWICK-LAKEWOOD, NJ 61 $72,745,000 $1,192,541
SALINAS, CA 48 $67,050,000 $1,396,875
NEWARK, NJ-PA 74 $66,240,000 $895,135
MIAMI-MIAMI BEACH-KENDALL, FL 57 $51,785,000 $908,509
SANTA CRUZ-WATSONVILLE, CA 45 $44,605,000 $991,222
RENO, NV 39 $43,215,000 $1,108,077
OXNARD-THOUSAND OAKS-VENTURA, CA 48 $37,750,000 $786,458
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 30 $34,660,000 $1,155,333
PROVIDENCE-WARWICK, RI-MA 35 $28,485,000 $813,857
DENVER-AURORA-LAKEWOOD, CO 32 $24,860,000 $776,875
DALLAS-PLANO-IRVING, TX 13 $21,515,000 $1,655,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 17 $21,215,000 $1,247,941
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 19 $20,455,000 $1,076,579
URBAN HONOLULU, HI 15 $19,885,000 $1,325,667
NAPLES-MARCO ISLAND, FL 13 $17,025,000 $1,309,615
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 14 $14,920,000 $1,065,714
KAHULUI-WAILUKU-LAHAINA, HI 17 $14,285,000 $840,294
PHOENIX-MESA-CHANDLER, AZ 14 $13,970,000 $997,857
CHICAGO-NAPERVILLE-EVANSTON, IL 13 $13,775,000 $1,059,615
BOULDER, CO 10 $11,520,000 $1,152,000
PORTLAND-SOUTH PORTLAND, ME 15 $11,435,000 $762,333
SALT LAKE CITY, UT 10 $11,230,000 $1,123,000
VALLEJO, CA 32 $9,810,000 $306,563
BEND, OR 13 $9,175,000 $705,769
HILTON HEAD ISLAND-BLUFFTON, SC 5 $8,795,000 $1,759,000
SAN LUIS OBISPO-PASO ROBLES, CA 11 $7,325,000 $665,909
SALEM, OR 31 $6,305,000 $203,387
WARREN-TROY-FARMINGTON HILLS, MI 21 $6,195,000 $295,000
PITTSFIELD, MA 4 $5,850,000 $1,462,500
SEBASTIAN-VERO BEACH, FL 3 $5,535,000 $1,845,000
NORTH PORT-SARASOTA-BRADENTON, FL 7 $5,385,000 $769,286
OCEAN CITY, NJ 3 $5,365,000 $1,788,333
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 4 $5,290,000 $1,322,500
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 6 $5,020,000 $836,667
WORCESTER, MA-CT 12 $4,980,000 $415,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 6 $4,640,000 $773,333
LAS VEGAS-HENDERSON-PARADISE, NV 12 $4,630,000 $385,833
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 8 $4,540,000 $567,500
NEW HAVEN-MILFORD, CT 13 $4,525,000 $348,077
ORLANDO-KISSIMMEE-SANFORD, FL 4 $4,370,000 $1,092,500
PORT ST. LUCIE, FL 3 $4,265,000 $1,421,667
CHARLOTTE-CONCORD-GASTONIA, NC-SC 8 $4,110,000 $513,750
CHARLESTON-NORTH CHARLESTON, SC 5 $3,995,000 $799,000
ALBANY-SCHENECTADY-TROY, NY 6 $3,930,000 $655,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 5 $3,565,000 $713,000
TRENTON-PRINCETON, NJ 7 $3,555,000 $507,857
JACKSONVILLE, FL 2 $2,750,000 $1,375,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $2,375,000 $475,000
TACOMA-LAKEWOOD, WA 4 $2,160,000 $540,000
WILMINGTON, NC 2 $2,140,000 $1,070,000
SANTA FE, NM 4 $2,090,000 $522,500
PROVO-OREM, UT 2 $2,040,000 $1,020,000
MOUNT VERNON-ANACORTES, WA 4 $1,970,000 $492,500
COEUR D'ALENE, ID 2 $1,970,000 $985,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 2 $1,910,000 $955,000
SAN ANTONIO-NEW BRAUNFELS, TX 2 $1,900,000 $950,000
SPRINGFIELD, MA 6 $1,760,000 $293,333
BURLINGTON-SOUTH BURLINGTON, VT 2 $1,720,000 $860,000
TUCSON, AZ 2 $1,710,000 $855,000
PHILADELPHIA, PA 4 $1,540,000 $385,000
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 4 $1,510,000 $377,500
LAKE COUNTY-KENOSHA COUNTY, IL-WI 2 $1,470,000 $735,000
STOCKTON, CA 6 $1,420,000 $236,667
BOISE CITY, ID 4 $1,420,000 $355,000
ATLANTIC CITY-HAMMONTON, NJ 2 $1,410,000 $705,000
GREAT FALLS, MT 1 $1,405,000 $1,405,000
DURHAM-CHAPEL HILL, NC 3 $1,305,000 $435,000
GREENVILLE-ANDERSON, SC 2 $1,280,000 $640,000
EUGENE-SPRINGFIELD, OR 6 $1,270,000 $211,667
NORWICH-NEW LONDON, CT 2 $1,260,000 $630,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $1,210,000 $605,000
MEDFORD, OR 3 $1,025,000 $341,667
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $1,005,000 $1,005,000
CAPE CORAL-FORT MYERS, FL 3 $965,000 $321,667
OCALA, FL 1 $955,000 $955,000
OLYMPIA-LACEY-TUMWATER, WA 1 $755,000 $755,000
ALBANY-LEBANON, OR 3 $705,000 $235,000
RALEIGH-CARY, NC 1 $625,000 $625,000
KINGSTON, NY 2 $560,000 $280,000
FORT COLLINS, CO 2 $510,000 $255,000
MODESTO, CA 2 $510,000 $255,000
CAMDEN, NJ 1 $475,000 $475,000
PUNTA GORDA, FL 1 $475,000 $475,000
DETROIT-DEARBORN-LIVONIA, MI 2 $470,000 $235,000
CHARLOTTESVILLE, VA 1 $465,000 $465,000
GREELEY, CO 1 $445,000 $445,000
ROCHESTER, NY 1 $415,000 $415,000
COLORADO SPRINGS, CO 1 $405,000 $405,000
RICHMOND, VA 1 $405,000 $405,000
IDAHO FALLS, ID 1 $385,000 $385,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $375,000 $375,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $315,000 $315,000
ST. GEORGE, UT 1 $305,000 $305,000
FRESNO, CA 1 $305,000 $305,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $305,000 $305,000
BUFFALO-CHEEKTOWAGA, NY 1 $265,000 $265,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $255,000 $255,000
ELGIN, IL 1 $255,000 $255,000
THE VILLAGES, FL 1 $245,000 $245,000
CHICO, CA 1 $225,000 $225,000
REDDING, CA 1 $55,000 $55,000

