Family Finance Mortgage Rates, Fees & Info
Arnold, MOLEI: 5493004G43JM6M5BFR40
Tax ID: 32-0029618
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
785Origination Dollar Volume (All Markets)
$172,815,000Awards
FAMILY FINANCE MORTGAGE - 2021
FAMILY FINANCE MORTGAGE is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications99.39%
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 origination97.73%
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% |
