Fm Home Loans Llc

Brooklyn, NY 11210

LEI: 254900ACUWEGW702BR80

Tax ID: 02-0594137

2019 Data | 2018 Data


Overview

Fm Home Loans Llc is a small mortgage company specializing in Home Purchase and Refi loans. Fm Home Loans Llc 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.) Their top markets include New York, New Brunswick, Nassau County, Newark, and Miami 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. Fm Home Loans Llc is typically a medium-low fee lendor.


Originations

3,224

Origination Dollar Volume (All Markets)

$1,592,760,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,115 $1,544,755,000 $495,909
FHA 108 $47,500,000 $439,815
VA 1 $505,000 $505,000

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 1,809 $829,495,000 $458,538
Refi 1,415 $763,265,000 $539,410

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
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1,685 $968,665,000 $574,875
NEW BRUNSWICK-LAKEWOOD, NJ 744 $285,820,000 $384,167
NASSAU COUNTY-SUFFOLK COUNTY, NY 248 $132,490,000 $534,234
NEWARK, NJ-PA 123 $39,835,000 $323,862
MIAMI-MIAMI BEACH-KENDALL, FL 71 $31,925,000 $449,648
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 90 $30,190,000 $335,444
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 56 $22,850,000 $408,036
BRIDGEPORT-STAMFORD-NORWALK, CT 27 $13,535,000 $501,296
LOS ANGELES-LONG BEACH-GLENDALE, CA 16 $12,450,000 $778,125
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 23 $9,835,000 $427,609
NEW HAVEN-MILFORD, CT 36 $9,620,000 $267,222
Outside of Metro Areas 19 $6,495,000 $341,842
CHICAGO-NAPERVILLE-EVANSTON, IL 6 $3,520,000 $586,667
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 9 $2,505,000 $278,333
PANAMA CITY, FL 3 $2,325,000 $775,000
NORTH PORT-SARASOTA-BRADENTON, FL 2 $1,820,000 $910,000
CAMDEN, NJ 8 $1,630,000 $203,750
BOSTON, MA 3 $1,595,000 $531,667
ORLANDO-KISSIMMEE-SANFORD, FL 5 $1,475,000 $295,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 4 $1,370,000 $342,500
TAMPA-ST. PETERSBURG-CLEARWATER, FL 3 $1,165,000 $388,333
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 4 $1,090,000 $272,500
PHILADELPHIA, PA 6 $1,040,000 $173,333
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $1,005,000 $1,005,000
BARNSTABLE TOWN, MA 2 $980,000 $490,000
BALTIMORE-COLUMBIA-TOWSON, MD 3 $965,000 $321,667
PHOENIX-MESA-CHANDLER, AZ 2 $960,000 $480,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $765,000 $765,000
KINGSTON, NY 3 $655,000 $218,333
ATLANTIC CITY-HAMMONTON, NJ 3 $645,000 $215,000
TRENTON-PRINCETON, NJ 2 $600,000 $300,000
SCRANTON--WILKES-BARRE, PA 2 $380,000 $190,000
JACKSONVILLE, FL 3 $335,000 $111,667
PROVIDENCE-WARWICK, RI-MA 1 $325,000 $325,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $305,000 $305,000
WORCESTER, MA-CT 1 $285,000 $285,000
BUFFALO-CHEEKTOWAGA, NY 2 $280,000 $140,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $245,000 $245,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $205,000 $205,000
WATERTOWN-FORT DRUM, NY 1 $195,000 $195,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $165,000 $165,000
BINGHAMTON, NY 1 $115,000 $115,000
CAPE CORAL-FORT MYERS, FL 1 $105,000 $105,000

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
2.5-3% 4 $1,460,000 $365,000
3-4% 1,165 $528,275,000 $453,455
4-5% 1,256 $612,340,000 $487,532
5-6% 474 $246,200,000 $519,409
6-7% 286 $189,140,000 $661,329
7-8% 31 $11,115,000 $358,548
Over 8% 7 $3,775,000 $539,286

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 11 $935,000 $85,000
$100k-200k 281 $44,325,000 $157,740
$200k-400k 1,100 $338,540,000 $307,764
$400k-600k 1,017 $493,175,000 $484,931
$600k-1000k 632 $464,260,000 $734,589
$Over $1MM 183 $251,525,000 $1,374,454

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% 155 $63,635,000 $410,548
40-60% 477 $257,295,000 $539,403
60-80% 1,825 $926,845,000 $507,860
80-100% 740 $338,330,000 $457,203
Under 20% 27 $6,655,000 $246,481

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 733 $316,095,000 $431,235
$150k-250k 730 $375,250,000 $514,041
$50k-75k 277 $77,475,000 $279,693
$50k-or less 419 $223,365,000 $533,091
$75k-100k 419 $155,655,000 $371,492
$Over $250k 632 $440,230,000 $696,566

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 2,136 $1,057,960,000 $495,300
Not provided 895 $451,205,000 $504,140
Black 107 $43,495,000 $406,495
Asian 56 $25,870,000 $461,964
Asian Indian 11 $4,695,000 $426,818
Chinese 6 $2,740,000 $456,667
Native Hawaiian 4 $1,690,000 $422,500
American Indian 3 $1,675,000 $558,333
Other Asian 3 $1,605,000 $535,000
Filipino 1 $965,000 $965,000
Other Pacific Islander 1 $525,000 $525,000
Vietnamese 1 $335,000 $335,000

Approval Rates

Total approvals of all applications
97.85%

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
60.12%

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 3,224 $1,592,760,000 $494,032

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 6 $2,040,000 $340,000
$1k-2k 1,868 $830,810,000 $444,759
$2k-3k 275 $116,075,000 $422,091
$3k-4k 361 $159,925,000 $443,006
$5k+ 634 $446,420,000 $704,132

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):Site-Built 3,224 $1,592,760,000 $494,032