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We analyzed every closed loan from Southwest Funding LP — 1.8k loans across 3k applications— and benchmarked them against peer lenders across the 4 Ps of Mortgage Shopping.
Pricing
Mediocre
vs. all lenders
Pull Through
Strong
closing strength
Products
Exceptional
FHA · Conventional · VA · USDA
Place
Sound
Near-National · 36 mkts
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Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in FHA and VA and USDA loans
- Nationwide availability with consistent service
Things to Think About
- Rates typically 82 basis points above market average
- Higher than average fees ($4,317)
Explore another lender or local market
Report Card
Southwest Funding, LP performance at a glance
| Category | Score | vs. Peers |
|---|---|---|
Overall Performance· Pricing & closing strength | ||
Pricing Rate competitiveness | Below peers +81.8 bps above market avg | |
Pull Through Closing strength | Highly Competitive Top 40% of lenders | |
By Loan Product· Specialization by type | ||
Conventional | Industry Standard Top 60% of lenders | |
FHA | Market Leader Top 20% of lenders | |
VA | Highly Competitive Top 40% of lenders | |
USDA | Highly Competitive Top 40% of lenders | |
By Loan Purpose· Transaction purpose mix | ||
Purchase | Highly Competitive Top 40% of lenders | |
Refinance | Industry Standard Top 60% of lenders | |
By Location· Geographic coverage | ||
Geographic Reach Coverage footprint | Industry Standard Top 60% of lenders Near-National37 markets | |
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 647 | 35.5% | +0.599%Above | $4,490Fees | ||||
FHA Loans | 927 | 50.9% | +1.114%Above | $4,297Fees | ||||
VA Loans | 202 | 11.1% | -0.163%Below | $3,667Fees | ||||
USDA Loans | — | 39 | 2.1% | +0.757%Above | $3,010Fees |
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,623 | 89.2% | +0.900%Above | $4,430Fees | ||||
Refinance | 197 | 10.8% | +0.328%Above | $3,645Fees |
At a Glance
Lender Overview
Lending Activity
Loans Originated
1,820
Applications
2,510
Volume
$505 million
Pricing & Closing
Avg Rate Spread
+0.818%
vs. market APOR
Avg Net Fees
$4,317
Origination − Credits
Pullthrough Rate
72.5%
Applications → Closed
Typical Borrower
Avg Loan Amount
$277,632
Avg Borrower Income
$108,232
Avg Property Value
$315,143
Geographic Coverage
Geographic Performance
Metro Areas
36
States Served
25
We count Washington DC as a state
Avg Place Specialization
States with Loan Originations
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Top Metro Areas by Place Specialization Score
1
Dallas, TXMSA
Volume: 198Mix: 10.88%of portfolio
Place
Strong2
New Orleans, LAMSA
Volume: 80Mix: 4.40%of portfolio
Place
Strong3
Clarksville, TN, TN-KYMSA
Volume: 76Mix: 4.18%of portfolio
Place
Strong4
Fort Worth, TXMSA
Volume: 104Mix: 5.71%of portfolio
Place
Strong5
Beaumont, TXMSA
Volume: 39Mix: 2.14%of portfolio
Place
Strong6
Oklahoma City, OK, OKMSA
Volume: 71Mix: 3.90%of portfolio
Place
Strong7
San Antonio, TXMSA
Volume: 99Mix: 5.44%of portfolio
Place
Strong8
Brownsville, TXMSA
Volume: 30Mix: 1.65%of portfolio
Place
Strong9
McAllen, TXMSA
Volume: 43Mix: 2.36%of portfolio
Place
Strong10
Memphis, TNMSA
Volume: 66Mix: 3.63%of portfolio
Place
StrongShowing 10 of 36 metro areas
Top States by Place Specialization Score
1
TXState
Volume: 813Mix: 44.67%of portfolio
Place
Strong2
ALState
Volume: 133Mix: 7.31%of portfolio
Place
Strong3
LAState
Volume: 156Mix: 8.57%of portfolio
Place
Strong4
TNState
Volume: 176Mix: 9.67%of portfolio
Place
Strong5
OKState
Volume: 117Mix: 6.43%of portfolio
Place
Strong6
SCState
Volume: 57Mix: 3.13%of portfolio
Place
Sound7
COState
Volume: 65Mix: 3.57%of portfolio
Place
Sound8
NMState
Volume: 39Mix: 2.14%of portfolio
Place
Sound9
KYState
Volume: 33Mix: 1.81%of portfolio
Place
Sound10
INState
Volume: 40Mix: 2.20%of portfolio
Place
SoundShowing 10 of 18 states
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.