First Colony Mortgage Corporation Rates, Fees & Info

OREM, UT

LEI: 5493003V40VGM7YDFM54

Tax ID: 87-0415314

4.8 stars - out of 5 stars, based on 100 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    First Colony Mortgage Corporation is a mid-sized mortgage company specializing in Home Purchase and Refi loans. First Colony Mortgage Corporation 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: Provo, Salt Lake City, St. George, Ogden, and Logan among others. We have data for 92 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Colony Mortgage Corporation 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. First Colony Mortgage Corporation 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 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 6.63% 10/3/22
    30 Year Conventional Refi 6.51% 10/3/22
    30 Year Cash-out Refi 6.64% 10/3/22
    30 Year FHA Purchase 7.25% 10/3/22
    30 Year FHA Refi 7.06% 10/3/22
    30 Year VA Purchase 6.10% 10/3/22
    30 Year VA Refi 6.14% 10/3/22
    30 Year USDA Purchase 6.45% 10/3/22
    30 Year USDA Refi 6.50% 10/3/22
    15 Year Conventional Purchase 6.19% 10/3/22
    15 Year Conventional Refi 6.18% 10/3/22
    15 Year Cash-out Refi 6.18% 10/3/22
    15 Year VA Refi 6.39% 10/3/22
    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.


    Originations

    9,933

    Origination Dollar Volume (All Markets)

    $3,275,525,000
    Show all (10) awards

    Relative Rate

    First Colony Mortgage Corporation's average 30 year fixed mortgage rate was 3.06%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.09%.

    Relative Fees (Closing Costs)

    First Colony Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,176.

    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 $4,750.

    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
    PROVO-OREM, UT (FHA|USDA|VA) 4,460 $1,545,590,000 $346,545 $4,864 2.97%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1,603 $567,725,000 $354,164 $4,844 3.06%
    ST. GEORGE, UT (FHA|USDA|VA) 914 $311,690,000 $341,018 $4,588 3.05%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 748 $245,510,000 $328,222 $5,094 3.01%
    LOGAN, UT-ID (FHA|USDA|VA) 381 $123,215,000 $323,399 $5,290 2.87%
    POCATELLO, ID (FHA|USDA|VA) 281 $64,145,000 $228,274 $6,017 3.04%
    Outside of Metro Areas 221 $49,725,000 $225,000 $5,143 3.12%
    Ontario, OR-ID (FHA|USDA|VA) 191 $41,875,000 $219,241 $6,627 3.13%
    IDAHO FALLS, ID (FHA|USDA|VA) 154 $41,390,000 $268,766 $6,141 3.09%
    BOISE CITY, ID (FHA|USDA|VA) 89 $34,645,000 $389,270 $6,841 3.37%
    Heber, UT (FHA|USDA|VA) 66 $28,230,000 $427,727 $5,009 2.94%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 69 $27,645,000 $400,652 $4,086 2.88%
    OCALA, FL (FHA|USDA|VA) 149 $23,485,000 $157,617 $5,612 3.54%
    Cedar City, UT (FHA|USDA|VA) 78 $20,250,000 $259,615 $4,891 3.15%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 48 $14,830,000 $308,958 $5,814 3.14%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 29 $13,105,000 $451,897 $5,762 3.49%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 32 $10,890,000 $340,313 $6,167 2.99%
    Blackfoot, ID (FHA|USDA|VA) 38 $10,100,000 $265,789 $6,300 2.91%
    Elko, NV (FHA|USDA|VA) 41 $9,555,000 $233,049 $5,065 3.04%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 38 $8,610,000 $226,579 $5,139 3.28%
    Vernal, UT (FHA|USDA|VA) 26 $5,800,000 $223,077 $4,213 3.29%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 12 $5,750,000 $479,167 $6,779 3.03%
    Burley, ID (FHA|USDA|VA) 22 $5,290,000 $240,455 $7,089 3.09%
    Rexburg, ID (FHA|USDA|VA) 16 $4,800,000 $300,000 $7,123 2.97%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 29 $4,645,000 $160,172 $5,041 3.29%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 13 $4,435,000 $341,154 $3,702 2.79%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 28 $4,160,000 $148,571 $4,974 3.58%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 5 $2,735,000 $547,000 $7,482 3.13%
    Price, UT (FHA|USDA|VA) 13 $2,735,000 $210,385 $4,355 3.01%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $2,680,000 $446,667 $4,677 2.98%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 7 $2,515,000 $359,286 $4,582 3.09%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 5 $2,065,000 $413,000 $6,400 3.28%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $2,035,000 $290,714 $8,213 3.46%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $1,845,000 $615,000 $6,097 3.13%
    TWIN FALLS, ID (FHA|USDA|VA) 7 $1,835,000 $262,143 $6,566 2.68%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 4 $1,620,000 $405,000 $4,541 3.25%
    FORT COLLINS, CO (FHA|USDA|VA) 3 $1,555,000 $518,333 $2,786 3.25%
    Evanston, WY (FHA|USDA|VA) 5 $1,395,000 $279,000 $5,885 3.30%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 7 $1,215,000 $173,571 $5,737 3.64%
    GREELEY, CO (FHA|USDA|VA) 4 $1,210,000 $302,500 $4,152 3.00%
    FLAGSTAFF, AZ (FHA|USDA|VA) 4 $1,130,000 $282,500 $4,124 2.84%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $1,105,000 $368,333 $4,739 3.13%
    Hailey, ID (FHA|USDA|VA) 2 $1,030,000 $515,000 $10,776 2.88%
    BOULDER, CO (FHA|USDA|VA) 2 $920,000 $460,000 $2,266 2.50%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $810,000 $405,000 $4,646 2.81%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $800,000 $400,000 $3,317 2.94%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 3 $755,000 $251,667 $4,150 3.25%
    OKLAHOMA CITY, OK (FHA|USDA|VA) 5 $745,000 $149,000 $5,487 3.58%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $700,000 $350,000 $7,899 3.00%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 3 $695,000 $231,667 $5,711 3.04%
    TUCSON, AZ (FHA|USDA|VA) 3 $695,000 $231,667 $3,730 2.79%
    Mountain Home, ID (FHA|USDA|VA) 3 $665,000 $221,667 $5,964 3.04%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $630,000 $315,000 $4,329 3.88%
    TULSA, OK (FHA|USDA|VA) 1 $625,000 $625,000 $8,146 2.88%
    BAKERSFIELD, CA (FHA|USDA|VA) 2 $560,000 $280,000 $3,974 2.88%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $545,000 $545,000 $12,047 3.25%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $535,000 $178,333 $4,137 3.38%
    NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $525,000 $525,000 $8,793 2.88%
    SALINAS, CA (FHA|USDA|VA) 1 $525,000 $525,000 $2,186 2.75%
    GRAND JUNCTION, CO (FHA|USDA|VA) 1 $505,000 $505,000 $2,726 2.88%
    RENO, NV (FHA|USDA|VA) 1 $495,000 $495,000 $17,923 2.50%
    Riverton, WY (FHA|USDA|VA) 2 $470,000 $235,000 $4,626 3.25%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $405,000 $405,000 $5,802 2.38%
    LEWISTON, ID-WA (FHA|USDA|VA) 2 $400,000 $200,000 $7,644 3.13%
    Outside of Metro Areas 1 $395,000 $395,000 $8,124 3.63%
    GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $330,000 $165,000 $7,252 3.63%
    VALLEJO, CA (FHA|USDA|VA) 1 $315,000 $315,000 $10,059 2.25%
    Moscow, ID (FHA|USDA|VA) 1 $315,000 $315,000 $8,599 3.50%
    GRANTS PASS, OR (FHA|USDA|VA) 1 $305,000 $305,000 $9,965 3.25%
    La Grande, OR (FHA|USDA|VA) 1 $305,000 $305,000 $5,868 3.13%
    Jackson, WY-ID (FHA|USDA|VA) 1 $305,000 $305,000 $14,203 3.50%
    Kalispell, MT (FHA|USDA|VA) 1 $305,000 $305,000 $8,187 3.38%
    CaƱon City, CO (FHA|USDA|VA) 1 $305,000 $305,000 $3,425 4.00%
    MODESTO, CA (FHA|USDA|VA) 1 $275,000 $275,000 $7,470 3.13%
    YUMA, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $6,896 3.00%
    Astoria, OR (FHA|USDA|VA) 1 $265,000 $265,000 $6,396 2.75%
    BILLINGS, MT (FHA|USDA|VA) 1 $245,000 $245,000 $3,085 2.38%
    Klamath Falls, OR (FHA|USDA|VA) 1 $245,000 $245,000 $6,556 2.88%
    Show Low, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $5,244 2.75%
    Aberdeen, WA (FHA|USDA|VA) 1 $235,000 $235,000 $7,100 2.75%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $225,000 $225,000 $6,288 3.13%
    Glenwood Springs, CO (FHA|USDA|VA) 1 $215,000 $215,000 $8,150 3.25%
    MIDLAND, TX (FHA|USDA|VA) 1 $205,000 $205,000 $6,695 4.00%
    FRESNO, CA (FHA|USDA|VA) 1 $195,000 $195,000 $3,976 2.88%
    REDDING, CA (FHA|USDA|VA) 1 $185,000 $185,000 $2,953 2.88%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $175,000 $175,000 $3,492 3.13%
    SPARTANBURG, SC (FHA|USDA|VA) 1 $165,000 $165,000 $5,049 4.00%
    Pullman, WA (FHA|USDA|VA) 1 $155,000 $155,000 $4,498 3.00%
    Pahrump, NV (FHA|USDA|VA) 1 $145,000 $145,000 $2,599 3.38%
    LUBBOCK, TX (FHA|USDA|VA) 1 $145,000 $145,000 $6,561 3.63%
    Rock Springs, WY (FHA|USDA|VA) 1 $135,000 $135,000 $3,703 2.88%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $135,000 $135,000 $2,141 3.00%

