First Colony Mortgage Corporation Rates, Fees & Info
OREM, UTLEI: 5493003V40VGM7YDFM54
Tax ID: 87-0415314
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Mortgage Data
Review & Overview
First Colony Mortgage Corporation is a small 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 Ontario among others. We have data for 41 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.61% | 12/3/24 |
| 30 Year Conventional Refi | 6.60% | 12/3/24 |
| 30 Year Cash-out Refi | 6.62% | 12/3/24 |
| 30 Year FHA Purchase | 7.13% | 12/3/24 |
| 30 Year FHA Refi | 7.03% | 12/3/24 |
| 30 Year VA Purchase | 5.87% | 12/3/24 |
| 30 Year VA Refi | 6.12% | 12/3/24 |
| 30 Year USDA Purchase | 6.33% | 12/3/24 |
| 15 Year Conventional Purchase | 6.70% | 12/3/24 |
| 15 Year Conventional Refi | 6.06% | 12/3/24 |
| 15 Year Cash-out Refi | 6.06% | 12/3/24 |
| 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. | ||
First Colony Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
5,521Origination Dollar Volume (All Markets)
$1,603,575,000Awards
FIRST COLONY MORTGAGE CORPORATION - 2019
FIRST COLONY MORTGAGE CORPORATION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 2,992 | $886,840,000 | $296,404 | $4,990 | 4.16% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1,170 | $355,520,000 | $303,863 | $5,195 | 4.27% |
| ST. GEORGE, UT (FHA|USDA|VA) | 652 | $188,830,000 | $289,617 | $4,783 | 4.25% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 189 | $50,345,000 | $266,376 | $4,885 | 4.21% |
| Ontario, OR-ID (FHA|USDA|VA) | 123 | $21,635,000 | $175,894 | $5,726 | 4.39% |
| BOISE CITY, ID (FHA|USDA|VA) | 54 | $16,140,000 | $298,889 | $6,357 | 4.43% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 40 | $15,270,000 | $381,750 | $4,392 | 4.07% |
| Outside of Metro Areas | 82 | $15,140,000 | $184,634 | $4,900 | 4.37% |
| Heber, UT (FHA|USDA|VA) | 22 | $8,280,000 | $376,364 | $5,721 | 4.21% |
| Cedar City, UT (FHA|USDA|VA) | 32 | $7,100,000 | $221,875 | $4,477 | 4.37% |
| POCATELLO, ID (FHA|USDA|VA) | 37 | $6,115,000 | $165,270 | $4,775 | 3.97% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 9 | $4,725,000 | $525,000 | $9,413 | 4.29% |
| Elko, NV (FHA|USDA|VA) | 20 | $4,100,000 | $205,000 | $5,696 | 4.61% |
| IDAHO FALLS, ID (FHA|USDA|VA) | 20 | $3,520,000 | $176,000 | $5,559 | 3.84% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 12 | $3,430,000 | $285,833 | $4,974 | 4.28% |
| LOGAN, UT-ID (FHA|USDA|VA) | 14 | $3,030,000 | $216,429 | $3,920 | 4.65% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 4 | $1,540,000 | $385,000 | $5,242 | 4.69% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 5 | $1,415,000 | $283,000 | $6,510 | 4.38% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 5 | $1,215,000 | $243,000 | $3,916 | 3.75% |
| TUCSON, AZ (FHA|USDA|VA) | 4 | $1,130,000 | $282,500 | $7,737 | 4.34% |
| Rexburg, ID (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $6,220 | 4.69% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $4,119 | 3.94% |
| Vernal, UT (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $6,465 | 3.75% |
| Burley, ID (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $5,392 | 3.67% |
| Blackfoot, ID (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $4,709 | 3.50% |
| Price, UT (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $2,486 | 3.92% |
| TWIN FALLS, ID (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $5,777 | 4.92% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $2,635 | 4.13% |
| BOULDER, CO (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $10,610 | 2.75% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,798 | 4.13% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,452 | 4.00% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,984 | 4.00% |
| GRANTS PASS, OR (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,936 | 4.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,790 | 3.63% |
| Prineville, OR (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,848 | 4.13% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,307 | 3.75% |
| YUMA, AZ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,442 | 4.00% |
| WACO, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,274 | 4.00% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,340 | 5.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,628 | 3.88% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,159 | 4.50% |
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.
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Product Mix
For 2019, First Colony Mortgage Corporation's most frequently originated type of loan was Conventional, with 4,400 originations. Their 2nd most popular type was FHA, with 780 originations.
Loan Reason
For 2019, First Colony Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,326 originations. The 2nd most popular reason was Refi, with 1,895 originations.
Loan Duration/Length
For 2019, First Colony Mortgage Corporation's most frequently cited loan duration was 30 Year, with 5,188 originations. The 2nd most popular length was 15 Year, with 198 originations.
Origination Fees/Closing Costs
First Colony Mortgage Corporation's average total fees were $5,119, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,562 originations.
Interest Rates
During 2019, First Colony Mortgage Corporation's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 3-4%, with 2,898 originations.
Loan Sizing
2019 saw First Colony Mortgage Corporation place emphasis on $200k-400k loans with 3,556 originations, totaling $1,035,040,000 in origination value.
Applicant Income
First Colony Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,687 originations. The second most popular income band? $75k-100k, with 1,173 originations.
Applicant Debt to Income Ratio
First Colony Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 951 originations. The next most common DTI ratio? 20-30%, with 904 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.39%
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 origination86.92%
First Colony Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 5,521 | $1,603,575,000 | $290,450 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 18 | $3,120,000 | $173,333 |
| Single Family (1-4 Units):Site-Built | 5,503 | $1,600,455,000 | $290,833 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST HOME MORTGAGE CORPORATION | Other type of mortgage | Struggling to pay mortgage | 1 | 25.0% |
| FIRST HOME MORTGAGE CORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
| FIRST HOME MORTGAGE CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |