Family Finance Mortgage Rates, Fees & Info

Arnold, MO

LEI: 5493004G43JM6M5BFR40

Tax ID: 32-0029618

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Family Finance Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Family Finance Mortgage 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 St. Louis, Farmington, Kansas City, Cape Coral, and Denver among others. Family Finance Mortgage has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Family Finance Mortgage is typically an average fee lendor.


Originations

785

Origination Dollar Volume (All Markets)

$172,815,000

Awards

FAMILY FINANCE MORTGAGE  30 Year Conventional Loans bronze FAMILY FINANCE MORTGAGE  VA Loans gold
Show all (2) awards

Relative Rate

Family Finance Mortgage 's average 30 year fixed rate mortgage of loans were 3.14%.

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

This yields a difference of -0.01%.

Relative Fees

Family Finance Mortgage 's average total fees for a 30 year fixed rate mortgage are $3,957.

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
ST. LOUIS, MO-IL (FHA|USDA|VA) 719 $156,945,000 $218,282 $3,695 3.07%
Outside of Metro Areas 15 $3,455,000 $230,333 $3,833 3.08%
Farmington, MO (FHA|USDA|VA) 13 $2,335,000 $179,615 $3,967 3.08%
KANSAS CITY, MO-KS (FHA|USDA|VA) 5 $1,375,000 $275,000 $5,157 2.92%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,220,000 $305,000 $4,366 3.12%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $870,000 $435,000 $1,874 2.81%
SPRINGFIELD, MO (FHA|USDA|VA) 3 $725,000 $241,667 $2,102 2.42%
Branson, MO (FHA|USDA|VA) 3 $675,000 $225,000 $3,805 2.75%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $590,000 $295,000 $6,373 2.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,305 3.49%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,756 3.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $415,000 $415,000 $5,632 3.00%
Fort Leonard Wood, MO (FHA|USDA|VA) 2 $360,000 $180,000 $6,898 2.86%
CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 2 $360,000 $180,000 $4,046 3.06%
PANAMA CITY, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,028 3.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $315,000 $315,000 $5,286 3.38%
Moberly, MO (FHA|USDA|VA) 1 $295,000 $295,000 $2,330 3.63%
Lebanon, MO (FHA|USDA|VA) 2 $280,000 $140,000 $5,588 3.31%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $255,000 $255,000 $2,498 3.00%
Poplar Bluff, MO (FHA|USDA|VA) 1 $215,000 $215,000 $6,418 2.75%
Sikeston, MO (FHA|USDA|VA) 1 $205,000 $205,000 $2,580 3.13%
COLUMBIA, MO (FHA|USDA|VA) 1 $175,000 $175,000 $4,923 3.25%
Quincy, IL-MO (FHA|USDA|VA) 1 $155,000 $155,000 $5,738 2.25%
Mount Vernon, IL (FHA|USDA|VA) 1 $105,000 $105,000 $3,880 3.88%
Rolla, MO (FHA|USDA|VA) 1 $75,000 $75,000 $2,115 3.38%

Family Finance Mortgage 's top markets include St. Louis, Farmington, Kansas City, Cape Coral, and Denver among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 554 $122,890,000 $221,823 $2,795 3.08%
FHA 156 $31,290,000 $200,577 $6,684 3.12%
VA 61 $16,115,000 $264,180 $4,442 2.78%
USDA 14 $2,520,000 $180,000 $5,166 3.02%

For the 2021 period, Family Finance Mortgage 's most frequently originated loan type of loans were Conventional, with 554 originations. Their 2nd most popular type is FHA, with 156 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 396 $87,210,000 $220,227 $4,673 3.15%
Refi 294 $64,550,000 $219,558 $2,606 2.90%
Cash Out Refi 95 $21,055,000 $221,632 $3,347 3.21%

For the 2021, Family Finance Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 396 originations. The 2nd most popular reason of loans were Refi, with 294 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 670 $147,280,000 $219,821 $3,957 3.14%
15 Year 69 $14,745,000 $213,696 $2,303 2.47%
20 Year 25 $5,785,000 $231,400 $2,446 2.81%
Other 18 $4,120,000 $228,889 $3,020 2.87%
10 Year 3 $885,000 $295,000 $2,680 2.29%

