Fm Home Loans Mortgage Rates, Fees & Info
Brooklyn, NYLEI: 254900ACUWEGW702BR80
Tax ID: 02-0594137
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Mortgage Data
Review & Overview
Fm Home Loans is a small mortgage company specializing in Home Purchase 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 by origination volume include: New York, Miami, Bridgeport, Poughkeepsie, and Los Angeles among others. We have data for 33 markets. (Some data included below & more in-depth data is available with an active subscription.)Fm Home Loans 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. Fm Home Loans is typically an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.89% | 4/18/24 |
| 30 Year Conventional Refi | 7.29% | 4/18/24 |
| 30 Year FHA Purchase | 7.24% | 4/18/24 |
| 30 Year FHA Refi | 7.17% | 4/18/24 |
| 30 Year VA Purchase | 6.46% | 4/18/24 |
| 15 Year Conventional Purchase | 6.27% | 4/18/24 |
| 15 Year Conventional Refi | 6.29% | 4/18/24 |
| 15 Year Cash-out Refi | 6.29% | 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. | ||
Fm Home Loans Mortgage Calculator
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This is not an official calculator from Fm Home Loans. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,471Origination Dollar Volume (All Markets)
$1,102,115,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2,081 | $954,865,000 | $458,849 | $6,824 | 4.89% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 113 | $44,625,000 | $394,912 | $5,820 | 4.89% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 63 | $33,205,000 | $527,063 | $6,195 | 4.54% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 84 | $23,980,000 | $285,476 | $6,037 | 5.06% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 19 | $12,375,000 | $651,316 | $8,878 | 4.66% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 27 | $6,655,000 | $246,481 | $4,389 | 4.79% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 16 | $4,030,000 | $251,875 | $4,624 | 4.71% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 13 | $3,885,000 | $298,846 | $5,348 | 4.88% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $1,685,000 | $1,685,000 | $10,947 | 4.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 4 | $1,390,000 | $347,500 | $4,171 | 4.47% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $1,375,000 | $275,000 | $4,055 | 4.80% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 5 | $1,315,000 | $263,000 | $4,160 | 5.03% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $6,420 | 3.88% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $1,245,000 | $1,245,000 | $11,998 | 3.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $1,240,000 | $310,000 | $7,084 | 4.90% |
| Outside of Metro Areas | 7 | $1,235,000 | $176,429 | $5,331 | 4.96% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 5 | $1,115,000 | $223,000 | $6,814 | 5.65% |
| Hudson, NY (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $4,991 | 4.81% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $10,047 | 5.46% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $3,759 | 4.31% |
| Heber, UT (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $4,187 | 4.75% |
| Torrington, CT (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $3,772 | 4.69% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,223 | 4.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $3,307 | 5.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $5,827 | 4.88% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,098 | 5.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $9,915 | 4.75% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,119 | 4.25% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,428 | 4.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $2,812 | 5.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,055 | 4.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 5.88% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,475 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against FM Home Loans 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, Fm Home Loans's most frequently originated type of loan was Conventional, with 2,352 originations. Their 2nd most popular type was FHA, with 109 originations.
Loan Reason
For 2018, Fm Home Loans's most frequently cited loan purpose was Home Purchase, with 1,826 originations. The 2nd most popular reason was Cash Out Refi, with 341 originations.
Loan Duration/Length
For 2018, Fm Home Loans's most frequently cited loan duration was 30 Year, with 2,372 originations. The 2nd most popular length was 15 Year, with 77 originations.
Origination Fees/Closing Costs
Fm Home Loans's average total fees were $6,748, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,483 originations.
Interest Rates
During 2018, Fm Home Loans's average interest rate for loans was 4.90%, while their most frequently originated rate bucket for loans was 4-5%, with 1,550 originations.
Loan Sizing
2018 saw Fm Home Loans place emphasis on $200k-400k loans with 942 originations, totaling $283,120,000 in origination value.
Applicant Income
Fm Home Loans lent most frequently to those with incomes in the $100k-150k range, with 615 originations. The second most popular income band? $150k-250k, with 541 originations.
Applicant Debt to Income Ratio
Fm Home Loans lent most frequently to those with DTI ratios of 20-30%, with 338 originations. The next most common DTI ratio? 30-36%, with 337 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.41%
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 origination61.51%
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 | 2,471 | $1,102,115,000 | $446,020 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,471 | $1,102,115,000 | $446,020 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FM Home Loans, LLC | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |
| FM Home Loans, LLC | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |