Fm Home Loans Mortgage Rates, Fees & Info

Brooklyn, NY

LEI: 254900ACUWEGW702BR80

Tax ID: 02-0594137

1 stars - out of 5 stars, based on 75 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Fm Home Loans is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Fm Home Loans 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, Miami, Bridgeport, Poughkeepsie, and Los Angeles among others. Fm Home Loans 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. Fm Home Loans is typically a high fee lendor.


Originations

5,621

Origination Dollar Volume (All Markets)

$3,062,435,000

Awards

FM Home Loans  FHA Loans gold FM Home Loans  FHA Loans silver
Show all (2) awards

Relative Rate

Fm Home Loans 's average 30 year fixed rate mortgage of loans were 3.33%.

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

This yields a difference of 0.18%.

Relative Fees

Fm Home Loans 's average total fees for a 30 year fixed rate mortgage are $8,425.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4,581 $2,580,455,000 $563,295 $8,484 3.26%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 432 $249,700,000 $578,009 $8,869 3.58%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 94 $48,370,000 $514,574 $5,846 3.04%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 127 $47,625,000 $375,000 $8,224 3.27%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 16 $14,370,000 $898,125 $13,254 3.82%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 49 $13,455,000 $274,592 $4,844 3.15%
Outside of Metro Areas 39 $12,695,000 $325,513 $7,133 3.49%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 36 $11,580,000 $321,667 $6,872 3.22%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 28 $10,840,000 $387,143 $6,941 3.39%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 30 $9,950,000 $331,667 $6,613 3.68%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 32 $8,640,000 $270,000 $4,172 3.13%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 24 $8,570,000 $357,083 $4,418 4.39%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 4 $3,350,000 $837,500 $14,412 3.94%
KINGSTON, NY (FHA|USDA|VA) 9 $3,045,000 $338,333 $8,076 3.54%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $2,950,000 $368,750 $8,180 3.22%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 10 $2,700,000 $270,000 $5,235 2.78%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $2,415,000 $345,000 $4,643 3.02%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 4 $2,060,000 $515,000 $7,206 2.88%
Torrington, CT (FHA|USDA|VA) 5 $1,925,000 $385,000 $5,445 2.85%
EAST STROUDSBURG, PA (FHA|USDA|VA) 8 $1,720,000 $215,000 $4,763 3.16%
Hudson, NY (FHA|USDA|VA) 4 $1,650,000 $412,500 $6,169 3.16%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $1,500,000 $375,000 $3,720 3.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 4 $1,440,000 $360,000 $7,516 3.19%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 4 $1,410,000 $352,500 $9,115 4.13%
PANAMA CITY, FL (FHA|USDA|VA) 2 $1,380,000 $690,000 $12,406 4.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 4 $1,350,000 $337,500 $5,226 2.75%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,285,000 $428,333 $5,652 2.92%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 6 $1,120,000 $186,667 $5,878 3.29%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $1,110,000 $277,500 $6,533 3.38%
LANCASTER, PA (FHA|USDA|VA) 3 $1,085,000 $361,667 $5,039 3.08%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $935,000 $935,000 $4,568 3.13%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $925,000 $308,333 $8,021 3.04%
PITTSBURGH, PA (FHA|USDA|VA) 2 $850,000 $425,000 $6,697 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $790,000 $395,000 $5,460 3.25%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 4 $780,000 $195,000 $5,606 3.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $710,000 $355,000 $4,306 3.06%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $640,000 $320,000 $4,519 3.06%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $620,000 $310,000 $6,793 4.06%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $600,000 $300,000 $5,165 3.44%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $575,000 $575,000 $10,761 4.38%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $550,000 $275,000 $8,053 2.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $540,000 $270,000 $4,444 3.00%
TUCSON, AZ (FHA|USDA|VA) 1 $505,000 $505,000 $7,811 3.63%
VALLEJO, CA (FHA|USDA|VA) 1 $495,000 $495,000 $5,110 3.38%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $490,000 $245,000 $3,149 3.75%
ROCHESTER, NY (FHA|USDA|VA) 2 $440,000 $220,000 $4,796 3.44%
OCEAN CITY, NJ (FHA|USDA|VA) 1 $375,000 $375,000 $12,281 5.00%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,082 3.50%
UTICA-ROME, NY (FHA|USDA|VA) 1 $265,000 $265,000 $8,677 2.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $255,000 $255,000 $4,119 3.13%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $245,000 $245,000 $5,949 3.25%
ITHACA, NY (FHA|USDA|VA) 1 $235,000 $235,000 $4,460 3.63%
BINGHAMTON, NY (FHA|USDA|VA) 1 $235,000 $235,000 $5,072 3.38%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $2,870 3.38%
THE VILLAGES, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,906 3.38%

Fm Home Loans 's top markets include New York, Miami, Bridgeport, Poughkeepsie, and Los Angeles among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,478 $2,991,280,000 $546,053 $8,152 3.31%
FHA 137 $68,895,000 $502,883 $14,792 2.74%
VA 6 $2,260,000 $376,667 $10,375 2.65%

For the 2021 period, Fm Home Loans 's most frequently originated loan type of loans were Conventional, with 5,478 originations. Their 2nd most popular type is FHA, with 137 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 3,061 $1,655,865,000 $540,956 $7,859 3.22%
Refi 2,560 $1,406,570,000 $549,441 $8,864 3.38%

