The Mortgage Warehouse Rates, Fees & Info

LOUISVILLE, KY

LEI: 5493005G8JO0PPI0HN36

Tax ID: 02-0687335

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Mortgage Warehouse is a smaller mortgage company specializing in Refi and Cash Out Refi loans. The Mortgage Warehouse has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Louisville/jefferson County, Cape Coral, Naples, Lexington, and Elizabethtown among others. The Mortgage Warehouse 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. The Mortgage Warehouse is typically a low fee lendor.


Originations

1,182

Origination Dollar Volume (All Markets)

$283,850,000
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Relative Rate

The Mortgage Warehouse's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

The Mortgage Warehouse's average total fees for a 30 year fixed rate mortgage are $3,060.

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
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 720 $164,890,000 $229,014 $2,715 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 270 $68,400,000 $253,333 $3,304 3.03%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 70 $22,560,000 $322,286 $3,455 2.97%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 19 $4,035,000 $212,368 $3,440 2.61%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 16 $3,740,000 $233,750 $2,771 2.80%
Bardstown, KY (FHA|USDA|VA) 16 $2,900,000 $181,250 $2,819 2.79%
Outside of Metro Areas 11 $2,305,000 $209,545 $2,917 3.05%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $1,880,000 $313,333 $3,617 2.88%
Frankfort, KY (FHA|USDA|VA) 8 $1,700,000 $212,500 $3,383 2.76%
PUNTA GORDA, FL (FHA|USDA|VA) 6 $1,570,000 $261,667 $3,370 3.06%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $1,445,000 $289,000 $3,670 2.68%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,365,000 $273,000 $3,368 3.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 4 $1,140,000 $285,000 $2,606 2.59%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $695,000 $231,667 $2,696 2.33%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $560,000 $280,000 $4,150 2.81%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 2 $530,000 $265,000 $3,342 3.19%
Clewiston, FL (FHA|USDA|VA) 2 $490,000 $245,000 $4,306 3.19%
BOWLING GREEN, KY (FHA|USDA|VA) 2 $440,000 $220,000 $2,488 2.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $390,000 $195,000 $4,229 2.94%
Danville, KY (FHA|USDA|VA) 2 $370,000 $185,000 $3,059 2.81%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $325,000 $325,000 $2,697 2.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,648 2.88%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,453 2.75%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $265,000 $265,000 $2,430 2.88%
OWENSBORO, KY (FHA|USDA|VA) 1 $255,000 $255,000 $3,151 2.50%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,449 3.50%
Scottsburg, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,373 2.50%
Madison, IN (FHA|USDA|VA) 1 $205,000 $205,000 $5,079 2.75%
FORT WAYNE, IN (FHA|USDA|VA) 1 $135,000 $135,000 $2,249 2.50%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,532 4.38%
Seymour, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,681 3.13%

The Mortgage Warehouse's top markets include Louisville/jefferson County, Cape Coral, Naples, Lexington, and Elizabethtown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,142 $274,680,000 $240,525 $2,886 2.88%
VA 31 $7,165,000 $231,129 $3,824 2.56%
FHA 6 $1,420,000 $236,667 $7,471 2.96%
USDA 3 $585,000 $195,000 $5,023 2.88%

For the 2021 period, The Mortgage Warehouse's most frequently originated loan type of loans were Conventional, with 1,142 originations. Their 2nd most popular type is VA, with 31 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 614 $143,120,000 $233,094 $2,713 2.76%
Cash Out Refi 373 $88,025,000 $235,992 $2,923 2.98%
Home Purchase 195 $52,705,000 $270,282 $3,688 3.02%

For the 2021, The Mortgage Warehouse's most frequently cited loan purpose of loans were Refi, with 614 originations. The 2nd most popular reason of loans were Cash Out Refi, with 373 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 801 $199,905,000 $249,569 $3,060 3.03%
15 Year 274 $60,530,000 $220,912 $2,694 2.45%
20 Year 65 $14,595,000 $224,538 $2,649 2.75%
Other 25 $6,125,000 $245,000 $2,662 2.95%
10 Year 17 $2,695,000 $158,529 $2,715 2.35%

