Mortgage Clearing Corporation Rates, Fees & Info

Tulsa, OK

LEI: 25490021P4C9ZH17EO78

Tax ID: 73-0675791

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mortgage Clearing Corporation is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Mortgage Clearing Corporation has a high proportion of conventional 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: Tulsa, Oklahoma City, Ponca City, Denver, and Ardmore among others. We have data for 15 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 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 6.27% 4/28/24
    30 Year Conventional Refi 6.28% 4/28/24
    30 Year Cash-out Refi 6.68% 4/28/24
    30 Year FHA Purchase 6.27% 4/28/24
    30 Year FHA Refi 6.50% 4/28/24
    30 Year VA Purchase 6.27% 4/28/24
    30 Year VA Refi 6.26% 4/28/24
    30 Year USDA Purchase 6.27% 4/28/24
    15 Year Conventional Purchase 5.68% 4/28/24
    15 Year Conventional Refi 5.95% 4/28/24
    15 Year Cash-out Refi 5.95% 4/28/24
    15 Year VA Refi 5.68% 4/28/24
    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

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

    This is not an official calculator from Mortgage Clearing 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

    255

    Origination Dollar Volume (All Markets)

    $55,225,000

    Awards

    MORTGAGE CLEARING CORPORATION 30 Year Conventional Loans gold
    Show all (1) awards

    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) 180 $37,140,000 $206,333 $1,819 4.27%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 47 $11,745,000 $249,894 $2,805 3.97%
    Outside of Metro Areas 11 $2,445,000 $222,273 $2,133 3.98%
    Ponca City, OK (FHA|USDA|VA) 2 $600,000 $300,000 $3,603 4.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $545,000 $545,000 $0 4.00%
    Ardmore, OK (FHA|USDA|VA) 2 $530,000 $265,000 $4,180 4.25%
    McAlester, OK (FHA|USDA|VA) 1 $405,000 $405,000 $3,895 3.50%
    Stillwater, OK (FHA|USDA|VA) 1 $385,000 $385,000 $4,023 3.88%
    Bartlesville, OK (FHA|USDA|VA) 3 $325,000 $108,333 $2,770 4.50%
    Weatherford, OK (FHA|USDA|VA) 1 $245,000 $245,000 $11,382 3.88%
    Altus, OK (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.88%
    Tahlequah, OK (FHA|USDA|VA) 2 $190,000 $95,000 $3,447 3.69%
    Shawnee, OK (FHA|USDA|VA) 1 $175,000 $175,000 $3,310 4.38%
    Muskogee, OK (FHA|USDA|VA) 1 $155,000 $155,000 $3,740 3.88%
    FORT SMITH, AR-OK (FHA|USDA|VA) 1 $105,000 $105,000 $3,180 3.88%
    Mortgage Clearing Corporation's top markets include Tulsa, Oklahoma City, Ponca City, Denver, and Ardmore among others.

    Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)

    • 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.

    RED CROWN
    Similarity Rank: 45
    Tulsa Federal Credit Union
    Similarity Rank: 84
    Central Bank of Oklahoma
    Similarity Rank: 140
    TRUE SKY
    Similarity Rank: 174
    WEOKIE
    Similarity Rank: 243
    Municipal Employees Credit Union of Oklahoma City
    Similarity Rank: 321
    Intrust Bank
    Similarity Rank: 352
    OKLAHOMA CENTRAL Credit Union
    Similarity Rank: 352
    TTCU Federal Credit Union
    Similarity Rank: 360
    US Employees O.C. Federal Credit Union
    Similarity Rank: 784

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 232 $51,010,000 $219,871 $1,947 4.22%
    FHA 15 $2,445,000 $163,000 $3,857 3.94%
    VA 7 $1,435,000 $205,000 $4,185 3.52%
    USDA 1 $335,000 $335,000 $3,842 4.50%

    For 2019, Mortgage Clearing Corporation's most frequently originated type of loan was Conventional, with 232 originations. Their 2nd most popular type was FHA, with 15 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 125 $27,255,000 $218,040 $1,082 4.30%
    Cash Out Refi 70 $13,950,000 $199,286 $3,089 4.03%
    Refi 40 $9,050,000 $226,250 $2,249 4.01%
    NA 20 $4,970,000 $248,500 $4,900 4.33%

    For 2019, Mortgage Clearing Corporation's most frequently cited loan purpose was Home Purchase, with 125 originations. The 2nd most popular reason was Cash Out Refi, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 209 $46,575,000 $222,847 $2,089 4.26%
    15 Year 35 $6,145,000 $175,571 $2,118 3.73%
    20 Year 10 $2,450,000 $245,000 $2,959 4.21%
    10 Year 1 $55,000 $55,000 $3,044 3.88%

    For 2019, Mortgage Clearing Corporation's most frequently cited loan duration was 30 Year, with 209 originations. The 2nd most popular length was 15 Year, with 35 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 201 $42,305,000 $210,473
    $1k-2k 39 $9,135,000 $234,231
    $2k-3k 5 $1,485,000 $297,000
    $3k-4k 3 $725,000 $241,667
    $5k+ 1 $415,000 $415,000

    Mortgage Clearing Corporation's average total fees were $2,089, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 201 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 120 $27,990,000 $233,250
    4-5% 117 $24,115,000 $206,111
    5-6% 15 $2,085,000 $139,000
    2.5-3% 3 $1,035,000 $345,000

    During 2019, Mortgage Clearing Corporation's average interest rate for loans was 4.26%, while their most frequently originated rate bucket for loans was 3-4%, with 120 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 117 $32,715,000 $279,615 $2,066 4.17%
    $100k-200k 83 $11,735,000 $141,386 $2,103 4.15%
    $100,000 or less 37 $2,755,000 $74,459 $1,888 4.46%
    $400k-600k 18 $8,020,000 $445,556 $3,178 3.92%

    2019 saw Mortgage Clearing Corporation place emphasis on $200k-400k loans with 117 originations, totaling $32,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $15,580,000 $243,438 $1,812 4.19%
    $75k-100k 53 $10,855,000 $204,811 $1,796 4.19%
    $50k or less 38 $4,230,000 $111,316 $2,206 4.14%
    $150k-250k 37 $10,515,000 $284,189 $1,693 4.14%
    $50k-75k 28 $3,970,000 $141,786 $1,845 4.31%
    $250k+ 17 $5,725,000 $336,765 $2,709 3.96%

    Mortgage Clearing Corporation lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $75k-100k, with 53 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 75 $16,705,000 $222,733 $1,698 4.20%
    30-36% 32 $7,080,000 $221,250 $1,826 4.32%
    <20% 31 $7,265,000 $234,355 $1,581 4.05%
    40% 11 $2,505,000 $227,727 $2,011 4.02%
    38% 10 $1,900,000 $190,000 $2,223 4.00%
    45% 8 $1,110,000 $138,750 $2,159 4.41%
    39% 7 $835,000 $119,286 $2,819 4.02%
    36% 7 $1,445,000 $206,429 $1,539 4.21%
    37% 7 $1,375,000 $196,429 $894 4.20%
    48% 7 $1,315,000 $187,857 $2,548 4.00%
    43% 7 $1,185,000 $169,286 $1,140 4.39%
    44% 5 $915,000 $183,000 $2,801 4.10%
    50-60% 5 $1,405,000 $281,000 $1,294 3.93%
    42% 4 $890,000 $222,500 $1,668 4.44%
    47% 3 $665,000 $221,667 $3,158 4.13%
    46% 3 $745,000 $248,333 $4,633 3.83%
    49% 3 $745,000 $248,333 $1,161 4.46%
    41% 3 $505,000 $168,333 $2,137 4.04%
    >60% 1 $225,000 $225,000 $2,816 3.38%

    Mortgage Clearing Corporation lent most frequently to those with DTI ratios of 20-30%, with 75 originations. The next most common DTI ratio? 30-36%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 187 $39,985,000 $213,824 $2,021 4.08%
    Not provided 26 $6,100,000 $234,615 $1,410 4.46%
    Not applicable 21 $5,055,000 $240,714 $4,934 4.44%
    American Indian 10 $2,420,000 $242,000 $1,239 4.46%
    Asian 5 $855,000 $171,000 $0 4.75%
    Black 4 $620,000 $155,000 $1,439 4.41%
    Asian Indian 1 $115,000 $115,000 $0 5.00%
    Other Pacific Islander 1 $75,000 $75,000 $3,069 4.38%

    Approval Rates

    Total approvals of all applications
    99.31%

    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 origination
    89.02%

    Mortgage Clearing Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 255 $55,225,000 $216,569

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 255 $55,225,000 $216,569

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,380,000 $172,500 $2,199 3.86%
    40-60% 25 $4,545,000 $181,800 $1,902 3.95%
    60-80% 95 $20,605,000 $216,895 $2,392 4.18%
    80-100% 124 $28,110,000 $226,694 $1,953 4.26%
    Over 100% 2 $500,000 $250,000 $3,596 3.88%
    Under 20% 1 $85,000 $85,000 $2,698 3.88%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MORTGAGE CLEARING CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    MORTGAGE CLEARING CORPORATION Conventional home mortgage Struggling to pay mortgage 1 33.3%
    MORTGAGE CLEARING CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%