Developer's Mortgage Company Rates, Fees & Info

COLUMBUS, OH

LEI: 5493002JA8HUVL2CRT33

Tax ID: 31-0985486

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Columbus, Cincinnati, Philadelphia, Reading, and Cleveland among others. We have data for 12 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 a low 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 7.02% 12/16/24
    30 Year Conventional Refi 6.87% 12/16/24
    30 Year Cash-out Refi 6.88% 12/16/24
    30 Year FHA Purchase 7.22% 12/16/24
    30 Year FHA Refi 7.30% 12/16/24
    30 Year VA Purchase 6.20% 12/16/24
    30 Year VA Refi 6.63% 12/16/24
    30 Year USDA Purchase 6.59% 12/16/24
    15 Year Conventional Purchase 6.51% 12/16/24
    15 Year Conventional Refi 6.33% 12/16/24
    15 Year Cash-out Refi 6.33% 12/16/24
    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

    143

    Origination Dollar Volume (All Markets)

    $41,215,000

    Awards

    DEVELOPER'S MORTGAGE COMPANY FHA Loans gold DEVELOPER'S MORTGAGE COMPANY 30 Year Conventional Loans silver DEVELOPER'S MORTGAGE COMPANY FHA Loans bronze DEVELOPER'S MORTGAGE COMPANY FHA Loans gold
    Show all (4) awards

    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
    COLUMBUS, OH (FHA|USDA|VA) 77 $23,345,000 $303,182 $4,353 4.49%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 21 $6,815,000 $324,524 $4,435 4.83%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 21 $5,695,000 $271,190 $4,046 4.96%
    READING, PA (FHA|USDA|VA) 9 $1,495,000 $166,111 $5,270 5.39%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $1,155,000 $231,000 $5,887 4.25%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $720,000 $360,000 $6,267 4.50%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $450,000 $225,000 $2,473 4.50%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $425,000 $425,000 $11,817 4.38%
    Bellefontaine, OH (FHA|USDA|VA) 1 $365,000 $365,000 $3,935 4.25%
    AKRON, OH (FHA|USDA|VA) 2 $320,000 $160,000 $2,813 4.25%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $215,000 $215,000 $4,995 5.25%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $215,000 $215,000 $2,225 5.50%
    Developer's Mortgage Company's top markets include Columbus, Cincinnati, Philadelphia, Reading, and Cleveland among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Colorado (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.

    Westmoreland Federal Savings
    Similarity Rank: 12
    TRI BORO
    Similarity Rank: 25
    Belmont Savings Bank
    Similarity Rank: 35
    N C P D Federal Credit Union
    Similarity Rank: 55
    Commercial Bank and Trust of PA
    Similarity Rank: 57
    McCoy Federal Credit Union
    Similarity Rank: 60
    Bogota Savings Bank
    Similarity Rank: 63
    Iron Workers Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 75 $24,495,000 $326,600 $3,219 4.78%
    FHA 45 $9,225,000 $205,000 $5,333 4.61%
    VA 18 $6,640,000 $368,889 $7,642 4.40%
    USDA 4 $660,000 $165,000 $2,940 4.47%
    FHA 1 $195,000 $195,000 $0 4.56%

    For 2018, Developer's Mortgage Company's most frequently originated type of loan was Conventional, with 75 originations. Their 2nd most popular type was FHA, with 45 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 132 $39,340,000 $298,030 $4,369 4.67%
    Refi 11 $1,875,000 $170,455 $5,406 4.63%

    For 2018, Developer's Mortgage Company's most frequently cited loan purpose was Home Purchase, with 132 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 135 $38,975,000 $288,704 $4,514 4.67%
    15 Year 4 $1,110,000 $277,500 $3,796 4.31%
    20 Year 2 $630,000 $315,000 $2,263 4.81%
    3 Year 1 $305,000 $305,000 $2,870 5.00%
    Other 1 $195,000 $195,000 $0 4.56%

