Residential Mortgage Solutions Rates, Fees & Info
Baltimore, MDLEI: 254900SUZ313OILKVD67
Tax ID: 52-2178654
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Mortgage Data
Review & Overview
Residential Mortgage Solutions is a smaller mortgage company specializing in Home Purchase and Refi loans. They have a a high proportion of FHA loans. Residential Mortgage Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Baltimore, Washington, Atlanta, New York, and Virginia Beach among others. We have data for 82 markets. (Some data included below & more in-depth data is available with an active subscription.)Residential Mortgage Solutions 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. Residential Mortgage Solutions 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.95% | 12/16/24 |
| 30 Year Conventional Refi | 6.87% | 12/16/24 |
| 30 Year Cash-out Refi | 6.86% | 12/16/24 |
| 30 Year FHA Purchase | 7.66% | 12/16/24 |
| 30 Year FHA Refi | 7.01% | 12/16/24 |
| 30 Year VA Purchase | 6.71% | 12/16/24 |
| 30 Year VA Refi | 6.72% | 12/16/24 |
| 15 Year Conventional Purchase | 5.99% | 12/16/24 |
| 15 Year Conventional Refi | 6.64% | 12/16/24 |
| 15 Year Cash-out Refi | 6.64% | 12/16/24 |
| 15 Year FHA Refi | 7.18% | 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. | ||
Residential Mortgage Solutions Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
358Origination Dollar Volume (All Markets)
$92,610,000Awards
Residential Mortgage Solutions - 2023
Residential Mortgage Solutions is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Residential Mortgage Solutions's average 30 year fixed mortgage rate was
6.78%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.3%.
Relative Fees (Closing Costs)
Residential Mortgage Solutions's average total fees/closing costs for a 30 year fixed rate
mortgage were $10,939.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 178 | $45,850,000 | $257,584 | $9,171 | 6.96% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 19 | $6,535,000 | $343,947 | $12,482 | 7.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 15 | $3,435,000 | $229,000 | $12,367 | 6.55% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $2,745,000 | $392,143 | $16,597 | 7.19% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 7 | $2,025,000 | $289,286 | $10,455 | 6.71% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 7 | $1,985,000 | $283,571 | $11,138 | 6.80% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 5 | $1,875,000 | $375,000 | $11,645 | 7.02% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 7 | $1,865,000 | $266,429 | $12,513 | 6.73% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $1,060,000 | $265,000 | $10,862 | 7.09% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $975,000 | $325,000 | $12,787 | 7.83% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $970,000 | $242,500 | $11,878 | 6.78% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $12,442 | 6.72% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $13,609 | 6.67% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $815,000 | $163,000 | $9,665 | 7.22% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 4 | $810,000 | $202,500 | $9,149 | 7.72% |
| Outside of Metro Areas | 3 | $795,000 | $265,000 | $8,881 | 6.21% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 5 | $765,000 | $153,000 | $9,597 | 7.40% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $9,860 | 6.56% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $9,702 | 7.58% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $16,838 | 6.19% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $26,772 | 6.99% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $17,621 | 6.69% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $11,464 | 6.37% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $9,046 | 7.38% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $13,165 | 6.69% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $11,559 | 6.69% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $6,961 | 6.38% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $10,754 | 6.13% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $13,370 | 6.88% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $16,243 | 6.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $15,453 | 7.63% |
| GOLDSBORO, NC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $18,868 | 6.99% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $8,061 | 7.25% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $11,916 | 7.25% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,781 | 5.25% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $16,632 | 6.50% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $18,011 | 6.75% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $17,641 | 6.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $18,567 | 6.38% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $8,925 | 7.25% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $12,478 | 7.25% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $5,124 | 9.06% |
| READING, PA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,973 | 7.75% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $14,969 | 6.13% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $11,816 | 7.75% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $14,626 | 6.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $10,334 | 6.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $17,650 | 7.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,980 | 7.13% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,369 | 6.63% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $14,018 | 5.75% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $15,519 | 5.88% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $14,184 | 6.75% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,386 | 8.75% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $12,694 | 6.88% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $11,246 | 6.13% |
| DOVER, DE (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,670 | 6.75% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,049 | 7.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,559 | 6.88% |
| LIMA, OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,497 | 7.38% |
| BURLINGTON, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $14,564 | 7.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $10,964 | 6.88% |
| Sandusky, OH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $10,969 | 6.88% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $11,053 | 6.25% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $11,470 | 7.75% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $10,599 | 5.75% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $11,105 | 5.38% |
| Portsmouth, OH (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $10,286 | 6.99% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,704 | 9.38% |
| OCALA, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,972 | 6.13% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $11,236 | 6.38% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $9,308 | 6.25% |
| REDDING, CA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $9,723 | 6.75% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $10,128 | 7.25% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $9,530 | 6.13% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $8,878 | 7.25% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,650 | 6.25% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,706 | 6.88% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $7,930 | 7.25% |
| New Castle, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $7,770 | 6.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,062 | 9.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,295 | 5.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against Residential Mortgage Solutions 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 |
|---|---|---|---|---|---|
| FHA | 182 | $47,420,000 | $260,549 | $12,519 | 6.72% |
| Conventional | 126 | $29,980,000 | $237,937 | $6,873 | 7.27% |
| VA | 50 | $15,210,000 | $304,200 | $11,510 | 7.05% |
For 2023, Residential Mortgage Solutions's most frequently originated type of loan was FHA, with 182 originations. Their 2nd most popular type was Conventional, with 126 originations.
Loan Reason
For 2023, Residential Mortgage Solutions's most frequently cited loan purpose was Home Purchase, with 203 originations. The 2nd most popular reason was Refi, with 143 originations.
Loan Duration/Length
For 2023, Residential Mortgage Solutions's most frequently cited loan duration was 30 Year, with 334 originations. The 2nd most popular length was 15 Year, with 13 originations.
Origination Fees/Closing Costs
Residential Mortgage Solutions's average total fees were $10,939, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 185 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 169 | $46,625,000 | $275,888 |
| 7-8% | 111 | $29,275,000 | $263,739 |
| 5-6% | 50 | $13,210,000 | $264,200 |
| Over 8% | 28 | $3,500,000 | $125,000 |
During 2023, Residential Mortgage Solutions's average interest rate for loans was 6.78%, while their most frequently originated rate bucket for loans was 6-7%, with 169 originations.
Loan Sizing
2023 saw Residential Mortgage Solutions place emphasis on $200k-400k loans with 196 originations, totaling $54,320,000 in origination value.
Applicant Income
Residential Mortgage Solutions lent most frequently to those with incomes in the $50k-75k range, with 95 originations. The second most popular income band? $75k-100k, with 85 originations.
Applicant Debt to Income Ratio
Residential Mortgage Solutions lent most frequently to those with DTI ratios of 50-60%, with 57 originations. The next most common DTI ratio? 30-36%, with 50 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.52%
Residential Mortgage Solutions has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination74.86%
Residential Mortgage Solutions has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 358 | $92,610,000 | $258,687 |