Developer's Mortgage Company Rates, Fees & Info

COLUMBUS, OH

LEI: 5493002JA8HUVL2CRT33

Tax ID: 31-0985486

5 stars - Updated: 4/18/24 - out of 5 stars, based on 24 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Developer's Mortgage Company is a smaller mortgage company specializing in Home Purchase 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: Pittsburgh, Columbus, Philadelphia, New York, and Orlando among others. We have data for 49 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 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.

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

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.02% 4/18/24
30 Year Conventional Refi 6.87% 4/18/24
30 Year Cash-out Refi 6.88% 4/18/24
30 Year FHA Purchase 7.22% 4/18/24
30 Year FHA Refi 7.30% 4/18/24
30 Year VA Purchase 6.20% 4/18/24
30 Year VA Refi 6.63% 4/18/24
30 Year USDA Purchase 6.59% 4/18/24
15 Year Conventional Purchase 6.51% 4/18/24
15 Year Conventional Refi 6.33% 4/18/24
15 Year Cash-out Refi 6.33% 4/18/24
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.

Developer's Mortgage Company Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Developer's Mortgage Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

598

Origination Dollar Volume (All Markets)

$161,290,000
Show all (7) awards

Relative Rate

Developer's Mortgage Company's average 30 year fixed mortgage rate was 7.01%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.53%.

Relative Fees (Closing Costs)

Developer's Mortgage Company's average total fees/closing costs for a 30 year fixed rate mortgage were $6,960.

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 $9,089.

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
PITTSBURGH, PA (FHA|USDA|VA) 196 $33,940,000 $173,163 $5,431 6.72%
COLUMBUS, OH (FHA|USDA|VA) 64 $26,320,000 $411,250 $6,409 6.49%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 78 $21,820,000 $279,744 $8,040 7.61%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 29 $12,825,000 $442,241 $11,499 7.41%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 17 $7,985,000 $469,706 $10,643 7.40%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 21 $6,205,000 $295,476 $8,208 7.51%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 13 $4,415,000 $339,615 $5,872 6.36%
WHEELING, WV-OH (FHA|USDA|VA) 28 $4,240,000 $151,429 $4,281 7.02%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 12 $4,140,000 $345,000 $8,145 7.32%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 11 $3,655,000 $332,273 $6,348 8.47%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 11 $3,645,000 $331,364 $10,091 7.48%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $3,020,000 $503,333 $9,338 7.02%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 9 $2,955,000 $328,333 $6,151 7.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 11 $2,645,000 $240,455 $8,598 8.81%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 5 $2,275,000 $455,000 $11,922 7.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 4 $1,780,000 $445,000 $19,089 7.41%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,360,000 $340,000 $5,775 6.06%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $1,165,000 $388,333 $691 6.21%
Jackson, OH (FHA|USDA|VA) 7 $1,075,000 $153,571 $5,677 6.25%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 9 $1,055,000 $117,222 $3,983 7.04%
WILMINGTON, NC (FHA|USDA|VA) 1 $1,045,000 $1,045,000 $25,849 9.75%
GAINESVILLE, GA (FHA|USDA|VA) 1 $985,000 $985,000 $28,311 9.38%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $970,000 $485,000 $10,651 6.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $910,000 $455,000 $8,271 6.44%
New Castle, PA (FHA|USDA|VA) 7 $865,000 $123,571 $4,819 6.41%
Outside of Metro Areas 5 $865,000 $173,000 $5,001 6.75%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $845,000 $281,667 $7,967 7.63%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $840,000 $210,000 $7,409 6.66%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 3 $705,000 $235,000 $7,623 8.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $610,000 $305,000 $10,704 7.50%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 2 $560,000 $280,000 $6,785 6.94%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $485,000 $485,000 $9,065 5.25%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $485,000 $485,000 $8,838 6.88%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $470,000 $235,000 $9,037 6.25%
READING, PA (FHA|USDA|VA) 2 $450,000 $225,000 $6,090 6.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $425,000 $141,667 $6,850 6.54%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 2 $400,000 $200,000 $4,938 7.00%
CANTON-MASSILLON, OH (FHA|USDA|VA) 3 $375,000 $125,000 $4,403 7.71%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $355,000 $355,000 $2,903 11.75%
CORPUS CHRISTI, TX (FHA|USDA|VA) 1 $315,000 $315,000 $8,131 6.13%
LIMA, OH (FHA|USDA|VA) 1 $295,000 $295,000 $6,383 7.50%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $265,000 $265,000 $4,607 7.00%
MANSFIELD, OH (FHA|USDA|VA) 3 $265,000 $88,333 $3,575 8.46%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $255,000 $255,000 $7,847 6.63%
SUMTER, SC (FHA|USDA|VA) 2 $170,000 $85,000 $4,483 6.56%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,550 6.50%
THE VILLAGES, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,058 9.50%
MORGANTOWN, WV (FHA|USDA|VA) 1 $135,000 $135,000 $3,388 6.75%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $105,000 $105,000 $0 6.50%
Developer's Mortgage Company's top markets include Pittsburgh, Columbus, Philadelphia, New York, and Orlando among others.

