Residential Mortgage Solutions Rates, Fees & Info

Baltimore, MD

LEI: 254900SUZ313OILKVD67

Tax ID: 52-2178654

2.4 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Residential Mortgage Solutions is a smaller mortgage company specializing in Refi and Cash Out Refi loans. They have a a high proportion of FHA loans. Residential Mortgage Solutions has a high proportion of conventional loans. Their top markets include Baltimore, Washington, New York, Philadelphia, and Boston among others. Residential Mortgage Solutions has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Residential Mortgage Solutions is typically a high fee lendor.


Originations

668

Origination Dollar Volume (All Markets)

$201,070,000
Show all (5) awards

Relative Rate

Residential Mortgage Solutions 's average 30 year fixed rate mortgage of loans were 3.07%.

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

This yields a difference of -0.08%.

Relative Fees

Residential Mortgage Solutions 's average total fees for a 30 year fixed rate mortgage are $7,598.

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
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 271 $75,135,000 $277,251 $6,155 3.12%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 62 $23,820,000 $384,194 $8,467 2.94%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 20 $7,360,000 $368,000 $10,034 2.81%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 23 $6,405,000 $278,478 $8,159 3.02%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 15 $6,175,000 $411,667 $8,423 3.12%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 16 $6,030,000 $376,875 $8,659 2.91%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 11 $4,395,000 $399,545 $7,771 2.65%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 17 $4,215,000 $247,941 $7,224 3.10%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 10 $3,040,000 $304,000 $9,085 2.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $3,000,000 $300,000 $8,759 3.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 9 $2,545,000 $282,778 $6,995 2.92%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 8 $2,420,000 $302,500 $6,632 2.94%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 5 $2,365,000 $473,000 $12,435 2.70%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 6 $2,290,000 $381,667 $7,676 3.08%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 8 $2,100,000 $262,500 $6,332 2.86%
Outside of Metro Areas 8 $2,020,000 $252,500 $5,093 3.11%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 5 $1,785,000 $357,000 $9,267 2.70%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $1,745,000 $249,286 $6,839 3.11%
RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,405,000 $281,000 $7,517 2.93%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $1,290,000 $645,000 $6,753 3.63%
WINSTON-SALEM, NC (FHA|USDA|VA) 4 $1,290,000 $322,500 $7,153 3.41%
YORK-HANOVER, PA (FHA|USDA|VA) 5 $1,275,000 $255,000 $8,355 3.08%
COLUMBUS, OH (FHA|USDA|VA) 4 $1,230,000 $307,500 $9,881 3.25%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 5 $1,135,000 $227,000 $7,153 2.83%
RICHMOND, VA (FHA|USDA|VA) 5 $1,125,000 $225,000 $5,770 3.23%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $1,095,000 $365,000 $6,910 2.83%
WORCESTER, MA-CT (FHA|USDA|VA) 3 $1,075,000 $358,333 $6,501 3.46%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5 $1,065,000 $213,000 $5,156 2.75%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $1,040,000 $520,000 $9,744 3.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $970,000 $242,500 $7,879 3.41%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $925,000 $308,333 $7,822 2.96%
COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $905,000 $301,667 $7,618 3.66%
PITTSBURGH, PA (FHA|USDA|VA) 3 $895,000 $298,333 $6,468 2.75%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $840,000 $210,000 $7,285 3.08%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $815,000 $271,667 $9,672 2.83%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $760,000 $380,000 $4,804 3.13%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $720,000 $360,000 $8,085 2.81%
FRESNO, CA (FHA|USDA|VA) 3 $715,000 $238,333 $5,930 2.96%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $705,000 $705,000 $15,642 2.25%
VICTORIA, TX (FHA|USDA|VA) 2 $690,000 $345,000 $5,566 3.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $655,000 $218,333 $7,115 2.83%
GREELEY, CO (FHA|USDA|VA) 2 $650,000 $325,000 $9,193 2.75%
BAKERSFIELD, CA (FHA|USDA|VA) 2 $600,000 $300,000 $8,461 2.62%
SALISBURY, MD-DE (FHA|USDA|VA) 3 $595,000 $198,333 $4,338 3.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $580,000 $290,000 $8,961 3.18%
