Premium Mortgage Corporation Rates, Fees & Info

Rochester, NY

LEI: 254900XN7UWEWK13RO81

Tax ID: 16-1566654

5 stars - out of 5 stars, based on 84 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Premium Mortgage Corporation is a small mortgage company specializing in Home Purchase loans. Premium Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Rochester, Buffalo, Albany, Syracuse, and Batavia among others. Premium Mortgage Corporation 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. Premium Mortgage Corporation is typically an average fee lendor.


Originations

7,099

Origination Dollar Volume (All Markets)

$1,441,375,000
Show all (32) awards

Relative Rate

Premium Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Premium Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $3,806.

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
ROCHESTER, NY (FHA|USDA|VA) 3,312 $647,830,000 $195,601 $3,608 3.03%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2,079 $459,195,000 $220,873 $3,947 3.06%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 591 $130,325,000 $220,516 $4,426 3.05%
SYRACUSE, NY (FHA|USDA|VA) 236 $41,760,000 $176,949 $3,577 2.97%
Batavia, NY (FHA|USDA|VA) 179 $29,635,000 $165,559 $3,565 3.00%
UTICA-ROME, NY (FHA|USDA|VA) 148 $27,710,000 $187,230 $3,802 3.14%
Outside of Metro Areas 155 $23,945,000 $154,484 $3,432 3.01%
Corning, NY (FHA|USDA|VA) 58 $8,550,000 $147,414 $3,610 2.99%
Olean, NY (FHA|USDA|VA) 41 $8,475,000 $206,707 $3,382 3.19%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 44 $7,530,000 $171,136 $3,114 3.23%
GLENS FALLS, NY (FHA|USDA|VA) 31 $6,965,000 $224,677 $4,479 2.97%
BINGHAMTON, NY (FHA|USDA|VA) 36 $6,310,000 $175,278 $2,687 3.02%
Gloversville, NY (FHA|USDA|VA) 26 $4,450,000 $171,154 $3,728 2.95%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $3,730,000 $310,833 $4,611 3.17%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $3,565,000 $396,111 $4,158 2.90%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 10 $3,200,000 $320,000 $4,153 3.28%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $2,385,000 $265,000 $3,054 3.19%
Auburn, NY (FHA|USDA|VA) 11 $2,375,000 $215,909 $3,468 3.11%
Oneonta, NY (FHA|USDA|VA) 13 $2,375,000 $182,692 $3,463 2.94%
Amsterdam, NY (FHA|USDA|VA) 18 $2,340,000 $130,000 $3,179 3.01%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,585,000 $317,000 $3,530 3.60%
Seneca Falls, NY (FHA|USDA|VA) 12 $1,450,000 $120,833 $3,337 3.13%
Malone, NY (FHA|USDA|VA) 5 $1,375,000 $275,000 $4,915 2.93%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,350,000 $225,000 $2,676 3.22%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,280,000 $320,000 $4,227 2.75%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 5 $1,195,000 $239,000 $4,643 2.90%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 5 $1,125,000 $225,000 $3,138 3.16%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $965,000 $321,667 $3,632 3.17%
PUNTA GORDA, FL (FHA|USDA|VA) 4 $780,000 $195,000 $3,750 3.22%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $730,000 $365,000 $5,757 2.75%
Hudson, NY (FHA|USDA|VA) 3 $715,000 $238,333 $8,142 2.79%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $710,000 $355,000 $4,687 3.81%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $620,000 $310,000 $5,350 2.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $535,000 $535,000 $4,641 3.12%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $435,000 $435,000 $5,030 3.25%
ELMIRA, NY (FHA|USDA|VA) 3 $415,000 $138,333 $2,003 3.33%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.50%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $295,000 $295,000 $3,859 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $645 2.50%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $285,000 $285,000 $3,987 2.25%
OCALA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,487 2.99%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,813 3.38%
ITHACA, NY (FHA|USDA|VA) 1 $245,000 $245,000 $3,522 3.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $225,000 $225,000 $4,461 2.38%
Cortland, NY (FHA|USDA|VA) 1 $215,000 $215,000 $3,361 2.63%
Ogdensburg-Massena, NY (FHA|USDA|VA) 2 $180,000 $90,000 $1,943 3.63%
KINGSTON, NY (FHA|USDA|VA) 1 $165,000 $165,000 $5,956 3.00%
Clewiston, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,345 2.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,945 2.75%
Plattsburgh, NY (FHA|USDA|VA) 1 $145,000 $145,000 $525 2.63%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $135,000 $135,000 $0 3.38%
Bradford, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,245 2.75%
ERIE, PA (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.70%

Premium Mortgage Corporation's top markets include Rochester, Buffalo, Albany, Syracuse, and Batavia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,406 $1,123,390,000 $207,804 $3,344 3.08%
FHA 1,246 $221,040,000 $177,400 $5,105 2.95%
VA 329 $80,305,000 $244,088 $5,518 2.88%
USDA 118 $16,640,000 $141,017 $2,910 2.85%

For the 2021 period, Premium Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 5,406 originations. Their 2nd most popular type is FHA, with 1,246 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 6,169 $1,259,155,000 $204,110 $3,782 3.06%
Refi 503 $99,715,000 $198,241 $3,558 2.79%
Cash Out Refi 427 $82,505,000 $193,220 $3,817 3.12%

