First Equity Mortgage Bankers Rates, Fees & Info

MIAMI, FL

LEI: 5493004LAP3ULXM1YB66

Tax ID: 65-0782023

1 stars - out of 5 stars, based on 46 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Equity Mortgage Bankers is a smaller bank specializing in Home Purchase loans. First Equity Mortgage Bankers has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Miami, San Juan, Ponce, Ocala, and Crestview among others. First Equity Mortgage Bankers has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Equity Mortgage Bankers is typically a high fee lendor.


Originations

2,103

Origination Dollar Volume (All Markets)

$479,045,000

Relative Rate

First Equity Mortgage Bankers 's average 30 year fixed rate mortgage of loans were 3.4%.

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

This yields a difference of 0.25%.

Relative Fees

First Equity Mortgage Bankers 's average total fees for a 30 year fixed rate mortgage are $8,142.

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 622 $226,670,000 $364,421 $8,598 3.27%
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 1,072 $176,410,000 $164,562 $8,203 3.46%
PONCE, PR (FHA|USDA|VA) 108 $13,290,000 $123,056 $7,077 3.41%
OCALA, FL (FHA|USDA|VA) 49 $10,945,000 $223,367 $5,179 3.33%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 12 $5,360,000 $446,667 $8,642 3.37%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 27 $5,185,000 $192,037 $7,899 3.70%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 9 $3,685,000 $409,444 $9,630 3.35%
SAN GERMÁN, PR (FHA|USDA|VA) 26 $3,350,000 $128,846 $7,087 3.45%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 12 $3,190,000 $265,833 $8,209 3.43%
PORT ST. LUCIE, FL (FHA|USDA|VA) 14 $2,980,000 $212,857 $7,446 3.33%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $2,445,000 $271,667 $8,258 3.38%
JACKSONVILLE, FL (FHA|USDA|VA) 10 $2,310,000 $231,000 $6,730 3.04%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 7 $2,305,000 $329,286 $6,733 3.25%
MAYAGÜEZ, PR (FHA|USDA|VA) 12 $2,300,000 $191,667 $8,619 3.23%
Arecibo, PR (FHA|USDA|VA) 15 $2,065,000 $137,667 $7,475 3.39%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 8 $1,690,000 $211,250 $5,645 3.14%
Coamo, PR (FHA|USDA|VA) 15 $1,675,000 $111,667 $6,636 3.37%
Key West, FL (FHA|USDA|VA) 2 $1,550,000 $775,000 $8,164 3.31%
YAUCO, PR (FHA|USDA|VA) 14 $1,470,000 $105,000 $5,862 3.27%
Outside of Metro Areas 9 $1,465,000 $162,778 $7,397 3.67%
GUAYAMA, PR (FHA|USDA|VA) 11 $1,285,000 $116,818 $5,985 3.39%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,210,000 $302,500 $8,492 3.28%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 5 $1,205,000 $241,000 $9,622 3.33%
Santa Isabel, PR (FHA|USDA|VA) 6 $830,000 $138,333 $7,305 3.69%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 4 $710,000 $177,500 $4,150 3.34%
Coco, PR (FHA|USDA|VA) 6 $640,000 $106,667 $6,111 3.13%
WARNER ROBINS, GA (FHA|USDA|VA) 2 $610,000 $305,000 $10,464 3.19%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 3 $595,000 $198,333 $7,650 4.08%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,082 3.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,277 2.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $215,000 $215,000 $6,856 3.25%
Jayuya, PR (FHA|USDA|VA) 2 $190,000 $95,000 $5,728 3.13%
GAINESVILLE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $4,254 3.00%
Clewiston, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,550 3.13%
PANAMA CITY, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,497 3.75%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $135,000 $135,000 $3,122 2.88%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $3,414 4.13%

First Equity Mortgage Bankers 's top markets include Miami, San Juan, Ponce, Ocala, and Crestview among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 990 $285,520,000 $288,404 $7,439 3.58%
FHA 726 $136,210,000 $187,617 $9,453 3.22%
USDA 302 $38,070,000 $126,060 $6,594 3.22%
VA 85 $19,245,000 $226,412 $9,201 3.11%

For the 2021 period, First Equity Mortgage Bankers 's most frequently originated loan type of loans were Conventional, with 990 originations. Their 2nd most popular type is FHA, with 726 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,788 $392,820,000 $219,698 $8,220 3.41%
Refi 313 $85,725,000 $273,882 $7,312 3.25%
Cash Out Refi 2 $500,000 $250,000 $9,183 2.75%

For the 2021, First Equity Mortgage Bankers 's most frequently cited loan purpose of loans were Home Purchase, with 1,788 originations. The 2nd most popular reason of loans were Refi, with 313 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,004 $458,390,000 $228,738 $8,142 3.40%
15 Year 71 $16,735,000 $235,704 $7,039 3.01%
20 Year 16 $2,100,000 $131,250 $6,321 3.51%
10 Year 7 $955,000 $136,429 $7,211 3.29%
Other 5 $865,000 $173,000 $7,010 3.23%

