Priority Mortgage Corp. Rates, Fees & Info

WESTERVILLE, OH

LEI: 5493002RM1FZTGQ55U28

Tax ID: 31-1088264

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Priority Mortgage Corp. is a smaller mortgage company specializing in Home Purchase and Refi loans. Priority Mortgage Corp. 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 Columbus, Washington Court House, Bellefontaine, Mount Vernon, and Marion among others. Priority Mortgage Corp. has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Priority Mortgage Corp. is typically an average fee lendor.


Originations

942

Origination Dollar Volume (All Markets)

$224,160,000

Relative Rate

Priority Mortgage Corp.'s average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Priority Mortgage Corp.'s average total fees for a 30 year fixed rate mortgage are $4,206.

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
COLUMBUS, OH (FHA|USDA|VA) 802 $199,930,000 $249,289 $3,949 3.00%
Outside of Metro Areas 16 $2,190,000 $136,875 $4,278 3.09%
Washington Court House, OH (FHA|USDA|VA) 15 $2,065,000 $137,667 $4,185 2.78%
Bellefontaine, OH (FHA|USDA|VA) 10 $2,060,000 $206,000 $4,046 3.46%
Mount Vernon, OH (FHA|USDA|VA) 11 $1,865,000 $169,545 $3,895 2.63%
Marion, OH (FHA|USDA|VA) 11 $1,725,000 $156,818 $4,105 3.34%
SPRINGFIELD, OH (FHA|USDA|VA) 9 $1,595,000 $177,222 $4,380 2.99%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 5 $1,475,000 $295,000 $3,881 3.08%
Jackson, OH (FHA|USDA|VA) 9 $1,305,000 $145,000 $4,998 3.18%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 6 $980,000 $163,333 $3,921 3.29%
DAYTON-KETTERING, OH (FHA|USDA|VA) 4 $810,000 $202,500 $4,556 3.03%
Findlay, OH (FHA|USDA|VA) 3 $765,000 $255,000 $8,728 2.96%
MANSFIELD, OH (FHA|USDA|VA) 4 $730,000 $182,500 $3,415 2.97%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $720,000 $360,000 $4,355 3.19%
Chillicothe, OH (FHA|USDA|VA) 4 $660,000 $165,000 $4,367 2.78%
TOLEDO, OH (FHA|USDA|VA) 4 $580,000 $145,000 $3,849 3.16%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $505,000 $168,333 $3,765 3.17%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $485,000 $485,000 $4,541 2.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $400,000 $200,000 $3,487 3.00%
Zanesville, OH (FHA|USDA|VA) 3 $395,000 $131,667 $3,486 3.17%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $300,000 $150,000 $2,757 2.75%
Ashland, OH (FHA|USDA|VA) 1 $245,000 $245,000 $3,846 3.13%
Sandusky, OH (FHA|USDA|VA) 1 $235,000 $235,000 $3,999 3.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,246 2.63%
LIMA, OH (FHA|USDA|VA) 1 $225,000 $225,000 $11,629 2.25%
Athens, OH (FHA|USDA|VA) 2 $220,000 $110,000 $4,486 3.44%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,381 3.25%
Celina, OH (FHA|USDA|VA) 1 $205,000 $205,000 $2,486 2.38%
Marietta, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,128 2.88%
GAINESVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $2,901 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,337 2.63%
Greenville, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,465 3.00%
Urbana, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,858 3.13%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,116 2.88%
Point Pleasant, WV-OH (FHA|USDA|VA) 1 $105,000 $105,000 $7,287 3.75%
Wilmington, OH (FHA|USDA|VA) 1 $95,000 $95,000 $4,528 2.75%

Priority Mortgage Corp.'s top markets include Columbus, Washington Court House, Bellefontaine, Mount Vernon, and Marion among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 796 $193,990,000 $243,706 $3,509 3.02%
FHA 84 $16,170,000 $192,500 $7,213 3.08%
VA 38 $10,540,000 $277,368 $6,345 2.75%
USDA 24 $3,460,000 $144,167 $5,110 2.82%

For the 2021 period, Priority Mortgage Corp.'s most frequently originated loan type of loans were Conventional, with 796 originations. Their 2nd most popular type is FHA, with 84 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 587 $144,535,000 $246,227 $4,556 3.07%
Refi 352 $78,740,000 $223,693 $3,063 2.90%
Home Improvement 3 $885,000 $295,000 $3,424 3.04%

For the 2021, Priority Mortgage Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 587 originations. The 2nd most popular reason of loans were Refi, with 352 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 790 $190,430,000 $241,051 $4,206 3.08%
15 Year 92 $18,250,000 $198,370 $2,912 2.52%
20 Year 39 $10,595,000 $271,667 $2,915 2.80%
Other 15 $3,855,000 $257,000 $2,900 2.89%
10 Year 6 $1,030,000 $171,667 $2,471 2.63%

For the 2021, Priority Mortgage Corp.'s most frequently cited loan length of loans were 30 Year, with 790 originations. The 2nd most popular length of loans were 15 Year, with 92 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 864 $205,450,000 $237,789
$2k-3k 45 $10,105,000 $224,556
$3k-4k 21 $5,725,000 $272,619
$<1k 8 $1,720,000 $215,000
$5k+ 4 $1,160,000 $290,000

$4,206 of loans were Priority Mortgage Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 864 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 413 $101,335,000 $245,363
2.5-3% 400 $95,360,000 $238,400
<2.5% 118 $25,530,000 $216,356
4-5% 11 $1,935,000 $175,909

During 2021, Priority Mortgage Corp.'s average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 413 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 450 $125,450,000 $278,778 $4,182 3.01%
$100k-200k 361 $55,765,000 $154,474 $3,723 2.96%
$400k-600k 76 $35,810,000 $471,184 $4,660 3.02%
$100,000 or less 51 $4,155,000 $81,471 $3,209 3.24%
$600k-1MM 4 $2,980,000 $745,000 $4,764 3.19%

2021 saw Priority Mortgage Corp. place emphasis on $200k-400k loans with 450 originations, totaling $125,450,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 218 $59,730,000 $273,991 $4,019 3.06%
$50k-75k 201 $37,645,000 $187,289 $3,938 2.97%
$75k-100k 184 $43,010,000 $233,750 $4,130 3.02%
$50k or less 156 $22,870,000 $146,603 $4,119 3.01%
$150k-250k 146 $47,060,000 $322,329 $3,711 2.99%
$250k+ 37 $13,845,000 $374,189 $4,082 2.94%

Priority Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 218 originations. The second most popular income band? $50k-75k, with 201 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 252 $58,210,000 $230,992 $3,597 2.96%
30-36% 178 $42,630,000 $239,494 $3,940 3.06%
<20% 93 $22,115,000 $237,796 $3,440 2.84%
39% 43 $9,345,000 $217,326 $4,092 3.07%
43% 38 $9,120,000 $240,000 $3,813 3.12%
36% 37 $9,245,000 $249,865 $3,794 3.02%
41% 37 $9,785,000 $264,459 $4,456 2.99%
42% 36 $9,300,000 $258,333 $4,626 3.13%
38% 33 $8,075,000 $244,697 $3,943 3.10%
37% 30 $6,490,000 $216,333 $4,590 3.08%
44% 29 $7,115,000 $245,345 $4,526 3.10%
40% 23 $5,535,000 $240,652 $4,453 2.99%
49% 22 $5,700,000 $259,091 $4,668 2.96%
45% 22 $5,630,000 $255,909 $4,236 3.07%
47% 21 $4,865,000 $231,667 $4,187 3.02%
48% 18 $3,950,000 $219,444 $4,358 3.05%
50-60% 15 $3,555,000 $237,000 $6,717 2.88%
46% 15 $3,495,000 $233,000 $5,216 3.06%

Priority Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 252 originations. The next most common DTI ratio? 30-36%, with 178 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 821 $193,935,000 $236,218 $3,955 3.00%
Not provided 36 $10,100,000 $280,556 $4,155 3.06%
Black 44 $8,520,000 $193,636 $4,745 3.16%
Asian 29 $8,055,000 $277,759 $3,582 3.05%
American Indian 4 $1,070,000 $267,500 $5,673 2.84%
Asian Indian 3 $1,025,000 $341,667 $3,748 2.79%
Filipino 1 $485,000 $485,000 $3,472 2.50%
Other Asian 2 $460,000 $230,000 $4,887 3.63%
Native Hawaiian 1 $285,000 $285,000 $2,921 3.13%
Chinese 1 $225,000 $225,000 $3,739 2.25%

Approval Rates

Total approvals of all applications
87.37%

Priority Mortgage Corp. has an average approval rate.

Pick Rate

Approvals leading to origination
28.56%

Priority Mortgage Corp. 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 942 $224,160,000 $237,962

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
942 $224,160,000 $237,962

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 27 $4,095,000 $151,667 $2,864 2.84%
40-60% 108 $19,490,000 $180,463 $2,907 2.78%
60-80% 307 $78,745,000 $256,498 $3,436 3.03%
80-100% 494 $120,110,000 $243,138 $4,562 3.05%
Over 100% 5 $1,605,000 $321,000 $12,335 2.95%
Under 20% 1 $115,000 $115,000 $1,614 2.50%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Priority Financial Services Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%