Utah Mortgage Loan Corporation Rates, Fees & Info

Salt Lake City, UT

LEI: 25490000OGVJZR74L509

Tax ID: 87-0481540

5 stars - Updated: 3/29/24 - out of 5 stars, based on 11 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Utah Mortgage Loan Corporation is a smaller mortgage company specializing in Home Purchase and Refi 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 low ratio of USDA loans. Their top markets by origination volume include: Provo, Salt Lake City, Ogden, Santa Maria, and Phoenix among others. We have data for 21 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 relatively high 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% 3/29/24
30 Year Conventional Refi 6.71% 3/29/24
30 Year FHA Purchase 7.41% 3/29/24
30 Year FHA Refi 7.67% 3/29/24
30 Year VA Purchase 6.24% 3/29/24
30 Year USDA Purchase 6.58% 3/29/24
15 Year Conventional Refi 6.04% 3/29/24
15 Year Cash-out Refi 6.04% 3/29/24
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

111

Origination Dollar Volume (All Markets)

$38,245,000

Relative Rate

Utah Mortgage Loan Corporation's average 30 year fixed mortgage rate was 6.72%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.24%.

Relative Fees (Closing Costs)

Utah Mortgage Loan Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $6,819.

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 $9,089.

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
PROVO-OREM, UT (FHA|USDA|VA) 31 $12,395,000 $399,839 $6,792 6.68%
SALT LAKE CITY, UT (FHA|USDA|VA) 23 $7,855,000 $341,522 $5,378 6.90%
Outside of Metro Areas 11 $3,785,000 $344,091 $10,545 6.82%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 12 $3,320,000 $276,667 $6,002 6.54%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 6 $2,290,000 $381,667 $12,937 7.02%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $1,485,000 $297,000 $3,871 6.75%
LOGAN, UT-ID (FHA|USDA|VA) 6 $1,430,000 $238,333 $8,560 6.81%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $785,000 $785,000 $0 7.00%
POCATELLO, ID (FHA|USDA|VA) 2 $690,000 $345,000 $3,483 7.50%
Cedar City, UT (FHA|USDA|VA) 2 $680,000 $340,000 $14,696 7.13%
ST. GEORGE, UT (FHA|USDA|VA) 2 $650,000 $325,000 $4,291 6.44%
Rexburg, ID (FHA|USDA|VA) 1 $585,000 $585,000 $10,366 8.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $505,000 $505,000 $11,831 6.50%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $305,000 $305,000 $0 9.74%
VISALIA, CA (FHA|USDA|VA) 1 $295,000 $295,000 $7,197 7.50%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $285,000 $285,000 $6,912 6.75%
Heber, UT (FHA|USDA|VA) 1 $255,000 $255,000 $3,662 6.88%
Vernal, UT (FHA|USDA|VA) 1 $215,000 $215,000 $5,682 7.13%
Price, UT (FHA|USDA|VA) 1 $165,000 $165,000 $7,710 6.00%
Evanston, WY (FHA|USDA|VA) 1 $155,000 $155,000 $0 6.75%
IDAHO FALLS, ID (FHA|USDA|VA) 1 $115,000 $115,000 $0 8.11%
Utah Mortgage Loan Corporation's top markets include Provo, Salt Lake City, Ogden, Santa Maria, and Phoenix among others.

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

    COASTHILLS
    Similarity Rank: 45
    State Bank of Southern Utah
    Similarity Rank: 176
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 300
    CREDIT UNION WEST
    Similarity Rank: 814
    UTAH COMMUNITY
    Similarity Rank: 900
    CYPRUS Federal Credit Union
    Similarity Rank: 900
    OneAZ Credit Union
    Similarity Rank: 924
    Utah Power
    Similarity Rank: 975
    GRANITE FEDERAL CREDIT UNION
    Similarity Rank: 1000
    Canyon State Credit Union
    Similarity Rank: 1020

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 83 $30,625,000 $368,976 $6,365 6.79%
    FHA 12 $4,310,000 $359,167 $11,812 6.33%
    FHA 11 $1,335,000 $121,364 $0 8.09%
    VA 4 $1,630,000 $407,500 $7,976 5.88%
    USDA 1 $345,000 $345,000 $3,938 6.00%

    For 2023, Utah Mortgage Loan Corporation's most frequently originated type of loan was Conventional, with 83 originations. Their 2nd most popular type was FHA, with 12 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 68 $25,700,000 $377,941 $5,176 6.62%
    Refi 27 $8,175,000 $302,778 $11,403 6.91%
    Other 16 $4,370,000 $273,125 $10,191 7.62%

