Legacy Home Loans Mortgage Rates, Fees & Info
BRENTWOOD, TNLEI: 5493001UYBOONMFYPR30
Tax ID: 46-3910740
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Mortgage 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
1,377Origination Dollar Volume (All Markets)
$475,445,000Awards
Legacy Home Loans - 2021
Legacy Home Loans is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications98.72%
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 origination83.01%
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% |
