Acre Mortgage And Financial Inc Rates, Fees & Info

MARLTON, NJ

LEI: 2549007G9V4FYWWWDZ31

Tax ID: 42-1554463

1.9 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Acre Mortgage And Financial Inc is a smaller mortgage company specializing in Home Purchase loans. Acre Mortgage And Financial Inc has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Philadelphia, New York, Baltimore, Trenton, and Washington among others. Acre Mortgage And Financial Inc has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Acre Mortgage And Financial Inc is typically a high fee lendor.


Originations

935

Origination Dollar Volume (All Markets)

$242,625,000

Relative Rate

Acre Mortgage And Financial Inc's average 30 year fixed rate mortgage of loans were 3.34%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.19%.

Relative Fees

Acre Mortgage And Financial Inc's average total fees for a 30 year fixed rate mortgage are $7,310.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 645 $153,795,000 $238,442 $6,726 3.27%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 70 $25,410,000 $363,000 $8,764 3.13%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 33 $8,545,000 $258,939 $6,364 3.34%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 22 $6,050,000 $275,000 $7,015 3.36%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 15 $5,745,000 $383,000 $8,760 3.06%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 21 $5,275,000 $251,190 $5,626 3.32%
EAST STROUDSBURG, PA (FHA|USDA|VA) 17 $4,115,000 $242,059 $12,019 3.77%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 7 $3,075,000 $439,286 $8,719 3.01%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 12 $2,950,000 $245,833 $7,516 3.41%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $2,745,000 $305,000 $8,466 3.08%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 7 $2,395,000 $342,143 $13,888 3.70%
OCEAN CITY, NJ (FHA|USDA|VA) 7 $2,125,000 $303,571 $5,330 3.27%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,730,000 $288,333 $6,954 2.96%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,600,000 $266,667 $5,904 3.52%
DOVER, DE (FHA|USDA|VA) 5 $1,575,000 $315,000 $8,376 3.31%
Durango, CO (FHA|USDA|VA) 1 $1,145,000 $1,145,000 $4,419 5.38%
RICHMOND, VA (FHA|USDA|VA) 3 $1,135,000 $378,333 $5,249 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,000,000 $500,000 $5,113 3.25%
YORK-HANOVER, PA (FHA|USDA|VA) 5 $885,000 $177,000 $4,939 3.55%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $820,000 $410,000 $2,973 2.75%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $750,000 $375,000 $4,072 2.56%
Outside of Metro Areas 3 $705,000 $235,000 $7,291 2.96%
READING, PA (FHA|USDA|VA) 3 $685,000 $228,333 $4,418 3.42%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 4 $630,000 $157,500 $6,956 3.44%
LANCASTER, PA (FHA|USDA|VA) 4 $630,000 $157,500 $4,803 3.28%
PITTSBURGH, PA (FHA|USDA|VA) 2 $630,000 $315,000 $3,075 2.63%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 2 $580,000 $290,000 $7,908 3.31%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $570,000 $285,000 $4,702 4.44%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $1,528 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $520,000 $260,000 $1,795 2.81%
ROANOKE, VA (FHA|USDA|VA) 1 $505,000 $505,000 $2,894 2.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $475,000 $475,000 $2,321 1.88%
Sunbury, PA (FHA|USDA|VA) 1 $395,000 $395,000 $4,979 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $14,463 3.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $315,000 $315,000 $10,248 3.88%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $315,000 $315,000 $4,183 2.87%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $7,335 3.37%
Torrington, CT (FHA|USDA|VA) 1 $275,000 $275,000 $4,785 3.63%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $265,000 $265,000 $8,919 3.25%
TEXARKANA, TX-AR (FHA|USDA|VA) 1 $265,000 $265,000 $9,078 2.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $10,593 3.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $205,000 $205,000 $8,807 2.50%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $195,000 $195,000 $10,285 3.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $190,000 $95,000 $6,546 4.12%

Acre Mortgage And Financial Inc's top markets include Philadelphia, New York, Baltimore, Trenton, and Washington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 538 $144,090,000 $267,825 $5,015 3.24%
FHA 358 $86,240,000 $240,894 $9,619 3.33%
VA 25 $8,455,000 $338,200 $10,754 3.10%
USDA 14 $3,840,000 $274,286 $10,050 3.09%

For the 2021 period, Acre Mortgage And Financial Inc's most frequently originated loan type of loans were Conventional, with 538 originations. Their 2nd most popular type is FHA, with 358 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 657 $169,195,000 $257,527 $7,715 3.31%
Cash Out Refi 156 $40,210,000 $257,756 $5,675 3.36%
Refi 122 $33,220,000 $272,295 $4,855 2.93%

For the 2021, Acre Mortgage And Financial Inc's most frequently cited loan purpose of loans were Home Purchase, with 657 originations. The 2nd most popular reason of loans were Cash Out Refi, with 156 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 847 $219,705,000 $259,392 $7,310 3.34%
15 Year 55 $14,675,000 $266,818 $4,004 2.59%
20 Year 17 $4,525,000 $266,176 $4,848 2.89%
10 Year 10 $2,250,000 $225,000 $3,166 2.09%
Other 6 $1,470,000 $245,000 $3,686 3.07%