    For 2023, Utah Mortgage Loan Corporation's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Refi, with 27 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 96 $35,190,000 $366,563 $6,819 6.72%
    Other 11 $1,335,000 $121,364 $0 8.09%
    15 Year 3 $735,000 $245,000 $7,687 5.50%
    30+ year 1 $985,000 $985,000 $28,709 7.38%

    For 2023, Utah Mortgage Loan Corporation's most frequently cited loan duration was 30 Year, with 96 originations. The 2nd most popular length was Other, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 33 $12,675,000 $384,091
    $5k+ 29 $12,255,000 $422,586
    $4k-5k 14 $5,090,000 $363,571
    $1k-2k 9 $2,965,000 $329,444
    $2k-3k 9 $2,615,000 $290,556
    $3k-4k 6 $1,310,000 $218,333

    Utah Mortgage Loan Corporation's average total fees were $6,819, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 52 $19,710,000 $379,038
    7-8% 33 $10,895,000 $330,152
    5-6% 16 $5,020,000 $313,750
    Over 8% 8 $2,030,000 $253,750
    4-5% 2 $590,000 $295,000

    During 2023, Utah Mortgage Loan Corporation's average interest rate for loans was 6.72%, while their most frequently originated rate bucket for loans was 6-7%, with 52 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 55 $16,805,000 $305,545 $6,367 6.75%
    $400k-600k 25 $11,695,000 $467,800 $7,148 6.75%
    $100k-200k 13 $2,015,000 $155,000 $4,403 6.86%
    $600k-1MM 10 $7,300,000 $730,000 $13,501 6.85%
    $100,000 or less 8 $430,000 $53,750 $9,897 7.61%

    2023 saw Utah Mortgage Loan Corporation place emphasis on $200k-400k loans with 55 originations, totaling $16,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 28 $10,250,000 $366,071 $7,168 6.63%
    $150k-250k 21 $8,725,000 $415,476 $7,114 6.74%
    $75k-100k 21 $7,465,000 $355,476 $6,482 6.62%
    $50k or less 16 $2,090,000 $130,625 $6,387 7.58%
    $250k+ 14 $6,590,000 $470,714 $9,399 7.10%
    $50k-75k 11 $3,125,000 $284,091 $5,175 6.51%

    Utah Mortgage Loan Corporation lent most frequently to those with incomes in the $100k-150k range, with 28 originations. The second most popular income band? $150k-250k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 19 $6,835,000 $359,737 $6,861 6.76%
    30-36% 13 $4,215,000 $324,231 $5,103 6.97%
    49% 9 $3,005,000 $333,889 $7,452 6.56%
    <20% 7 $1,415,000 $202,143 $8,385 6.66%
    50-60% 7 $2,285,000 $326,429 $9,541 6.99%
    40% 6 $2,220,000 $370,000 $6,711 6.75%
    47% 6 $1,780,000 $296,667 $4,242 6.73%
    >60% 5 $945,000 $189,000 $0 8.22%
    39% 5 $1,345,000 $269,000 $4,530 6.83%
    43% 5 $2,135,000 $427,000 $4,327 6.93%
    44% 5 $2,335,000 $467,000 $11,158 6.45%
    48% 5 $2,265,000 $453,000 $13,046 6.55%
    38% 4 $1,660,000 $415,000 $7,278 6.56%
    45% 4 $1,110,000 $277,500 $5,496 6.84%
    37% 3 $1,165,000 $388,333 $9,894 7.13%
    46% 3 $1,255,000 $418,333 $4,280 6.92%
    42% 3 $1,135,000 $378,333 $5,432 6.13%
    36% 1 $785,000 $785,000 $0 7.00%
    41% 1 $355,000 $355,000 $7,364 8.00%

    Utah Mortgage Loan Corporation lent most frequently to those with DTI ratios of 20-30%, with 19 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 104 $35,570,000 $342,019 $7,022 6.81%
    Asian 1 $935,000 $935,000 $14,378 7.25%
    Native Hawaiian or Islander 2 $790,000 $395,000 $6,745 6.56%
    American Indian 1 $475,000 $475,000 $0 7.38%
    Black 1 $405,000 $405,000 $11,613 6.25%
    Not provided 2 $70,000 $35,000 $0 8.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    80.18%

    Utah Mortgage Loan Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 111 $38,245,000 $344,550

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    111 $38,245,000 $344,550

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $3,305,000 $194,412 $4,184 6.89%
    40-60% 13 $3,815,000 $293,462 $5,559 7.09%
    60-80% 30 $13,220,000 $440,667 $8,563 7.01%
    80-100% 45 $17,305,000 $384,556 $6,996 6.60%
    Over 100% 1 $365,000 $365,000 $9,411 5.00%
    Under 20% 5 $235,000 $47,000 $9,897 7.38%