Bayport Funding Mortgage Rates, Fees & Info
GREAT NECK, NYLEI: 5493001QR7MEE12WC276
Tax ID: 45-3655786
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Mortgage Data
Review & Overview
Bayport Funding is a smaller mortgage company specializing in Home Purchase loans. Bayport Funding has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Miami, Bridgeport, and Allentown among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)Bayport Funding 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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 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. | ||
Bayport Funding Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
126Origination Dollar Volume (All Markets)
$148,970,000Relative Rate
Bayport Funding's average 30 year fixed mortgage rate was
8.3%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 1.82%.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 105 | $125,115,000 | $1,191,571 | $0 | 11.57% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 5 | $8,085,000 | $1,617,000 | $0 | 11.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $6,375,000 | $910,714 | $0 | 11.75% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $6,005,000 | $6,005,000 | $0 | 11.50% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $0 | 11.63% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 1 | $875,000 | $875,000 | $0 | 11.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 9.00% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 8.50% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 12.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 12.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 12.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 126 | $148,970,000 | $1,182,302 | $0 | 11.52% |
For 2023, Bayport Funding's most frequently originated type of loan was Conventional, with 126 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 123 | $144,705,000 | $1,176,463 | $0 | 11.52% |
| Refi | 3 | $4,265,000 | $1,421,667 | $0 | 11.83% |
For 2023, Bayport Funding's most frequently cited loan purpose was Home Purchase, with 123 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 1 Year | 106 | $104,760,000 | $988,302 | $0 | 11.70% |
| Other | 13 | $40,415,000 | $3,108,846 | $0 | 11.81% |
| 30 Year | 7 | $3,795,000 | $542,143 | $0 | 8.30% |
For 2023, Bayport Funding's most frequently cited loan duration was 1 Year, with 106 originations. The 2nd most popular length was Other, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 123 | $147,555,000 | $1,199,634 |
| 7-8% | 3 | $1,415,000 | $471,667 |
During 2023, Bayport Funding's average interest rate for loans was 8.30%, while their most frequently originated rate bucket for loans was Over 8%, with 123 originations.
Loan Sizing
2023 saw Bayport Funding place emphasis on $1MM+ loans with 43 originations, totaling $108,985,000 in origination value.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.61%
Bayport Funding has an average approval rate.
Pick Rate
Approvals leading to origination62.70%
Bayport Funding has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 126 | $148,970,000 | $1,182,302 |