For the 2021, The Mortgage Warehouse's most frequently cited loan length of loans were 30 Year, with 801 originations. The 2nd most popular length of loans were 15 Year, with 274 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,145 $274,935,000 $240,118
$<1k 29 $7,035,000 $242,586
$3k-4k 3 $675,000 $225,000
$2k-3k 2 $530,000 $265,000

$3,060 of loans were The Mortgage Warehouse's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,145 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 530 $131,660,000 $248,415
3-4% 377 $90,385,000 $239,748
<2.5% 270 $60,860,000 $225,407
4-5% 4 $870,000 $217,500
5-6% 1 $75,000 $75,000

During 2021, The Mortgage Warehouse's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 530 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 623 $170,165,000 $273,138 $3,060 2.88%
$100k-200k 433 $68,475,000 $158,141 $2,642 2.86%
$400k-600k 91 $42,175,000 $463,462 $3,678 2.88%
$100,000 or less 35 $3,035,000 $86,714 $2,545 2.82%

2021 saw The Mortgage Warehouse place emphasis on $200k-400k loans with 623 originations, totaling $170,165,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 298 $79,510,000 $266,812 $3,096 2.85%
$50k-75k 294 $58,030,000 $197,381 $2,816 2.92%
$75k-100k 254 $59,090,000 $232,638 $2,812 2.88%
$150k-250k 175 $55,795,000 $318,829 $3,199 2.79%
$50k or less 120 $19,000,000 $158,333 $2,726 2.88%
$250k+ 35 $11,105,000 $317,286 $3,051 2.93%

The Mortgage Warehouse lent most frequently to those with incomes in the $100k-150k range, with 298 originations. The second most popular income band? $50k-75k, with 294 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 328 $76,530,000 $233,323 $2,860 2.82%
30-36% 254 $63,030,000 $248,150 $3,012 2.86%
<20% 132 $27,320,000 $206,970 $2,551 2.70%
41% 53 $13,065,000 $246,509 $3,001 3.01%
36% 48 $11,630,000 $242,292 $2,983 3.03%
42% 47 $13,045,000 $277,553 $3,037 2.99%
40% 46 $11,440,000 $248,696 $2,933 3.01%
38% 43 $11,235,000 $261,279 $3,076 2.81%
37% 43 $9,855,000 $229,186 $2,757 2.84%
39% 35 $9,365,000 $267,571 $3,025 3.00%
43% 34 $9,060,000 $266,471 $3,274 2.96%
44% 34 $8,220,000 $241,765 $3,131 3.05%
45% 26 $5,290,000 $203,462 $2,863 2.88%
48% 17 $4,215,000 $247,941 $3,097 3.05%
46% 11 $2,755,000 $250,455 $3,250 2.91%
47% 11 $2,595,000 $235,909 $3,098 2.84%
49% 11 $2,895,000 $263,182 $3,386 3.14%
50-60% 9 $2,305,000 $256,111 $5,068 2.79%

The Mortgage Warehouse lent most frequently to those with DTI ratios of 20-30%, with 328 originations. The next most common DTI ratio? 30-36%, with 254 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,127 $271,845,000 $241,211 $2,945 2.87%
Black 23 $5,055,000 $219,783 $2,893 3.04%
Asian 18 $4,700,000 $261,111 $2,815 2.71%
Not provided 10 $1,580,000 $158,000 $2,843 2.44%
Asian Indian 1 $215,000 $215,000 $2,335 2.38%
Vietnamese 1 $185,000 $185,000 $2,389 2.75%
Other Asian 1 $135,000 $135,000 $2,867 2.88%
Native Hawaiian 1 $135,000 $135,000 $2,603 3.00%

Approval Rates

Total approvals of all applications
93.37%

The Mortgage Warehouse has an average approval rate.

Pick Rate

Approvals leading to origination
87.07%

The Mortgage Warehouse has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1 $75,000 $75,000
NA 1,181 $283,775,000 $240,284

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,182 $283,850,000 $240,144

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 50 $8,490,000 $169,800 $2,898 2.64%
40-60% 290 $60,480,000 $208,552 $2,709 2.74%
60-80% 652 $164,280,000 $251,963 $2,882 2.92%
80-100% 185 $49,835,000 $269,378 $3,514 2.96%
Under 20% 5 $765,000 $153,000 $3,084 3.40%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
THE MORTGAGE EXPERTS LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%