For the 2021, Acre Mortgage And Financial Inc's most frequently cited loan length of loans were 30 Year, with 847 originations. The 2nd most popular length of loans were 15 Year, with 55 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 590 $146,360,000 $248,068
$3k-4k 111 $25,405,000 $228,874
$5k+ 92 $30,790,000 $334,674
$2k-3k 67 $15,345,000 $229,030
$<1k 66 $22,000,000 $333,333

$7,310 of loans were Acre Mortgage And Financial Inc's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 590 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 594 $145,880,000 $245,589
2.5-3% 248 $70,600,000 $284,677
<2.5% 54 $17,260,000 $319,630
4-5% 34 $6,970,000 $205,000
5-6% 3 $1,435,000 $478,333
6-7% 2 $480,000 $240,000

During 2021, Acre Mortgage And Financial Inc's average interest rate of loans were 3.34%, while their most frequently originated rate bucket of loans were 3-4%, with 594 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 495 $138,135,000 $279,061 $7,801 3.25%
$100k-200k 303 $48,275,000 $159,323 $5,781 3.37%
$400k-600k 97 $46,005,000 $474,278 $7,257 2.98%
$100,000 or less 31 $2,495,000 $80,484 $3,966 3.45%
$600k-1MM 6 $4,480,000 $746,667 $10,194 3.06%
$1MM+ 3 $3,235,000 $1,078,333 $14,574 3.75%

2021 saw Acre Mortgage And Financial Inc place emphasis on $200k-400k loans with 495 originations, totaling $138,135,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 270 $58,190,000 $215,519 $7,120 3.29%
$75k-100k 178 $47,640,000 $267,640 $7,647 3.26%
$100k-150k 173 $50,905,000 $294,249 $6,908 3.27%
$50k or less 170 $28,950,000 $170,294 $6,848 3.43%
$150k-250k 107 $38,195,000 $356,963 $6,236 3.10%
$250k+ 34 $17,740,000 $521,765 $6,324 2.97%

Acre Mortgage And Financial Inc lent most frequently to those with incomes in the $50k-75k range, with 270 originations. The second most popular income band? $75k-100k, with 178 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
50-60% 72 $17,980,000 $249,722 $10,043 3.40%
30-36% 58 $13,720,000 $236,552 $5,890 3.26%
20-30% 37 $9,575,000 $258,784 $5,900 3.10%
43% 21 $6,325,000 $301,190 $6,826 3.34%
49% 20 $4,940,000 $247,000 $8,167 3.46%
37% 20 $4,650,000 $232,500 $8,109 3.46%
46% 18 $4,210,000 $233,889 $6,994 3.28%
45% 16 $3,810,000 $238,125 $7,680 3.32%
39% 15 $3,755,000 $250,333 $5,535 3.22%
47% 14 $2,970,000 $212,143 $6,549 3.48%
<20% 13 $3,585,000 $275,769 $4,885 2.80%
38% 12 $3,310,000 $275,833 $9,391 3.16%
42% 12 $3,090,000 $257,500 $7,017 3.37%
36% 12 $2,770,000 $230,833 $6,459 3.39%
44% 12 $2,760,000 $230,000 $7,881 3.14%
48% 11 $2,845,000 $258,636 $10,373 3.43%
40% 9 $1,905,000 $211,667 $7,053 3.31%
41% 8 $2,080,000 $260,000 $8,770 3.19%

Acre Mortgage And Financial Inc lent most frequently to those with DTI ratios of 50-60%, with 72 originations. The next most common DTI ratio? 30-36%, with 58 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 481 $126,535,000 $263,067 $6,190 3.28%
Not provided 238 $61,820,000 $259,748 $7,319 3.19%
Black 189 $45,645,000 $241,508 $8,774 3.39%
Asian 21 $6,225,000 $296,429 $5,192 3.01%
Asian Indian 4 $2,110,000 $527,500 $11,539 2.84%
Chinese 1 $145,000 $145,000 $3,552 3.25%
American Indian 1 $145,000 $145,000 $4,647 3.13%

Approval Rates

Total approvals of all applications
95.20%

Acre Mortgage And Financial Inc 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
76.76%

Acre Mortgage And Financial Inc has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 935 $242,625,000 $259,492

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
935 $242,625,000 $259,492

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 5 $1,085,000 $217,000 $3,057 2.10%
40-60% 19 $3,655,000 $192,368 $4,628 3.10%
60-80% 79 $20,775,000 $262,975 $5,672 3.29%
80-100% 270 $66,220,000 $245,259 $8,118 3.34%
Over 100% 7 $2,545,000 $363,571 $15,947 3.16%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
ACRE MORTGAGE Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
ACRE MORTGAGE FHA mortgage Closing on a mortgage 1 50.0%