    First Colony Mortgage Corporation's top markets include Provo, Salt Lake City, St. George, Ogden, and Logan among others.

    Similar Lenders

    We use machine learning to identify the top lenders compared against FIRST COLONY MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CONNECTIONS
    Similarity Rank: 60
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    Similarity Rank: 108
    HORIZON UTAH Federal Credit Union
    Similarity Rank: 350
    Christian Community Credit Union
    Similarity Rank: 354
    First Credit Union
    Similarity Rank: 378
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 384
    State Bank of Southern Utah
    Similarity Rank: 432
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    ROGUE
    Similarity Rank: 506
    WESTMARK Credit Union
    Similarity Rank: 510

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 8,826 $2,896,670,000 $328,197 $4,511 3.06%
    FHA 628 $201,500,000 $320,860 $10,960 2.87%
    VA 344 $136,340,000 $396,337 $7,339 2.66%
    USDA 135 $41,015,000 $303,815 $5,203 2.62%

    For 2021, First Colony Mortgage Corporation's most frequently originated type of loan was Conventional, with 8,826 originations. Their 2nd most popular type was FHA, with 628 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 5,041 $1,733,505,000 $343,881 $5,694 3.09%
    Refi 4,179 $1,306,495,000 $312,633 $4,242 2.94%
    Cash Out Refi 710 $234,280,000 $329,972 $4,901 3.10%
    Home Improvement 3 $1,245,000 $415,000 $3,860 3.08%

    For 2021, First Colony Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 5,041 originations. The 2nd most popular reason was Refi, with 4,179 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 9,056 $3,059,850,000 $337,881 $5,176 3.06%
    15 Year 572 $141,760,000 $247,832 $3,695 2.38%
    20 Year 168 $45,870,000 $273,036 $3,886 2.76%
    Other 96 $27,060,000 $281,875 $2,815 3.42%
    10 Year 40 $730,000 $18,250 $385 4.82%
    1 Year 1 $255,000 $255,000 $250 7.00%

    For 2021, First Colony Mortgage Corporation's most frequently cited loan duration was 30 Year, with 9,056 originations. The 2nd most popular length was 15 Year, with 572 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,687 $1,612,625,000 $344,063
    $3k-4k 1,335 $389,085,000 $291,449
    $2k-3k 1,334 $353,770,000 $265,195
    $5k+ 1,197 $516,635,000 $431,608
    $4k-5k 847 $284,265,000 $335,614
    $<1k 533 $119,145,000 $223,537

    First Colony Mortgage Corporation's average total fees were $5,176, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,687 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 5,217 $1,805,105,000 $346,004
    3-4% 3,331 $1,101,805,000 $330,773
    <2.5% 1,037 $325,425,000 $313,814
    4-5% 282 $36,330,000 $128,830
    5-6% 63 $6,055,000 $96,111
    6-7% 2 $510,000 $255,000
    7-8% 1 $295,000 $295,000

