Direct Lenders Mortgage Rates, Fees & Info
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Tax ID: 20-2553605
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Mortgage Data
Review & Overview
Direct Lenders is a smaller mortgage company specializing in loans. Direct Lenders 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 by origination volume include: Atlanta, Rome, Cedartown, Calhoun, and Columbus among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Direct Lenders has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Direct Lenders is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 3/31/23 |
| 30 Year Conventional Refi | 6.54% | 3/31/23 |
| 30 Year Cash-out Refi | 6.90% | 3/31/23 |
| 30 Year FHA Purchase | 7.32% | 3/31/23 |
| 30 Year VA Purchase | 6.33% | 3/31/23 |
| 30 Year VA Refi | 6.27% | 3/31/23 |
| 30 Year USDA Purchase | 6.46% | 3/31/23 |
| 15 Year Conventional Purchase | 6.01% | 3/31/23 |
| 15 Year Conventional Refi | 5.68% | 3/31/23 |
| 15 Year Cash-out Refi | 5.68% | 3/31/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Originations
276Origination Dollar Volume (All Markets)
$82,760,000Awards
DIRECT LENDERS - 2022
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For 2022, less than of lenders were eligible for this award.
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Relative Rate
Direct Lenders's average 30 year fixed mortgage rate was
5.11%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.35%.
Relative Fees (Closing Costs)
Direct Lenders's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,721.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 226 | $69,180,000 | $306,106 | $4,760 | 5.06% |
| ROME, GA (FHA|USDA|VA) | 13 | $3,235,000 | $248,846 | $4,048 | 5.23% |
| Outside of Metro Areas | 9 | $2,945,000 | $327,222 | $6,409 | 4.74% |
| Cedartown, GA (FHA|USDA|VA) | 4 | $950,000 | $237,500 | $4,984 | 4.41% |
| Calhoun, GA (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $1,928 | 5.59% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $1,749 | 6.88% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $2,750 | 7.13% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $3,970 | 4.38% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 3.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $6,323 | 4.69% |
| PROVO-OREM, UT (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $7,501 | 4.25% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $50 | 2.88% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $7,589 | 6.13% |
| LaGrange, GA-AL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,194 | 5.44% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,062 | 5.63% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,827 | 4.38% |
| Moultrie, GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,207 | 5.50% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,143 | 4.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,768 | 5.63% |
| DALTON, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $8,284 | 5.00% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,224 | 6.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against DIRECT LENDERS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, Direct Lenders's most frequently originated type of loan was Conventional, with 182 originations. Their 2nd most popular type was FHA, with 62 originations.
Loan Reason
For 2022, Direct Lenders's most frequently cited loan purpose was Home Purchase, with 247 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2022, Direct Lenders's most frequently cited loan duration was 30 Year, with 268 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
Direct Lenders's average total fees were $4,721, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 182 originations.
Interest Rates
During 2022, Direct Lenders's average interest rate for loans was 5.11%, while their most frequently originated rate bucket for loans was 5-6%, with 102 originations.
Loan Sizing
2022 saw Direct Lenders place emphasis on $200k-400k loans with 159 originations, totaling $45,525,000 in origination value.
Applicant Income
Direct Lenders lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $75k-100k, with 64 originations.
Applicant Debt to Income Ratio
Direct Lenders lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 37 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.69%
Direct Lenders has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination51.81%
Direct Lenders has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 276 | $82,760,000 | $299,855 |