Ross Mortgage Company Rates, Fees & Info

Westborough, MA

LEI: 254900PRB9DTJAHMMZ45

Tax ID: 04-3579800

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ross Mortgage Company is a smaller mortgage company specializing in Home Purchase and Refi loans. Ross Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Boston, Worcester, Manchester, Providence, and Barnstable Town among others. Ross Mortgage Company has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Ross Mortgage Company is typically an average fee lendor.


Originations

1,177

Origination Dollar Volume (All Markets)

$408,235,000

Awards

Ross Mortgage Company  30 Year Conventional Loans gold Ross Mortgage Company  30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Ross Mortgage Company 's average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Ross Mortgage Company 's average total fees for a 30 year fixed rate mortgage are $4,351.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 727 $279,575,000 $384,560 $4,064 2.94%
WORCESTER, MA-CT (FHA|USDA|VA) 325 $91,085,000 $280,262 $4,049 2.98%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 34 $11,250,000 $330,882 $3,830 2.99%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 15 $5,115,000 $341,000 $5,235 2.97%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $4,710,000 $336,429 $4,456 3.06%
SPRINGFIELD, MA (FHA|USDA|VA) 16 $4,080,000 $255,000 $4,118 2.91%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 10 $2,920,000 $292,000 $3,582 2.99%
Outside of Metro Areas 7 $1,805,000 $257,857 $3,584 3.36%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,475,000 $491,667 $7,889 2.79%
Laconia, NH (FHA|USDA|VA) 4 $1,350,000 $337,500 $3,117 2.66%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $825,000 $275,000 $4,278 2.83%
Keene, NH (FHA|USDA|VA) 4 $820,000 $205,000 $3,034 2.97%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $690,000 $172,500 $3,705 3.19%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $570,000 $285,000 $6,733 2.69%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $490,000 $245,000 $4,264 3.69%
Torrington, CT (FHA|USDA|VA) 1 $445,000 $445,000 $4,290 2.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,300 3.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $240,000 $120,000 $3,630 3.69%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $205,000 $205,000 $3,490 4.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,311 2.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $155,000 $155,000 $3,427 3.38%

Ross Mortgage Company 's top markets include Boston, Worcester, Manchester, Providence, and Barnstable Town among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,092 $375,510,000 $343,874 $3,559 2.96%
FHA 73 $27,395,000 $375,274 $10,621 3.02%
VA 12 $5,330,000 $444,167 $10,826 2.66%

For the 2021 period, Ross Mortgage Company 's most frequently originated loan type of loans were Conventional, with 1,092 originations. Their 2nd most popular type is FHA, with 73 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 441 $170,565,000 $386,769 $5,193 3.08%
Refi 422 $136,370,000 $323,152 $3,336 2.75%
Cash Out Refi 212 $69,330,000 $327,028 $3,560 3.06%
Home Improvement 102 $31,970,000 $313,431 $3,338 3.11%

For the 2021, Ross Mortgage Company 's most frequently cited loan purpose of loans were Home Purchase, with 441 originations. The 2nd most popular reason of loans were Refi, with 422 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 932 $340,020,000 $364,828 $4,351 3.05%
15 Year 119 $31,115,000 $261,471 $2,997 2.50%
20 Year 86 $25,950,000 $301,744 $3,001 2.74%
Other 26 $8,320,000 $320,000 $3,209 2.91%
10 Year 14 $2,830,000 $202,143 $2,758 2.25%

For the 2021, Ross Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 932 originations. The 2nd most popular length of loans were 15 Year, with 119 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,101 $376,305,000 $341,785
$3k-4k 28 $11,480,000 $410,000
$2k-3k 23 $8,515,000 $370,217
$5k+ 21 $10,315,000 $491,190
$<1k 4 $1,620,000 $405,000

$4,351 of loans were Ross Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,101 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 560 $192,820,000 $344,321
3-4% 419 $155,875,000 $372,017
<2.5% 177 $52,735,000 $297,938
4-5% 21 $6,805,000 $324,048