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

    TRI BORO
    Similarity Rank: 24
    Republic Bank
    Similarity Rank: 35
    LEBANON
    Similarity Rank: 117
    N C P D Federal Credit Union
    Similarity Rank: 126
    County Savings Bank
    Similarity Rank: 135

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 426 $121,430,000 $285,047 $6,619 7.19%
    FHA 114 $25,270,000 $221,667 $7,853 6.81%
    USDA 37 $5,905,000 $159,595 $4,171 6.50%
    VA 21 $8,685,000 $413,571 $12,709 6.52%

    For 2023, Developer's Mortgage Company's most frequently originated type of loan was Conventional, with 426 originations. Their 2nd most popular type was FHA, with 114 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 574 $154,770,000 $269,634 $6,862 6.99%
    Refi 13 $3,745,000 $288,077 $9,339 8.88%
    Cash Out Refi 11 $2,775,000 $252,273 $7,925 7.74%

    For 2023, Developer's Mortgage Company's most frequently cited loan purpose was Home Purchase, with 574 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 574 $158,760,000 $276,585 $6,960 7.01%
    10 Year 12 $70,000 $5,833 $0 9.78%
    15 Year 10 $2,170,000 $217,000 $5,527 6.15%
    20 Year 1 $205,000 $205,000 $5,999 6.63%
    Other 1 $85,000 $85,000 $4,645 6.88%

    For 2023, Developer's Mortgage Company's most frequently cited loan duration was 30 Year, with 574 originations. The 2nd most popular length was 10 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 151 $35,015,000 $231,887
    $<1k 149 $31,995,000 $214,732
    $5k+ 116 $48,800,000 $420,690
    $2k-3k 76 $15,590,000 $205,132
    $3k-4k 53 $14,325,000 $270,283
    $4k-5k 41 $12,305,000 $300,122

    Developer's Mortgage Company's average total fees were $6,960, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 151 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 279 $68,225,000 $244,534
    7-8% 159 $50,895,000 $320,094
    5-6% 79 $22,285,000 $282,089
    Over 8% 76 $17,800,000 $234,211
    4-5% 5 $2,085,000 $417,000

    During 2023, Developer's Mortgage Company's average interest rate for loans was 7.01%, while their most frequently originated rate bucket for loans was 6-7%, with 279 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 208 $58,610,000 $281,779 $7,177 7.18%
    $100k-200k 202 $30,470,000 $150,842 $4,948 6.89%
    $400k-600k 99 $47,785,000 $482,677 $10,407 6.83%
    $100,000 or less 63 $4,085,000 $64,841 $3,752 7.51%
    $600k-1MM 22 $15,170,000 $689,545 $12,954 6.77%
    $1MM+ 4 $5,170,000 $1,292,500 $14,544 8.22%

    2023 saw Developer's Mortgage Company place emphasis on $200k-400k loans with 208 originations, totaling $58,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 137 $21,735,000 $158,650 $4,988 6.78%
    $100k-150k 120 $38,270,000 $318,917 $7,492 7.05%
    $150k-250k 105 $41,315,000 $393,476 $8,934 7.00%
    $75k-100k 93 $21,825,000 $234,677 $6,605 7.09%
    $50k or less 91 $12,575,000 $138,187 $5,127 7.08%
    $250k+ 52 $25,570,000 $491,731 $10,485 7.71%

    Developer's Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 137 originations. The second most popular income band? $100k-150k, with 120 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 101 $27,525,000 $272,525 $6,613 6.97%
    20-30% 93 $20,945,000 $225,215 $5,563 6.74%
    50-60% 41 $10,745,000 $262,073 $9,125 7.35%
    49% 37 $9,835,000 $265,811 $7,360 6.88%
    43% 30 $8,440,000 $281,333 $6,272 7.11%
    39% 26 $8,690,000 $334,231 $9,169 6.96%
    36% 25 $4,875,000 $195,000 $5,487 7.74%
    44% 25 $8,245,000 $329,800 $9,438 6.84%
    37% 24 $7,640,000 $318,333 $6,960 7.04%
    40% 24 $6,990,000 $291,250 $8,056 7.14%
    45% 23 $7,005,000 $304,565 $6,661 6.74%
    41% 22 $5,500,000 $250,000 $4,661 6.98%
    47% 22 $7,400,000 $336,364 $8,228 6.64%
    48% 21 $4,695,000 $223,571 $6,388 7.23%
    46% 19 $4,815,000 $253,421 $6,478 7.32%
    <20% 18 $5,630,000 $312,778 $7,970 7.66%
    38% 17 $4,055,000 $238,529 $5,395 6.75%
    42% 16 $4,530,000 $283,125 $6,865 7.12%
    >60% 1 $485,000 $485,000 $17,090 6.25%

    Developer's Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 101 originations. The next most common DTI ratio? 20-30%, with 93 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 441 $109,205,000 $247,630 $6,617 7.06%
    Asian 71 $24,545,000 $345,704 $7,091 6.97%
    Black 71 $21,205,000 $298,662 $7,891 7.09%
    Not provided 13 $5,995,000 $461,154 $11,298 6.98%
    American Indian 2 $340,000 $170,000 $7,433 5.63%

    Approval Rates

    Total approvals of all applications
    96.90%

    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
    60.03%

    Developer's Mortgage Company 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 598 $161,290,000 $269,716

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    598 $161,290,000 $269,716

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,910,000 $159,167 $3,882 7.45%
    40-60% 31 $6,945,000 $224,032 $4,929 7.09%
    60-80% 154 $49,820,000 $323,506 $7,827 7.51%
    80-100% 371 $98,035,000 $264,245 $6,705 6.72%
    Over 100% 11 $3,715,000 $337,727 $12,912 6.72%
    Under 20% 19 $865,000 $45,526 $4,317 9.53%