Utah Mortgage Loan Corporation Rates, Fees & Info

Salt Lake City, UT

LEI: 25490000OGVJZR74L509

Tax ID: 87-0481540

3.5 stars - Updated: 3/3/24 - out of 5 stars, based on 18 reviews

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

Jump to:

Mortgage Data

Review & Overview

Utah Mortgage Loan Corporation is a smaller mortgage company specializing in Home Purchase loans. Utah Mortgage Loan Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Salt Lake City, Provo, Ogden, Phoenix, and Santa Maria among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

Utah Mortgage Loan Corporation 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. Utah Mortgage Loan Corporation 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 6.76% 3/3/24
30 Year Conventional Refi 6.71% 3/3/24
30 Year FHA Purchase 7.41% 3/3/24
30 Year FHA Refi 7.67% 3/3/24
30 Year VA Purchase 6.24% 3/3/24
30 Year USDA Purchase 6.58% 3/3/24
15 Year Conventional Refi 6.04% 3/3/24
15 Year Cash-out Refi 6.04% 3/3/24
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.

Utah Mortgage Loan Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Utah Mortgage Loan Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

316

Origination Dollar Volume (All Markets)

$117,440,000

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 mortgage rate was 4.82%.

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

This yields a difference of 0.06%.

Relative Fees (Closing Costs)

Utah Mortgage Loan Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,790.

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
SALT LAKE CITY, UT (FHA|USDA|VA) 87 $33,525,000 $385,345 $6,707 4.85%
PROVO-OREM, UT (FHA|USDA|VA) 60 $25,780,000 $429,667 $7,658 4.59%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 59 $20,355,000 $345,000 $7,404 4.66%
Outside of Metro Areas 33 $10,545,000 $319,545 $10,052 5.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 25 $9,165,000 $366,600 $7,950 4.38%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 11 $3,735,000 $339,545 $5,055 5.52%
LOGAN, UT-ID (FHA|USDA|VA) 11 $3,265,000 $296,818 $7,735 5.67%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,895,000 $631,667 $20,804 3.83%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $1,235,000 $411,667 $6,201 4.25%
BOISE CITY, ID (FHA|USDA|VA) 2 $1,060,000 $530,000 $4,835 5.69%
RENO, NV (FHA|USDA|VA) 2 $950,000 $475,000 $10,527 5.25%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $655,000 $655,000 $21,563 5.13%
MADERA, CA (FHA|USDA|VA) 1 $605,000 $605,000 $12,137 5.13%
ST. GEORGE, UT (FHA|USDA|VA) 2 $580,000 $290,000 $3,280 4.69%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $455,000 $455,000 $9,641 6.50%
Price, UT (FHA|USDA|VA) 1 $455,000 $455,000 $8,593 6.00%
TWIN FALLS, ID (FHA|USDA|VA) 1 $395,000 $395,000 $8,936 3.75%
LEWISTON, ID-WA (FHA|USDA|VA) 2 $360,000 $180,000 $4,061 7.25%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $335,000 $335,000 $7,388 6.75%
Vernal, UT (FHA|USDA|VA) 2 $320,000 $160,000 $5,545 4.06%
Heber, UT (FHA|USDA|VA) 1 $315,000 $315,000 $4,885 5.50%
IDAHO FALLS, ID (FHA|USDA|VA) 1 $285,000 $285,000 $5,129 3.88%
POCATELLO, ID (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.50%
Evanston, WY (FHA|USDA|VA) 1 $225,000 $225,000 $14,872 4.50%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,364 6.00%
OCALA, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,845 5.38%
Cedar City, UT (FHA|USDA|VA) 1 $185,000 $185,000 $8,256 5.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $105,000 $105,000 $4,627 5.00%
Utah Mortgage Loan Corporation's top markets include Salt Lake City, Provo, Ogden, Phoenix, and Santa Maria among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

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

    First Credit Union
    Similarity Rank: 210
    HORIZON UTAH Federal Credit Union
    Similarity Rank: 350
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 384
    State Bank of Southern Utah
    Similarity Rank: 486
    TRANSWEST CREDIT UNION
    Similarity Rank: 580
    Jordan Federal Credit Union
    Similarity Rank: 784
    ADVANTAGE PLUS
    Similarity Rank: 975
    ARIZONA CENTRAL
    Similarity Rank: 1166
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1170
    COASTHILLS
    Similarity Rank: 1248

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 256 $95,610,000 $373,477 $6,736 4.84%
    FHA 40 $14,440,000 $361,000 $12,755 4.88%
    VA 15 $6,235,000 $415,667 $8,935 4.48%
    FHA 3 $545,000 $181,667 $0 5.52%
    FHA 1 $165,000 $165,000 $0 3.56%
    USDA 1 $445,000 $445,000 $13,941 3.00%

    For 2022, Utah Mortgage Loan Corporation's most frequently originated type of loan was Conventional, with 256 originations. Their 2nd most popular type was FHA, with 40 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 194 $76,560,000 $394,639 $7,095 5.03%
    Other 69 $22,165,000 $321,232 $7,226 4.48%
    Refi 53 $18,715,000 $353,113 $10,272 4.51%