For the 2021, Fm Home Loans 's most frequently cited loan purpose of loans were Home Purchase, with 3,061 originations. The 2nd most popular reason of loans were Refi, with 2,560 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,307 $2,935,845,000 $553,202 $8,425 3.33%
15 Year 197 $78,835,000 $400,178 $6,247 2.59%
20 Year 80 $32,090,000 $401,125 $6,742 2.87%
Other 35 $15,385,000 $439,571 $7,311 2.94%
10 Year 2 $280,000 $140,000 $5,075 2.44%

For the 2021, Fm Home Loans 's most frequently cited loan length of loans were 30 Year, with 5,307 originations. The 2nd most popular length of loans were 15 Year, with 197 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 3,203 $1,610,955,000 $502,952
$5k+ 1,457 $1,021,765,000 $701,280
$3k-4k 588 $271,240,000 $461,293
$2k-3k 371 $157,365,000 $424,164

$8,425 of loans were Fm Home Loans 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,203 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 2,422 $1,366,950,000 $564,389
2.5-3% 2,178 $1,090,840,000 $500,845
4-5% 542 $377,400,000 $696,310
<2.5% 380 $157,570,000 $414,658
5-6% 89 $64,965,000 $729,944
6-7% 9 $4,605,000 $511,667
7-8% 1 $105,000 $105,000

During 2021, Fm Home Loans 's average interest rate of loans were 3.33%, while their most frequently originated rate bucket of loans were 3-4%, with 2,422 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 1,931 $948,985,000 $491,447 $7,486 3.18%
$200k-400k 1,699 $525,685,000 $309,408 $5,975 3.20%
$600k-1MM 1,286 $957,730,000 $744,736 $10,639 3.43%
$1MM+ 417 $583,615,000 $1,399,556 $17,119 3.77%
$100k-200k 281 $45,775,000 $162,900 $4,630 3.27%
$100,000 or less 7 $645,000 $92,143 $3,765 3.21%

2021 saw Fm Home Loans place emphasis on $400k-600k loans with 1,931 originations, totaling $948,985,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,322 $629,410,000 $476,104 $7,478 3.11%
$150k-250k 1,299 $730,385,000 $562,267 $8,027 3.16%
$250k+ 1,253 $946,725,000 $755,567 $10,088 3.36%
$75k-100k 742 $293,350,000 $395,350 $6,701 3.04%
$50k or less 527 $312,925,000 $593,786 $11,113 4.48%
$50k-75k 477 $149,265,000 $312,925 $6,216 3.03%

Fm Home Loans lent most frequently to those with incomes in the $100k-150k range, with 1,322 originations. The second most popular income band? $150k-250k, with 1,299 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 785 $434,025,000 $552,898 $7,664 3.15%
30-36% 756 $405,800,000 $536,772 $7,801 3.14%
<20% 404 $265,500,000 $657,178 $9,603 3.44%
49% 298 $148,670,000 $498,893 $7,929 3.10%
44% 272 $136,240,000 $500,882 $7,725 3.10%
42% 221 $132,965,000 $601,652 $9,122 3.19%
39% 208 $107,280,000 $515,769 $7,558 3.16%
41% 205 $112,895,000 $550,707 $8,100 3.20%
43% 200 $97,240,000 $486,200 $7,969 3.13%
45% 187 $93,415,000 $499,545 $7,558 3.10%
48% 176 $84,980,000 $482,841 $7,858 3.16%
37% 171 $92,845,000 $542,953 $8,161 3.15%
46% 167 $79,595,000 $476,617 $7,594 3.05%
40% 165 $91,065,000 $551,909 $7,881 3.21%
38% 164 $92,820,000 $565,976 $7,696 3.13%
47% 163 $82,455,000 $505,859 $8,204 3.20%
36% 149 $79,355,000 $532,584 $7,615 3.16%
50-60% 97 $47,035,000 $484,897 $11,107 2.91%
>60% 7 $4,145,000 $592,143 $8,140 3.98%

Fm Home Loans lent most frequently to those with DTI ratios of 20-30%, with 785 originations. The next most common DTI ratio? 30-36%, with 756 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,734 $2,585,600,000 $546,177 $8,165 3.30%
Not provided 525 $300,275,000 $571,952 $9,372 3.31%
Black 191 $88,715,000 $464,476 $9,313 3.14%
Asian 120 $61,240,000 $510,333 $7,760 3.25%
Asian Indian 15 $8,225,000 $548,333 $7,534 2.83%
Chinese 10 $6,290,000 $629,000 $13,027 3.19%
Other Asian 7 $3,395,000 $485,000 $8,795 3.02%
Native Hawaiian 6 $3,060,000 $510,000 $10,267 3.19%
American Indian 6 $3,050,000 $508,333 $9,032 3.08%
Filipino 3 $1,005,000 $335,000 $4,738 2.50%
Korean 2 $710,000 $355,000 $4,102 2.75%
Other Pacific Islander 1 $445,000 $445,000 $14,633 3.13%
Native Hawiian 1 $425,000 $425,000 $10,164 3.00%

Approval Rates

Total approvals of all applications
98.32%

Fm Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
63.17%

Fm Home Loans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 5,621 $3,062,435,000 $544,820

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,621 $3,062,435,000 $544,820

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 291 $132,825,000 $456,443 $7,766 3.10%
40-60% 991 $552,245,000 $557,260 $8,014 3.17%
60-80% 3,047 $1,707,105,000 $560,258 $8,624 3.43%
80-100% 1,254 $657,660,000 $524,450 $7,964 3.10%
Over 100% 1 $495,000 $495,000 $16,220 2.75%
Under 20% 37 $12,105,000 $327,162 $7,180 3.07%