Mortgage Network Rates, Fees & Info
DANVERS, MALEI: 254900A69XJBWUR7ZF46
Tax ID: 04-2992161
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Mortgage Data
Review & Overview
Mortgage Network is a small mortgage company specializing in Home Purchase loans. Mortgage Network 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 by origination volume include: Boston, Hilton Head Island, Providence, Springfield, and Portland among others. We have data for 104 markets. (Some data included below & more in-depth data is available with an active subscription.)Mortgage Network 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 Network 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.56% | 4/18/24 |
| 30 Year Conventional Refi | 6.44% | 4/18/24 |
| 30 Year Cash-out Refi | 6.69% | 4/18/24 |
| 30 Year FHA Purchase | 7.32% | 4/18/24 |
| 30 Year FHA Refi | 7.55% | 4/18/24 |
| 30 Year VA Purchase | 6.26% | 4/18/24 |
| 30 Year USDA Purchase | 6.55% | 4/18/24 |
| 15 Year Conventional Purchase | 5.34% | 4/18/24 |
| 15 Year Conventional Refi | 6.01% | 4/18/24 |
| 15 Year Cash-out Refi | 6.01% | 4/18/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
6,839Origination Dollar Volume (All Markets)
$1,872,555,000Awards
Mortgage Network - 2018
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For 2018, 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 2,072 | $778,100,000 | $375,531 | $4,359 | 4.56% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 783 | $215,475,000 | $275,192 | $3,989 | 4.66% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 308 | $92,360,000 | $299,870 | $4,133 | 4.69% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 488 | $89,730,000 | $183,873 | $4,851 | 4.51% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 339 | $82,515,000 | $243,407 | $4,259 | 4.69% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 187 | $65,605,000 | $350,829 | $6,295 | 4.71% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 275 | $50,405,000 | $183,291 | $4,610 | 4.78% |
| COLUMBIA, SC (FHA|USDA|VA) | 267 | $50,355,000 | $188,596 | $3,708 | 4.54% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 203 | $50,105,000 | $246,823 | $5,456 | 4.60% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 164 | $45,740,000 | $278,902 | $4,371 | 4.71% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 138 | $40,010,000 | $289,928 | $3,842 | 4.51% |
| Outside of Metro Areas | 221 | $37,695,000 | $170,566 | $3,939 | 4.76% |
| LANCASTER, PA (FHA|USDA|VA) | 194 | $34,290,000 | $176,753 | $5,042 | 4.70% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 166 | $27,590,000 | $166,205 | $5,308 | 4.74% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 91 | $21,895,000 | $240,604 | $3,715 | 4.70% |
| BANGOR, ME (FHA|USDA|VA) | 107 | $16,445,000 | $153,692 | $4,240 | 4.84% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 98 | $16,030,000 | $163,571 | $4,350 | 4.65% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 86 | $13,290,000 | $154,535 | $4,503 | 4.65% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 45 | $13,165,000 | $292,556 | $3,452 | 4.75% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 36 | $11,920,000 | $331,111 | $3,236 | 4.49% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 65 | $11,615,000 | $178,692 | $5,191 | 4.83% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 49 | $10,195,000 | $208,061 | $5,584 | 4.83% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 36 | $9,530,000 | $264,722 | $5,289 | 4.87% |
| LEBANON, PA (FHA|USDA|VA) | 60 | $9,070,000 | $151,167 | $4,949 | 4.91% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 35 | $5,565,000 | $159,000 | $4,316 | 4.83% |
| Concord, NH (FHA|USDA|VA) | 19 | $5,455,000 | $287,105 | $4,289 | 4.69% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 21 | $5,275,000 | $251,190 | $3,808 | 4.62% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 22 | $5,100,000 | $231,818 | $5,186 | 4.61% |
| Laconia, NH (FHA|USDA|VA) | 22 | $4,160,000 | $189,091 | $4,377 | 4.70% |
| SAVANNAH, GA (FHA|USDA|VA) | 15 | $3,545,000 | $236,333 | $3,478 | 4.72% |
| Lebanon, NH-VT (FHA|USDA|VA) | 12 | $2,600,000 | $216,667 | $3,597 | 4.72% |
| GETTYSBURG, PA (FHA|USDA|VA) | 16 | $2,590,000 | $161,875 | $5,426 | 4.82% |
| READING, PA (FHA|USDA|VA) | 15 | $2,545,000 | $169,667 | $5,668 | 4.72% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 7 | $2,475,000 | $353,571 | $4,274 | 4.80% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 10 | $1,810,000 | $181,000 | $4,981 | 4.95% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $1,715,000 | $343,000 | $3,467 | 4.53% |
| FLORENCE, SC (FHA|USDA|VA) | 8 | $1,690,000 | $211,250 | $4,618 | 4.50% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $1,690,000 | $845,000 | $8,153 | 4.56% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 7 | $1,665,000 | $237,857 | $2,685 | 5.13% |
| PITTSFIELD, MA (FHA|USDA|VA) | 5 | $1,365,000 | $273,000 | $3,909 | 4.23% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 6 | $1,230,000 | $205,000 | $4,356 | 5.15% |
| DOVER, DE (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $5,156 | 4.75% |
| SPARTANBURG, SC (FHA|USDA|VA) | 7 | $1,115,000 | $159,286 | $3,141 | 4.89% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $4,694 | 4.50% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $1,035,000 | $207,000 | $4,216 | 4.78% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $1,020,000 | $510,000 | $7,007 | 4.25% |
| Berlin, NH (FHA|USDA|VA) | 5 | $995,000 | $199,000 | $3,000 | 4.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $970,000 | $242,500 | $5,702 | 5.13% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $4,493 | 3.96% |
