Mortgage Network Rates, Fees & Info
DANVERS, MALEI: 254900A69XJBWUR7ZF46
Tax ID: 04-2992161
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Mortgage Data
Review & 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 by origination volume include: Boston, Hilton Head Island, Portland, Springfield, and Columbia among others. We have data for 122 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% | 4/21/24 |
| 30 Year Conventional Refi | 6.44% | 4/21/24 |
| 30 Year Cash-out Refi | 6.69% | 4/21/24 |
| 30 Year FHA Purchase | 7.32% | 4/21/24 |
| 30 Year FHA Refi | 7.55% | 4/21/24 |
| 30 Year VA Purchase | 6.26% | 4/21/24 |
| 30 Year USDA Purchase | 6.55% | 4/21/24 |
| 15 Year Conventional Purchase | 5.34% | 4/21/24 |
| 15 Year Conventional Refi | 6.01% | 4/21/24 |
| 15 Year Cash-out Refi | 6.01% | 4/21/24 |
| 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
11,880Origination Dollar Volume (All Markets)
$3,994,010,000Awards
Mortgage Network - 2020
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For 2020, 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) | 5,117 | $2,123,825,000 | $415,053 | $3,907 | 3.19% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1,299 | $431,255,000 | $331,990 | $4,001 | 3.22% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 647 | $185,685,000 | $286,994 | $4,288 | 3.15% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 732 | $155,080,000 | $211,858 | $4,912 | 3.11% |
| COLUMBIA, SC (FHA|USDA|VA) | 531 | $125,305,000 | $235,979 | $4,210 | 3.13% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 361 | $111,275,000 | $308,241 | $3,871 | 3.23% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 397 | $87,025,000 | $219,207 | $5,609 | 3.28% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 249 | $78,195,000 | $314,036 | $4,208 | 3.20% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 192 | $65,800,000 | $342,708 | $4,013 | 3.26% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 210 | $60,770,000 | $289,381 | $5,483 | 3.15% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 151 | $58,225,000 | $385,596 | $3,488 | 3.09% |
| Outside of Metro Areas | 253 | $57,975,000 | $229,150 | $4,093 | 3.28% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 127 | $54,055,000 | $425,630 | $6,819 | 3.42% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 159 | $45,205,000 | $284,308 | $4,030 | 3.26% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 191 | $38,265,000 | $200,340 | $4,631 | 3.09% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 182 | $37,180,000 | $204,286 | $6,201 | 3.27% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 101 | $23,915,000 | $236,782 | $6,407 | 3.17% |
| LANCASTER, PA (FHA|USDA|VA) | 110 | $21,540,000 | $195,818 | $5,193 | 3.24% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 61 | $19,635,000 | $321,885 | $4,558 | 3.17% |
| BANGOR, ME (FHA|USDA|VA) | 110 | $19,200,000 | $174,545 | $4,808 | 3.27% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 42 | $10,250,000 | $244,048 | $3,558 | 3.21% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 40 | $9,470,000 | $236,750 | $4,553 | 3.24% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 28 | $8,170,000 | $291,786 | $5,766 | 3.34% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 20 | $8,160,000 | $408,000 | $4,229 | 3.04% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 24 | $7,800,000 | $325,000 | $5,548 | 3.32% |
| SAVANNAH, GA (FHA|USDA|VA) | 28 | $7,730,000 | $276,071 | $5,036 | 3.20% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 26 | $7,650,000 | $294,231 | $3,564 | 3.41% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 36 | $7,430,000 | $206,389 | $3,766 | 3.10% |
| Laconia, NH (FHA|USDA|VA) | 28 | $7,180,000 | $256,429 | $3,530 | 3.19% |
| LEBANON, PA (FHA|USDA|VA) | 29 | $6,795,000 | $234,310 | $4,786 | 3.23% |
| Concord, NH (FHA|USDA|VA) | 23 | $6,165,000 | $268,043 | $4,428 | 3.34% |
| Lebanon, NH-VT (FHA|USDA|VA) | 23 | $6,055,000 | $263,261 | $3,608 | 3.26% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 10 | $5,850,000 | $585,000 | $5,336 | 3.16% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 27 | $5,655,000 | $209,444 | $4,712 | 3.02% |
| PITTSFIELD, MA (FHA|USDA|VA) | 20 | $5,460,000 | $273,000 | $5,445 | 3.40% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 16 | $4,780,000 | $298,750 | $4,781 | 3.05% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 10 | $4,780,000 | $478,000 | $5,580 | 3.20% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 17 | $4,495,000 | $264,412 | $4,540 | 3.15% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 13 | $3,795,000 | $291,923 | $5,099 | 3.34% |
| GETTYSBURG, PA (FHA|USDA|VA) | 14 | $3,120,000 | $222,857 | $5,316 | 3.47% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 10 | $2,850,000 | $285,000 | $4,814 | 3.12% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 5 | $2,845,000 | $569,000 | $5,539 | 2.93% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 6 | $2,750,000 | $458,333 | $5,813 | 3.69% |
| SPARTANBURG, SC (FHA|USDA|VA) | 8 | $2,380,000 | $297,500 | $6,283 | 3.11% |
| Vineyard Haven, MA (FHA|USDA|VA) | 4 | $2,270,000 | $567,500 | $3,228 | 2.97% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 6 | $2,000,000 | $333,333 | $8,209 | 3.25% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $1,860,000 | $310,000 | $4,719 | 3.17% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 7 | $1,785,000 | $255,000 | $3,605 | 3.48% |
| Easton, MD (FHA|USDA|VA) | 4 | $1,630,000 | $407,500 | $5,767 | 3.34% |
| DOVER, DE (FHA|USDA|VA) | 7 | $1,625,000 | $232,143 | $5,681 | 3.45% |
| RICHMOND, VA (FHA|USDA|VA) | 6 | $1,600,000 | $266,667 | $5,862 | 3.38% |
| READING, PA (FHA|USDA|VA) | 9 | $1,555,000 | $172,778 | $3,814 | 3.19% |
| Keene, NH (FHA|USDA|VA) | 6 | $1,490,000 | $248,333 | $4,131 | 2.92% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $1,370,000 | $342,500 | $6,816 | 3.13% |
| Boone, NC (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $3,518 | 3.17% |
| Cambridge, MD (FHA|USDA|VA) | 7 | $1,295,000 | $185,000 | $5,255 | 3.53% |
| FLORENCE, SC (FHA|USDA|VA) | 6 | $1,270,000 | $211,667 | $5,426 | 2.85% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 4 | $1,210,000 | $302,500 | $4,764 | 3.06% |
| Berlin, NH (FHA|USDA|VA) | 7 | $1,205,000 | $172,143 | $3,756 | 3.66% |
| KNOXVILLE, TN (FHA|USDA|VA) | 5 | $1,195,000 | $239,000 | $5,030 | 3.22% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 5 | $1,085,000 | $217,000 | $5,187 | 3.48% |
| Newberry, SC (FHA|USDA|VA) | 7 | $1,045,000 | $149,286 | $3,950 | 3.27% |
| ASHEVILLE, NC (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $3,837 | 3.37% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $1,025,000 | $1,025,000 | $2,422 | 3.38% |
| ALTOONA, PA (FHA|USDA|VA) | 7 | $1,015,000 | $145,000 | $5,626 | 3.50% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $4,450 | 3.50% |
| Torrington, CT (FHA|USDA|VA) | 4 | $840,000 | $210,000 | $4,364 | 3.41% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $4,725 | 3.04% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $5,193 | 3.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $3,441 | 3.33% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $4,910 | 3.69% |
| Seneca, SC (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $3,609 | 3.25% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $5,166 | 3.16% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $12,474 | 3.25% |
| Huntingdon, PA (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $4,307 | 3.16% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,941 | 2.94% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $3,531 | 3.56% |
| Pottsville, PA (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $11,782 | 3.06% |
| PITTSBURGH, PA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $6,142 | 2.99% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,995 | 3.38% |
| Georgetown, SC (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,750 | 3.63% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $2,256 | 3.13% |
| Key West, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $5,288 | 3.38% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $10,079 | 2.50% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,266 | 3.50% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $2,779 | 2.88% |
| SUMTER, SC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $7,921 | 2.56% |
| Brevard, NC (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,693 | 2.93% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $7,994 | 3.75% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,962 | 3.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 3.75% |
| Barre, VT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $2,775 | 3.38% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,856 | 3.13% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $5,288 | 3.38% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $4,920 | 3.06% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,611 | 2.88% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,200 | 2.75% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $9,418 | 2.88% |
| Rutland, VT (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,302 | 3.38% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $5,569 | 3.25% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,331 | 3.88% |
| HINESVILLE, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $1,823 | 3.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,567 | 2.88% |
| OCALA, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,666 | 2.99% |
| St. Marys, GA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $4,161 | 3.13% |
| Orangeburg, SC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,981 | 3.99% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,444 | 2.99% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,257 | 3.75% |
| Statesboro, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,304 | 3.75% |
| Marion, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,266 | 3.50% |
| Toccoa, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,377 | 3.75% |
| Shelby, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,278 | 3.63% |
| DuBois, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,764 | 3.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,721 | 2.75% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,470 | 2.75% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,439 | 2.63% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,048 | 2.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,327 | 3.75% |
| Indiana, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $6,487 | 3.00% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,159 | 3.38% |
| JOHNSTOWN, PA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,901 | 2.88% |
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 2020, Mortgage Network's most frequently originated type of loan was Conventional, with 10,512 originations. Their 2nd most popular type was FHA, with 747 originations.
Loan Reason
For 2020, Mortgage Network's most frequently cited loan purpose was Home Purchase, with 5,734 originations. The 2nd most popular reason was Refi, with 4,659 originations.
Loan Duration/Length
For 2020, Mortgage Network's most frequently cited loan duration was 30 Year, with 9,900 originations. The 2nd most popular length was 15 Year, with 1,162 originations.
Origination Fees/Closing Costs
Mortgage Network's average total fees were $4,486, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 8,494 originations.
Interest Rates
During 2020, Mortgage Network's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 6,378 originations.
Loan Sizing
2020 saw Mortgage Network place emphasis on $200k-400k loans with 5,989 originations, totaling $1,749,195,000 in origination value.
Applicant Income
Mortgage Network lent most frequently to those with incomes in the $100k-150k range, with 2,862 originations. The second most popular income band? $150k-250k, with 2,621 originations.
Applicant Debt to Income Ratio
Mortgage Network lent most frequently to those with DTI ratios of 20-30%, with 3,017 originations. The next most common DTI ratio? 30-36%, with 2,330 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.89%
Mortgage Network has an average approval rate.
Pick Rate
Approvals leading to origination88.20%
Mortgage Network has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11,880 | $3,994,010,000 | $336,196 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $685,000 | $137,000 |
| Single Family (1-4 Units):Site-Built | 11,875 | $3,993,325,000 | $336,280 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 40.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 20.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |