Mortgage Financial Group Rates, Fees & Info

TAVARES, FL

LEI: 5493004KSBZEBHIMRT79

Tax ID: 54-2096352

1.5 stars - out of 5 stars, based on 20 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mortgage Financial Group is a smaller mortgage company specializing in Home Purchase loans. Mortgage Financial Group has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Orlando, Greensboro, Ocala, Winston, and The Villages among others. Mortgage Financial Group has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mortgage Financial Group is typically a high fee lendor.


Originations

406

Origination Dollar Volume (All Markets)

$87,260,000

Awards

MORTGAGE FINANCIAL GROUP  FHA Loans silver
Show all (1) awards

Relative Rate

Mortgage Financial Group 's average 30 year fixed rate mortgage of loans were 3.09%.

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

This yields a difference of -0.06%.

Relative Fees

Mortgage Financial Group 's average total fees for a 30 year fixed rate mortgage are $8,394.

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
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 203 $45,605,000 $224,655 $8,797 3.08%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 46 $9,670,000 $210,217 $7,624 3.08%
Outside of Metro Areas 48 $8,560,000 $178,333 $5,816 3.00%
OCALA, FL (FHA|USDA|VA) 26 $5,070,000 $195,000 $9,571 3.00%
WINSTON-SALEM, NC (FHA|USDA|VA) 20 $3,800,000 $190,000 $6,892 3.21%
THE VILLAGES, FL (FHA|USDA|VA) 18 $3,480,000 $193,333 $8,348 3.02%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 6 $1,560,000 $260,000 $9,288 2.96%
GAINESVILLE, FL (FHA|USDA|VA) 4 $1,210,000 $302,500 $10,225 3.47%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 4 $990,000 $247,500 $6,912 3.28%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $815,000 $271,667 $8,703 2.96%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $690,000 $345,000 $11,558 3.56%
Cullowhee, NC (FHA|USDA|VA) 2 $600,000 $300,000 $8,520 3.13%
Brevard, NC (FHA|USDA|VA) 1 $545,000 $545,000 $9,656 2.75%
PANAMA CITY, FL (FHA|USDA|VA) 2 $520,000 $260,000 $11,831 3.44%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $415,000 $415,000 $9,937 2.88%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $400,000 $200,000 $5,421 3.13%
Lake City, FL (FHA|USDA|VA) 1 $385,000 $385,000 $8,572 2.88%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $375,000 $375,000 $17,054 2.88%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $295,000 $295,000 $10,233 3.13%
Athens, TN (FHA|USDA|VA) 2 $290,000 $145,000 $4,657 3.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $290,000 $145,000 $7,535 3.38%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $290,000 $145,000 $5,805 2.69%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $285,000 $285,000 $9,410 3.25%
Key West, FL (FHA|USDA|VA) 1 $245,000 $245,000 $22,017 2.63%
SAVANNAH, GA (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.00%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,705 2.88%
Fitzgerald, GA (FHA|USDA|VA) 1 $135,000 $135,000 $9,149 3.00%
Toccoa, GA (FHA|USDA|VA) 1 $115,000 $115,000 $5,340 3.50%
North Wilkesboro, NC (FHA|USDA|VA) 1 $95,000 $95,000 $3,383 3.13%
Thomaston, GA (FHA|USDA|VA) 1 $85,000 $85,000 $7,011 2.75%
Mount Airy, NC (FHA|USDA|VA) 1 $75,000 $75,000 $4,756 3.13%

Mortgage Financial Group 's top markets include Orlando, Greensboro, Ocala, Winston, and The Villages among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 263 $57,545,000 $218,802 $7,280 3.15%
FHA 93 $18,615,000 $200,161 $10,361 2.95%
USDA 30 $5,520,000 $184,000 $8,077 2.81%
VA 20 $5,580,000 $279,000 $10,979 2.96%

For the 2021 period, Mortgage Financial Group 's most frequently originated loan type of loans were Conventional, with 263 originations. Their 2nd most popular type is FHA, with 93 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 281 $62,505,000 $222,438 $9,074 3.09%
Refi 63 $13,565,000 $215,317 $6,034 2.92%
Cash Out Refi 62 $11,190,000 $180,484 $6,566 3.15%

For the 2021, Mortgage Financial Group 's most frequently cited loan purpose of loans were Home Purchase, with 281 originations. The 2nd most popular reason of loans were Refi, with 63 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 374 $81,060,000 $216,738 $8,394 3.09%
15 Year 22 $4,330,000 $196,818 $6,280 2.74%
20 Year 10 $1,870,000 $187,000 $6,275 2.93%

For the 2021, Mortgage Financial Group 's most frequently cited loan length of loans were 30 Year, with 374 originations. The 2nd most popular length of loans were 15 Year, with 22 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 159 $30,315,000 $190,660
$<1k 89 $19,455,000 $218,596
$2k-3k 69 $12,905,000 $187,029
$3k-4k 58 $15,740,000 $271,379
$5k+ 10 $3,640,000 $364,000

$8,394 of loans were Mortgage Financial Group 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 159 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 204 $44,670,000 $218,971
2.5-3% 169 $35,845,000 $212,101
<2.5% 29 $5,885,000 $202,931
4-5% 3 $655,000 $218,333
6-7% 1 $205,000 $205,000

During 2021, Mortgage Financial Group 's average interest rate of loans were 3.09%, while their most frequently originated rate bucket of loans were 3-4%, with 204 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 184 $28,430,000 $154,511 $6,775 3.05%
$200k-400k 171 $46,005,000 $269,035 $9,557 3.09%
$100,000 or less 29 $2,295,000 $79,138 $4,925 2.99%
$400k-600k 20 $9,300,000 $465,000 $14,260 3.18%
$600k-1MM 2 $1,230,000 $615,000 $14,697 3.38%

2021 saw Mortgage Financial Group place emphasis on $100k-200k loans with 184 originations, totaling $28,430,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 121 $23,755,000 $196,322 $8,206 3.04%
$50k or less 115 $16,555,000 $143,957 $6,683 3.00%
$75k-100k 74 $18,520,000 $250,270 $9,057 3.18%
$100k-150k 66 $18,040,000 $273,333 $9,017 3.09%
$150k-250k 27 $9,395,000 $347,963 $10,559 3.14%
$250k+ 2 $830,000 $415,000 $9,490 3.50%

Mortgage Financial Group lent most frequently to those with incomes in the $50k-75k range, with 121 originations. The second most popular income band? $50k or less, with 115 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 76 $16,030,000 $210,921 $7,173 3.00%
30-36% 73 $14,935,000 $204,589 $7,708 3.08%
<20% 26 $4,600,000 $176,923 $5,478 3.06%
44% 24 $4,850,000 $202,083 $7,863 3.04%
49% 20 $4,030,000 $201,500 $9,099 3.16%
41% 18 $3,360,000 $186,667 $9,531 2.93%
50-60% 16 $4,540,000 $283,750 $12,675 3.25%
42% 16 $2,960,000 $185,000 $7,728 3.15%
46% 16 $4,020,000 $251,250 $8,848 3.15%
48% 16 $3,950,000 $246,875 $10,732 2.95%
37% 15 $3,285,000 $219,000 $6,905 2.94%
43% 15 $3,745,000 $249,667 $8,253 3.22%
40% 15 $2,785,000 $185,667 $6,720 2.98%
36% 14 $3,300,000 $235,714 $9,249 3.19%
39% 13 $3,345,000 $257,308 $10,824 3.10%
38% 13 $2,915,000 $224,231 $9,295 3.11%
47% 11 $2,735,000 $248,636 $10,679 3.17%
45% 9 $1,875,000 $208,333 $8,412 3.14%

Mortgage Financial Group lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 73 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 349 $74,185,000 $212,564 $8,101 3.06%
Black 28 $6,430,000 $229,643 $9,819 3.16%
Not provided 24 $5,460,000 $227,500 $7,936 3.15%
American Indian 3 $605,000 $201,667 $7,937 3.17%
Asian 2 $580,000 $290,000 $11,523 2.94%

Approval Rates

Total approvals of all applications
95.79%

Mortgage Financial Group 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
75.47%

Mortgage Financial Group has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
1799.9 1 $105,000 $105,000
5416.0 1 $225,000 $225,000
7360.03 1 $185,000 $185,000
NA 403 $86,745,000 $215,248

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
406 $87,260,000 $214,926

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 7 $685,000 $97,857 $5,710 2.96%
40-60% 46 $6,990,000 $151,957 $5,760 2.88%
60-80% 128 $27,550,000 $215,234 $7,220 3.20%
80-100% 219 $50,655,000 $231,301 $9,300 3.05%
Over 100% 5 $1,275,000 $255,000 $13,549 2.83%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MORTGAGE INVESTORS GROUP VA mortgage Closing on a mortgage 1 50.0%
MORTGAGE INVESTORS GROUP Other type of mortgage Improper use of your report 1 50.0%