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 Refi 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.) Their top markets by origination volume include: Tulsa, Oklahoma City, Stillwater, Ardmore, and Muskogee among others. We have data for 23 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
444Origination Dollar Volume (All Markets)
$102,000,000Awards
MORTGAGE CLEARING CORPORATION - 2020
MORTGAGE CLEARING CORPORATION is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 218 | $47,930,000 | $219,862 | $3,259 | 2.86% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 141 | $35,325,000 | $250,532 | $3,400 | 2.93% |
| Outside of Metro Areas | 21 | $5,235,000 | $249,286 | $3,338 | 3.02% |
| Stillwater, OK (FHA|USDA|VA) | 13 | $3,125,000 | $240,385 | $3,627 | 2.77% |
| Ardmore, OK (FHA|USDA|VA) | 7 | $1,315,000 | $187,857 | $3,311 | 2.71% |
| Muskogee, OK (FHA|USDA|VA) | 7 | $1,215,000 | $173,571 | $2,776 | 2.75% |
| Tahlequah, OK (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $3,232 | 3.06% |
| Duncan, OK (FHA|USDA|VA) | 5 | $975,000 | $195,000 | $4,011 | 2.95% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $3,394 | 2.92% |
| Ponca City, OK (FHA|USDA|VA) | 5 | $805,000 | $161,000 | $4,339 | 2.60% |
| Shawnee, OK (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $3,472 | 3.28% |
| Bartlesville, OK (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $2,697 | 2.69% |
| Weatherford, OK (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 3.75% |
| Elk City, OK (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $2,766 | 2.94% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,391 | 2.88% |
| Altus, OK (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $4,197 | 2.94% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,599 | 2.50% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,525 | 3.19% |
| Durant, OK (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,899 | 3.25% |
| McAlester, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,637 | 3.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,955 | 3.00% |
| Woodward, OK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,528 | 3.13% |
| Miami, OK (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,812 | 2.50% |
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 | 435 | $99,705,000 | $229,207 | $3,280 | 2.89% |
| FHA | 5 | $915,000 | $183,000 | $6,265 | 3.03% |
| VA | 4 | $1,380,000 | $345,000 | $4,049 | 3.00% |
For 2020, Mortgage Clearing Corporation's most frequently originated type of loan was Conventional, with 435 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
For 2020, Mortgage Clearing Corporation's most frequently cited loan purpose was Refi, with 259 originations. The 2nd most popular reason was Cash Out Refi, with 130 originations.
Loan Duration/Length
For 2020, Mortgage Clearing Corporation's most frequently cited loan duration was 30 Year, with 232 originations. The 2nd most popular length was 15 Year, with 149 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 345 | $82,385,000 | $238,797 |
| $1k-2k | 86 | $16,040,000 | $186,512 |
| $2k-3k | 9 | $2,645,000 | $293,889 |
| $3k-4k | 4 | $930,000 | $232,500 |
Mortgage Clearing Corporation's average total fees were $3,422, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 345 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 203 | $48,225,000 | $237,562 |
| 3-4% | 127 | $28,935,000 | $227,835 |
| <2.5% | 107 | $23,495,000 | $219,579 |
| 4-5% | 7 | $1,345,000 | $192,143 |
During 2020, Mortgage Clearing Corporation's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 203 originations.
Loan Sizing
2020 saw Mortgage Clearing Corporation place emphasis on $200k-400k loans with 197 originations, totaling $55,085,000 in origination value.
Applicant Income
Mortgage Clearing Corporation lent most frequently to those with incomes in the $100k-150k range, with 53 originations. The second most popular income band? $150k-250k, with 37 originations.
Applicant Debt to Income Ratio
Mortgage Clearing Corporation lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? <20%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.10%
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 origination78.38%
Mortgage Clearing Corporation has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 444 | $102,000,000 | $229,730 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 444 | $102,000,000 | $229,730 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CLEARING CORPORATION | Conventional home mortgage | Incorrect information on your report | 1 | 25.0% |
| MORTGAGE CLEARING CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| MORTGAGE CLEARING CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| MORTGAGE CLEARING CORPORATION | Conventional home mortgage | Struggling to pay mortgage | 1 | 25.0% |