Desco Mortgage Rates, Fees & Info

Portsmouth, OH

LEI: 5493002G1DPDOKT55X37

Tax ID: 31-6042202

5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Desco is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Desco has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Huntington, Portsmouth, Chillicothe, Cincinnati, and Lexington among others. Desco 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. Desco is typically a low fee lendor.


Originations

732

Origination Dollar Volume (All Markets)

$98,530,000

Awards

DESCO 30 Year Conventional Loans gold DESCO 30 Year Conventional Loans silver DESCO 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Desco's average 30 year fixed rate mortgage of loans were 3.22%.

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

Desco's average total fees for a 30 year fixed rate mortgage are $2,535.

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
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 346 $48,420,000 $139,942 $1,875 3.07%
Portsmouth, OH (FHA|USDA|VA) 343 $41,865,000 $122,055 $2,539 3.26%
Outside of Metro Areas 23 $3,195,000 $138,913 $2,408 2.84%
Chillicothe, OH (FHA|USDA|VA) 2 $1,700,000 $850,000 $2,331 3.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 5 $1,225,000 $245,000 $2,694 2.98%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 4 $750,000 $187,500 $2,085 3.22%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 2 $350,000 $175,000 $1,956 2.25%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $335,000 $335,000 $3,236 2.75%
COLUMBUS, OH (FHA|USDA|VA) 1 $185,000 $185,000 $1,100 2.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $155,000 $155,000 $4,551 2.63%
MANSFIELD, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,919 2.38%
Mount Vernon, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,624 2.75%
Point Pleasant, WV-OH (FHA|USDA|VA) 1 $75,000 $75,000 $1,169 2.38%
Mount Sterling, KY (FHA|USDA|VA) 1 $55,000 $55,000 $2,279 2.75%

Desco's top markets include Huntington, Portsmouth, Chillicothe, Cincinnati, and Lexington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 715 $96,535,000 $135,014 $2,202 3.15%
VA 10 $1,430,000 $143,000 $2,284 3.09%
USDA 7 $565,000 $80,714 $3,589 2.95%

For the 2021 period, Desco's most frequently originated loan type of loans were Conventional, with 715 originations. Their 2nd most popular type is VA, with 10 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 288 $39,110,000 $135,799 $2,531 3.38%
Cash Out Refi 200 $26,300,000 $131,500 $2,188 2.96%
Refi 184 $28,460,000 $154,674 $1,965 2.72%
Other 33 $2,635,000 $79,848 $1,882 3.49%
Home Improvement 27 $2,025,000 $75,000 $1,517 4.52%

For the 2021, Desco's most frequently cited loan purpose of loans were Home Purchase, with 288 originations. The 2nd most popular reason of loans were Cash Out Refi, with 200 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 283 $36,675,000 $129,594 $2,115 2.92%
30 Year 225 $31,555,000 $140,244 $2,535 3.22%
20 Year 113 $18,455,000 $163,319 $2,193 3.04%
10 Year 83 $9,435,000 $113,675 $1,801 3.12%
5 Year 15 $695,000 $46,333 $925 6.34%
Other 12 $1,530,000 $127,500 $1,446 4.28%
1 Year 1 $185,000 $185,000 $1,457 2.63%

For the 2021, Desco's most frequently cited loan length of loans were 15 Year, with 283 originations. The 2nd most popular length of loans were 30 Year, with 225 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 647 $82,905,000 $128,138
$2k-3k 4 $450,000 $112,500
$3k-4k 2 $310,000 $155,000
$1k-2k 1 $215,000 $215,000

$2,535 of loans were Desco's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 647 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 245 $38,745,000 $158,143
<2.5% 224 $26,540,000 $118,482
2.5-3% 191 $26,275,000 $137,565
4-5% 53 $6,555,000 $123,679
Over 8% 10 $180,000 $18,000
6-7% 7 $205,000 $29,286
7-8% 1 $15,000 $15,000
5-6% 1 $15,000 $15,000

During 2021, Desco's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 245 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 326 $20,310,000 $62,301 $2,043 3.34%
$100k-200k 289 $40,385,000 $139,740 $2,359 2.97%
$200k-400k 98 $25,530,000 $260,510 $2,338 3.00%
$400k-600k 11 $4,995,000 $454,091 $2,254 2.90%
$600k-1MM 5 $3,515,000 $703,000 $1,417 3.68%
$1MM+ 3 $3,795,000 $1,265,000 $0 4.08%

2021 saw Desco place emphasis on $100,000 or less loans with 326 originations, totaling $20,310,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 155 $12,165,000 $78,484 $2,345 3.29%
$50k-75k 128 $14,640,000 $114,375 $2,369 3.13%
$100k-150k 100 $12,850,000 $128,500 $2,317 3.20%
$75k-100k 99 $13,295,000 $134,293 $2,417 2.98%
$150k-250k 50 $9,240,000 $184,800 $2,301 3.02%
$250k+ 24 $5,110,000 $212,917 $2,128 3.20%

Desco lent most frequently to those with incomes in the $50k or less range, with 155 originations. The second most popular income band? $50k-75k, with 128 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 137 $15,965,000 $116,533 $2,337 3.16%
<20% 88 $8,520,000 $96,818 $2,321 2.99%
30-36% 87 $11,045,000 $126,954 $2,365 3.21%
37% 23 $2,285,000 $99,348 $2,117 3.16%
42% 18 $2,130,000 $118,333 $2,491 4.24%
40% 18 $2,350,000 $130,556 $2,478 3.21%
36% 16 $1,570,000 $98,125 $2,215 3.26%
44% 14 $1,480,000 $105,714 $2,708 2.96%
38% 13 $1,435,000 $110,385 $2,598 3.00%
41% 12 $1,980,000 $165,000 $2,323 3.11%
43% 12 $1,670,000 $139,167 $2,577 3.01%
50-60% 10 $1,360,000 $136,000 $1,728 3.61%
45% 8 $910,000 $113,750 $2,871 3.02%
39% 8 $1,110,000 $138,750 $2,563 3.20%
47% 7 $915,000 $130,714 $2,623 3.09%
46% 7 $705,000 $100,714 $2,534 3.23%
48% 5 $615,000 $123,000 $1,904 2.75%
49% 5 $945,000 $189,000 $2,652 3.50%
>60% 5 $635,000 $127,000 $2,437 3.63%

Desco lent most frequently to those with DTI ratios of 20-30%, with 137 originations. The next most common DTI ratio? <20%, with 88 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 643 $82,095,000 $127,675 $2,200 3.07%
Not applicable 52 $10,860,000 $208,846 $0 4.24%
Not provided 35 $5,055,000 $144,429 $2,589 3.00%
Black 2 $520,000 $260,000 $1,587 2.69%

Approval Rates

Total approvals of all applications
91.62%

Desco has an average approval rate.

Pick Rate

Approvals leading to origination
85.43%

Desco has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 732 $98,530,000 $134,604

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
732 $98,530,000 $134,604

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 36 $2,150,000 $59,722 $2,018 3.21%
40-60% 74 $8,220,000 $111,081 $2,243 2.80%
60-80% 254 $35,780,000 $140,866 $2,391 3.26%
80-100% 177 $23,955,000 $135,339 $2,581 3.34%
Under 20% 9 $225,000 $25,000 $481 6.92%