George Mason Mortgage Llc

FAIRFAX, VA 22030

LEI: 2549006II76YXSS5XM65

Tax ID: 54-2024584

2019 Data | 2018 Data


Overview

George Mason Mortgage Llc is a small mortgage company specializing in Home Purchase loans. George Mason Mortgage Llc has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Frederick, Richmond, Baltimore, and Virginia Beach among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. George Mason Mortgage Llc is typically a medium-low fee lendor.


Originations

8,267

Origination Dollar Volume (All Markets)

$3,053,205,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,465 $2,434,135,000 $376,510
FHA 865 $241,105,000 $278,734
VA 819 $351,945,000 $429,725
USDA 118 $26,020,000 $220,508

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 6,242 $2,223,640,000 $356,238
Home Improvement 34 $10,160,000 $298,824
Refi 1,354 $589,590,000 $435,443
Cash Out Refi 637 $229,815,000 $360,777

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 3,731 $1,661,145,000 $445,228
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 815 $366,675,000 $449,908
RICHMOND, VA 1,236 $327,520,000 $264,984
BALTIMORE-COLUMBIA-TOWSON, MD 718 $208,730,000 $290,710
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 389 $115,255,000 $296,285
Outside of Metro Areas 330 $79,340,000 $240,424
HILTON HEAD ISLAND-BLUFFTON, SC 135 $50,905,000 $377,074
CHARLOTTE-CONCORD-GASTONIA, NC-SC 174 $45,240,000 $260,000
RALEIGH-CARY, NC 68 $18,950,000 $278,676
WINCHESTER, VA-WV 73 $16,935,000 $231,986
HAGERSTOWN-MARTINSBURG, MD-WV 68 $16,720,000 $245,882
CHARLOTTESVILLE, VA 46 $14,180,000 $308,261
HARRISONBURG, VA 59 $13,215,000 $223,983
SALISBURY, MD-DE 32 $10,570,000 $330,313
STAUNTON, VA 46 $8,990,000 $195,435
HICKORY-LENOIR-MORGANTON, NC 31 $7,495,000 $241,774
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 16 $6,000,000 $375,000
COLUMBIA, SC 22 $5,210,000 $236,818
YORK-HANOVER, PA 21 $4,665,000 $222,143
DURHAM-CHAPEL HILL, NC 15 $4,495,000 $299,667
WILMINGTON, DE-MD-NJ 17 $4,315,000 $253,824
TAMPA-ST. PETERSBURG-CLEARWATER, FL 12 $4,200,000 $350,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 11 $4,185,000 $380,455
ORLANDO-KISSIMMEE-SANFORD, FL 10 $3,840,000 $384,000
CHAMBERSBURG-WAYNESBORO, PA 20 $3,830,000 $191,500
ROANOKE, VA 6 $3,120,000 $520,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 9 $2,965,000 $329,444
WINSTON-SALEM, NC 13 $2,955,000 $227,308
MIAMI-MIAMI BEACH-KENDALL, FL 11 $2,955,000 $268,636
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 6 $2,950,000 $491,667
GETTYSBURG, PA 10 $2,630,000 $263,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 6 $2,600,000 $433,333
CALIFORNIA-LEXINGTON PARK, MD 8 $2,580,000 $322,500
WILMINGTON, NC 11 $2,465,000 $224,091
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 3 $2,265,000 $755,000
GREENSBORO-HIGH POINT, NC 7 $2,015,000 $287,857
JACKSONVILLE, FL 7 $1,925,000 $275,000
CHARLESTON-NORTH CHARLESTON, SC 6 $1,910,000 $318,333
LYNCHBURG, VA 5 $1,375,000 $275,000
GREENVILLE-ANDERSON, SC 4 $1,330,000 $332,500
NORTH PORT-SARASOTA-BRADENTON, FL 4 $1,310,000 $327,500
SAVANNAH, GA 3 $1,245,000 $415,000
LANCASTER, PA 4 $1,200,000 $300,000
CAPE CORAL-FORT MYERS, FL 3 $975,000 $325,000
FAYETTEVILLE, NC 5 $865,000 $173,000
PITTSBURGH, PA 3 $845,000 $281,667
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $720,000 $360,000
PHILADELPHIA, PA 2 $670,000 $335,000
PENSACOLA-FERRY PASS-BRENT, FL 2 $580,000 $290,000
READING, PA 2 $570,000 $285,000
ASHEVILLE, NC 2 $510,000 $255,000
BECKLEY, WV 3 $425,000 $141,667
JOHNSON CITY, TN 1 $395,000 $395,000
ATHENS-CLARKE COUNTY, GA 1 $385,000 $385,000
ROCKY MOUNT, NC 2 $370,000 $185,000
PORT ST. LUCIE, FL 1 $305,000 $305,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $285,000 $285,000
WARNER ROBINS, GA 1 $265,000 $265,000
SPARTANBURG, SC 1 $265,000 $265,000
NEW BERN, NC 1 $225,000 $225,000
NAPLES-MARCO ISLAND, FL 1 $205,000 $205,000
STATE COLLEGE, PA 2 $200,000 $100,000
MACON-BIBB COUNTY, GA 1 $195,000 $195,000
SEBASTIAN-VERO BEACH, FL 1 $185,000 $185,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $175,000 $175,000
DOVER, DE 1 $175,000 $175,000
WHEELING, WV-OH 1 $175,000 $175,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $165,000 $165,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 1 $155,000 $155,000
EAST STROUDSBURG, PA 1 $135,000 $135,000
SUMTER, SC 1 $135,000 $135,000
OCALA, FL 2 $120,000 $60,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $75,000 $75,000
CUMBERLAND, MD-WV 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 4 $650,000 $162,500
2.5-3% 68 $23,780,000 $349,706
3-4% 4,265 $1,717,465,000 $402,688
4-5% 3,441 $1,215,055,000 $353,111
5-6% 474 $93,900,000 $198,101
6-7% 15 $2,355,000 $157,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 463 $14,365,000 $31,026
$100k-200k 1,226 $192,880,000 $157,325
$200k-400k 3,577 $1,052,655,000 $294,284
$400k-600k 1,941 $938,555,000 $483,542
$600k-1000k 892 $638,700,000 $716,031
$Over $1MM 168 $216,050,000 $1,286,012

