Legacy Home Loans Mortgage Rates, Fees & Info

BRENTWOOD, TN

LEI: 5493001UYBOONMFYPR30

Tax ID: 46-3910740

5 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Legacy Home Loans is a smaller mortgage company specializing in Home Purchase loans. Legacy Home Loans 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.) Their top markets include Nashville, Clarksville, Shelbyville, Tullahoma, and Chattanooga among others. Legacy Home Loans 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. Legacy Home Loans is typically an average fee lendor.


Originations

1,377

Origination Dollar Volume (All Markets)

$475,445,000

Awards

Legacy Home Loans  30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

Legacy Home Loans 's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Legacy Home Loans 's average total fees for a 30 year fixed rate mortgage are $3,868.

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
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1,278 $449,140,000 $351,440 $3,780 2.98%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 19 $5,855,000 $308,158 $4,357 3.06%
Outside of Metro Areas 24 $5,610,000 $233,750 $3,125 2.98%
Shelbyville, TN (FHA|USDA|VA) 12 $3,880,000 $323,333 $4,040 2.99%
Tullahoma-Manchester, TN (FHA|USDA|VA) 14 $3,610,000 $257,857 $3,751 2.86%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 6 $1,600,000 $266,667 $2,828 2.98%
Sevierville, TN (FHA|USDA|VA) 1 $1,035,000 $1,035,000 $12,765 3.25%
Lewisburg, TN (FHA|USDA|VA) 5 $955,000 $191,000 $3,202 3.00%
Cookeville, TN (FHA|USDA|VA) 3 $755,000 $251,667 $3,460 3.12%
JOHNSON CITY, TN (FHA|USDA|VA) 3 $725,000 $241,667 $3,599 2.79%
JACKSON, TN (FHA|USDA|VA) 3 $485,000 $161,667 $3,201 3.21%
KNOXVILLE, TN (FHA|USDA|VA) 2 $440,000 $220,000 $2,962 3.13%
McMinnville, TN (FHA|USDA|VA) 2 $380,000 $190,000 $2,622 3.00%
Lawrenceburg, TN (FHA|USDA|VA) 1 $285,000 $285,000 $2,748 3.00%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 2 $270,000 $135,000 $4,208 3.19%
Greeneville, TN (FHA|USDA|VA) 1 $235,000 $235,000 $3,457 3.13%
Crossville, TN (FHA|USDA|VA) 1 $185,000 $185,000 $3,051 2.38%

Legacy Home Loans 's top markets include Nashville, Clarksville, Shelbyville, Tullahoma, and Chattanooga among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,328 $457,660,000 $344,623 $3,585 2.98%
VA 28 $11,170,000 $398,929 $8,752 2.79%
FHA 21 $6,615,000 $315,000 $8,957 2.92%

For the 2021 period, Legacy Home Loans 's most frequently originated loan type of loans were Conventional, with 1,328 originations. Their 2nd most popular type is VA, with 28 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 832 $311,200,000 $374,038 $4,132 3.02%
Refi 298 $89,470,000 $300,235 $3,105 2.81%
Cash Out Refi 247 $74,775,000 $302,733 $3,366 3.06%

For the 2021, Legacy Home Loans 's most frequently cited loan purpose of loans were Home Purchase, with 832 originations. The 2nd most popular reason of loans were Refi, with 298 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,202 $428,240,000 $356,273 $3,868 3.04%
15 Year 113 $30,375,000 $268,805 $3,039 2.44%
20 Year 41 $11,485,000 $280,122 $3,224 2.80%
Other 16 $4,120,000 $257,500 $3,433 2.86%
10 Year 5 $1,225,000 $245,000 $3,003 2.48%

For the 2021, Legacy Home Loans 's most frequently cited loan length of loans were 30 Year, with 1,202 originations. The 2nd most popular length of loans were 15 Year, with 113 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,339 $457,785,000 $341,886
$2k-3k 16 $7,200,000 $450,000
$3k-4k 13 $5,675,000 $436,538
$5k+ 9 $4,785,000 $531,667

