Beach Community Mortgage Services Rates, Fees & Info

Fort Walton Beach, FL

LEI: 5493000W4QLNZXGPAF40

Tax ID: 20-3450673

2.7 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Beach Community Mortgage Services is a smaller mortgage company specializing in Home Purchase loans. Beach Community Mortgage Services has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Crestview, Pensacola, Tampa, Panama City, and Miami among others. Beach Community Mortgage Services 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. Beach Community Mortgage Services is typically a high fee lendor.


Originations

384

Origination Dollar Volume (All Markets)

$127,430,000

Awards

Beach Community Mortgage Services  FHA Loans gold Beach Community Mortgage Services  VA Loans bronze Beach Community Mortgage Services  FHA Loans gold Beach Community Mortgage Services  VA Loans silver
Show all (4) awards

Relative Rate

Beach Community Mortgage Services 's average 30 year fixed rate mortgage of loans were 2.93%.

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

This yields a difference of -0.22%.

Relative Fees

Beach Community Mortgage Services 's average total fees for a 30 year fixed rate mortgage are $7,725.

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
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 240 $77,150,000 $321,458 $7,961 2.93%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 99 $33,255,000 $335,909 $7,228 2.79%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 16 $6,730,000 $420,625 $5,223 2.89%
PANAMA CITY, FL (FHA|USDA|VA) 13 $3,015,000 $231,923 $5,308 3.72%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $2,505,000 $2,505,000 $27,050 4.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $675,000 $675,000 $13,156 2.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $550,000 $275,000 $4,157 3.25%
ASHEVILLE, NC (FHA|USDA|VA) 1 $465,000 $465,000 $3,666 2.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $415,000 $415,000 $4,580 2.50%
Outside of Metro Areas 1 $365,000 $365,000 $15,657 2.38%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $355,000 $355,000 $3,646 2.63%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $335,000 $335,000 $15,028 2.75%
GREENVILLE, NC (FHA|USDA|VA) 1 $305,000 $305,000 $3,767 3.50%
MONTGOMERY, AL (FHA|USDA|VA) 1 $285,000 $285,000 $7,091 3.13%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $285,000 $285,000 $16,888 2.25%
DOTHAN, AL (FHA|USDA|VA) 1 $275,000 $275,000 $2,604 3.00%
MOBILE, AL (FHA|USDA|VA) 1 $205,000 $205,000 $2,682 3.25%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $145,000 $145,000 $2,654 3.63%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $115,000 $115,000 $5,714 2.50%

Beach Community Mortgage Services 's top markets include Crestview, Pensacola, Tampa, Panama City, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
VA 182 $67,420,000 $370,440 $10,005 2.51%
Conventional 180 $54,330,000 $301,833 $5,031 3.37%
FHA 20 $5,270,000 $263,500 $8,486 2.66%
USDA 2 $410,000 $205,000 $5,996 2.75%

For the 2021 period, Beach Community Mortgage Services 's most frequently originated loan type of loans were VA, with 182 originations. Their 2nd most popular type is Conventional, with 180 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 298 $99,970,000 $335,470 $8,247 2.94%
Cash Out Refi 45 $11,965,000 $265,889 $6,032 3.05%
Refi 41 $15,495,000 $377,927 $4,452 2.63%

For the 2021, Beach Community Mortgage Services 's most frequently cited loan purpose of loans were Home Purchase, with 298 originations. The 2nd most popular reason of loans were Cash Out Refi, with 45 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 361 $120,705,000 $334,363 $7,725 2.93%
15 Year 13 $3,095,000 $238,077 $3,509 2.84%
30+ year 4 $1,700,000 $425,000 $9,299 3.03%
20 Year 3 $815,000 $271,667 $3,575 2.79%
Other 2 $650,000 $325,000 $12,493 2.69%
10 Year 1 $465,000 $465,000 $3,666 2.63%

For the 2021, Beach Community Mortgage Services 's most frequently cited loan length of loans were 30 Year, with 361 originations. The 2nd most popular length of loans were 15 Year, with 13 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 304 $99,730,000 $328,059
$5k+ 23 $13,315,000 $578,913
$3k-4k 22 $7,080,000 $321,818
$1k-2k 17 $3,725,000 $219,118
$2k-3k 17 $3,185,000 $187,353

$7,725 of loans were Beach Community Mortgage Services 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 304 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 147 $47,355,000 $322,143
<2.5% 125 $46,015,000 $368,120
3-4% 73 $20,335,000 $278,562
4-5% 39 $13,725,000 $351,923

During 2021, Beach Community Mortgage Services 's average interest rate of loans were 2.93%, while their most frequently originated rate bucket of loans were 2.5-3%, with 147 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 222 $66,000,000 $297,297 $7,891 2.87%
$400k-600k 67 $31,385,000 $468,433 $9,137 2.69%
$100k-200k 65 $10,305,000 $158,538 $4,075 3.25%
$600k-1MM 20 $15,020,000 $751,000 $11,194 3.08%
$100,000 or less 8 $730,000 $91,250 $3,146 3.23%
$1MM+ 2 $3,990,000 $1,995,000 $16,604 3.19%

2021 saw Beach Community Mortgage Services place emphasis on $200k-400k loans with 222 originations, totaling $66,000,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 96 $30,950,000 $322,396 $7,562 2.97%
$50k-75k 81 $20,055,000 $247,593 $7,598 2.88%
$75k-100k 66 $20,180,000 $305,758 $9,188 2.78%
$150k-250k 56 $22,710,000 $405,536 $7,906 2.91%
$250k+ 32 $16,930,000 $529,063 $7,504 3.54%
$50k or less 29 $6,005,000 $207,069 $5,864 2.89%

Beach Community Mortgage Services lent most frequently to those with incomes in the $100k-150k range, with 96 originations. The second most popular income band? $50k-75k, with 81 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 90 $28,810,000 $320,111 $6,574 2.99%
30-36% 62 $22,160,000 $357,419 $7,502 3.02%
<20% 26 $7,370,000 $283,462 $5,599 3.01%
50-60% 21 $8,015,000 $381,667 $12,765 2.71%
47% 17 $5,945,000 $349,706 $9,504 2.73%
38% 17 $5,875,000 $345,588 $6,822 3.01%
37% 15 $5,035,000 $335,667 $8,436 2.70%
36% 14 $4,460,000 $318,571 $8,429 2.78%
39% 14 $3,600,000 $257,143 $6,940 3.08%
43% 14 $4,510,000 $322,143 $7,263 2.73%
40% 12 $3,360,000 $280,000 $5,974 3.30%
41% 12 $3,680,000 $306,667 $9,289 2.90%
42% 10 $2,890,000 $289,000 $7,598 2.88%
48% 10 $2,600,000 $260,000 $7,651 2.94%
49% 10 $3,790,000 $379,000 $10,942 3.12%
44% 8 $2,380,000 $297,500 $8,391 3.69%
45% 7 $2,195,000 $313,571 $9,256 2.57%
46% 6 $1,910,000 $318,333 $8,842 2.73%

Beach Community Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 62 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 297 $100,505,000 $338,401 $7,678 2.86%
Not provided 60 $18,240,000 $304,000 $7,055 3.25%
Black 22 $7,150,000 $325,000 $8,013 2.79%
Asian 5 $1,535,000 $307,000 $6,180 3.28%

Approval Rates

Total approvals of all applications
95.72%

Beach Community Mortgage Services 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
80.33%

Beach Community Mortgage Services has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 384 $127,430,000 $331,849

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
384 $127,430,000 $331,849

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 10 $2,420,000 $242,000 $3,260 2.71%
40-60% 32 $12,170,000 $380,313 $6,115 3.20%
60-80% 106 $31,380,000 $296,038 $5,472 3.46%
80-100% 172 $56,920,000 $330,930 $8,036 2.72%
Over 100% 44 $15,590,000 $354,318 $14,206 2.55%
Under 20% 1 $105,000 $105,000 $3,711 2.63%