Mortgage Network, Inc

Danvers, MA 01923

LEI: 254900A69XJBWUR7ZF46

Tax ID: 04-2992161

2019 Data | 2018 Data


Overview

Mortgage Network, Inc is a small mortgage company specializing in Home Purchase and Refi loans. Mortgage Network, Inc 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 Cambridge, Boston, Hilton Head Island, Portland, and Springfield 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. Mortgage Network, Inc is typically a normal fee medium-low fee lendor.


Originations

8,119

Origination Dollar Volume (All Markets)

$2,519,995,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,296 $2,041,800,000 $324,301
FHA 1,113 $274,045,000 $246,222
VA 552 $177,160,000 $320,942
USDA 158 $26,990,000 $170,823

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 5,817 $1,677,255,000 $288,337
Home Improvement 13 $2,265,000 $174,231
Other 39 $8,315,000 $213,205
Refi 1,515 $585,675,000 $386,584
Cash Out Refi 735 $246,485,000 $335,354

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
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 1,720 $700,510,000 $407,273
BOSTON, MA 863 $386,015,000 $447,294
HILTON HEAD ISLAND-BLUFFTON, SC 892 $267,270,000 $299,630
PORTLAND-SOUTH PORTLAND, ME 458 $127,160,000 $277,642
SPRINGFIELD, MA 550 $110,620,000 $201,127
PROVIDENCE-WARWICK, RI-MA 326 $100,080,000 $306,994
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 286 $91,460,000 $319,790
WORCESTER, MA-CT 243 $68,845,000 $283,313
COLUMBIA, SC 294 $64,000,000 $217,687
Outside of Metro Areas 277 $56,955,000 $205,614
SALISBURY, MD-DE 280 $54,110,000 $193,250
NEWARK, NJ-PA 141 $53,205,000 $377,340
NEW BRUNSWICK-LAKEWOOD, NJ 118 $39,450,000 $334,322
CHARLESTON-NORTH CHARLESTON, SC 144 $39,050,000 $271,181
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 94 $36,020,000 $383,191
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 116 $32,300,000 $278,448
YORK-HANOVER, PA 167 $29,645,000 $177,515
MANCHESTER-NASHUA, NH 88 $24,160,000 $274,545
BARNSTABLE TOWN, MA 59 $21,435,000 $363,305
TAMPA-ST. PETERSBURG-CLEARWATER, FL 106 $21,200,000 $200,000
HARRISBURG-CARLISLE, PA 111 $21,045,000 $189,595
LANCASTER, PA 100 $16,950,000 $169,500
BANGOR, ME 105 $16,715,000 $159,190
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 70 $13,820,000 $197,429
CHARLOTTE-CONCORD-GASTONIA, NC-SC 38 $13,070,000 $343,947
LEBANON, PA 60 $9,150,000 $152,500
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 34 $8,910,000 $262,059
BALTIMORE-COLUMBIA-TOWSON, MD 27 $7,455,000 $276,111
GREENVILLE-ANDERSON, SC 26 $7,440,000 $286,154
PHILADELPHIA, PA 34 $6,700,000 $197,059
SAVANNAH, GA 24 $6,660,000 $277,500
LEWISTON-AUBURN, ME 35 $6,135,000 $175,286
GETTYSBURG, PA 24 $4,840,000 $201,667
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 11 $4,625,000 $420,455
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 10 $4,380,000 $438,000
NEW HAVEN-MILFORD, CT 11 $3,235,000 $294,091
EAST STROUDSBURG, PA 13 $2,465,000 $189,615
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 8 $2,150,000 $268,750
PITTSFIELD, MA 6 $1,880,000 $313,333
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 5 $1,825,000 $365,000
CAMDEN, NJ 7 $1,805,000 $257,857
ORLANDO-KISSIMMEE-SANFORD, FL 5 $1,655,000 $331,000
OCEAN CITY, NJ 5 $1,605,000 $321,000
BRIDGEPORT-STAMFORD-NORWALK, CT 3 $1,535,000 $511,667
NAPLES-MARCO ISLAND, FL 3 $1,525,000 $508,333
PENSACOLA-FERRY PASS-BRENT, FL 2 $1,490,000 $745,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 5 $1,475,000 $295,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 6 $1,410,000 $235,000
SPARTANBURG, SC 6 $1,370,000 $228,333
RALEIGH-CARY, NC 4 $1,310,000 $327,500
AUGUSTA-RICHMOND COUNTY, GA-SC 4 $1,230,000 $307,500
Outside of Metro Areas 12 $1,200,000 $100,000
WILMINGTON, DE-MD-NJ 5 $1,085,000 $217,000
READING, PA 4 $1,060,000 $265,000
DOVER, DE 4 $1,030,000 $257,500
CAPE CORAL-FORT MYERS, FL 4 $1,010,000 $252,500
NORTH PORT-SARASOTA-BRADENTON, FL 3 $675,000 $225,000
NORWICH-NEW LONDON, CT 3 $675,000 $225,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 3 $645,000 $215,000
GAINESVILLE, FL 2 $630,000 $315,000
CHAMBERSBURG-WAYNESBORO, PA 3 $615,000 $205,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 2 $610,000 $305,000
SUMTER, SC 3 $595,000 $198,333
CHICAGO-NAPERVILLE-EVANSTON, IL 2 $570,000 $285,000
GREENSBORO-HIGH POINT, NC 2 $530,000 $265,000
DURHAM-CHAPEL HILL, NC 1 $515,000 $515,000
TRENTON-PRINCETON, NJ 2 $480,000 $240,000
JACKSONVILLE, FL 2 $460,000 $230,000
HICKORY-LENOIR-MORGANTON, NC 1 $455,000 $455,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $455,000 $455,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 1 $425,000 $425,000
PUNTA GORDA, FL 1 $425,000 $425,000
PORT ST. LUCIE, FL 2 $420,000 $210,000
KNOXVILLE, TN 2 $410,000 $205,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $405,000 $405,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1 $395,000 $395,000
FLORENCE, SC 3 $385,000 $128,333
HOMOSASSA SPRINGS, FL 4 $360,000 $90,000
BUFFALO-CHEEKTOWAGA, NY 1 $315,000 $315,000
HARRISONBURG, VA 1 $315,000 $315,000
ATLANTIC CITY-HAMMONTON, NJ 2 $300,000 $150,000
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $285,000 $285,000
PITTSBURGH, PA 1 $285,000 $285,000
BLOOMINGTON, IN 1 $245,000 $245,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $235,000 $235,000
LYNCHBURG, VA 1 $235,000 $235,000
LAKELAND-WINTER HAVEN, FL 1 $225,000 $225,000
ALTOONA, PA 1 $205,000 $205,000
RICHMOND, VA 1 $195,000 $195,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 1 $185,000 $185,000
JOHNSTOWN, PA 1 $185,000 $185,000
ROANOKE, VA 1 $175,000 $175,000
SYRACUSE, NY 1 $175,000 $175,000
VALDOSTA, GA 1 $165,000 $165,000
WINSTON-SALEM, NC 1 $125,000 $125,000
CHATTANOOGA, TN-GA 1 $115,000 $115,000
WILLIAMSPORT, PA 1 $105,000 $105,000
SCRANTON--WILKES-BARRE, PA 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% 85 $555,000 $6,529
2.5-3% 71 $24,285,000 $342,042
3-4% 4,075 $1,399,685,000 $343,481
4-5% 3,493 $1,015,365,000 $290,686
5-6% 373 $76,665,000 $205,536
6-7% 22 $3,440,000 $156,364

