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 Cash Out Refi and Home Purchase loans. Island has a high proportion of conventional loans. Their top markets by origination volume include: New York, Naples, Key West, Cape Coral, and Bridgeport among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Island has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Island 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/16/24 |
| 30 Year Conventional Purchase | 6.35% | 12/16/24 |
| 30 Year Conventional Refi | 6.53% | 12/16/24 |
| 30 Year Cash-out Refi | 6.55% | 12/16/24 |
| 15 Year Conventional Purchase | 6.22% | 12/16/24 |
| 15 Year Conventional Refi | 6.51% | 12/16/24 |
| 15 Year Cash-out Refi | 6.51% | 12/16/24 |
| 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
443Origination Dollar Volume (All Markets)
$121,795,000Top 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) | 429 | $118,395,000 | $275,979 | $3,098 | 3.55% |
| Outside of Metro Areas | 3 | $825,000 | $275,000 | $1,597 | 5.56% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $5,439 | 2.88% |
| Key West, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,247 | 3.13% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $4,162 | 2.63% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $7,094 | 2.38% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,436 | 4.00% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,031 | 3.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,997 | 2.75% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,846 | 2.88% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,046 | 3.13% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,828 | 3.75% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 443 | $121,795,000 | $274,932 | $3,134 | 3.54% |
For 2021, Island's most frequently originated type of loan was Conventional, with 443 originations.
Loan Reason
For 2021, Island's most frequently cited loan purpose was Cash Out Refi, with 194 originations. The 2nd most popular reason was Home Purchase, with 89 originations.
Loan Duration/Length
For 2021, Island's most frequently cited loan duration was 30 Year, with 178 originations. The 2nd most popular length was 20 Year, with 89 originations.
Origination Fees/Closing Costs
Island's average total fees were $4,607, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 342 originations.
Interest Rates
During 2021, Island's average interest rate for loans was 3.09%, while their most frequently originated rate bucket for loans was 2.5-3%, with 173 originations.
Loan Sizing
2021 saw Island place emphasis on $200k-400k loans with 177 originations, totaling $53,275,000 in origination value.
Applicant Income
Island lent most frequently to those with incomes in the $100k-150k range, with 154 originations. The second most popular income band? $150k-250k, with 138 originations.
Applicant Debt to Income Ratio
Island lent most frequently to those with DTI ratios of 20-30%, with 110 originations. The next most common DTI ratio? 30-36%, with 73 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.90%
Island has an average approval rate.
Pick Rate
Approvals leading to origination68.85%
Island 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 | 443 | $121,795,000 | $274,932 |