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 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, New York, Los Angeles, and Riverside among others. We have data for 85 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 an above average pick rate when compared to similar lenders. Residential Mortgage Solutions is typically an average 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 about average 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 | 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
672Origination Dollar Volume (All Markets)
$200,440,000Awards
Residential Mortgage Solutions - 2020
Residential Mortgage Solutions is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 291 | $76,945,000 | $264,416 | $6,275 | 3.22% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 61 | $23,895,000 | $391,721 | $8,167 | 2.88% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 24 | $7,950,000 | $331,250 | $9,335 | 2.80% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 16 | $6,570,000 | $410,625 | $9,280 | 2.84% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 15 | $5,475,000 | $365,000 | $10,106 | 2.84% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 18 | $5,270,000 | $292,778 | $9,449 | 2.94% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 15 | $5,235,000 | $349,000 | $7,985 | 2.95% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 14 | $4,990,000 | $356,429 | $9,311 | 2.93% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 14 | $4,230,000 | $302,143 | $8,237 | 2.67% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 11 | $3,665,000 | $333,182 | $8,236 | 2.82% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 12 | $3,220,000 | $268,333 | $7,878 | 2.98% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 9 | $3,085,000 | $342,778 | $8,876 | 2.96% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 11 | $2,985,000 | $271,364 | $6,214 | 3.11% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 9 | $2,825,000 | $313,889 | $8,878 | 2.82% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 6 | $2,410,000 | $401,667 | $10,457 | 2.94% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 8 | $2,380,000 | $297,500 | $8,927 | 2.91% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 7 | $2,345,000 | $335,000 | $8,982 | 2.80% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 10 | $2,290,000 | $229,000 | $5,340 | 2.86% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 6 | $1,650,000 | $275,000 | $7,364 | 2.90% |
| RICHMOND, VA (FHA|USDA|VA) | 5 | $1,545,000 | $309,000 | $8,116 | 2.75% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 6 | $1,530,000 | $255,000 | $7,774 | 2.67% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $10,512 | 2.42% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $10,443 | 3.13% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $6,920 | 2.59% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $980,000 | $490,000 | $10,984 | 3.31% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $7,464 | 3.03% |
| Outside of Metro Areas | 3 | $955,000 | $318,333 | $6,624 | 3.21% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $7,856 | 2.42% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $7,878 | 3.50% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $8,495 | 3.33% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $9,934 | 3.06% |
| FRESNO, CA (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $7,190 | 2.96% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $6,876 | 3.16% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 3 | $735,000 | $245,000 | $8,738 | 3.71% |
| WILMINGTON, NC (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $7,202 | 2.79% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $9,200 | 2.38% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $8,739 | 2.44% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $8,531 | 2.81% |
| SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $13,654 | 2.75% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $9,630 | 2.38% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $12,403 | 3.38% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $12,709 | 2.63% |
| ST. CLOUD, MN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $7,326 | 2.81% |
| COLUMBUS, OH (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $7,699 | 2.81% |
| DOVER, DE (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,894 | 2.81% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $7,505 | 2.63% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $7,481 | 2.44% |
| MONROE, MI (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $7,543 | 3.88% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $7,078 | 2.63% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $11,384 | 2.50% |
| GAINESVILLE, GA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $7,288 | 2.94% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $9,676 | 2.25% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $8,446 | 3.00% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $8,988 | 2.75% |
| TYLER, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,719 | 2.88% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,558 | 2.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,798 | 2.75% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $9,382 | 2.88% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,252 | 2.75% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $8,207 | 4.13% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,822 | 2.38% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,316 | 2.75% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,446 | 3.38% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,807 | 2.50% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,975 | 3.88% |
| Torrington, CT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,483 | 3.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,040 | 3.13% |
| Marquette, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,370 | 3.50% |
| Sonora, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,901 | 2.38% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,891 | 2.88% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,098 | 3.50% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,269 | 3.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $7,768 | 2.75% |
| Salem, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,599 | 4.00% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,929 | 2.88% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $11,030 | 3.88% |
| St. Marys, GA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,443 | 2.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,315 | 2.88% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,533 | 3.00% |
| CHICO, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,285 | 3.63% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,404 | 3.38% |
| BAY CITY, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,597 | 3.38% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,723 | 4.13% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,864 | 2.88% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,934 | 4.13% |
Similar Lenders
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Product Mix
For 2020, Residential Mortgage Solutions's most frequently originated type of loan was FHA, with 433 originations. Their 2nd most popular type was Conventional, with 234 originations.
Loan Reason
For 2020, Residential Mortgage Solutions's most frequently cited loan purpose was Refi, with 499 originations. The 2nd most popular reason was Home Purchase, with 122 originations.
Loan Duration/Length
For 2020, Residential Mortgage Solutions's most frequently cited loan duration was 30 Year, with 576 originations. The 2nd most popular length was 20 Year, with 35 originations.
Origination Fees/Closing Costs
Residential Mortgage Solutions's average total fees were $7,824, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 505 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 242 | $70,580,000 | $291,653 |
| 3-4% | 240 | $70,890,000 | $295,375 |
| <2.5% | 152 | $50,620,000 | $333,026 |
| 4-5% | 38 | $8,350,000 | $219,737 |
During 2020, Residential Mortgage Solutions's average interest rate for loans was 3.05%, while their most frequently originated rate bucket for loans was 2.5-3%, with 242 originations.
Loan Sizing
2020 saw Residential Mortgage Solutions place emphasis on $200k-400k loans with 455 originations, totaling $132,835,000 in origination value.
Applicant Income
Residential Mortgage Solutions lent most frequently to those with incomes in the $50k or less range, with 375 originations. The second most popular income band? $100k-150k, with 83 originations.
Applicant Debt to Income Ratio
Residential Mortgage Solutions lent most frequently to those with DTI ratios of 30-36%, with 60 originations. The next most common DTI ratio? 20-30%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.46%
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 origination90.48%
Residential Mortgage Solutions has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 672 | $200,440,000 | $298,274 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 672 | $200,440,000 | $298,274 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Residential Mortgage Solutions, Inc. | Conventional home mortgage | Incorrect information on your report | 1 | 100.0% |