During 2021, Ross Mortgage Company 's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 560 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 621 $184,315,000 $296,804 $3,797 2.97%
$400k-600k 342 $163,350,000 $477,632 $4,671 2.98%
$100k-200k 157 $25,595,000 $163,025 $3,030 2.83%
$600k-1MM 49 $33,395,000 $681,531 $6,651 3.15%
$100,000 or less 7 $555,000 $79,286 $2,946 2.84%
$1MM+ 1 $1,025,000 $1,025,000 $14,678 3.12%

2021 saw Ross Mortgage Company place emphasis on $200k-400k loans with 621 originations, totaling $184,315,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 313 $117,895,000 $376,661 $4,198 2.97%
$150k-250k 264 $109,050,000 $413,068 $3,999 2.95%
$75k-100k 256 $81,690,000 $319,102 $4,093 2.98%
$50k-75k 213 $55,435,000 $260,258 $4,025 2.94%
$50k or less 70 $15,440,000 $220,571 $4,228 2.92%
$250k+ 61 $28,725,000 $470,902 $3,632 2.98%

Ross Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 313 originations. The second most popular income band? $150k-250k, with 264 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 264 $92,260,000 $349,470 $3,755 2.91%
30-36% 226 $76,390,000 $338,009 $3,748 2.95%
<20% 77 $23,335,000 $303,052 $3,239 2.77%
41% 54 $18,960,000 $351,111 $3,841 2.97%
42% 49 $18,285,000 $373,163 $4,553 3.07%
37% 48 $17,220,000 $358,750 $3,570 2.94%
40% 46 $15,510,000 $337,174 $4,102 3.03%
36% 43 $14,455,000 $336,163 $4,055 2.93%
43% 43 $15,635,000 $363,605 $3,985 3.08%
45% 41 $14,725,000 $359,146 $4,536 3.02%
39% 41 $15,445,000 $376,707 $4,572 3.02%
44% 40 $13,360,000 $334,000 $4,069 3.03%
49% 40 $13,880,000 $347,000 $4,513 2.94%
38% 36 $12,890,000 $358,056 $4,226 3.04%
48% 35 $12,855,000 $367,286 $4,465 3.10%
47% 34 $11,500,000 $338,235 $3,921 3.04%
50-60% 26 $9,060,000 $348,462 $8,502 3.06%
46% 25 $8,605,000 $344,200 $4,489 2.98%
>60% 1 $335,000 $335,000 $2,890 2.88%

Ross Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 264 originations. The next most common DTI ratio? 30-36%, with 226 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 934 $328,190,000 $351,381 $3,996 2.96%
Asian 118 $35,250,000 $298,729 $4,098 2.95%
Not provided 85 $30,325,000 $356,765 $3,990 2.91%
Black 35 $13,045,000 $372,714 $5,927 3.10%
American Indian 2 $710,000 $355,000 $10,745 2.81%
Other Asian 2 $430,000 $215,000 $2,630 2.63%
Native Hawaiian 1 $285,000 $285,000 $2,768 2.88%

Approval Rates

Total approvals of all applications
94.06%

Ross Mortgage Company has an average approval rate.

Pick Rate

Approvals leading to origination
90.14%

Ross Mortgage Company has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,177 $408,235,000 $346,844

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,177 $408,235,000 $346,844

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 73 $15,155,000 $207,603 $3,055 2.70%
40-60% 266 $80,230,000 $301,617 $3,049 2.79%
60-80% 505 $183,045,000 $362,465 $3,660 3.05%
80-100% 327 $128,505,000 $392,982 $5,729 3.03%
Over 100% 1 $505,000 $505,000 $22,081 2.99%
Under 20% 5 $795,000 $159,000 $3,126 2.60%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
ROSS MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%
ROSS MORTGAGE CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
ROSS MORTGAGE CORPORATION VA mortgage Closing on a mortgage 1 33.3%