    For 2022, Utah Mortgage Loan Corporation's most frequently cited loan purpose was Home Purchase, with 194 originations. The 2nd most popular reason was Other, with 69 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 292 $111,350,000 $381,336 $7,790 4.82%
    15 Year 9 $2,835,000 $315,000 $6,134 3.25%
    Other 9 $2,125,000 $236,111 $3,334 6.19%
    10 Year 4 $240,000 $60,000 $1,744 5.31%
    20 Year 2 $890,000 $445,000 $8,253 4.88%

    For 2022, Utah Mortgage Loan Corporation's most frequently cited loan duration was 30 Year, with 292 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 115 $49,975,000 $434,565
    $<1k 53 $21,255,000 $401,038
    $3k-4k 41 $12,455,000 $303,780
    $1k-2k 40 $12,880,000 $322,000
    $2k-3k 35 $10,785,000 $308,143
    $4k-5k 28 $9,380,000 $335,000

    Utah Mortgage Loan Corporation's average total fees were $7,790, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 115 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 91 $34,995,000 $384,560
    5-6% 90 $34,300,000 $381,111
    4-5% 72 $27,140,000 $376,944
    6-7% 33 $12,525,000 $379,545
    7-8% 12 $3,070,000 $255,833
    2.5-3% 11 $4,085,000 $371,364
    <2.5% 4 $1,270,000 $317,500
    Over 8% 3 $55,000 $18,333

    During 2022, Utah Mortgage Loan Corporation's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 3-4%, with 91 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 163 $50,885,000 $312,178 $7,314 4.82%
    $400k-600k 86 $40,710,000 $473,372 $8,264 4.74%
    $100k-200k 29 $4,515,000 $155,690 $5,082 4.47%
    $600k-1MM 28 $19,970,000 $713,214 $12,437 4.73%
    $100,000 or less 9 $295,000 $32,778 $1,022 7.14%
    $1MM+ 1 $1,065,000 $1,065,000 $380 4.00%

    2022 saw Utah Mortgage Loan Corporation place emphasis on $200k-400k loans with 163 originations, totaling $50,885,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 85 $29,425,000 $346,176 $8,292 4.85%
    $100k-150k 69 $27,075,000 $392,391 $7,712 5.36%
    $50k-75k 67 $20,755,000 $309,776 $6,483 4.31%
    $150k-250k 45 $22,275,000 $495,000 $8,214 4.77%
    $250k+ 25 $12,925,000 $517,000 $9,631 4.78%
    $50k or less 25 $4,985,000 $199,400 $5,164 4.79%

    Utah Mortgage Loan Corporation lent most frequently to those with incomes in the $75k-100k range, with 85 originations. The second most popular income band? $100k-150k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 49 $18,995,000 $387,653 $6,644 4.60%
    20-30% 36 $15,230,000 $423,056 $7,978 4.78%
    50-60% 23 $9,545,000 $415,000 $11,507 4.68%
    49% 21 $8,275,000 $394,048 $9,679 5.07%
    43% 20 $6,920,000 $346,000 $7,059 4.63%
    <20% 18 $4,940,000 $274,444 $5,327 4.53%
    44% 16 $5,010,000 $313,125 $7,092 4.30%
    37% 15 $4,905,000 $327,000 $4,761 5.29%
    39% 14 $5,080,000 $362,857 $7,352 4.81%
    40% 14 $5,280,000 $377,143 $7,820 4.87%
    48% 14 $4,900,000 $350,000 $5,933 4.91%
    42% 12 $4,820,000 $401,667 $8,262 4.96%
    38% 12 $5,040,000 $420,000 $10,623 5.05%
    47% 12 $4,290,000 $357,500 $8,289 4.70%
    45% 11 $4,185,000 $380,455 $6,036 5.19%
    46% 10 $4,190,000 $419,000 $8,562 4.75%
    41% 8 $2,720,000 $340,000 $7,389 5.14%
    36% 6 $1,900,000 $316,667 $8,057 5.21%
    >60% 3 $575,000 $191,667 $60 7.14%

    Utah Mortgage Loan Corporation lent most frequently to those with DTI ratios of 30-36%, with 49 originations. The next most common DTI ratio? 20-30%, with 36 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 301 $111,925,000 $371,844 $7,568 4.84%
    Asian 8 $3,080,000 $385,000 $8,790 4.58%
    Black 3 $1,165,000 $388,333 $12,280 4.46%
    Native Hawaiian or Islander 2 $630,000 $315,000 $10,105 4.69%
    American Indian 1 $465,000 $465,000 $7,739 3.50%
    Not provided 1 $175,000 $175,000 $4,140 4.00%

    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
    88.92%

    Utah Mortgage Loan Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 316 $117,440,000 $371,646

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    316 $117,440,000 $371,646

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $2,905,000 $223,462 $6,259 4.47%
    40-60% 56 $17,650,000 $315,179 $6,735 4.56%
    60-80% 97 $37,335,000 $384,897 $8,318 4.87%
    80-100% 135 $57,125,000 $423,148 $7,979 4.78%
    Over 100% 4 $1,900,000 $475,000 $14,648 4.41%
    Under 20% 11 $525,000 $47,727 $1,422 6.78%