First Colony Mortgage Corporation Rates, Fees & Info

OREM, UT

LEI: 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.

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 6.61% 3/28/24
30 Year Conventional Refi 6.60% 3/28/24
30 Year Cash-out Refi 6.62% 3/28/24
30 Year FHA Purchase 7.13% 3/28/24
30 Year FHA Refi 7.03% 3/28/24
30 Year VA Purchase 5.87% 3/28/24
30 Year VA Refi 6.12% 3/28/24
30 Year USDA Purchase 6.33% 3/28/24
15 Year Conventional Purchase 6.70% 3/28/24
15 Year Conventional Refi 6.06% 3/28/24
15 Year Cash-out Refi 6.06% 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.

First Colony Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Colony Mortgage Corporation. 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

5,521

Origination Dollar Volume (All Markets)

$1,603,575,000

Awards

FIRST COLONY MORTGAGE CORPORATION USDA Loans gold FIRST COLONY MORTGAGE CORPORATION USDA Loans gold FIRST COLONY MORTGAGE CORPORATION USDA Loans gold FIRST COLONY MORTGAGE CORPORATION 30 Year Conventional Loans gold
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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%
First Colony Mortgage Corporation's top markets include Provo, Salt Lake City, St. George, Ogden, and Ontario among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • 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.

    State Bank of Southern Utah
    Similarity Rank: 189
    Christian Community Credit Union
    Similarity Rank: 220
    Jordan Federal Credit Union
    Similarity Rank: 245
    Citizens First Bank
    Similarity Rank: 264
    IDAHO STATE UNIVERSITY
    Similarity Rank: 312
    Suncoast Credit Union
    Similarity Rank: 322
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 329
    WESTMARK Credit Union
    Similarity Rank: 345
    ADVANTAGE PLUS
    Similarity Rank: 408

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,400 $1,286,730,000 $292,439 $4,339 4.25%
    FHA 780 $208,090,000 $266,782 $8,650 4.08%
    VA 265 $90,135,000 $340,132 $6,052 3.95%
    USDA 76 $18,620,000 $245,000 $5,202 3.94%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,326 $925,770,000 $278,343 $5,370 4.32%
    Refi 1,895 $592,325,000 $312,573 $4,474 4.01%
    Cash Out Refi 296 $84,420,000 $285,203 $4,985 4.21%
    NA 3 $755,000 $251,667 $3,981 4.00%
    Home Improvement 1 $305,000 $305,000 $7,080 3.63%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 5,188 $1,521,040,000 $293,184 $5,119 4.24%
    15 Year 198 $50,090,000 $252,980 $4,291 3.54%
    20 Year 87 $22,755,000 $261,552 $3,664 3.89%
    Other 32 $9,070,000 $283,438 $2,935 4.36%
    10 Year 15 $475,000 $31,667 $731 4.73%
    5 Year 1 $145,000 $145,000 $0 6.50%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,562 $770,300,000 $300,664
    $2k-3k 905 $237,505,000 $262,436
    $3k-4k 682 $192,100,000 $281,672
    $<1k 525 $99,655,000 $189,819
    $4k-5k 442 $138,840,000 $314,118
    $5k+ 400 $163,710,000 $409,275

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 2,898 $878,350,000 $303,088
    4-5% 2,116 $639,590,000 $302,264
    5-6% 329 $71,805,000 $218,252
    6-7% 87 $2,765,000 $31,782
    7-8% 55 $1,255,000 $22,818
    2.5-3% 35 $9,805,000 $280,143
    <2.5% 1 $5,000 $5,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 3,556 $1,035,040,000 $291,069 $5,329 4.09%
    $400k-600k 826 $380,110,000 $460,182 $5,731 4.10%
    $100k-200k 809 $132,225,000 $163,443 $4,162 4.23%
    $100,000 or less 261 $6,885,000 $26,379 $935 6.12%
    $600k-1MM 65 $44,655,000 $687,000 $7,622 4.32%
    $1MM+ 4 $4,660,000 $1,165,000 $11,425 4.03%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,687 $411,585,000 $243,975 $4,970 4.29%
    $75k-100k 1,173 $359,475,000 $306,458 $5,208 4.14%
    $100k-150k 1,119 $387,535,000 $346,323 $5,080 4.12%
    $50k or less 846 $175,590,000 $207,553 $4,574 4.22%
    $150k-250k 488 $183,580,000 $376,189 $5,301 4.25%
    $250k+ 206 $85,290,000 $414,029 $5,763 4.31%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 951 $284,345,000 $298,996 $4,848 4.19%
    20-30% 904 $263,120,000 $291,062 $4,443 4.09%
    50-60% 360 $97,920,000 $272,000 $8,163 4.19%
    <20% 299 $77,715,000 $259,916 $3,800 4.37%
    44% 261 $74,265,000 $284,540 $5,291 4.28%
    42% 245 $74,625,000 $304,592 $4,848 4.28%
    40% 240 $72,620,000 $302,583 $5,007 4.23%
    43% 235 $67,605,000 $287,681 $5,010 4.31%
    39% 233 $66,535,000 $285,558 $4,497 4.32%
    37% 207 $62,245,000 $300,700 $4,786 4.17%
    41% 201 $59,625,000 $296,642 $5,346 4.17%
    38% 200 $60,700,000 $303,500 $5,009 4.27%
    36% 186 $54,950,000 $295,430 $4,580 4.14%
    46% 168 $48,050,000 $286,012 $5,050 4.24%
    45% 153 $43,395,000 $283,627 $5,169 4.31%
    49% 145 $43,185,000 $297,828 $5,385 4.18%
    47% 141 $40,315,000 $285,922 $5,196 4.21%
    48% 128 $35,660,000 $278,594 $5,225 4.26%
    >60% 116 $32,040,000 $276,207 $5,823 4.56%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,973 $1,441,765,000 $289,919 $5,027 4.21%
    Not provided 288 $88,550,000 $307,465 $5,193 4.23%
    Asian 147 $44,255,000 $301,054 $5,026 4.23%
    Native Hawaiian or Islander 36 $9,750,000 $270,833 $4,677 4.35%
    Black 39 $9,565,000 $245,256 $5,448 4.26%
    American Indian 19 $4,525,000 $238,158 $6,142 4.02%
    Asian Indian 7 $1,905,000 $272,143 $5,752 3.89%
    Not applicable 3 $955,000 $318,333 $4,766 3.58%
    Vietnamese 1 $515,000 $515,000 $8,456 4.50%
    Native Hawaiian 2 $490,000 $245,000 $1,884 6.19%
    Korean 1 $475,000 $475,000 $8,285 3.50%
    Samoan 1 $235,000 $235,000 $6,806 3.25%
    Other Pacific Islander 1 $215,000 $215,000 $6,315 4.00%
    Filipino 1 $205,000 $205,000 $6,042 4.13%
    Other Asian 2 $170,000 $85,000 $2,986 5.50%

    Approval Rates

    Total approvals of all applications
    98.39%

    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 origination
    86.92%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 81 $13,055,000 $161,173 $3,312 3.92%
    40-60% 338 $82,610,000 $244,408 $3,922 3.92%
    60-80% 1,801 $560,785,000 $311,374 $4,495 4.15%
    80-100% 3,027 $925,365,000 $305,704 $5,765 4.13%
    Over 100% 56 $18,430,000 $329,107 $10,654 4.07%
    Under 20% 218 $3,330,000 $15,275 $461 6.46%

    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%