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 161 $39,295,000 $244,068
40-60% 513 $179,495,000 $349,893
60-80% 2,071 $835,695,000 $403,522
80-100% 4,887 $1,858,225,000 $380,238
Over 100% 301 $134,375,000 $446,429
Under 20% 334 $6,120,000 $18,323

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,999 $732,105,000 $366,236
$150k-250k 1,737 $848,365,000 $488,408
$50k-75k 1,438 $312,520,000 $217,330
$50k-or less 822 $158,160,000 $192,409
$75k-100k 1,389 $405,515,000 $291,947
$Over $250k 882 $596,540,000 $676,349

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 5,380 $1,970,550,000 $366,273
Not provided 1,561 $652,315,000 $417,883
Black 842 $227,070,000 $269,679
Asian 355 $149,095,000 $419,986
Asian Indian 46 $23,700,000 $515,217
American Indian 31 $10,865,000 $350,484
Other Asian 22 $8,750,000 $397,727
Native Hawaiian 10 $4,040,000 $404,000
Korean 8 $2,600,000 $325,000
Chinese 5 $2,265,000 $453,000
Vietnamese 3 $1,225,000 $408,333
Filipino 3 $465,000 $155,000
Other Pacific Islander 1 $265,000 $265,000

Approval Rates

Total approvals of all applications
97.04%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
69.64%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 8,267 $3,053,205,000 $369,324

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 750 $135,160,000 $180,213
$1k-2k 5,876 $2,260,900,000 $384,769
$2k-3k 592 $170,150,000 $287,416
$3k-4k 602 $227,050,000 $377,159
$5k+ 446 $259,440,000 $581,704

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 8,267 $3,053,205,000 $369,324