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 329 $19,235,000 $58,465
$100k-200k 1,906 $299,130,000 $156,941
$200k-400k 3,903 $1,130,745,000 $289,712
$400k-600k 1,550 $733,920,000 $473,497
$600k-1000k 368 $259,510,000 $705,190
$Over $1MM 63 $77,455,000 $1,229,444

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% 264 $58,080,000 $220,000
40-60% 680 $216,920,000 $319,000
60-80% 2,524 $909,380,000 $360,293
80-100% 4,417 $1,294,495,000 $293,071
Over 100% 113 $33,565,000 $297,035
Under 20% 113 $4,215,000 $37,301

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 1,926 $645,500,000 $335,151
$150k-250k 1,372 $572,880,000 $417,551
$50k-75k 1,679 $363,765,000 $216,656
$50k-or less 906 $130,460,000 $143,996
$75k-100k 1,440 $402,170,000 $279,285
$Over $250k 639 $349,805,000 $547,426

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,031 $1,893,545,000 $313,969
Not provided 1,587 $480,615,000 $302,845
Asian 280 $90,010,000 $321,464
Black 205 $50,165,000 $244,707
Asian Indian 4 $1,650,000 $412,500
Other Asian 4 $1,040,000 $260,000
American Indian 2 $930,000 $465,000
Chinese 1 $475,000 $475,000
Native Hawaiian 1 $445,000 $445,000
Korean 1 $355,000 $355,000
Other Pacific Islander 1 $305,000 $305,000
Native Hawiian 1 $255,000 $255,000
Vietnamese 1 $205,000 $205,000

Approval Rates

Total approvals of all applications
92.86%

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
83.16%

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 8,119 $2,519,995,000 $310,382

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,281 $666,965,000 $292,400
$1k-2k 4,816 $1,565,810,000 $325,127
$2k-3k 347 $89,305,000 $257,363
$3k-4k 252 $77,180,000 $306,270
$5k+ 89 $34,765,000 $390,618

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):Manufactured 10 $1,580,000 $158,000
Single Family (1-4 Units):Site-Built 8,109 $2,518,415,000 $310,570