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% 426 $909,050,000 $2,133,920
2.5-3% 4,342 $5,972,220,000 $1,375,454
3-4% 10,595 $11,333,225,000 $1,069,677
4-5% 2,920 $2,881,220,000 $986,719
5-6% 902 $754,870,000 $836,885
6-7% 151 $98,015,000 $649,106
7-8% 2 $1,160,000 $580,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 421 $22,175,000 $52,672
$100k-200k 1,052 $151,830,000 $144,325
$200k-400k 3,150 $943,660,000 $299,575
$400k-600k 3,798 $1,869,110,000 $492,130
$600k-1000k 4,291 $3,303,475,000 $769,861
$Over $1MM 6,639 $15,661,755,000 $2,359,053

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% 3,085 $3,113,705,000 $1,009,305
40-60% 5,620 $7,404,640,000 $1,317,552
60-80% 7,220 $9,563,350,000 $1,324,564
80-100% 1,004 $835,180,000 $831,853
Over 100% 7 $73,405,000 $10,486,429
Under 20% 2,415 $961,725,000 $398,230

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 1,365 $608,145,000 $445,527
$150k-250k 3,046 $1,814,630,000 $595,742
$50k-75k 312 $103,650,000 $332,212
$50k-or less 128 $45,810,000 $357,891
$75k-100k 562 $209,160,000 $372,171
$Over $250k 10,259 $13,135,135,000 $1,280,352

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 11,111 $11,432,885,000 $1,028,970
Not applicable 2,691 $5,024,465,000 $1,867,137
Not provided 2,708 $3,187,900,000 $1,177,216
Asian 1,776 $1,520,270,000 $856,008
Black 426 $260,190,000 $610,775
Asian Indian 227 $228,745,000 $1,007,687
Chinese 157 $115,605,000 $736,338
Other Asian 70 $58,100,000 $830,000
American Indian 57 $39,555,000 $693,947
Korean 39 $29,705,000 $761,667
Vietnamese 24 $17,050,000 $710,417
Filipino 34 $16,850,000 $495,588
Japanese 18 $13,710,000 $761,667
Other Pacific Islander 6 $2,670,000 $445,000
Native Hawaiian 5 $2,635,000 $527,000
Samoan 2 $1,670,000 $835,000

Approval Rates

Total approvals of all applications
98.60%

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
87.83%

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
1155.0 4 $9,410,000 $2,352,500
30.0 1 $295,000 $295,000
6065.0 1 $545,000 $545,000
NA 19,345 $21,941,755,000 $1,134,234

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 7,390 $4,998,600,000 $676,401
$1k-2k 4,391 $8,420,785,000 $1,917,737
$2k-3k 26 $15,580,000 $599,231
$3k-4k 35 $21,705,000 $620,143
$5k+ 265 $682,805,000 $2,576,623

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
Multifamily:Site-Built 965 $3,663,195,000 $3,796,057
Single Family (1-4 Units):Site-Built 18,386 $18,288,810,000 $994,714