STOCKTON, CA (FHA|USDA|VA) 2 $570,000 $285,000 $7,730 2.56%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $560,000 $280,000 $10,016 3.25%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $530,000 $265,000 $7,848 3.00%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $525,000 $525,000 $13,245 2.75%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $520,000 $260,000 $12,380 2.81%
VISALIA, CA (FHA|USDA|VA) 2 $520,000 $260,000 $7,632 2.88%
Montrose, CO (FHA|USDA|VA) 2 $520,000 $260,000 $9,323 2.81%
LANCASTER, PA (FHA|USDA|VA) 2 $490,000 $245,000 $8,532 2.75%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $470,000 $235,000 $7,447 2.63%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $470,000 $235,000 $6,019 2.94%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 2 $460,000 $230,000 $7,495 3.06%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $460,000 $230,000 $6,419 3.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $430,000 $215,000 $6,246 3.12%
LYNCHBURG, VA (FHA|USDA|VA) 1 $405,000 $405,000 $8,305 3.63%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $375,000 $375,000 $7,742 3.38%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $375,000 $375,000 $9,943 2.50%
DOVER, DE (FHA|USDA|VA) 1 $365,000 $365,000 $12,402 3.25%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $355,000 $355,000 $16,897 4.13%
Durango, CO (FHA|USDA|VA) 1 $345,000 $345,000 $12,270 3.25%
ROANOKE, VA (FHA|USDA|VA) 1 $345,000 $345,000 $11,858 3.25%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $345,000 $345,000 $9,171 2.25%
GOLDSBORO, NC (FHA|USDA|VA) 1 $335,000 $335,000 $9,644 2.88%
Connersville, IN (FHA|USDA|VA) 1 $315,000 $315,000 $8,221 2.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,173 2.75%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $315,000 $315,000 $4,113 2.99%
WILMINGTON, NC (FHA|USDA|VA) 1 $305,000 $305,000 $8,438 2.25%
YUBA CITY, CA (FHA|USDA|VA) 1 $305,000 $305,000 $8,056 2.75%
Zanesville, OH (FHA|USDA|VA) 1 $285,000 $285,000 $8,003 2.50%
Sonora, CA (FHA|USDA|VA) 1 $285,000 $285,000 $7,930 2.38%
PUEBLO, CO (FHA|USDA|VA) 1 $285,000 $285,000 $9,461 3.50%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $285,000 $285,000 $10,299 2.88%
MODESTO, CA (FHA|USDA|VA) 1 $275,000 $275,000 $7,534 2.25%
Jefferson, GA (FHA|USDA|VA) 1 $275,000 $275,000 $9,031 2.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $275,000 $275,000 $4,486 3.25%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $265,000 $265,000 $10,486 3.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $265,000 $265,000 $7,561 2.50%
GAINESVILLE, GA (FHA|USDA|VA) 1 $265,000 $265,000 $7,661 3.38%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $13,265 2.63%
Fort Morgan, CO (FHA|USDA|VA) 1 $255,000 $255,000 $7,748 2.38%
ROCKFORD, IL (FHA|USDA|VA) 1 $255,000 $255,000 $5,357 3.13%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $245,000 $245,000 $4,514 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $6,718 3.25%
CHICO, CA (FHA|USDA|VA) 1 $245,000 $245,000 $7,829 3.13%
MUNCIE, IN (FHA|USDA|VA) 1 $245,000 $245,000 $5,051 3.13%
LEBANON, PA (FHA|USDA|VA) 1 $245,000 $245,000 $8,188 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $8,391 2.85%
MUSKEGON, MI (FHA|USDA|VA) 1 $235,000 $235,000 $7,445 2.75%
REDDING, CA (FHA|USDA|VA) 1 $235,000 $235,000 $6,751 2.75%
Torrington, CT (FHA|USDA|VA) 1 $235,000 $235,000 $7,287 2.75%
MONROE, MI (FHA|USDA|VA) 1 $235,000 $235,000 $7,726 2.50%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $225,000 $225,000 $4,187 2.99%
GETTYSBURG, PA (FHA|USDA|VA) 1 $225,000 $225,000 $7,292 2.99%
HARRISONBURG, VA (FHA|USDA|VA) 1 $205,000 $205,000 $4,240 2.75%
COLUMBUS, IN (FHA|USDA|VA) 1 $205,000 $205,000 $6,407 3.00%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $195,000 $195,000 $10,009 3.63%
SAVANNAH, GA (FHA|USDA|VA) 1 $195,000 $195,000 $6,984 2.88%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,136 3.65%
EL PASO, TX (FHA|USDA|VA) 1 $175,000 $175,000 $6,083 3.13%
KOKOMO, IN (FHA|USDA|VA) 1 $175,000 $175,000 $3,934 3.00%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $135,000 $135,000 $6,104 3.13%

Residential Mortgage Solutions 's top markets include Baltimore, Washington, New York, Philadelphia, and Boston among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
FHA 343 $101,275,000 $295,262 $9,067 2.85%
Conventional 301 $90,015,000 $299,053 $4,872 3.23%
VA 24 $9,780,000 $407,500 $11,060 2.90%

For the 2021 period, Residential Mortgage Solutions 's most frequently originated loan type of loans were FHA, with 343 originations. Their 2nd most popular type is Conventional, with 301 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 377 $111,955,000 $296,963 $7,223 2.82%
Cash Out Refi 168 $52,000,000 $309,524 $7,697 3.22%
Home Purchase 123 $37,115,000 $301,748 $6,714 3.39%

For the 2021, Residential Mortgage Solutions 's most frequently cited loan purpose of loans were Refi, with 377 originations. The 2nd most popular reason of loans were Cash Out Refi, with 168 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 578 $177,700,000 $307,439 $7,598 3.07%
15 Year 33 $7,125,000 $215,909 $4,305 2.64%
Other 32 $10,040,000 $313,750 $6,265 2.80%
20 Year 22 $5,270,000 $239,545 $4,442 2.93%
10 Year 3 $935,000 $311,667 $3,381 2.33%

For the 2021, Residential Mortgage Solutions 's most frequently cited loan length of loans were 30 Year, with 578 originations. The 2nd most popular length of loans were 15 Year, with 33 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 439 $131,595,000 $299,761
$3k-4k 102 $31,180,000 $305,686
$2k-3k 54 $13,490,000 $249,815
$5k+ 49 $17,855,000 $364,388
$<1k 24 $6,950,000 $289,583

$7,598 of loans were Residential Mortgage Solutions 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 439 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 263 $77,325,000 $294,011
2.5-3% 246 $75,480,000 $306,829
<2.5% 134 $42,050,000 $313,806
4-5% 25 $6,215,000 $248,600

During 2021, Residential Mortgage Solutions 's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 3-4%, with 263 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 429 $123,975,000 $288,986 $7,529 2.97%
$100k-200k 112 $17,780,000 $158,750 $4,844 3.22%
$400k-600k 108 $50,860,000 $470,926 $8,766 3.00%
$600k-1MM 11 $7,815,000 $710,455 $8,673 3.01%
$100,000 or less 8 $640,000 $80,000 $3,382 3.44%

2021 saw Residential Mortgage Solutions place emphasis on $200k-400k loans with 429 originations, totaling $123,975,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 242 $70,360,000 $290,744 $8,014 2.72%
$100k-150k 136 $43,500,000 $319,853 $7,225 3.19%
$50k-75k 112 $26,690,000 $238,304 $6,588 3.27%
$75k-100k 84 $24,120,000 $287,143 $7,568 3.18%
$150k-250k 75 $29,315,000 $390,867 $5,966 3.15%
$250k+ 17 $6,435,000 $378,529 $5,380 3.08%

Residential Mortgage Solutions lent most frequently to those with incomes in the $50k or less range, with 242 originations. The second most popular income band? $100k-150k, with 136 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 79 $24,085,000 $304,873 $6,120 3.06%
30-36% 72 $22,210,000 $308,472 $6,337 3.14%
50-60% 45 $14,895,000 $331,000 $10,787 2.97%
41% 23 $6,885,000 $299,348 $7,193 3.32%
44% 22 $6,780,000 $308,182 $6,779 3.24%
42% 20 $5,590,000 $279,500 $6,111 3.52%
49% 19 $5,835,000 $307,105 $7,737 3.29%
39% 18 $5,320,000 $295,556 $6,110 3.35%
47% 18 $5,130,000 $285,000 $7,530 3.33%
46% 18 $4,720,000 $262,222 $7,311 3.31%
36% 17 $4,655,000 $273,824 $5,431 3.40%
40% 16 $4,060,000 $253,750 $5,111 3.29%
<20% 15 $5,085,000 $339,000 $4,486 2.87%
38% 15 $3,755,000 $250,333 $5,384 3.35%
43% 15 $4,895,000 $326,333 $6,531 3.47%
48% 15 $4,625,000 $308,333 $6,555 3.23%
37% 14 $4,290,000 $306,429 $5,158 3.20%
45% 11 $2,775,000 $252,273 $7,202 3.56%
>60% 1 $345,000 $345,000 $11,289 3.88%

Residential Mortgage Solutions lent most frequently to those with DTI ratios of 20-30%, with 79 originations. The next most common DTI ratio? 30-36%, with 72 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 492 $147,620,000 $300,041 $7,045 3.05%
Black 136 $38,910,000 $286,103 $7,909 3.00%
Not provided 17 $6,245,000 $367,353 $6,740 2.90%
Asian 14 $4,830,000 $345,000 $7,391 2.90%
Not applicable 7 $2,535,000 $362,143 $9,264 2.82%
American Indian 2 $930,000 $465,000 $8,501 2.62%

Approval Rates

Total approvals of all applications
96.58%

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 origination
88.43%

Residential Mortgage Solutions has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 668 $201,070,000 $301,003

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
668 $201,070,000 $301,003

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 9 $1,995,000 $221,667 $3,553 2.58%
40-60% 37 $10,575,000 $285,811 $4,609 3.05%
60-80% 224 $67,350,000 $300,670 $6,524 3.17%
80-100% 390 $118,450,000 $303,718 $7,881 2.95%
Over 100% 5 $2,225,000 $445,000 $18,996 3.25%
Under 20% 2 $160,000 $80,000 $2,487 3.19%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Residential Home Mortgage Corporation Conventional home mortgage Trouble during payment process 1 100.0%