First Colony Mortgage Corporation Rates, Fees & Info

OREM, UT

LEI: 5493003V40VGM7YDFM54

Tax ID: 87-0415314

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Colony Mortgage Corporation is a small mortgage company specializing in Refi and Home Purchase 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 63 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.61% 11/17/24
    30 Year Conventional Refi 6.60% 11/17/24
    30 Year Cash-out Refi 6.62% 11/17/24
    30 Year FHA Purchase 7.13% 11/17/24
    30 Year FHA Refi 7.03% 11/17/24
    30 Year VA Purchase 5.87% 11/17/24
    30 Year VA Refi 6.12% 11/17/24
    30 Year USDA Purchase 6.33% 11/17/24
    15 Year Conventional Purchase 6.70% 11/17/24
    15 Year Conventional Refi 6.06% 11/17/24
    15 Year Cash-out Refi 6.06% 11/17/24
    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

    10,239

    Origination Dollar Volume (All Markets)

    $2,979,985,000
    Show all (18) 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
    PROVO-OREM, UT (FHA|USDA|VA) 5,062 $1,536,480,000 $303,532 $4,644 3.21%
    SALT LAKE CITY, UT (FHA|USDA|VA) 1,674 $526,410,000 $314,462 $4,879 3.26%
    ST. GEORGE, UT (FHA|USDA|VA) 1,041 $307,325,000 $295,221 $4,295 3.30%
    OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 723 $201,015,000 $278,029 $4,530 3.24%
    LOGAN, UT-ID (FHA|USDA|VA) 254 $64,960,000 $255,748 $4,878 2.96%
    POCATELLO, ID (FHA|USDA|VA) 300 $55,420,000 $184,733 $5,196 3.23%
    Outside of Metro Areas 187 $39,105,000 $209,118 $4,541 3.25%
    Ontario, OR-ID (FHA|USDA|VA) 161 $32,955,000 $204,689 $5,904 3.31%
    IDAHO FALLS, ID (FHA|USDA|VA) 136 $27,920,000 $205,294 $5,227 3.17%
    Heber, UT (FHA|USDA|VA) 69 $24,785,000 $359,203 $5,233 3.20%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 71 $24,295,000 $342,183 $3,698 3.17%
    BOISE CITY, ID (FHA|USDA|VA) 64 $18,510,000 $289,219 $6,560 3.40%
    Cedar City, UT (FHA|USDA|VA) 71 $18,295,000 $257,676 $3,985 3.23%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 28 $13,070,000 $466,786 $5,055 3.66%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 48 $12,620,000 $262,917 $4,878 3.17%
    Blackfoot, ID (FHA|USDA|VA) 42 $9,110,000 $216,905 $5,185 3.07%
    Elko, NV (FHA|USDA|VA) 39 $8,735,000 $223,974 $6,498 3.06%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 31 $8,145,000 $262,742 $4,863 3.34%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 31 $4,675,000 $150,806 $5,413 3.14%
    Rexburg, ID (FHA|USDA|VA) 20 $4,620,000 $231,000 $4,642 2.95%
    Jackson, WY-ID (FHA|USDA|VA) 13 $4,225,000 $325,000 $7,172 2.94%
    Vernal, UT (FHA|USDA|VA) 19 $3,465,000 $182,368 $3,680 3.26%
    OCALA, FL (FHA|USDA|VA) 25 $3,405,000 $136,200 $5,349 3.24%
    Burley, ID (FHA|USDA|VA) 21 $3,295,000 $156,905 $5,348 3.29%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 7 $2,525,000 $360,714 $6,674 2.93%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 19 $2,505,000 $131,842 $4,993 3.28%
    GREELEY, CO (FHA|USDA|VA) 6 $1,920,000 $320,000 $4,057 3.35%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 7 $1,865,000 $266,429 $4,532 3.48%
    TWIN FALLS, ID (FHA|USDA|VA) 7 $1,795,000 $256,429 $6,928 2.84%
    Price, UT (FHA|USDA|VA) 8 $1,610,000 $201,250 $4,905 3.53%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 6 $1,600,000 $266,667 $4,984 3.35%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $1,490,000 $248,333 $4,810 3.17%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $1,310,000 $327,500 $4,454 3.38%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 3 $1,035,000 $345,000 $4,844 3.04%
    TUCSON, AZ (FHA|USDA|VA) 4 $780,000 $195,000 $2,209 3.56%
    NAPA, CA (FHA|USDA|VA) 2 $750,000 $375,000 $6,216 3.00%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $705,000 $705,000 $3,611 2.75%
    FLAGSTAFF, AZ (FHA|USDA|VA) 3 $525,000 $175,000 $2,624 3.04%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $485,000 $485,000 $3,932 3.63%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $485,000 $485,000 $3,351 2.75%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $480,000 $240,000 $4,360 2.63%
    FRESNO, CA (FHA|USDA|VA) 1 $445,000 $445,000 $6,781 2.88%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $385,000 $385,000 $3,988 3.00%
    Helena, MT (FHA|USDA|VA) 1 $375,000 $375,000 $6,182 2.88%
    OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $355,000 $355,000 $7,211 2.63%
    Hailey, ID (FHA|USDA|VA) 1 $355,000 $355,000 $13,775 3.13%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $315,000 $315,000 $1,506 2.25%
    La Grande, OR (FHA|USDA|VA) 1 $305,000 $305,000 $5,890 3.38%
    MIDLAND, TX (FHA|USDA|VA) 1 $305,000 $305,000 $3,740 2.50%
    Bozeman, MT (FHA|USDA|VA) 1 $265,000 $265,000 $3,266 3.38%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $265,000 $265,000 $5,901 3.00%
    LONGVIEW, TX (FHA|USDA|VA) 1 $255,000 $255,000 $3,411 2.75%
    LONGVIEW, WA (FHA|USDA|VA) 1 $215,000 $215,000 $5,872 2.38%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $205,000 $205,000 $6,238 3.25%
    STOCKTON, CA (FHA|USDA|VA) 1 $205,000 $205,000 $4,325 2.50%
    Evanston, WY (FHA|USDA|VA) 1 $195,000 $195,000 $2,335 3.38%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $175,000 $175,000 $3,009 2.88%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $155,000 $155,000 $4,556 2.25%
    Show Low, AZ (FHA|USDA|VA) 1 $135,000 $135,000 $3,483 3.00%
    Rock Springs, WY (FHA|USDA|VA) 1 $125,000 $125,000 $5,300 2.63%
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $105,000 $105,000 $4,415 3.50%
    YAKIMA, WA (FHA|USDA|VA) 1 $75,000 $75,000 $4,260 3.50%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $65,000 $65,000 $3,945 3.00%
    First Colony Mortgage Corporation's top markets include Provo, Salt Lake City, St. George, Ogden, and Logan among others.

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

    CONNECTIONS
    Similarity Rank: 90
    BEEHIVE
    Similarity Rank: 231
    Citizens First Bank
    Similarity Rank: 328
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 329
    State Bank of Southern Utah
    Similarity Rank: 420
    Jordan Federal Credit Union
    Similarity Rank: 430
    WESTMARK Credit Union
    Similarity Rank: 560
    Suncoast Credit Union
    Similarity Rank: 630
    MIDFLORIDA
    Similarity Rank: 690
    Christian Community Credit Union
    Similarity Rank: 716

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 8,743 $2,531,455,000 $289,541 $4,183 3.27%
    FHA 899 $258,105,000 $287,102 $9,600 3.07%
    VA 368 $127,190,000 $345,625 $5,316 2.88%
    USDA 228 $63,080,000 $276,667 $4,804 2.74%
    HELOC 1 $155,000 $155,000 n/a 4.50%

    For 2020, First Colony Mortgage Corporation's most frequently originated type of loan was Conventional, with 8,743 originations. Their 2nd most popular type was FHA, with 899 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 4,527 $1,336,655,000 $295,263 $4,089 3.14%
    Home Purchase 4,505 $1,303,655,000 $289,380 $5,349 3.27%
    Cash Out Refi 1,206 $339,470,000 $281,484 $4,685 3.40%
    NA 1 $205,000 $205,000 $2,374 3.25%

    For 2020, First Colony Mortgage Corporation's most frequently cited loan purpose was Refi, with 4,527 originations. The 2nd most popular reason was Home Purchase, with 4,505 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 8,829 $2,634,955,000 $298,443 $4,908 3.27%
    15 Year 747 $179,265,000 $239,980 $3,679 2.69%
    20 Year 487 $130,165,000 $267,279 $3,604 2.97%
    Other 112 $32,640,000 $291,429 $3,217 3.39%
    10 Year 64 $2,960,000 $46,250 $996 4.48%

    For 2020, First Colony Mortgage Corporation's most frequently cited loan duration was 30 Year, with 8,829 originations. The 2nd most popular length was 15 Year, with 747 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 4,705 $1,422,035,000 $302,239
    $2k-3k 1,645 $404,535,000 $245,918
    $3k-4k 1,433 $390,655,000 $272,613
    $4k-5k 839 $272,725,000 $325,060
    $5k+ 835 $335,355,000 $401,623
    $<1k 779 $153,695,000 $197,298

    First Colony Mortgage Corporation's average total fees were $4,908, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4,705 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 5,096 $1,525,800,000 $299,411
    2.5-3% 3,602 $1,097,330,000 $304,645
    <2.5% 940 $268,630,000 $285,777
    4-5% 430 $77,350,000 $179,884
    5-6% 127 $7,575,000 $59,646
    6-7% 35 $2,945,000 $84,143
    7-8% 8 $270,000 $33,750
    Over 8% 1 $85,000 $85,000

    During 2020, First Colony Mortgage Corporation's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 3-4%, with 5,096 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 6,497 $1,902,465,000 $292,822 $4,892 3.15%
    $100k-200k 1,652 $266,340,000 $161,223 $3,875 3.20%
    $400k-600k 1,572 $727,490,000 $462,780 $5,492 3.17%
    $100,000 or less 419 $14,865,000 $35,477 $1,164 4.67%
    $600k-1MM 94 $63,220,000 $672,553 $9,746 3.43%
    $1MM+ 5 $5,605,000 $1,121,000 $7,258 3.35%

    2020 saw First Colony Mortgage Corporation place emphasis on $200k-400k loans with 6,497 originations, totaling $1,902,465,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 2,888 $732,180,000 $253,525 $4,777 3.25%
    $75k-100k 2,211 $662,565,000 $299,668 $4,771 3.23%
    $100k-150k 2,178 $728,670,000 $334,559 $4,684 3.18%
    $50k or less 1,417 $295,335,000 $208,423 $4,181 3.23%
    $150k-250k 1,033 $372,155,000 $360,266 $4,911 3.18%
    $250k+ 508 $187,840,000 $369,764 $5,304 3.30%

    First Colony Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 2,888 originations. The second most popular income band? $75k-100k, with 2,211 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,229 $651,995,000 $292,506 $4,263 3.15%
    30-36% 1,940 $572,150,000 $294,923 $4,484 3.21%
    <20% 901 $246,575,000 $273,668 $3,908 3.16%
    44% 445 $134,415,000 $302,056 $5,209 3.30%
    43% 429 $121,695,000 $283,671 $4,961 3.34%
    42% 417 $124,855,000 $299,412 $4,916 3.30%
    41% 409 $120,705,000 $295,122 $5,106 3.31%
    40% 391 $111,645,000 $285,537 $4,558 3.32%
    38% 386 $111,710,000 $289,404 $4,698 3.36%
    36% 369 $108,185,000 $293,184 $4,754 3.23%
    39% 359 $101,765,000 $283,468 $4,668 3.24%
    37% 351 $100,165,000 $285,370 $4,747 3.26%
    45% 300 $89,710,000 $299,033 $5,138 3.29%
    49% 265 $77,875,000 $293,868 $6,148 3.20%
    46% 244 $73,370,000 $300,697 $5,425 3.21%
    47% 194 $57,630,000 $297,062 $5,806 3.20%
    50-60% 194 $53,230,000 $274,381 $8,337 3.40%
    48% 190 $52,970,000 $278,789 $5,847 3.20%
    >60% 10 $1,900,000 $190,000 $2,550 3.95%

    First Colony Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 2,229 originations. The next most common DTI ratio? 30-36%, with 1,940 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 9,370 $2,728,340,000 $291,178 $4,680 3.22%
    Not provided 469 $131,795,000 $281,013 $5,189 3.32%
    Asian 201 $60,285,000 $299,925 $4,574 3.30%
    Native Hawaiian or Islander 87 $25,595,000 $294,195 $5,756 3.30%
    Black 54 $17,460,000 $323,333 $4,896 3.12%
    American Indian 35 $9,355,000 $267,286 $5,155 3.23%
    Not applicable 8 $2,730,000 $341,250 $5,099 3.25%
    Asian Indian 8 $2,530,000 $316,250 $3,744 2.98%
    Native Hawaiian 1 $485,000 $485,000 $2,818 3.63%
    Other Asian 1 $275,000 $275,000 $2,644 2.75%
    Other Pacific Islander 1 $255,000 $255,000 $7,315 3.38%
    Chinese 1 $255,000 $255,000 $3,717 3.25%
    Samoan 1 $245,000 $245,000 $10,554 2.25%
    Filipino 1 $215,000 $215,000 $5,973 3.25%
    Vietnamese 1 $165,000 $165,000 $2,198 2.88%

    Approval Rates

    Total approvals of all applications
    98.42%

    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
    87.49%

    First Colony Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 10,239 $2,979,985,000 $291,043

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 42 $7,080,000 $168,571
    Single Family (1-4 Units):Site-Built 10,197 $2,972,905,000 $291,547

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 309 $55,015,000 $178,042 $3,215 2.89%
    40-60% 1,478 $381,510,000 $258,126 $3,816 3.02%
    60-80% 3,932 $1,208,530,000 $307,358 $4,459 3.26%
    80-100% 4,116 $1,298,540,000 $315,486 $5,604 3.15%
    Over 100% 82 $28,130,000 $343,049 $10,046 2.85%
    Under 20% 318 $7,020,000 $22,075 $574 5.15%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Struggling to pay mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 25.0%
    FIRST HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%