For the 2021, First Equity Mortgage Bankers 's most frequently cited loan length of loans were 30 Year, with 2,004 originations. The 2nd most popular length of loans were 15 Year, with 71 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 641 $128,955,000 $201,178
$1k-2k 559 $138,635,000 $248,005
$2k-3k 452 $71,680,000 $158,584
$5k+ 372 $131,730,000 $354,113
$<1k 79 $8,045,000 $101,835

$8,142 of loans were First Equity Mortgage Bankers 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 641 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,184 $281,450,000 $237,711
2.5-3% 615 $134,635,000 $218,919
4-5% 121 $24,335,000 $201,116
<2.5% 109 $24,775,000 $227,294
5-6% 68 $13,150,000 $193,382
6-7% 5 $665,000 $133,000
7-8% 1 $35,000 $35,000

During 2021, First Equity Mortgage Bankers 's average interest rate of loans were 3.40%, while their most frequently originated rate bucket of loans were 3-4%, with 1,184 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 916 $127,960,000 $139,694 $6,911 3.36%
$200k-400k 628 $182,830,000 $291,131 $10,131 3.27%
$100,000 or less 335 $27,685,000 $82,642 $5,073 3.67%
$400k-600k 174 $82,880,000 $476,322 $10,549 3.37%
$600k-1MM 29 $23,315,000 $803,966 $13,870 3.53%
$1MM+ 21 $34,375,000 $1,636,905 $17,557 3.36%

2021 saw First Equity Mortgage Bankers place emphasis on $100k-200k loans with 916 originations, totaling $127,960,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 814 $97,440,000 $119,705 $6,390 3.39%
$50k-75k 468 $95,250,000 $203,526 $8,301 3.29%
$75k-100k 268 $69,720,000 $260,149 $9,203 3.35%
$100k-150k 260 $74,780,000 $287,615 $8,964 3.40%
$150k-250k 179 $65,215,000 $364,330 $9,895 3.52%
$250k+ 114 $76,640,000 $672,281 $11,859 3.60%

First Equity Mortgage Bankers lent most frequently to those with incomes in the $50k or less range, with 814 originations. The second most popular income band? $50k-75k, with 468 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 322 $68,810,000 $213,696 $7,504 3.40%
20-30% 311 $67,625,000 $217,444 $7,832 3.42%
50-60% 216 $51,450,000 $238,194 $10,551 3.18%
<20% 106 $29,150,000 $275,000 $8,475 3.34%
45% 98 $21,690,000 $221,327 $7,809 3.43%
49% 98 $25,240,000 $257,551 $7,328 3.40%
43% 96 $20,020,000 $208,542 $8,251 3.39%
44% 95 $22,985,000 $241,947 $8,247 3.31%
37% 88 $18,610,000 $211,477 $7,758 3.42%
42% 84 $25,750,000 $306,548 $7,747 3.44%
39% 83 $19,055,000 $229,578 $7,467 3.52%
36% 83 $17,475,000 $210,542 $8,209 3.34%
41% 79 $20,365,000 $257,785 $8,520 3.31%
40% 76 $13,610,000 $179,079 $7,432 3.62%
38% 73 $13,725,000 $188,014 $7,090 3.55%
46% 68 $15,540,000 $228,529 $7,728 3.50%
48% 64 $13,970,000 $218,281 $7,338 3.37%
47% 62 $13,620,000 $219,677 $8,323 3.27%
>60% 1 $355,000 $355,000 $13,187 3.25%

First Equity Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 322 originations. The next most common DTI ratio? 20-30%, with 311 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,919 $431,325,000 $224,766 $8,087 3.38%
Black 143 $31,325,000 $219,056 $7,617 3.49%
Asian 26 $9,960,000 $383,077 $8,645 3.28%
Not provided 7 $4,175,000 $596,429 $16,159 3.34%
American Indian 6 $1,540,000 $256,667 $5,812 3.31%
Not applicable 2 $720,000 $360,000 $10,862 3.00%

Approval Rates

Total approvals of all applications
86.77%

First Equity Mortgage Bankers has an average approval rate.

Pick Rate

Approvals leading to origination
71.20%

First Equity Mortgage Bankers has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,103 $479,045,000 $227,791

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,103 $479,045,000 $227,791

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 25 $5,755,000 $230,200 $5,540 3.01%
40-60% 137 $39,815,000 $290,620 $6,573 3.23%
60-80% 499 $135,765,000 $272,074 $7,404 3.56%
80-100% 1,408 $289,540,000 $205,639 $8,434 3.36%
Over 100% 30 $7,420,000 $247,333 $12,541 3.03%
Under 20% 4 $750,000 $187,500 $4,080 2.91%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Equity Mortgage Bankers, Inc. VA mortgage Trouble during payment process 1 20.0%
First Equity Mortgage Bankers, Inc. Conventional home mortgage Closing on a mortgage 2 40.0%
First Equity Mortgage Bankers, Inc. Conventional home mortgage Struggling to pay mortgage 1 20.0%
First Equity Mortgage Bankers, Inc. FHA mortgage Closing on a mortgage 1 20.0%