Residential Mortgage Solutions Rates, Fees & Info

Baltimore, MD

LEI: 254900SUZ313OILKVD67

Tax ID: 52-2178654

2.2 stars - Updated: 5/27/24 - out of 5 stars, based on 19 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.95% 5/27/24
30 Year Conventional Refi 6.87% 5/27/24
30 Year Cash-out Refi 6.86% 5/27/24
30 Year FHA Purchase 7.66% 5/27/24
30 Year FHA Refi 7.01% 5/27/24
30 Year VA Purchase 6.71% 5/27/24
30 Year VA Refi 6.72% 5/27/24
15 Year Conventional Purchase 5.99% 5/27/24
15 Year Conventional Refi 6.64% 5/27/24
15 Year Cash-out Refi 6.64% 5/27/24
15 Year FHA Refi 7.18% 5/27/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Residential Mortgage Solutions. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

358

Origination Dollar Volume (All Markets)

$92,610,000

Awards

Residential Mortgage Solutions FHA Loans silver
Show all (1) awards

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%
Residential Mortgage Solutions's top markets include Baltimore, Washington, Atlanta, New York, and Virginia Beach among others.

Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • 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.

    Republic Bank
    Similarity Rank: 21
    First Savings Bank of Hegewisch
    Similarity Rank: 46
    Los Angeles Federal Credit Union
    Similarity Rank: 72
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135
    POINT BREEZE
    Similarity Rank: 160
    GREATER ALLIANCE
    Similarity Rank: 168

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 203 $55,415,000 $272,980 $9,558 7.00%
    Refi 143 $36,165,000 $252,902 $12,230 6.69%
    Home Improvement 11 $985,000 $89,545 $4,171 9.50%
    Cash Out Refi 1 $45,000 $45,000 $3,621 9.75%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 334 $90,740,000 $271,677 $10,939 6.78%
    15 Year 13 $1,375,000 $105,769 $4,683 9.17%
    10 Year 6 $70,000 $11,667 $192 9.33%
    20 Year 5 $425,000 $85,000 $4,090 10.10%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 185 $56,535,000 $305,595
    $1k-2k 70 $15,310,000 $218,714
    $4k-5k 37 $7,285,000 $196,892
    $3k-4k 34 $7,160,000 $210,588
    $2k-3k 16 $3,430,000 $214,375
    $<1k 12 $2,180,000 $181,667

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 196 $54,320,000 $277,143 $11,370 6.81%
    $100k-200k 95 $15,125,000 $159,211 $8,105 6.90%
    $400k-600k 40 $18,960,000 $474,000 $14,052 6.80%
    $100,000 or less 23 $1,225,000 $53,261 $2,894 8.78%
    $600k-1MM 3 $1,945,000 $648,333 $21,723 6.38%
    $1MM+ 1 $1,035,000 $1,035,000 $30,650 8.50%

    2023 saw Residential Mortgage Solutions place emphasis on $200k-400k loans with 196 originations, totaling $54,320,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 95 $19,135,000 $201,421 $9,394 6.82%
    $75k-100k 85 $22,165,000 $260,765 $11,193 6.97%
    $100k-150k 84 $25,000,000 $297,619 $11,464 7.19%
    $150k-250k 51 $17,035,000 $334,020 $11,172 7.06%
    $50k or less 36 $6,320,000 $175,556 $8,009 6.54%
    $250k+ 7 $2,955,000 $422,143 $10,269 7.39%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 57 $16,835,000 $295,351 $13,021 6.86%
    30-36% 50 $12,970,000 $259,400 $9,904 7.08%
    49% 27 $6,995,000 $259,074 $10,038 6.84%
    20-30% 25 $5,995,000 $239,800 $8,826 7.17%
    43% 22 $4,940,000 $224,545 $9,318 6.91%
    45% 21 $6,195,000 $295,000 $11,915 6.74%
    44% 20 $4,800,000 $240,000 $9,352 6.97%
    47% 18 $4,580,000 $254,444 $10,405 6.94%
    37% 16 $3,370,000 $210,625 $8,375 6.89%
    48% 16 $5,120,000 $320,000 $13,206 6.95%
    42% 15 $2,535,000 $169,000 $7,637 7.65%
    46% 12 $3,570,000 $297,500 $11,241 6.67%
    40% 11 $2,845,000 $258,636 $8,410 7.05%
    36% 11 $2,545,000 $231,364 $10,368 7.17%
    41% 11 $2,565,000 $233,182 $11,171 6.79%
    39% 10 $2,240,000 $224,000 $11,542 6.77%
    38% 9 $2,275,000 $252,778 $9,908 7.10%
    <20% 5 $1,355,000 $271,000 $5,843 6.77%
    >60% 1 $325,000 $325,000 $9,337 5.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 186 $48,430,000 $260,376 $10,132 6.88%
    Black 151 $37,445,000 $247,980 $10,651 7.07%
    Asian 8 $3,020,000 $377,500 $10,573 6.97%
    Not provided 7 $1,775,000 $253,571 $11,055 7.29%
    Not applicable 4 $1,180,000 $295,000 $13,563 6.28%
    American Indian 1 $425,000 $425,000 $13,433 6.75%
    Native Hawaiian or Islander 1 $335,000 $335,000 $11,453 6.63%

    Approval Rates

    Total approvals of all applications
    95.52%

    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 origination
    74.86%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    358 $92,610,000 $258,687

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,405,000 $127,727 $5,547 7.93%
    40-60% 22 $4,490,000 $204,091 $9,944 6.83%
    60-80% 78 $19,810,000 $253,974 $11,619 6.70%
    80-100% 229 $65,965,000 $288,057 $10,919 6.82%
    Under 20% 18 $940,000 $52,222 $2,691 9.42%