Utah Mortgage Loan Corporation Rates, Fees & Info

Salt Lake City, UT

LEI: 25490000OGVJZR74L509

Tax ID: 87-0481540

4.3 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Utah Mortgage Loan Corporation is a smaller mortgage company specializing in Home Purchase, Refi, and Other loans. Utah Mortgage Loan Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Salt Lake City, Provo, Ogden, Phoenix, and Santa Maria among others. Utah Mortgage Loan Corporation has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Utah Mortgage Loan Corporation is typically an average fee lendor.


Originations

752

Origination Dollar Volume (All Markets)

$242,460,000

Awards

Utah Mortgage Loan Corporation 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Utah Mortgage Loan Corporation's average 30 year fixed rate mortgage of loans were 3.13%.

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

This yields a difference of -0.02%.

Relative Fees

Utah Mortgage Loan Corporation's average total fees for a 30 year fixed rate mortgage are $5,490.

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
SALT LAKE CITY, UT (FHA|USDA|VA) 252 $85,180,000 $338,016 $4,865 3.03%
PROVO-OREM, UT (FHA|USDA|VA) 136 $48,400,000 $355,882 $5,175 2.97%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 162 $47,800,000 $295,062 $6,033 3.14%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 61 $18,435,000 $302,213 $5,897 3.18%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 32 $9,970,000 $311,563 $4,500 3.16%
Outside of Metro Areas 34 $9,140,000 $268,824 $6,636 3.36%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 9 $4,515,000 $501,667 $4,858 3.14%
Heber, UT (FHA|USDA|VA) 10 $4,030,000 $403,000 $7,076 2.88%
LOGAN, UT-ID (FHA|USDA|VA) 11 $3,485,000 $316,818 $5,812 3.05%
ST. GEORGE, UT (FHA|USDA|VA) 12 $3,400,000 $283,333 $3,381 3.02%
Vernal, UT (FHA|USDA|VA) 5 $785,000 $157,000 $5,649 3.53%
BOISE CITY, ID (FHA|USDA|VA) 1 $775,000 $775,000 $17,350 3.50%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $685,000 $685,000 $25,836 2.88%
Cedar City, UT (FHA|USDA|VA) 3 $595,000 $198,333 $3,822 3.00%
Price, UT (FHA|USDA|VA) 2 $530,000 $265,000 $6,393 3.31%
Jackson, WY-ID (FHA|USDA|VA) 2 $520,000 $260,000 $5,604 3.13%
POCATELLO, ID (FHA|USDA|VA) 3 $485,000 $161,667 $4,169 2.96%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $450,000 $225,000 $4,150 3.19%
Evanston, WY (FHA|USDA|VA) 2 $420,000 $210,000 $6,073 3.31%
Burley, ID (FHA|USDA|VA) 2 $390,000 $195,000 $5,881 3.19%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $355,000 $355,000 $0 3.25%
Hailey, ID (FHA|USDA|VA) 1 $325,000 $325,000 $5,504 2.88%
CARSON CITY, NV (FHA|USDA|VA) 1 $305,000 $305,000 $4,559 3.00%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $4,333 2.88%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $265,000 $265,000 $4,664 2.63%
Pahrump, NV (FHA|USDA|VA) 1 $235,000 $235,000 $4,819 3.50%
TUCSON, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $3,736 2.50%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $205,000 $205,000 $3,111 2.75%
VISALIA, CA (FHA|USDA|VA) 1 $185,000 $185,000 $2,666 3.38%
Mountain Home, ID (FHA|USDA|VA) 1 $85,000 $85,000 $3,071 3.50%

Utah Mortgage Loan Corporation's top markets include Salt Lake City, Provo, Ogden, Phoenix, and Santa Maria among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 646 $207,480,000 $321,176 $4,573 3.10%
FHA 80 $26,130,000 $326,625 $11,033 3.07%
VA 25 $8,585,000 $343,400 $7,799 2.71%
USDA 1 $265,000 $265,000 $7,901 2.50%

For the 2021 period, Utah Mortgage Loan Corporation's most frequently originated loan type of loans were Conventional, with 646 originations. Their 2nd most popular type is FHA, with 80 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 343 $119,345,000 $347,945 $5,539 3.16%
Refi 224 $63,870,000 $285,134 $4,869 2.93%
Other 170 $55,330,000 $325,471 $5,797 3.13%
Cash Out Refi 11 $2,825,000 $256,818 $4,538 2.90%
Home Improvement 4 $1,090,000 $272,500 $3,443 2.88%