| Easton, MD (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $3,485 | 4.56% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 5 | $795,000 | $159,000 | $4,010 | 4.65% |
| Cambridge, MD (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $5,401 | 4.78% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $2,443 | 4.06% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $4,942 | 4.31% |
| Torrington, CT (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $3,785 | 4.79% |
| Pottsville, PA (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $5,963 | 4.71% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,894 | 4.79% |
| Forest City, NC (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $4,531 | 3.63% |
| Newberry, SC (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $3,893 | 4.59% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $4,515 | 4.38% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $4,742 | 5.00% |
| Keene, NH (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $5,862 | 4.79% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $9,480 | 4.44% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $2,099 | 4.75% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $4,941 | 3.75% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $4,086 | 5.50% |
| SUMTER, SC (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $4,633 | 5.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $4,003 | 4.81% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $2,807 | 4.81% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $3,909 | 4.13% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $3,749 | 3.99% |
| Barre, VT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,962 | 4.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $3,705 | 4.92% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,591 | 5.06% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,869 | 4.50% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,595 | 4.50% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,207 | 4.25% |
| Rutland, VT (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,029 | 4.88% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,404 | 4.99% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $3,740 | 4.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,357 | 5.38% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,239 | 4.38% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,599 | 4.75% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,012 | 4.94% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,580 | 3.99% |
| Shelby, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,642 | 4.25% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,681 | 4.50% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,305 | 4.63% |
| Boone, NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,756 | 4.63% |
| Selinsgrove, PA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,489 | 4.63% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,874 | 5.88% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,604 | 4.75% |
| Wauchula, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,462 | 4.38% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,249 | 4.50% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,381 | 4.63% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,644 | 4.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,856 | 4.88% |
| Lewistown, PA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,363 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,832 | 4.25% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.88% |
| MORGANTOWN, WV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,119 | 4.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.75% |
| DuBois, PA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,486 | 5.00% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,553 | 4.75% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against Mortgage Network 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
For 2018, Mortgage Network's most frequently originated type of loan was Conventional, with 5,059 originations. Their 2nd most popular type was FHA, with 1,127 originations.
Loan Reason
For 2018, Mortgage Network's most frequently cited loan purpose was Home Purchase, with 6,020 originations. The 2nd most popular reason was Cash Out Refi, with 480 originations.
Loan Duration/Length
For 2018, Mortgage Network's most frequently cited loan duration was 30 Year, with 6,395 originations. The 2nd most popular length was 15 Year, with 315 originations.
Origination Fees/Closing Costs
Mortgage Network's average total fees were $4,541, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4,848 originations.
Interest Rates
During 2018, Mortgage Network's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 5,003 originations.
Loan Sizing
2018 saw Mortgage Network place emphasis on $200k-400k loans with 3,158 originations, totaling $898,620,000 in origination value.
Applicant Income
Mortgage Network lent most frequently to those with incomes in the $50k-75k range, with 1,562 originations. The second most popular income band? $100k-150k, with 1,539 originations.
Applicant Debt to Income Ratio
Mortgage Network lent most frequently to those with DTI ratios of 30-36%, with 1,219 originations. The next most common DTI ratio? 20-30%, with 1,180 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.66%
Mortgage Network has an average approval rate.
Pick Rate
Approvals leading to origination82.04%
Mortgage Network has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 6,839 | $1,872,555,000 | $273,805 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $525,000 | $105,000 |
| Single Family (1-4 Units):Site-Built | 6,834 | $1,872,030,000 | $273,929 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |