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

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include Philadelphia, New York, Pittsburgh, Columbus, and Wheeling among others. Developer's Mortgage Company 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. Developer's Mortgage Company is typically an average fee lendor.


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 rate mortgage of loans were 3.27%.

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

This yields a difference of 0.12%.

Relative Fees

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

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
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.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average 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 the 2021 period, Developer's Mortgage Company's most frequently originated loan type of loans were Conventional, with 756 originations. Their 2nd most popular type is FHA, with 196 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average 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 the 2021, Developer's Mortgage Company's most frequently cited loan purpose of loans were Home Purchase, with 728 originations. The 2nd most popular reason of loans were 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 the 2021, Developer's Mortgage Company's most frequently cited loan length of loans were 30 Year, with 887 originations. The 2nd most popular length of loans were 15 Year, with 93 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 749 $192,735,000 $257,323
$1k-2k 133 $30,855,000 $231,992
$3k-4k 52 $13,800,000 $265,385
$2k-3k 51 $13,345,000 $261,667
$5k+ 35 $13,665,000 $390,429

$4,866 of loans were Developer's Mortgage Company's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.27%, while their most frequently originated rate bucket of loans were 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 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
94.97%

Developer's Mortgage Company has an average approval rate.

Pick Rate

Approvals leading to origination
72.95%

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%