For the 2021, Utah Mortgage Loan Corporation's most frequently cited loan purpose of loans were Home Purchase, with 343 originations. The 2nd most popular reason of loans were Refi, with 224 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 673 $222,315,000 $330,334 $5,490 3.13%
15 Year 44 $10,650,000 $242,045 $4,575 2.45%
20 Year 22 $6,150,000 $279,545 $4,209 2.84%
Other 11 $3,055,000 $277,727 $2,965 3.36%
10 Year 2 $290,000 $145,000 $3,580 2.19%

For the 2021, Utah Mortgage Loan Corporation's most frequently cited loan length of loans were 30 Year, with 673 originations. The 2nd most popular length of loans were 15 Year, with 44 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 193 $58,485,000 $303,031
$3k-4k 193 $58,445,000 $302,824
$<1k 152 $48,250,000 $317,434
$5k+ 111 $48,385,000 $435,901
$2k-3k 102 $28,790,000 $282,255

$5,490 of loans were Utah Mortgage Loan Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 193 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 353 $116,315,000 $329,504
3-4% 318 $108,710,000 $341,855
<2.5% 57 $15,175,000 $266,228
4-5% 14 $1,230,000 $87,857
5-6% 10 $1,030,000 $103,000

During 2021, Utah Mortgage Loan Corporation's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 353 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 431 $128,105,000 $297,227 $5,522 3.05%
$400k-600k 169 $79,845,000 $472,456 $6,067 3.02%
$100k-200k 103 $16,735,000 $162,476 $4,017 3.00%
$600k-1MM 25 $16,835,000 $673,400 $7,840 3.18%
$100,000 or less 24 $940,000 $39,167 $967 4.39%

2021 saw Utah Mortgage Loan Corporation place emphasis on $200k-400k loans with 431 originations, totaling $128,105,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 206 $55,840,000 $271,068 $5,475 3.13%
$100k-150k 176 $64,450,000 $366,193 $5,322 3.06%
$75k-100k 169 $55,765,000 $329,970 $5,494 3.14%
$50k or less 95 $19,975,000 $210,263 $4,512 2.91%
$150k-250k 80 $33,560,000 $419,500 $5,784 3.04%
$250k+ 26 $12,870,000 $495,000 $5,932 3.19%

Utah Mortgage Loan Corporation lent most frequently to those with incomes in the $50k-75k range, with 206 originations. The second most popular income band? $100k-150k, with 176 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 175 $53,895,000 $307,971 $4,359 3.04%
30-36% 120 $39,810,000 $331,750 $5,052 3.04%
<20% 42 $13,620,000 $324,286 $4,794 2.91%
44% 42 $14,580,000 $347,143 $5,864 3.14%
41% 34 $11,000,000 $323,529 $5,649 3.06%
50-60% 32 $9,260,000 $289,375 $8,733 3.30%
38% 31 $11,365,000 $366,613 $6,040 3.02%
42% 30 $9,990,000 $333,000 $5,575 3.01%
39% 30 $9,550,000 $318,333 $5,616 3.00%
40% 27 $8,685,000 $321,667 $4,366 3.25%
43% 25 $8,795,000 $351,800 $6,167 3.14%
37% 25 $7,855,000 $314,200 $6,065 3.27%
47% 25 $7,535,000 $301,400 $5,079 3.26%
36% 25 $7,285,000 $291,400 $5,528 3.28%
45% 23 $8,535,000 $371,087 $5,304 2.89%
49% 23 $7,465,000 $324,565 $6,416 3.05%
48% 20 $6,840,000 $342,000 $6,949 3.26%
46% 18 $4,990,000 $277,222 $6,776 3.17%
>60% 3 $925,000 $308,333 $509 2.50%

Utah Mortgage Loan Corporation lent most frequently to those with DTI ratios of 20-30%, with 175 originations. The next most common DTI ratio? 30-36%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 707 $228,335,000 $322,963 $5,339 3.09%
Asian 20 $6,580,000 $329,000 $5,326 3.00%
Black 14 $4,720,000 $337,143 $6,520 3.15%
Native Hawaiian 3 $1,105,000 $368,333 $9,951 3.04%
Not provided 5 $965,000 $193,000 $3,507 2.83%
American Indian 3 $755,000 $251,667 $6,290 2.46%

Approval Rates

Total approvals of all applications
99.74%

Utah Mortgage Loan Corporation 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
92.49%

Utah Mortgage Loan Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 752 $242,460,000 $322,420

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
752 $242,460,000 $322,420

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 51 $9,965,000 $195,392 $3,925 2.85%
40-60% 122 $32,750,000 $268,443 $3,835 2.95%
60-80% 290 $102,440,000 $353,241 $5,502 3.09%
80-100% 259 $93,415,000 $360,676 $6,386 3.07%
Over 100% 9 $2,915,000 $323,889 $11,390 2.74%
Under 20% 21 $975,000 $46,429 $887 4.61%