    For 2018, Developer's Mortgage Company's most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 102 $27,840,000 $272,941
    $1k-2k 28 $9,440,000 $337,143
    $2k-3k 7 $2,035,000 $290,714
    $3k-4k 2 $820,000 $410,000
    $4k-5k 2 $470,000 $235,000
    $5k+ 1 $415,000 $415,000

    Developer's Mortgage Company's average total fees were $4,514, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 102 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 96 $27,860,000 $290,208
    5-6% 26 $6,440,000 $247,692
    3-4% 19 $5,895,000 $310,263
    6-7% 1 $415,000 $415,000
    7-8% 1 $605,000 $605,000

    During 2018, Developer's Mortgage Company's average interest rate for loans was 4.67%, while their most frequently originated rate bucket for loans was 4-5%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 75 $22,005,000 $293,400 $4,621 4.62%
    $100k-200k 34 $5,310,000 $156,176 $3,784 4.64%
    $400k-600k 27 $12,235,000 $453,148 $4,827 4.63%
    $100,000 or less 5 $395,000 $79,000 $3,003 5.18%
    $600k-1MM 2 $1,270,000 $635,000 $7,780 5.81%

    2018 saw Developer's Mortgage Company place emphasis on $200k-400k loans with 75 originations, totaling $22,005,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 41 $13,385,000 $326,463 $4,955 4.52%
    $150k-250k 31 $12,185,000 $393,065 $4,664 4.75%
    $50k or less 24 $3,710,000 $154,583 $3,892 4.68%
    $75k-100k 23 $6,555,000 $285,000 $4,314 4.74%
    $50k-75k 21 $4,435,000 $211,190 $4,054 4.73%
    $250k+ 3 $945,000 $315,000 $3,622 4.54%

    Developer's Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 41 originations. The second most popular income band? $150k-250k, with 31 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 31 $7,665,000 $247,258 $5,190 4.68%
    50-60% 20 $4,410,000 $220,500 $5,215 4.37%
    20-30% 20 $6,070,000 $303,500 $4,619 4.66%
    48% 8 $2,860,000 $357,500 $3,135 4.97%
    41% 7 $1,875,000 $267,857 $2,119 4.79%
    37% 7 $1,915,000 $273,571 $3,890 4.75%
    44% 7 $2,595,000 $370,714 $5,991 4.71%
    43% 6 $1,970,000 $328,333 $2,363 4.92%
    36% 6 $2,020,000 $336,667 $4,163 4.79%
    39% 5 $975,000 $195,000 $4,377 4.73%
    46% 5 $1,915,000 $383,000 $6,733 4.33%
    40% 4 $900,000 $225,000 $1,685 4.78%
    49% 3 $755,000 $251,667 $3,603 4.46%
    38% 3 $975,000 $325,000 $3,038 4.67%
    47% 3 $995,000 $331,667 $4,560 5.04%
    42% 3 $1,465,000 $488,333 $4,306 4.46%
    <20% 2 $870,000 $435,000 $4,017 4.56%
    45% 2 $790,000 $395,000 $4,738 4.94%
    >60% 1 $195,000 $195,000 $0 4.56%

    Developer's Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 31 originations. The next most common DTI ratio? 50-60%, with 20 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 107 $31,745,000 $296,682 $4,617 4.67%
    Black 20 $4,840,000 $242,000 $3,586 4.53%
    Asian 11 $3,435,000 $312,273 $4,502 4.75%
    Asian Indian 2 $580,000 $290,000 $4,613 4.69%
    Not provided 2 $370,000 $185,000 $4,361 5.31%
    Vietnamese 1 $245,000 $245,000 $3,552 4.38%

    Approval Rates

    Total approvals of all applications
    96.83%

    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
    74.13%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 143 $41,215,000 $288,217

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 143 $41,215,000 $288,217

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $315,000 $105,000 $2,467 4.58%
    40-60% 4 $920,000 $230,000 $3,034 4.52%
    60-80% 22 $7,320,000 $332,727 $3,918 4.79%
    80-100% 59 $19,575,000 $331,780 $3,069 4.76%