Mortgage Clearing Corporation Rates, Fees & Info
Tulsa, OKLEI: 25490021P4C9ZH17EO78
Tax ID: 73-0675791
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Mortgage Data
Review & Overview
Mortgage Clearing Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Mortgage Clearing Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Tulsa, Oklahoma City, Altus, Muskogee, and Bartlesville among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Mortgage Clearing 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. Mortgage Clearing Corporation is typically a low 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.28% | 11/17/24 |
| 30 Year Cash-out Refi | 6.68% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year FHA Refi | 6.50% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year VA Refi | 6.26% | 11/17/24 |
| 30 Year USDA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 5.68% | 11/17/24 |
| 15 Year Conventional Refi | 5.95% | 11/17/24 |
| 15 Year Cash-out Refi | 5.95% | 11/17/24 |
| 15 Year VA Refi | 5.68% | 11/17/24 |
| 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. | ||
Mortgage Clearing Corporation Mortgage Calculator
Your Estimates
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This is not an official calculator from Mortgage Clearing Corporation. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
25Origination Dollar Volume (All Markets)
$6,835,000Relative Rate
Mortgage Clearing Corporation's average 30 year fixed mortgage rate was
6.67%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.19%.
Relative Fees (Closing Costs)
Mortgage Clearing Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,712.
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 |
|---|---|---|---|---|---|
| TULSA, OK (FHA|USDA|VA) | 13 | $4,075,000 | $313,462 | $3,726 | 6.65% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 6 | $1,360,000 | $226,667 | $3,674 | 6.17% |
| Altus, OK (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $3,913 | 5.75% |
| Outside of Metro Areas | 3 | $525,000 | $175,000 | $4,426 | 6.71% |
| Muskogee, OK (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,311 | 6.88% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,918 | 6.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against MORTGAGE CLEARING CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 24 | $6,530,000 | $272,083 | $3,811 | 6.49% |
| VA | 1 | $305,000 | $305,000 | $3,445 | 6.88% |
For 2023, Mortgage Clearing Corporation's most frequently originated type of loan was Conventional, with 24 originations. Their 2nd most popular type was VA, with 1 originations.
Loan Reason
For 2023, Mortgage Clearing Corporation's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
For 2023, Mortgage Clearing Corporation's most frequently cited loan duration was 30 Year, with 19 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 11 | $2,605,000 | $236,818 |
| $<1k | 10 | $3,510,000 | $351,000 |
| $2k-3k | 3 | $565,000 | $188,333 |
| $3k-4k | 1 | $155,000 | $155,000 |
Mortgage Clearing Corporation's average total fees were $3,712, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 13 | $2,835,000 | $218,077 |
| 5-6% | 7 | $2,585,000 | $369,286 |
| 7-8% | 4 | $1,310,000 | $327,500 |
| Over 8% | 1 | $105,000 | $105,000 |
During 2023, Mortgage Clearing Corporation's average interest rate for loans was 6.67%, while their most frequently originated rate bucket for loans was 6-7%, with 13 originations.
Loan Sizing
2023 saw Mortgage Clearing Corporation place emphasis on $100k-200k loans with 10 originations, totaling $1,480,000 in origination value.
Applicant Income
Mortgage Clearing Corporation lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $150k-250k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 1 | $115,000 | $115,000 | $4,052 | 6.38% |
Mortgage Clearing Corporation lent most frequently to those with DTI ratios of 30-36%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.97%
Mortgage Clearing 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 origination28.00%
Mortgage Clearing Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $6,835,000 | $273,400 |