    During 2021, First Colony Mortgage Corporation's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 5,217 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 5,545 $1,670,125,000 $301,195 $4,910 2.98%
    $400k-600k 2,554 $1,222,070,000 $478,493 $5,811 2.96%
    $100k-200k 1,303 $208,505,000 $160,019 $4,155 3.05%
    $100,000 or less 302 $10,560,000 $34,967 $1,154 4.37%
    $600k-1MM 217 $149,665,000 $689,700 $8,969 3.07%
    $1MM+ 12 $14,600,000 $1,216,667 $12,569 3.14%

    2021 saw First Colony Mortgage Corporation place emphasis on $200k-400k loans with 5,545 originations, totaling $1,670,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2,724 $777,950,000 $285,591 $4,930 3.03%
    $100k-150k 2,252 $849,680,000 $377,300 $5,051 2.98%
    $75k-100k 2,146 $721,950,000 $336,417 $5,102 3.01%
    $150k-250k 1,170 $474,010,000 $405,137 $5,382 3.08%
    $50k or less 1,097 $239,435,000 $218,263 $4,308 3.00%
    $250k+ 543 $212,225,000 $390,838 $5,796 3.20%

    First Colony Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 2,724 originations. The second most popular income band? $100k-150k, with 2,252 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,993 $645,355,000 $323,811 $4,443 2.94%
    30-36% 1,880 $626,940,000 $333,479 $4,770 3.01%
    <20% 731 $204,665,000 $279,979 $4,037 3.03%
    44% 513 $172,985,000 $337,203 $5,335 3.08%
    42% 437 $152,995,000 $350,103 $5,366 3.09%
    43% 422 $139,740,000 $331,137 $5,219 3.10%
    40% 404 $133,080,000 $329,406 $5,280 3.06%
    41% 399 $135,885,000 $340,564 $5,495 3.07%
    37% 399 $133,395,000 $334,323 $4,967 3.03%
    38% 395 $139,015,000 $351,937 $5,265 3.02%
    39% 393 $133,785,000 $340,420 $5,172 3.09%
    45% 354 $121,690,000 $343,757 $5,628 3.06%
    36% 348 $111,430,000 $320,201 $4,938 3.10%
    49% 271 $93,235,000 $344,041 $5,778 3.06%
    46% 251 $82,915,000 $330,339 $5,495 3.08%
    47% 241 $81,175,000 $336,826 $6,172 3.08%
    48% 225 $77,345,000 $343,756 $6,206 3.04%
    50-60% 178 $56,570,000 $317,809 $8,593 3.15%
    >60% 1 $545,000 $545,000 $6,110 3.63%

    First Colony Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,993 originations. The next most common DTI ratio? 30-36%, with 1,880 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 8,980 $2,953,830,000 $328,934 $4,967 3.02%
    Not provided 461 $149,515,000 $324,328 $5,737 3.06%
    Asian 242 $83,540,000 $345,207 $5,273 3.15%
    Black 88 $31,040,000 $352,727 $5,720 3.04%
    Native Hawaiian or Islander 83 $29,715,000 $358,012 $5,335 2.96%
    American Indian 66 $22,920,000 $347,273 $5,916 3.05%
    Chinese 2 $1,140,000 $570,000 $7,487 3.38%
    Other Pacific Islander 3 $1,015,000 $338,333 $5,238 2.79%
    Asian Indian 3 $865,000 $288,333 $2,618 2.58%
    Samoan 2 $800,000 $400,000 $5,612 3.13%
    Korean 1 $605,000 $605,000 $3,798 2.88%
    Other Asian 1 $385,000 $385,000 $3,556 3.13%
    Japanese 1 $155,000 $155,000 $4,137 2.63%

    Approval Rates

    Total approvals of all applications
    98.63%

    First Colony Mortgage Corporation 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
    88.87%

    First Colony Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 9,933 $3,275,525,000 $329,762

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    9,933 $3,275,525,000 $329,762

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 388 $75,310,000 $194,098 $3,425 2.77%
    40-60% 1,518 $439,510,000 $289,532 $4,059 2.85%
    60-80% 4,041 $1,381,595,000 $341,894 $4,864 3.09%
    80-100% 3,683 $1,343,735,000 $364,848 $5,880 2.95%
    Over 100% 63 $28,845,000 $457,857 $15,261 2.64%
    Under 20% 240 $6,530,000 $27,208 $659 4.72%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 10.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    FIRST HOME MORTGAGE CORPORATION Other type of mortgage Closing on a mortgage 1 10.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 7 70.0%