Developer's Mortgage Company Rates, Fees & Info

COLUMBUS, OH

LEI: 5493002JA8HUVL2CRT33

Tax ID: 31-0985486

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Mortgage Data

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. 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: Philadelphia, Columbus, New York, Cincinnati, and Reading among others. We have data for 47 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.

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% 3/28/24
30 Year Conventional Refi 6.87% 3/28/24
30 Year Cash-out Refi 6.88% 3/28/24
30 Year FHA Purchase 7.22% 3/28/24
30 Year FHA Refi 7.30% 3/28/24
30 Year VA Purchase 6.20% 3/28/24
30 Year VA Refi 6.63% 3/28/24
30 Year USDA Purchase 6.59% 3/28/24
15 Year Conventional Purchase 6.51% 3/28/24
15 Year Conventional Refi 6.33% 3/28/24
15 Year Cash-out Refi 6.33% 3/28/24
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

392

Origination Dollar Volume (All Markets)

$103,670,000
Show all (5) 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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 137 $35,105,000 $256,241 $4,243 4.29%
COLUMBUS, OH (FHA|USDA|VA) 68 $21,400,000 $314,706 $4,368 3.96%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 26 $7,170,000 $275,769 $5,840 3.98%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 16 $6,860,000 $428,750 $5,492 4.98%
READING, PA (FHA|USDA|VA) 34 $5,480,000 $161,176 $4,107 4.51%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 11 $3,335,000 $303,182 $6,274 4.68%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $2,125,000 $708,333 $5,683 3.54%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 14 $2,040,000 $145,714 $3,086 5.57%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,905,000 $381,000 $6,828 3.83%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 7 $1,835,000 $262,143 $4,774 4.50%
Outside of Metro Areas 6 $1,690,000 $281,667 $3,735 3.96%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,245,000 $415,000 $4,122 3.88%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $915,000 $305,000 $3,681 5.21%
GETTYSBURG, PA (FHA|USDA|VA) 4 $890,000 $222,500 $5,699 3.75%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $880,000 $440,000 $13,464 4.19%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $830,000 $415,000 $9,330 3.69%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $825,000 $275,000 $2,511 5.28%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 5 $825,000 $165,000 $4,776 5.91%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 5 $745,000 $149,000 $4,289 4.18%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $700,000 $350,000 $5,675 5.38%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $620,000 $155,000 $5,379 4.78%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $590,000 $295,000 $4,276 4.31%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $555,000 $555,000 $11,576 3.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $440,000 $220,000 $5,342 4.00%
LANCASTER, PA (FHA|USDA|VA) 3 $415,000 $138,333 $6,101 4.21%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $385,000 $385,000 $10,054 3.75%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,456 3.75%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $295,000 $295,000 $2,485 3.75%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $285,000 $285,000 $6,954 4.25%
EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $280,000 $140,000 $4,894 4.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,503 3.75%
ANN ARBOR, MI (FHA|USDA|VA) 1 $225,000 $225,000 $3,239 6.88%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $205,000 $205,000 $3,527 3.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $195,000 $195,000 $4,509 3.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $195,000 $195,000 $425 4.38%
Somerset, PA (FHA|USDA|VA) 1 $175,000 $175,000 $466 4.63%
MIDLAND, TX (FHA|USDA|VA) 1 $175,000 $175,000 $5,353 4.63%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $160,000 $80,000 $3,022 5.06%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,715 5.13%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $155,000 $155,000 $7,122 3.88%
COLUMBIA, SC (FHA|USDA|VA) 1 $145,000 $145,000 $1,940 4.38%
Huntingdon, PA (FHA|USDA|VA) 1 $125,000 $125,000 $6,203 4.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $125,000 $125,000 $2,111 3.63%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $125,000 $125,000 $4,696 4.38%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $95,000 $95,000 $4,349 4.75%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $95,000 $95,000 $6,643 4.50%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $5,908 5.63%
Developer's Mortgage Company's top markets include Philadelphia, Columbus, New York, Cincinnati, and Reading among others.

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

    Belmont Savings Bank
    Similarity Rank: 35
    UTILITIES EMPLOYEES CREDIT UNION
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    N C P D Federal Credit Union
    Similarity Rank: 56
    TRI BORO
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    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    CINFED Federal Credit Union
    Similarity Rank: 162

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 242 $66,730,000 $275,744 $3,694 4.49%
    FHA 110 $23,460,000 $213,273 $5,999 4.20%
    VA 35 $12,255,000 $350,143 $6,812 3.81%
    USDA 4 $990,000 $247,500 $3,079 3.63%
    FHA 1 $235,000 $235,000 $0 4.07%

    For 2019, Developer's Mortgage Company's most frequently originated type of loan was Conventional, with 242 originations. Their 2nd most popular type was FHA, with 110 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 285 $75,745,000 $265,772 $4,354 4.40%
    Refi 102 $26,990,000 $264,608 $5,375 4.17%
    Cash Out Refi 5 $935,000 $187,000 $4,083 4.28%

    For 2019, Developer's Mortgage Company's most frequently cited loan purpose was Home Purchase, with 285 originations. The 2nd most popular reason was Refi, with 102 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 365 $96,545,000 $264,507 $4,644 4.38%
    15 Year 19 $5,015,000 $263,947 $4,206 3.71%
    Other 5 $1,285,000 $257,000 $4,826 3.96%
    20 Year 3 $825,000 $275,000 $3,778 3.96%

    For 2019, Developer's Mortgage Company's most frequently cited loan duration was 30 Year, with 365 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 285 $73,685,000 $258,544
    $1k-2k 49 $12,745,000 $260,102
    $2k-3k 24 $5,750,000 $239,583
    $3k-4k 16 $4,140,000 $258,750
    $5k+ 11 $5,175,000 $470,455
    $4k-5k 6 $1,940,000 $323,333

    Developer's Mortgage Company's average total fees were $4,644, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 285 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 187 $53,535,000 $286,283
    4-5% 159 $39,365,000 $247,579
    5-6% 22 $3,930,000 $178,636
    6-7% 9 $3,785,000 $420,556
    7-8% 9 $2,265,000 $251,667
    Over 8% 6 $790,000 $131,667

    During 2019, Developer's Mortgage Company's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 3-4%, with 187 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 204 $57,960,000 $284,118 $4,946 4.18%
    $100k-200k 107 $16,155,000 $150,981 $3,835 4.59%
    $400k-600k 50 $23,040,000 $460,800 $5,643 4.18%
    $100,000 or less 26 $1,720,000 $66,154 $2,742 4.76%
    $600k-1MM 3 $2,145,000 $715,000 $5,619 4.83%
    $1MM+ 2 $2,650,000 $1,325,000 $10,583 5.25%

    2019 saw Developer's Mortgage Company place emphasis on $200k-400k loans with 204 originations, totaling $57,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 100 $29,630,000 $296,300 $4,916 4.25%
    $50k-75k 83 $16,335,000 $196,807 $4,405 4.28%
    $75k-100k 69 $19,195,000 $278,188 $5,060 4.26%
    $50k or less 63 $8,915,000 $141,508 $3,535 4.52%
    $150k-250k 56 $20,300,000 $362,500 $5,032 4.39%
    $250k+ 17 $7,755,000 $456,176 $5,388 4.63%

    Developer's Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 100 originations. The second most popular income band? $50k-75k, with 83 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 72 $18,560,000 $257,778 $4,813 4.17%
    20-30% 69 $17,695,000 $256,449 $4,666 4.34%
    50-60% 27 $8,265,000 $306,111 $6,366 4.16%
    38% 20 $4,480,000 $224,000 $3,183 4.74%
    45% 20 $5,560,000 $278,000 $4,500 4.32%
    44% 20 $5,620,000 $281,000 $4,942 4.04%
    40% 18 $3,200,000 $177,778 $4,106 4.48%
    48% 17 $4,795,000 $282,059 $5,007 4.63%
    42% 16 $4,740,000 $296,250 $3,636 4.27%
    39% 14 $3,910,000 $279,286 $3,896 4.35%
    37% 14 $3,420,000 $244,286 $4,167 4.29%
    <20% 13 $3,405,000 $261,923 $3,702 4.82%
    36% 13 $4,275,000 $328,846 $4,846 4.33%
    43% 13 $3,185,000 $245,000 $4,238 4.43%
    46% 11 $2,765,000 $251,364 $5,427 4.56%
    41% 11 $3,035,000 $275,909 $4,517 4.16%
    49% 9 $3,055,000 $339,444 $4,700 4.79%
    47% 8 $1,450,000 $181,250 $5,069 4.00%
    >60% 3 $885,000 $295,000 $5,463 4.25%

    Developer's Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 72 originations. The next most common DTI ratio? 20-30%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 279 $73,845,000 $264,677 $4,524 4.30%
    Black 42 $13,790,000 $328,333 $5,771 4.16%
    Asian 29 $7,865,000 $271,207 $3,747 4.47%
    Not provided 26 $5,280,000 $203,077 $4,963 4.33%
    Not applicable 9 $1,275,000 $141,667 $4,779 6.25%
    Asian Indian 3 $645,000 $215,000 $2,830 4.71%
    Chinese 1 $485,000 $485,000 $5,140 3.38%
    American Indian 1 $245,000 $245,000 $5,006 4.63%
    Vietnamese 1 $125,000 $125,000 $4,464 3.75%
    Other Asian 1 $115,000 $115,000 $1,425 3.50%

    Approval Rates

    Total approvals of all applications
    93.30%

    Developer's Mortgage Company has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.39%

    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 392 $103,670,000 $264,464

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 392 $103,670,000 $264,464

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $1,200,000 $150,000 $3,291 4.05%
    40-60% 25 $6,645,000 $265,800 $3,499 4.17%
    60-80% 107 $29,505,000 $275,748 $4,579 4.61%
    80-100% 242 $64,000,000 $264,463 $4,790 4.24%
    Over 100% 4 $1,260,000 $315,000 $10,508 4.06%
    Under 20% 4 $50,000 $12,500 $303 5.09%