Mortgage Network Rates, Fees & Info

DANVERS, MA

LEI: 254900A69XJBWUR7ZF46

Tax ID: 04-2992161

5 stars - out of 5 stars, based on 104 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mortgage Network is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Mortgage Network 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 include Boston, Hilton Head Island, Springfield, Portland, and Worcester among others. Mortgage Network 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. Mortgage Network is typically an average fee lendor.


Originations

10,906

Origination Dollar Volume (All Markets)

$3,798,480,000
Show all (15) awards

Relative Rate

Mortgage Network 's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Mortgage Network 's average total fees for a 30 year fixed rate mortgage are $4,580.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4,251 $1,835,905,000 $431,876 $3,979 2.95%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1,166 $441,680,000 $378,799 $4,250 3.05%
SPRINGFIELD, MA (FHA|USDA|VA) 767 $176,965,000 $230,724 $5,182 2.97%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 522 $157,830,000 $302,356 $4,401 2.97%
WORCESTER, MA-CT (FHA|USDA|VA) 389 $131,545,000 $338,162 $4,176 2.96%
COLUMBIA, SC (FHA|USDA|VA) 479 $116,905,000 $244,061 $4,227 2.92%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 344 $113,850,000 $330,959 $4,057 2.96%
SALISBURY, MD-DE (FHA|USDA|VA) 443 $99,685,000 $225,023 $5,236 3.02%
Outside of Metro Areas 251 $64,775,000 $258,068 $4,389 3.03%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 181 $64,255,000 $355,000 $3,888 3.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 183 $56,575,000 $309,153 $5,560 2.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 140 $54,640,000 $390,286 $3,676 2.95%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 221 $50,215,000 $227,217 $4,854 2.91%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 144 $44,110,000 $306,319 $3,996 3.03%
YORK-HANOVER, PA (FHA|USDA|VA) 216 $41,420,000 $191,759 $5,829 2.99%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 130 $33,790,000 $259,923 $5,719 3.04%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 71 $27,995,000 $394,296 $3,979 2.92%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 60 $27,300,000 $455,000 $7,071 2.96%
LANCASTER, PA (FHA|USDA|VA) 94 $21,460,000 $228,298 $5,069 2.94%
BANGOR, ME (FHA|USDA|VA) 111 $21,005,000 $189,234 $5,145 3.06%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 55 $15,905,000 $289,182 $3,690 2.86%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 52 $13,440,000 $258,462 $4,754 2.99%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 17 $10,505,000 $617,941 $6,184 3.05%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 26 $10,060,000 $386,923 $3,919 3.07%
Concord, NH (FHA|USDA|VA) 34 $9,570,000 $281,471 $4,411 3.02%
SAVANNAH, GA (FHA|USDA|VA) 31 $8,455,000 $272,742 $5,064 3.13%
LEBANON, PA (FHA|USDA|VA) 34 $8,430,000 $247,941 $5,619 3.14%
Laconia, NH (FHA|USDA|VA) 36 $8,390,000 $233,056 $4,150 3.00%
Lebanon, NH-VT (FHA|USDA|VA) 29 $8,165,000 $281,552 $4,052 3.02%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 33 $7,515,000 $227,727 $4,250 2.90%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 25 $7,255,000 $290,200 $6,582 3.22%
Vineyard Haven, MA (FHA|USDA|VA) 11 $7,145,000 $649,545 $5,166 2.96%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 26 $6,650,000 $255,769 $5,534 3.05%
SPARTANBURG, SC (FHA|USDA|VA) 20 $6,570,000 $328,500 $3,423 2.92%
RALEIGH-CARY, NC (FHA|USDA|VA) 20 $5,860,000 $293,000 $3,539 2.94%
Augusta-Waterville, ME (FHA|USDA|VA) 22 $5,340,000 $242,727 $5,480 2.95%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 13 $5,125,000 $394,231 $5,191 3.05%
ASHEVILLE, NC (FHA|USDA|VA) 13 $4,875,000 $375,000 $3,963 2.99%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 16 $4,250,000 $265,625 $3,974 3.08%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 13 $4,225,000 $325,000 $5,352 2.96%
Cambridge, MD (FHA|USDA|VA) 19 $4,185,000 $220,263 $5,751 3.02%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 10 $3,770,000 $377,000 $5,717 3.00%
GETTYSBURG, PA (FHA|USDA|VA) 14 $2,790,000 $199,286 $4,909 3.03%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $2,745,000 $392,143 $5,585 3.05%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 9 $2,695,000 $299,444 $4,675 3.25%
PITTSFIELD, MA (FHA|USDA|VA) 11 $2,595,000 $235,909 $3,577 2.92%
Forest City, NC (FHA|USDA|VA) 4 $1,710,000 $427,500 $3,639 2.91%
Keene, NH (FHA|USDA|VA) 8 $1,710,000 $213,750 $4,440 3.08%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,470,000 $367,500 $5,498 3.22%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 6 $1,450,000 $241,667 $8,325 3.08%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $1,405,000 $281,000 $5,497 2.95%
RICHMOND, VA (FHA|USDA|VA) 4 $1,320,000 $330,000 $3,545 3.03%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $1,295,000 $431,667 $4,052 2.67%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,290,000 $322,500 $4,655 2.97%
Torrington, CT (FHA|USDA|VA) 3 $1,215,000 $405,000 $11,854 3.21%
ROANOKE, VA (FHA|USDA|VA) 3 $1,175,000 $391,667 $3,572 2.87%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $1,145,000 $229,000 $4,883 2.87%
DOVER, DE (FHA|USDA|VA) 4 $1,100,000 $275,000 $5,221 3.12%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $1,085,000 $361,667 $6,487 2.83%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $835,000 $278,333 $4,908 3.12%
Seneca, SC (FHA|USDA|VA) 2 $820,000 $410,000 $4,210 2.69%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $785,000 $261,667 $3,783 2.91%
READING, PA (FHA|USDA|VA) 4 $780,000 $195,000 $5,005 2.90%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $740,000 $370,000 $7,429 2.81%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 3 $725,000 $241,667 $5,438 3.12%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $650,000 $325,000 $6,949 2.88%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $650,000 $325,000 $4,373 2.81%
Key West, FL (FHA|USDA|VA) 1 $625,000 $625,000 $8,756 2.38%
KNOXVILLE, TN (FHA|USDA|VA) 2 $580,000 $290,000 $6,009 2.88%
Easton, MD (FHA|USDA|VA) 2 $570,000 $285,000 $5,106 3.12%
Sevierville, TN (FHA|USDA|VA) 1 $545,000 $545,000 $4,310 3.50%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $540,000 $270,000 $2,795 3.68%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $515,000 $515,000 $2,191 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $505,000 $168,333 $4,378 3.04%
Georgetown, SC (FHA|USDA|VA) 2 $490,000 $245,000 $2,861 2.94%
SUMTER, SC (FHA|USDA|VA) 3 $485,000 $161,667 $3,560 3.42%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 2 $480,000 $240,000 $3,126 2.88%
Cullowhee, NC (FHA|USDA|VA) 1 $465,000 $465,000 $6,389 2.88%
FLORENCE, SC (FHA|USDA|VA) 3 $455,000 $151,667 $3,384 2.79%
Morehead City, NC (FHA|USDA|VA) 1 $445,000 $445,000 $4,314 2.99%
Brevard, NC (FHA|USDA|VA) 1 $415,000 $415,000 $4,163 2.88%
BRUNSWICK, GA (FHA|USDA|VA) 2 $410,000 $205,000 $6,615 3.00%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $405,000 $405,000 $3,733 3.13%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $405,000 $405,000 $5,134 2.63%
Berlin, NH (FHA|USDA|VA) 2 $380,000 $190,000 $3,385 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $4,792 3.25%
GAINESVILLE, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,419 2.88%
UTICA-ROME, NY (FHA|USDA|VA) 1 $345,000 $345,000 $5,264 2.88%
Newberry, SC (FHA|USDA|VA) 1 $345,000 $345,000 $3,818 3.25%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $330,000 $165,000 $3,658 3.19%
Orangeburg, SC (FHA|USDA|VA) 1 $325,000 $325,000 $3,455 3.25%
BOULDER, CO (FHA|USDA|VA) 1 $325,000 $325,000 $2,823 2.99%
Rutland, VT (FHA|USDA|VA) 1 $325,000 $325,000 $3,338 3.25%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $315,000 $315,000 $4,113 2.99%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $315,000 $315,000 $6,167 2.50%
OCALA, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,669 2.88%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $285,000 $285,000 $4,661 3.25%
PITTSBURGH, PA (FHA|USDA|VA) 1 $275,000 $275,000 $6,864 3.50%
Greenwood, SC (FHA|USDA|VA) 1 $235,000 $235,000 $2,421 2.88%
Huntingdon, PA (FHA|USDA|VA) 1 $235,000 $235,000 $5,450 3.25%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $5,528 2.25%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $220,000 $110,000 $0 1.31%
Selinsgrove, PA (FHA|USDA|VA) 1 $195,000 $195,000 $4,383 2.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $195,000 $195,000 $4,318 2.99%
NEW BERN, NC (FHA|USDA|VA) 1 $185,000 $185,000 $5,107 3.63%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,837 3.38%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,758 2.99%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $165,000 $165,000 $4,055 2.88%
WILLIAMSPORT, PA (FHA|USDA|VA) 1 $165,000 $165,000 $7,686 3.13%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $165,000 $165,000 $5,294 2.75%
Elizabeth City, NC (FHA|USDA|VA) 1 $155,000 $155,000 $8,562 3.50%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $155,000 $155,000 $3,577 3.25%
Waycross, GA (FHA|USDA|VA) 1 $145,000 $145,000 $3,448 3.25%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,105 3.25%
Tifton, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,435 3.25%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $125,000 $125,000 $3,424 2.99%
ALBANY, GA (FHA|USDA|VA) 1 $115,000 $115,000 $3,056 3.25%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $115,000 $115,000 $3,895 2.99%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,161 3.25%
ALTOONA, PA (FHA|USDA|VA) 1 $105,000 $105,000 $6,593 2.88%
Mount Airy, NC (FHA|USDA|VA) 1 $75,000 $75,000 $2,894 2.88%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.99%

Mortgage Network 's top markets include Boston, Hilton Head Island, Springfield, Portland, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 9,834 $3,489,680,000 $354,859 $3,957 2.97%
FHA 630 $170,850,000 $271,190 $9,053 3.10%
VA 347 $118,835,000 $342,464 $7,310 2.80%
USDA 95 $19,115,000 $201,211 $5,753 2.97%

For the 2021 period, Mortgage Network 's most frequently originated loan type of loans were Conventional, with 9,834 originations. Their 2nd most popular type is FHA, with 630 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 5,747 $1,992,045,000 $346,623 $5,027 2.98%
Refi 3,416 $1,206,650,000 $353,235 $3,428 2.89%
Cash Out Refi 1,662 $572,700,000 $344,585 $4,161 3.11%
Other 72 $23,760,000 $330,000 $3,617 3.07%
Home Improvement 9 $3,325,000 $369,444 $3,974 3.08%

For the 2021, Mortgage Network 's most frequently cited loan purpose of loans were Home Purchase, with 5,747 originations. The 2nd most popular reason of loans were Refi, with 3,416 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 9,281 $3,358,105,000 $361,826 $4,580 3.04%
15 Year 974 $244,510,000 $251,037 $3,272 2.50%
20 Year 322 $108,860,000 $338,075 $3,633 2.94%
Other 227 $73,965,000 $325,837 $3,376 2.99%
10 Year 101 $13,035,000 $129,059 $1,720 1.39%
5 Year 1 $5,000 $5,000 $0 0.00%

For the 2021, Mortgage Network 's most frequently cited loan length of loans were 30 Year, with 9,281 originations. The 2nd most popular length of loans were 15 Year, with 974 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 8,233 $2,972,035,000 $360,991
$2k-3k 867 $253,715,000 $292,636
$3k-4k 728 $227,930,000 $313,091
$<1k 431 $115,385,000 $267,715
$5k+ 278 $119,040,000 $428,201

$4,580 of loans were Mortgage Network 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 8,233 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 6,531 $2,387,685,000 $365,593
3-4% 3,346 $1,120,660,000 $334,925
<2.5% 916 $259,130,000 $282,893
4-5% 113 $31,005,000 $274,381

During 2021, Mortgage Network 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 6,531 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 5,314 $1,546,610,000 $291,044 $4,424 3.00%
$400k-600k 2,557 $1,236,935,000 $483,745 $4,496 2.97%
$100k-200k 1,903 $305,115,000 $160,334 $3,945 3.03%
$600k-1MM 746 $534,820,000 $716,917 $5,194 2.97%
$100,000 or less 257 $12,875,000 $50,097 $1,655 2.17%
$1MM+ 129 $162,125,000 $1,256,783 $6,765 2.91%

2021 saw Mortgage Network place emphasis on $200k-400k loans with 5,314 originations, totaling $1,546,610,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 2,664 $949,760,000 $356,517 $4,341 3.01%
$150k-250k 2,261 $992,905,000 $439,144 $4,225 2.97%
$50k-75k 2,032 $476,690,000 $234,592 $4,531 2.99%
$75k-100k 1,838 $536,100,000 $291,676 $4,406 3.00%
$250k+ 1,125 $659,435,000 $586,164 $4,588 2.92%
$50k or less 883 $149,055,000 $168,805 $4,250 2.92%

Mortgage Network lent most frequently to those with incomes in the $100k-150k range, with 2,664 originations. The second most popular income band? $150k-250k, with 2,261 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 2,722 $974,810,000 $358,123 $4,007 2.94%
30-36% 2,040 $740,480,000 $362,980 $4,328 2.98%
<20% 1,039 $368,075,000 $354,259 $3,743 2.89%
38% 421 $149,965,000 $356,211 $4,285 2.98%
42% 418 $145,760,000 $348,708 $4,648 2.99%
44% 417 $125,625,000 $301,259 $4,710 3.02%
39% 394 $139,040,000 $352,893 $4,576 2.99%
40% 393 $128,455,000 $326,858 $4,530 2.97%
41% 387 $135,555,000 $350,271 $4,563 3.02%
43% 386 $120,180,000 $311,347 $4,501 3.04%
37% 383 $138,275,000 $361,031 $4,492 3.00%
36% 356 $127,710,000 $358,736 $4,421 3.01%
45% 330 $106,830,000 $323,727 $4,531 3.06%
47% 253 $79,855,000 $315,632 $4,702 3.01%
46% 243 $82,665,000 $340,185 $4,849 3.07%
49% 228 $75,300,000 $330,263 $5,040 3.05%
48% 221 $71,525,000 $323,643 $4,867 3.00%
50-60% 191 $59,915,000 $313,691 $8,429 3.04%
>60% 2 $1,430,000 $715,000 $18,108 2.75%

Mortgage Network lent most frequently to those with DTI ratios of 20-30%, with 2,722 originations. The next most common DTI ratio? 30-36%, with 2,040 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 7,172 $2,485,470,000 $346,552 $4,344 2.98%
Not provided 3,073 $1,108,495,000 $360,721 $4,349 2.96%
Asian 416 $135,750,000 $326,322 $4,746 2.98%
Black 231 $62,995,000 $272,706 $5,318 2.95%
Asian Indian 4 $1,820,000 $455,000 $3,893 2.81%
American Indian 5 $1,505,000 $301,000 $5,040 3.17%
Chinese 2 $1,210,000 $605,000 $4,507 3.38%
Native Hawaiian 2 $790,000 $395,000 $3,330 3.56%
Other Asian 1 $445,000 $445,000 $5,783 2.99%

Approval Rates

Total approvals of all applications
94.16%

Mortgage Network has an average approval rate.

Pick Rate

Approvals leading to origination
86.83%

Mortgage Network has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 10,906 $3,798,480,000 $348,293

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
10,906 $3,798,480,000 $348,293

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 584 $154,130,000 $263,921 $3,297 2.83%
40-60% 1,911 $662,725,000 $346,795 $3,452 2.87%
60-80% 4,279 $1,603,665,000 $374,776 $4,044 3.05%
80-100% 3,896 $1,341,360,000 $344,292 $5,304 3.03%
Over 100% 78 $26,720,000 $342,564 $12,718 2.92%
Under 20% 156 $9,040,000 $57,949 $745 1.42%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MORTGAGE CENTER, LC FHA mortgage Closing on a mortgage 1 100.0%