For the 2021, Family Finance Mortgage 's most frequently cited loan length of loans were 30 Year, with 670 originations. The 2nd most popular length of loans were 15 Year, with 69 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 526 $114,540,000 $217,757
$<1k 147 $33,655,000 $228,946
$2k-3k 33 $5,535,000 $167,727
$3k-4k 17 $3,105,000 $182,647
$5k+ 2 $460,000 $230,000

$3,957 of loans were Family Finance Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 526 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 358 $73,580,000 $205,531
2.5-3% 313 $71,025,000 $226,917
<2.5% 102 $25,700,000 $251,961
4-5% 12 $2,510,000 $209,167

During 2021, Family Finance Mortgage 's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 358 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 357 $53,745,000 $150,546 $3,561 3.12%
$200k-400k 357 $96,345,000 $269,874 $3,981 3.01%
$400k-600k 42 $19,550,000 $465,476 $3,552 2.90%
$100,000 or less 28 $2,410,000 $86,071 $3,178 3.26%
$600k-1MM 1 $765,000 $765,000 $3,339 3.25%

2021 saw Family Finance Mortgage place emphasis on $100k-200k loans with 357 originations, totaling $53,745,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 208 $41,660,000 $200,288 $3,885 3.10%
$50k or less 174 $27,350,000 $157,184 $4,094 3.12%
$100k-150k 170 $43,280,000 $254,588 $3,237 3.05%
$75k-100k 144 $32,120,000 $223,056 $3,910 3.05%
$150k-250k 70 $22,080,000 $315,429 $3,378 2.89%
$250k+ 18 $6,210,000 $345,000 $3,298 2.87%

Family Finance Mortgage lent most frequently to those with incomes in the $50k-75k range, with 208 originations. The second most popular income band? $50k or less, with 174 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 168 $35,820,000 $213,214 $3,243 3.01%
30-36% 154 $34,270,000 $222,532 $3,260 3.09%
<20% 69 $14,805,000 $214,565 $2,715 2.86%
50-60% 50 $9,830,000 $196,600 $5,717 3.00%
42% 37 $8,205,000 $221,757 $4,239 3.16%
39% 34 $7,300,000 $214,706 $4,302 3.14%
49% 30 $7,110,000 $237,000 $3,223 3.13%
45% 29 $6,925,000 $238,793 $4,756 3.13%
40% 25 $5,945,000 $237,800 $3,602 3.08%
41% 25 $5,485,000 $219,400 $3,995 3.22%
47% 21 $4,475,000 $213,095 $4,579 3.18%
43% 20 $4,570,000 $228,500 $5,298 3.37%
37% 20 $4,360,000 $218,000 $3,562 3.24%
38% 19 $5,105,000 $268,684 $3,597 3.18%
48% 18 $3,860,000 $214,444 $3,794 3.07%
44% 15 $3,105,000 $207,000 $3,311 3.12%
46% 14 $2,770,000 $197,857 $4,056 2.87%
36% 13 $3,075,000 $236,538 $4,404 3.19%
>60% 4 $1,170,000 $292,500 $6,515 3.03%

Family Finance Mortgage lent most frequently to those with DTI ratios of 20-30%, with 168 originations. The next most common DTI ratio? 30-36%, with 154 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 692 $150,590,000 $217,616 $3,618 3.07%
Not provided 46 $11,220,000 $243,913 $4,166 3.05%
Black 41 $9,735,000 $237,439 $5,349 3.10%
Asian 4 $840,000 $210,000 $3,372 2.78%
Chinese 1 $255,000 $255,000 $1,173 2.25%
American Indian 1 $175,000 $175,000 $5,998 2.63%

Approval Rates

Total approvals of all applications
99.39%

Family Finance Mortgage 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
97.73%

Family Finance Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
NA 785 $172,815,000 $220,146

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
785 $172,815,000 $220,146

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 10 $1,590,000 $159,000 $3,164 2.37%
40-60% 53 $9,755,000 $184,057 $2,395 2.78%
60-80% 282 $61,690,000 $218,759 $2,825 3.09%
80-100% 434 $97,870,000 $225,507 $4,393 3.10%
Over 100% 6 $1,910,000 $318,333 $12,094 2.91%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Family First Funding LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Family First Funding LLC FHA mortgage Trouble during payment process 1 50.0%