First Equity Mortgage Bankers Rates, Fees & Info
MIAMI, FLLEI: 5493004LAP3ULXM1YB66
Tax ID: 65-0782023
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
2,103Origination Dollar Volume (All Markets)
$479,045,000Relative 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 applications86.77%
First Equity Mortgage Bankers has an average approval rate.
Pick Rate
Approvals leading to origination71.20%
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% |
