Developer's Mortgage Company Rates, Fees & Info

COLUMBUS, OH

LEI: 5493002JA8HUVL2CRT33

Tax ID: 31-0985486

4.5 stars - out of 5 stars, based on 32 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Developer's Mortgage Company is a smaller mortgage company specializing in Home Purchase and Refi loans. Developer's Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Philadelphia, New York, Pittsburgh, Columbus, and Wheeling among others. We have data for 78 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Developer's Mortgage Company 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. Developer's Mortgage Company is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.25% 11/26/22
    30 Year Conventional Refi 7.01% 11/26/22
    30 Year Cash-out Refi 7.31% 11/26/22
    30 Year FHA Purchase 7.65% 11/26/22
    30 Year FHA Refi 7.40% 11/26/22
    30 Year VA Purchase 6.67% 11/26/22
    30 Year VA Refi 6.23% 11/26/22
    30 Year USDA Purchase 7.06% 11/26/22
    15 Year Conventional Purchase 6.18% 11/26/22
    15 Year Conventional Refi 6.17% 11/26/22
    15 Year Cash-out Refi 6.17% 11/26/22
    15 Year FHA Refi 7.52% 11/26/22
    15 Year VA Refi 5.95% 11/26/22
    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.


    Originations

    1,023

    Origination Dollar Volume (All Markets)

    $264,945,000
    Show all (10) awards

    Relative Rate

    Developer's Mortgage Company's average 30 year fixed mortgage rate was 3.27%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of 0.12%.

    Relative Fees (Closing Costs)

    Developer's Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $4,866.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 268 $71,930,000 $268,396 $4,933 3.26%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 99 $31,205,000 $315,202 $6,261 3.14%
    PITTSBURGH, PA (FHA|USDA|VA) 143 $27,905,000 $195,140 $4,559 2.95%
    COLUMBUS, OH (FHA|USDA|VA) 84 $25,150,000 $299,405 $4,268 2.90%
    WHEELING, WV-OH (FHA|USDA|VA) 68 $11,490,000 $168,971 $3,541 3.02%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 23 $8,975,000 $390,217 $4,249 3.54%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 20 $8,100,000 $405,000 $4,559 3.64%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 31 $7,515,000 $242,419 $4,610 3.08%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 26 $5,320,000 $204,615 $5,169 4.44%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 17 $4,955,000 $291,471 $4,430 3.46%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 15 $4,505,000 $300,333 $6,228 2.94%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 20 $4,450,000 $222,500 $6,914 3.21%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 11 $3,715,000 $337,727 $2,319 3.18%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $3,445,000 $382,778 $4,503 3.29%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 11 $2,655,000 $241,364 $3,609 3.13%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 6 $2,400,000 $400,000 $5,732 3.60%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 8 $2,390,000 $298,750 $4,468 3.55%
    RALEIGH-CARY, NC (FHA|USDA|VA) 8 $2,300,000 $287,500 $3,418 3.25%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $1,985,000 $661,667 $8,762 2.67%
    Outside of Metro Areas 10 $1,960,000 $196,000 $4,389 3.18%
    WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 14 $1,780,000 $127,143 $3,091 3.08%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $1,665,000 $333,000 $5,603 2.95%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 6 $1,530,000 $255,000 $2,829 3.10%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $1,275,000 $425,000 $6,830 2.71%
    READING, PA (FHA|USDA|VA) 6 $1,270,000 $211,667 $5,103 3.04%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 6 $1,220,000 $203,333 $4,658 3.10%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $1,200,000 $300,000 $5,023 3.53%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $1,140,000 $285,000 $3,616 2.63%
    OCEAN CITY, NJ (FHA|USDA|VA) 4 $1,120,000 $280,000 $4,066 3.69%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 4 $1,050,000 $262,500 $4,340 3.50%
    New Castle, PA (FHA|USDA|VA) 8 $970,000 $121,250 $2,702 3.27%
    ASHEVILLE, NC (FHA|USDA|VA) 3 $915,000 $305,000 $2,662 2.88%
    SPRINGFIELD, OH (FHA|USDA|VA) 4 $890,000 $222,500 $7,564 3.19%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $780,000 $390,000 $3,463 2.69%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 5 $715,000 $143,000 $3,118 3.10%
    Meadville, PA (FHA|USDA|VA) 3 $705,000 $235,000 $5,425 3.13%
    Georgetown, SC (FHA|USDA|VA) 3 $705,000 $235,000 $3,447 3.08%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $595,000 $198,333 $5,531 3.96%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $590,000 $295,000 $3,056 3.31%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $570,000 $285,000 $3,072 2.69%
    PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 3 $555,000 $185,000 $3,397 3.79%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $525,000 $525,000 $12,773 3.25%
    PANAMA CITY, FL (FHA|USDA|VA) 2 $520,000 $260,000 $6,410 3.06%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $520,000 $260,000 $3,778 4.00%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $510,000 $255,000 $7,211 3.13%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $500,000 $250,000 $4,181 3.50%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $470,000 $235,000 $5,069 3.63%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $470,000 $235,000 $3,168 3.56%
    Paris, TX (FHA|USDA|VA) 2 $440,000 $220,000 $3,247 2.63%
    GETTYSBURG, PA (FHA|USDA|VA) 2 $430,000 $215,000 $5,971 3.25%
    YORK-HANOVER, PA (FHA|USDA|VA) 2 $410,000 $205,000 $6,881 3.19%
    LUBBOCK, TX (FHA|USDA|VA) 1 $405,000 $405,000 $4,654 5.75%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $385,000 $385,000 $675 3.38%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 2 $380,000 $190,000 $3,572 3.75%
    Palatka, FL (FHA|USDA|VA) 1 $365,000 $365,000 $5,649 2.88%
    Bellefontaine, OH (FHA|USDA|VA) 1 $355,000 $355,000 $6,991 5.50%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $330,000 $165,000 $6,246 2.63%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $325,000 $325,000 $4,571 2.13%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $310,000 $155,000 $2,525 2.94%
    WILMINGTON, NC (FHA|USDA|VA) 1 $285,000 $285,000 $970 3.13%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $265,000 $265,000 $2,482 2.00%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $5,091 2.75%
    WILLIAMSPORT, PA (FHA|USDA|VA) 1 $245,000 $245,000 $4,196 2.88%
    FAYETTEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,342 3.38%
    ALTOONA, PA (FHA|USDA|VA) 1 $195,000 $195,000 $4,129 3.13%
    PEORIA, IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,404 2.63%
    Chillicothe, OH (FHA|USDA|VA) 1 $195,000 $195,000 $6,934 2.50%
    Indiana, PA (FHA|USDA|VA) 1 $195,000 $195,000 $4,720 2.88%
    Cambridge, OH (FHA|USDA|VA) 1 $195,000 $195,000 $7,537 3.00%
    ROME, GA (FHA|USDA|VA) 1 $185,000 $185,000 $6,514 3.25%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $185,000 $185,000 $2,841 3.25%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $175,000 $175,000 $6,429 3.25%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,616 2.88%
    LANCASTER, PA (FHA|USDA|VA) 1 $165,000 $165,000 $3,501 3.25%
    WARNER ROBINS, GA (FHA|USDA|VA) 1 $155,000 $155,000 $3,469 2.75%
    LEBANON, PA (FHA|USDA|VA) 1 $155,000 $155,000 $6,685 3.13%
    Salem, OH (FHA|USDA|VA) 1 $135,000 $135,000 $4,433 2.88%
    OCALA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $2,489 3.00%
    Developer's Mortgage Company's top markets include Philadelphia, New York, Pittsburgh, Columbus, and Wheeling among others.

    Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against DEVELOPER'S MORTGAGE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 102
    BELLCO
    Similarity Rank: 176
    TRI BORO
    Similarity Rank: 208
    The North Side Bank & Trust Company
    Similarity Rank: 246
    CINFED Federal Credit Union
    Similarity Rank: 288
    Emory Alliance Credit Union
    Similarity Rank: 305
    Schuyler Savings Bank
    Similarity Rank: 352
    BAYER HERITAGE
    Similarity Rank: 399
    AMOCO
    Similarity Rank: 405
    Louviers Federal Credit Union
    Similarity Rank: 410

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 756 $200,710,000 $265,489 $4,033 3.27%
    FHA 196 $46,630,000 $237,908 $7,192 2.99%
    VA 40 $13,140,000 $328,500 $6,505 2.76%
    USDA 31 $4,465,000 $144,032 $4,369 2.89%

    For 2021, Developer's Mortgage Company's most frequently originated type of loan was Conventional, with 756 originations. Their 2nd most popular type was FHA, with 196 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 728 $192,990,000 $265,096 $4,833 3.28%
    Refi 246 $58,740,000 $238,780 $4,381 2.92%
    Cash Out Refi 43 $11,675,000 $271,512 $5,205 2.99%
    Home Improvement 4 $1,160,000 $290,000 $6,100 2.72%
    NA 2 $380,000 $190,000 $6,030 6.38%

    For 2021, Developer's Mortgage Company's most frequently cited loan purpose was Home Purchase, with 728 originations. The 2nd most popular reason was Refi, with 246 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 887 $231,485,000 $260,975 $4,866 3.27%
    15 Year 93 $22,205,000 $238,763 $3,789 2.50%
    20 Year 35 $9,605,000 $274,429 $4,154 2.81%
    10 Year 4 $530,000 $132,500 $3,848 2.38%
    Other 4 $1,120,000 $280,000 $6,854 3.19%

    For 2021, Developer's Mortgage Company's most frequently cited loan duration was 30 Year, with 887 originations. The 2nd most popular length was 15 Year, with 93 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 749 $192,735,000 $257,323
    $1k-2k 133 $30,855,000 $231,992
    $2k-3k 51 $13,345,000 $261,667
    $5k+ 35 $13,665,000 $390,429
    $3k-4k 34 $8,400,000 $247,059
    $4k-5k 18 $5,400,000 $300,000

    Developer's Mortgage Company's average total fees were $4,866, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 749 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 425 $108,865,000 $256,153
    2.5-3% 381 $98,945,000 $259,698
    <2.5% 147 $37,755,000 $256,837
    4-5% 28 $6,950,000 $248,214
    5-6% 19 $6,425,000 $338,158
    6-7% 15 $3,865,000 $257,667
    7-8% 6 $1,880,000 $313,333
    Over 8% 2 $260,000 $130,000

    During 2021, Developer's Mortgage Company's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 425 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 504 $142,760,000 $283,254 $5,003 3.15%
    $100k-200k 317 $49,685,000 $156,735 $4,117 3.19%
    $400k-600k 131 $60,815,000 $464,237 $5,562 3.13%
    $100,000 or less 62 $4,950,000 $79,839 $2,981 3.37%
    $600k-1MM 8 $5,430,000 $678,750 $12,160 4.84%
    $1MM+ 1 $1,305,000 $1,305,000 $18,275 2.25%

    2021 saw Developer's Mortgage Company place emphasis on $200k-400k loans with 504 originations, totaling $142,760,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 241 $50,415,000 $209,191 $4,746 3.16%
    $100k-150k 225 $69,105,000 $307,133 $4,993 3.10%
    $75k-100k 170 $42,850,000 $252,059 $5,149 3.14%
    $50k or less 159 $25,255,000 $158,836 $4,325 3.21%
    $150k-250k 156 $50,880,000 $326,154 $4,289 3.24%
    $250k+ 66 $24,960,000 $378,182 $4,959 3.51%

    Developer's Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 241 originations. The second most popular income band? $100k-150k, with 225 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 227 $58,015,000 $255,573 $4,260 3.20%
    30-36% 165 $44,855,000 $271,848 $4,517 3.08%
    <20% 85 $20,125,000 $236,765 $4,098 3.13%
    44% 46 $12,100,000 $263,043 $4,962 3.31%
    42% 45 $12,505,000 $277,889 $4,500 3.36%
    50-60% 45 $12,495,000 $277,667 $7,787 3.14%
    43% 44 $11,730,000 $266,591 $4,483 3.22%
    40% 43 $12,015,000 $279,419 $4,214 3.13%
    39% 40 $11,320,000 $283,000 $4,463 3.23%
    41% 37 $8,345,000 $225,541 $4,356 3.14%
    45% 35 $8,955,000 $255,857 $5,942 3.13%
    48% 33 $7,785,000 $235,909 $4,313 3.20%
    46% 31 $8,185,000 $264,032 $5,221 3.01%
    37% 29 $7,405,000 $255,345 $5,468 3.14%
    38% 28 $6,690,000 $238,929 $5,113 3.31%
    47% 28 $6,980,000 $249,286 $5,200 3.09%
    36% 27 $6,265,000 $232,037 $4,831 3.23%
    49% 22 $6,020,000 $273,636 $5,812 3.09%
    >60% 5 $1,015,000 $203,000 $6,891 5.48%

    Developer's Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 227 originations. The next most common DTI ratio? 30-36%, with 165 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 799 $203,015,000 $254,086 $4,677 3.17%
    Asian 92 $26,170,000 $284,457 $3,756 3.26%
    Black 95 $25,425,000 $267,632 $6,278 3.02%
    Not provided 23 $5,935,000 $258,043 $4,932 3.94%
    American Indian 6 $1,990,000 $331,667 $5,780 3.13%
    Asian Indian 3 $1,025,000 $341,667 $3,473 3.00%
    Other Asian 2 $760,000 $380,000 $3,031 3.19%
    Native Hawaiian or Islander 2 $480,000 $240,000 $3,347 3.00%
    Not applicable 1 $145,000 $145,000 $5,651 7.00%

    Approval Rates

    Total approvals of all applications
    96.82%

    Developer's Mortgage Company 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
    72.92%

    Developer's Mortgage Company has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,023 $264,945,000 $258,988

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,023 $264,945,000 $258,988

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 22 $4,460,000 $202,727 $3,661 2.65%
    40-60% 96 $19,800,000 $206,250 $3,570 2.89%
    60-80% 344 $93,920,000 $273,023 $4,416 3.35%
    80-100% 549 $143,315,000 $261,047 $5,125 3.16%
    Over 100% 10 $3,200,000 $320,000 $9,568 2.81%
    Under 20% 2 $250,000 $125,000 $2,034 3.06%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Developers Mortgage Co. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%