For the 2021, Premium Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 6,169 originations. The 2nd most popular reason of loans were Refi, with 503 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 6,496 $1,321,660,000 $203,458 $3,806 3.08%
15 Year 402 $76,810,000 $191,070 $3,282 2.55%
20 Year 141 $28,345,000 $201,028 $3,377 2.84%
10 Year 24 $3,600,000 $150,000 $3,186 2.40%
Other 20 $4,490,000 $224,500 $3,341 3.21%
30+ year 16 $6,470,000 $404,375 $5,594 4.24%

For the 2021, Premium Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 6,496 originations. The 2nd most popular length of loans were 15 Year, with 402 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 4,590 $957,400,000 $208,584
$<1k 1,792 $342,420,000 $191,083
$2k-3k 220 $55,920,000 $254,182
$3k-4k 95 $26,345,000 $277,316
$5k+ 26 $9,580,000 $368,462

$3,806 of loans were Premium Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 4,590 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 3,231 $678,885,000 $210,116
3-4% 3,183 $627,645,000 $197,187
<2.5% 591 $117,165,000 $198,249
4-5% 92 $17,300,000 $188,043
5-6% 1 $165,000 $165,000
6-7% 1 $215,000 $215,000

During 2021, Premium Mortgage Corporation's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 3,231 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 3,598 $546,290,000 $151,832 $3,418 3.06%
$200k-400k 2,597 $696,905,000 $268,350 $4,231 3.02%
$100,000 or less 581 $46,815,000 $80,577 $2,747 3.12%
$400k-600k 321 $149,355,000 $465,280 $5,181 3.00%
$1MM+ 1 $1,305,000 $1,305,000 $7,714 3.13%
$600k-1MM 1 $705,000 $705,000 $18,044 2.75%

2021 saw Premium Mortgage Corporation place emphasis on $100k-200k loans with 3,598 originations, totaling $546,290,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 1,919 $329,705,000 $171,811 $3,680 3.04%
$100k-150k 1,459 $349,125,000 $239,291 $3,958 3.06%
$75k-100k 1,380 $283,940,000 $205,754 $3,847 3.07%
$50k or less 1,276 $169,600,000 $132,915 $3,396 3.00%
$150k-250k 774 $222,960,000 $288,062 $4,138 3.05%
$250k+ 237 $72,985,000 $307,954 $4,165 3.15%

Premium Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,919 originations. The second most popular income band? $100k-150k, with 1,459 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,495 $305,595,000 $204,411 $3,547 3.03%
30-36% 1,380 $276,050,000 $200,036 $3,602 3.05%
<20% 410 $83,740,000 $204,244 $3,346 2.96%
50-60% 406 $77,650,000 $191,256 $5,185 2.95%
42% 284 $57,170,000 $201,303 $3,818 3.07%
44% 277 $57,455,000 $207,419 $4,072 3.07%
43% 276 $55,330,000 $200,471 $3,619 3.05%
40% 269 $55,145,000 $205,000 $3,573 3.12%
39% 267 $54,385,000 $203,689 $3,708 3.07%
41% 266 $55,010,000 $206,805 $3,710 3.06%
37% 260 $51,310,000 $197,346 $3,655 3.08%
36% 245 $48,415,000 $197,612 $3,576 3.09%
38% 235 $48,575,000 $206,702 $3,710 3.05%
45% 231 $45,955,000 $198,939 $3,961 3.07%
46% 213 $46,385,000 $217,770 $4,069 3.06%
47% 206 $44,970,000 $218,301 $4,297 3.06%
49% 182 $36,360,000 $199,780 $3,910 3.07%
48% 175 $37,155,000 $212,314 $3,955 3.11%
>60% 2 $330,000 $165,000 $3,068 3.13%

Premium Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,495 originations. The next most common DTI ratio? 30-36%, with 1,380 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 6,110 $1,251,650,000 $204,853 $3,757 3.04%
Not provided 466 $90,560,000 $194,335 $3,824 3.09%
Black 288 $51,290,000 $178,090 $4,045 3.11%
Asian 201 $42,085,000 $209,378 $3,567 3.04%
American Indian 23 $3,715,000 $161,522 $3,562 3.06%
Native Hawaiian 2 $570,000 $285,000 $7,593 3.06%
Other Asian 3 $495,000 $165,000 $4,266 2.92%
Asian Indian 2 $460,000 $230,000 $4,201 2.69%
Chinese 2 $220,000 $110,000 $2,243 3.06%
Filipino 1 $195,000 $195,000 $3,536 3.25%
Other Pacific Islander 1 $135,000 $135,000 $5,687 3.25%

Approval Rates

Total approvals of all applications
97.48%

Premium Mortgage Corporation 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
89.12%

Premium Mortgage Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 7,099 $1,441,375,000 $203,039

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
7,099 $1,441,375,000 $203,039

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 102 $12,250,000 $120,098 $3,308 2.92%
40-60% 362 $59,620,000 $164,696 $3,339 2.88%
60-80% 1,914 $398,430,000 $208,166 $3,510 3.11%
80-100% 4,595 $940,035,000 $204,578 $3,776 3.03%
Over 100% 122 $30,730,000 $251,885 $8,496 2.92%
Under 20% 4 $310,000 $77,500 $3,307 2.78%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Trouble during payment process 4 12.5%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Struggling to pay mortgage 3 9.4%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Trouble during payment process 5 15.6%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP Other type of mortgage Closing on a mortgage 2 6.3%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.1%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Closing on a mortgage 1 3.1%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP VA mortgage Struggling to pay mortgage 1 3.1%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 9.4%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP Conventional home mortgage Trouble during payment process 10 31.3%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Closing on a mortgage 1 3.1%
PARAMOUNT RESIDENTIAL MORTGAGE GROUP FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 3.1%