Senior Mortgage Bankers Inc Rates, Fees & Info
San Juan,LEI: 254900QK56SK0RTQI188
Tax ID: 66-0705554
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Mortgage Data
Review & Overview
Senior Mortgage Bankers Inc is a smaller bank specializing in Home Purchase and Cash Out Refi loans. They have a a high proportion of FHA loans. Senior Mortgage Bankers Inc has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: San Juan, Ponce, Aguadilla, Guayama, and San GermÁn among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Senior Mortgage Bankers Inc 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. Senior Mortgage Bankers Inc is typically a high 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 relatively high 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 | 7.59% | 4/28/24 |
| 30 Year Conventional Refi | 7.06% | 4/28/24 |
| 30 Year Cash-out Refi | 7.25% | 4/28/24 |
| 30 Year FHA Purchase | 7.57% | 4/28/24 |
| 30 Year FHA Refi | 7.12% | 4/28/24 |
| 30 Year VA Purchase | 6.98% | 4/28/24 |
| 30 Year VA Refi | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 7.06% | 4/28/24 |
| 30 Year USDA Refi | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 6.71% | 4/28/24 |
| 15 Year Cash-out Refi | 6.71% | 4/28/24 |
| 15 Year FHA Purchase | 7.54% | 4/28/24 |
| 15 Year FHA Refi | 7.55% | 4/28/24 |
| 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. | ||
Senior Mortgage Bankers Inc Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
151Origination Dollar Volume (All Markets)
$24,315,000Top 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 |
|---|---|---|---|---|---|
| SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) | 119 | $19,735,000 | $165,840 | $10,897 | 5.36% |
| PONCE, PR (FHA|USDA|VA) | 12 | $1,840,000 | $153,333 | $10,723 | 4.64% |
| AGUADILLA-ISABELA, PR (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $10,830 | 6.00% |
| GUAYAMA, PR (FHA|USDA|VA) | 7 | $625,000 | $89,286 | $7,737 | 5.07% |
| SAN GERMÁN, PR (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $20,953 | 6.13% |
| Arecibo, PR (FHA|USDA|VA) | 4 | $480,000 | $120,000 | $9,561 | 5.00% |
| Coamo, PR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $9,396 | 4.25% |
| MAYAGÜEZ, PR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $11,129 | 4.75% |
| Santa Isabel, PR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $9,124 | 5.50% |
Their top states include:
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Product Mix
For 2022, Senior Mortgage Bankers Inc's most frequently originated type of loan was FHA, with 104 originations. Their 2nd most popular type was Conventional, with 27 originations.
Loan Reason
For 2022, Senior Mortgage Bankers Inc's most frequently cited loan purpose was Home Purchase, with 78 originations. The 2nd most popular reason was Cash Out Refi, with 58 originations.
Loan Duration/Length
For 2022, Senior Mortgage Bankers Inc's most frequently cited loan duration was 30 Year, with 114 originations. The 2nd most popular length was 15 Year, with 14 originations.
Origination Fees/Closing Costs
Senior Mortgage Bankers Inc's average total fees were $11,333, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 69 originations.
Interest Rates
During 2022, Senior Mortgage Bankers Inc's average interest rate for loans was 5.44%, while their most frequently originated rate bucket for loans was 5-6%, with 56 originations.
Loan Sizing
2022 saw Senior Mortgage Bankers Inc place emphasis on $100k-200k loans with 83 originations, totaling $11,845,000 in origination value.
Applicant Income
Senior Mortgage Bankers Inc lent most frequently to those with incomes in the $50k or less range, with 65 originations. The second most popular income band? $50k-75k, with 34 originations.
Applicant Debt to Income Ratio
Senior Mortgage Bankers Inc lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 146 | $23,650,000 | $161,986 | $10,820 | 5.31% |
| Black | 5 | $665,000 | $133,000 | $10,609 | 5.05% |
Approval Rates
Total approvals of all applications81.78%
Senior Mortgage Bankers Inc has a below average approval rate.
Pick Rate
Approvals leading to origination66.23%
Senior Mortgage Bankers Inc 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 | 151 | $24,315,000 | $161,026 |