$3,868 of loans were Legacy Home Loans 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,339 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 707 $243,245,000 $344,052
3-4% 494 $180,340,000 $365,061
<2.5% 161 $47,905,000 $297,547
4-5% 15 $3,955,000 $263,667

During 2021, Legacy Home Loans 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 707 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 724 $213,630,000 $295,069 $3,572 2.98%
$400k-600k 380 $184,670,000 $485,974 $4,429 2.98%
$100k-200k 207 $32,535,000 $157,174 $2,846 2.95%
$600k-1MM 32 $23,820,000 $744,375 $6,000 3.08%
$100,000 or less 19 $1,385,000 $72,895 $2,635 2.75%
$1MM+ 15 $19,405,000 $1,293,667 $6,262 3.21%

2021 saw Legacy Home Loans place emphasis on $200k-400k loans with 724 originations, totaling $213,630,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 348 $124,360,000 $357,356 $3,806 2.97%
$50k-75k 264 $70,100,000 $265,530 $3,463 2.94%
$75k-100k 259 $82,145,000 $317,162 $3,754 2.98%
$150k-250k 246 $104,890,000 $426,382 $4,097 2.99%
$50k or less 134 $24,930,000 $186,045 $3,092 2.94%
$250k+ 126 $69,020,000 $547,778 $4,455 3.10%

Legacy Home Loans lent most frequently to those with incomes in the $100k-150k range, with 348 originations. The second most popular income band? $50k-75k, with 264 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 358 $122,710,000 $342,765 $3,739 2.94%
30-36% 264 $88,550,000 $335,417 $3,694 2.97%
<20% 134 $47,120,000 $351,642 $3,599 2.86%
42% 66 $23,090,000 $349,848 $3,783 3.00%
38% 51 $20,005,000 $392,255 $3,548 3.01%
39% 49 $18,855,000 $384,796 $3,849 3.09%
37% 49 $18,505,000 $377,653 $3,930 3.02%
44% 48 $19,020,000 $396,250 $3,850 3.03%
40% 48 $17,150,000 $357,292 $3,618 3.04%
41% 48 $14,680,000 $305,833 $3,469 3.09%
36% 43 $13,855,000 $322,209 $3,857 3.01%
46% 43 $14,165,000 $329,419 $4,345 3.11%
43% 39 $13,565,000 $347,821 $3,874 3.06%
45% 35 $11,325,000 $323,571 $3,574 3.00%
49% 34 $10,170,000 $299,118 $3,305 2.96%
48% 30 $9,510,000 $317,000 $3,424 2.99%
47% 28 $9,400,000 $335,714 $4,504 3.08%
50-60% 10 $3,770,000 $377,000 $9,190 2.80%

Legacy Home Loans lent most frequently to those with DTI ratios of 20-30%, with 358 originations. The next most common DTI ratio? 30-36%, with 264 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,201 $412,085,000 $343,118 $3,765 2.97%
Not provided 80 $29,480,000 $368,500 $3,644 3.08%
Asian 43 $16,975,000 $394,767 $3,865 2.99%
Black 44 $14,200,000 $322,727 $4,212 3.09%
Native Hawaiian 5 $1,515,000 $303,000 $3,312 2.92%
American Indian 2 $610,000 $305,000 $3,360 3.13%
Korean 1 $425,000 $425,000 $4,522 2.99%
Japanese 1 $155,000 $155,000 $2,359 2.87%

Approval Rates

Total approvals of all applications
98.72%

Legacy Home Loans 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
83.01%

Legacy Home Loans has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,377 $475,445,000 $345,276

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,377 $475,445,000 $345,276

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 67 $17,135,000 $255,746 $2,999 2.76%
40-60% 222 $71,500,000 $322,072 $3,229 2.82%
60-80% 592 $205,050,000 $346,368 $3,520 3.04%
80-100% 480 $177,810,000 $370,438 $4,351 3.01%
Over 100% 5 $1,975,000 $395,000 $14,020 2.68%
Under 20% 11 $1,975,000 $179,545 $3,133 2.92%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
LEXISNEXIS Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%