Island Mortgage Rates, Fees & Info
Hauppauge, NYLEI: 254900C44LTMSEGQ5K05
Tax ID: 11-1814791
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Mortgage Data
Review & Overview
Island is a smaller mortgage company specializing in Home Purchase loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, Syracuse, Albany, North Port, and Rochester among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Island has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Island 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 |
---|---|---|
Home Equity Line of Credit (HELOC) | 6.27% | 9/1/24 |
30 Year Conventional Purchase | 6.35% | 9/1/24 |
30 Year Conventional Refi | 6.53% | 9/1/24 |
30 Year Cash-out Refi | 6.55% | 9/1/24 |
15 Year Conventional Purchase | 6.22% | 9/1/24 |
15 Year Conventional Refi | 6.51% | 9/1/24 |
15 Year Cash-out Refi | 6.51% | 9/1/24 |
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. |
Island Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
434Origination Dollar Volume (All Markets)
$81,560,000ISLAND - 2018
ISLAND is a 2018 , due to their low .
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 |
---|---|---|---|---|---|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 426 | $80,110,000 | $188,052 | $2,529 | 4.29% |
SYRACUSE, NY (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,178 | 3.50% |
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $5,729 | 4.06% |
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,647 | 4.00% |
ROCHESTER, NY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,072 | 3.50% |
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,304 | 3.38% |
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,308 | 4.49% |
PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $585 | 4.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against ISLAND based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 55
Similarity Rank: 63
Similarity Rank: 66
Similarity Rank: 80
Similarity Rank: 120
Similarity Rank: 120
Similarity Rank: 125
Similarity Rank: 156
Similarity Rank: 231
Similarity Rank: 248
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 434 | $81,560,000 | $187,926 | $2,562 | 4.28% |
For 2018, Island's most frequently originated type of loan was Conventional, with 434 originations.
Loan Reason
For 2018, Island's most frequently cited loan purpose was Home Improvement, with 155 originations. The 2nd most popular reason was Home Purchase, with 150 originations.
Loan Duration/Length
For 2018, Island's most frequently cited loan duration was 30 Year, with 134 originations. The 2nd most popular length was 10 Year, with 124 originations.
Origination Fees/Closing Costs
Island's average total fees were $5,521, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 73 originations.
Interest Rates
During 2018, Island's average interest rate for loans was 3.98%, while their most frequently originated rate bucket for loans was 3-4%, with 216 originations.
Loan Sizing
2018 saw Island place emphasis on $100,000 or less loans with 193 originations, totaling $10,765,000 in origination value.
Applicant Income
Island lent most frequently to those with incomes in the $150k-250k range, with 126 originations. The second most popular income band? $100k-150k, with 114 originations.
Applicant Debt to Income Ratio
Island lent most frequently to those with DTI ratios of 20-30%, with 97 originations. The next most common DTI ratio? 30-36%, with 82 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.01%
Island has an average approval rate.
Pick Rate
Approvals leading to origination90.78%
Island has an average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
NA | 434 | $81,560,000 | $187,926 |
Occupancy Type Mix
Dwelling Type | Originations | Total Value | Average Loan |
---|---|---|---|
Single Family (1-4 Units):Manufactured | 9 | $835,000 | $92,778 |
Single Family (1-4 Units):Site-Built | 425 | $80,725,000 | $189,941 |