Ross Mortgage Corporation Rates, Fees & Info

TROY, MI

LEI: 5493005NU5BA00C1N451

Tax ID: 38-1332826

3.6 stars - Updated: 3/3/24 - out of 5 stars, based on 29 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Ross Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Ross Mortgage Corporation 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: Detroit, Flint, Washington, Nashville, and Glasgow among others. We have data for 70 markets. (Some data included below & more in-depth data is available with an active subscription.)

Ross Mortgage Corporation 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. Ross Mortgage Corporation 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 relatively high 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.76% 3/3/24
30 Year Conventional Refi 6.59% 3/3/24
30 Year Cash-out Refi 6.86% 3/3/24
30 Year FHA Purchase 7.61% 3/3/24
30 Year FHA Refi 7.84% 3/3/24
30 Year VA Purchase 6.50% 3/3/24
30 Year USDA Purchase 7.37% 3/3/24
15 Year Conventional Purchase 5.99% 3/3/24
15 Year Conventional Refi 5.95% 3/3/24
15 Year Cash-out Refi 5.95% 3/3/24
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.

Ross Mortgage Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Ross Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

814

Origination Dollar Volume (All Markets)

$194,630,000

Relative Rate

Ross Mortgage Corporation's average 30 year fixed mortgage rate was 5.49%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.73%.

Relative Fees (Closing Costs)

Ross Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $5,661.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 472 $107,930,000 $228,665 $4,538 5.37%
Outside of Metro Areas 49 $11,355,000 $231,735 $7,173 5.51%
FLINT, MI (FHA|USDA|VA) 63 $11,355,000 $180,238 $4,872 5.36%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 18 $8,330,000 $462,778 $13,700 5.31%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 21 $7,115,000 $338,810 $10,658 6.06%
Glasgow, KY (FHA|USDA|VA) 29 $5,655,000 $195,000 $6,938 5.63%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 12 $3,850,000 $320,833 $8,332 5.65%
MONROE, MI (FHA|USDA|VA) 12 $2,950,000 $245,833 $4,757 5.66%
ANN ARBOR, MI (FHA|USDA|VA) 12 $2,840,000 $236,667 $2,802 5.82%
BOWLING GREEN, KY (FHA|USDA|VA) 12 $2,760,000 $230,000 $8,379 5.45%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 8 $2,130,000 $266,250 $5,992 4.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $2,095,000 $419,000 $5,217 4.10%
OCALA, FL (FHA|USDA|VA) 7 $1,605,000 $229,286 $5,831 5.84%
RICHMOND, VA (FHA|USDA|VA) 4 $1,530,000 $382,500 $8,939 5.19%
HUNTSVILLE, AL (FHA|USDA|VA) 4 $1,300,000 $325,000 $9,270 6.00%
Adrian, MI (FHA|USDA|VA) 5 $1,175,000 $235,000 $7,188 5.80%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,170,000 $585,000 $13,414 5.25%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 4 $1,090,000 $272,500 $13,572 5.91%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $1,075,000 $358,333 $11,775 5.21%
COLUMBUS, OH (FHA|USDA|VA) 4 $970,000 $242,500 $8,105 6.63%
SAGINAW, MI (FHA|USDA|VA) 6 $910,000 $151,667 $3,571 5.73%
MIDLAND, MI (FHA|USDA|VA) 4 $810,000 $202,500 $4,488 5.94%
JACKSON, MI (FHA|USDA|VA) 3 $755,000 $251,667 $8,596 5.21%
LOUISVILLE, KY (FHA|USDA|VA) 2 $680,000 $340,000 $14,288 5.19%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $680,000 $340,000 $7,848 4.94%
Key West, FL (FHA|USDA|VA) 1 $645,000 $645,000 $5,468 3.88%
Lewisburg, TN (FHA|USDA|VA) 2 $600,000 $300,000 $2,351 6.63%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $550,000 $275,000 $8,744 6.31%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $520,000 $260,000 $7,853 6.56%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $485,000 $485,000 $17,564 4.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $470,000 $235,000 $5,464 4.44%
CLEVELAND, TN (FHA|USDA|VA) 1 $465,000 $465,000 $10,795 5.63%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $405,000 $405,000 $0 6.50%
Traverse City, MI (FHA|USDA|VA) 1 $395,000 $395,000 $4,342 5.88%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $355,000 $355,000 $7,685 5.13%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $355,000 $355,000 $5,434 5.38%
Alma, MI (FHA|USDA|VA) 2 $350,000 $175,000 $4,548 5.88%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $345,000 $345,000 $11,316 6.50%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 1 $325,000 $325,000 $11,571 6.13%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 5.25%
STAUNTON, VA (FHA|USDA|VA) 1 $295,000 $295,000 $13,801 5.13%
ALEXANDRIA, LA (FHA|USDA|VA) 1 $295,000 $295,000 $17,796 5.75%
Shelbyville, TN (FHA|USDA|VA) 1 $285,000 $285,000 $11,336 6.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $275,000 $275,000 $8,367 5.13%
Morehead City, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 6.63%
Lawrenceburg, TN (FHA|USDA|VA) 1 $265,000 $265,000 $7,874 5.63%
THE VILLAGES, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,005 4.25%
Urbana, OH (FHA|USDA|VA) 1 $245,000 $245,000 $11,417 4.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $7,733 3.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $235,000 $235,000 $4,044 5.88%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $235,000 $235,000 $3,798 5.63%
GAINESVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $17,452 6.13%
FORT WAYNE, IN (FHA|USDA|VA) 1 $215,000 $215,000 $6,600 5.50%
London, KY (FHA|USDA|VA) 1 $215,000 $215,000 $4,480 3.88%
BAY CITY, MI (FHA|USDA|VA) 2 $210,000 $105,000 $2,592 6.13%
Crossville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $4,958 5.38%
Bardstown, KY (FHA|USDA|VA) 1 $205,000 $205,000 $4,290 5.25%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $195,000 $195,000 $14,201 6.13%
Milledgeville, GA (FHA|USDA|VA) 1 $185,000 $185,000 $10,758 5.13%
WARNER ROBINS, GA (FHA|USDA|VA) 1 $165,000 $165,000 $3,985 4.13%
Campbellsville, KY (FHA|USDA|VA) 1 $165,000 $165,000 $3,543 5.50%
Hillsdale, MI (FHA|USDA|VA) 1 $165,000 $165,000 $5,154 5.88%
TOLEDO, OH (FHA|USDA|VA) 1 $155,000 $155,000 $5,053 5.63%
Somerset, KY (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.13%
Orangeburg, SC (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.38%
ERIE, PA (FHA|USDA|VA) 1 $115,000 $115,000 $6,528 5.63%
Alpena, MI (FHA|USDA|VA) 1 $115,000 $115,000 $4,032 5.50%
Cadillac, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,071 5.75%
Stevens Point, WI (FHA|USDA|VA) 1 $75,000 $75,000 $1,118 3.75%
Oil City, PA (FHA|USDA|VA) 1 $75,000 $75,000 $5,928 5.63%
Ross Mortgage Corporation's top markets include Detroit, Flint, Washington, Nashville, and Glasgow among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against ROSS MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    St James Mortgage Corporation
    Similarity Rank: 114
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    SERVICE ONE
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 524 $126,350,000 $241,126 $4,194 5.42%
    FHA 173 $34,495,000 $199,393 $8,348 5.50%
    VA 106 $31,900,000 $300,943 $8,007 5.40%
    USDA 11 $1,885,000 $171,364 $5,098 5.57%

    For 2022, Ross Mortgage Corporation's most frequently originated type of loan was Conventional, with 524 originations. Their 2nd most popular type was FHA, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 712 $172,040,000 $241,629 $5,702 5.54%
    Cash Out Refi 68 $15,230,000 $223,971 $5,173 4.59%
    Refi 20 $3,840,000 $192,000 $4,372 4.24%
    Other 14 $3,520,000 $251,429 $5,065 5.86%

    For 2022, Ross Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 712 originations. The 2nd most popular reason was Cash Out Refi, with 68 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 790 $188,780,000 $238,962 $5,661 5.49%
    15 Year 20 $4,990,000 $249,500 $4,177 3.86%
    20 Year 2 $620,000 $310,000 $5,042 3.31%
    10 Year 1 $165,000 $165,000 $2,959 3.00%
    Other 1 $75,000 $75,000 $1,118 3.75%

    For 2022, Ross Mortgage Corporation's most frequently cited loan duration was 30 Year, with 790 originations. The 2nd most popular length was 15 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 303 $64,745,000 $213,680
    $2k-3k 154 $32,850,000 $213,312
    $<1k 111 $29,675,000 $267,342
    $5k+ 100 $33,560,000 $335,600
    $3k-4k 84 $19,370,000 $230,595
    $4k-5k 54 $13,100,000 $242,593

    Ross Mortgage Corporation's average total fees were $5,661, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 303 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 382 $87,560,000 $229,215
    4-5% 160 $40,590,000 $253,688
    6-7% 159 $37,225,000 $234,119
    3-4% 67 $17,025,000 $254,104
    7-8% 38 $9,680,000 $254,737
    2.5-3% 8 $2,550,000 $318,750

    During 2022, Ross Mortgage Corporation's average interest rate for loans was 5.49%, while their most frequently originated rate bucket for loans was 5-6%, with 382 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 350 $97,570,000 $278,771 $6,109 5.50%
    $100k-200k 315 $48,165,000 $152,905 $4,667 5.42%
    $400k-600k 70 $33,160,000 $473,714 $8,455 5.28%
    $100,000 or less 63 $4,815,000 $76,429 $3,567 5.45%
    $600k-1MM 16 $10,920,000 $682,500 $8,961 5.02%

    2022 saw Ross Mortgage Corporation place emphasis on $200k-400k loans with 350 originations, totaling $97,570,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 224 $43,340,000 $193,482 $5,456 5.41%
    $75k-100k 164 $39,710,000 $242,134 $6,138 5.50%
    $100k-150k 158 $48,240,000 $305,316 $6,076 5.42%
    $50k or less 154 $20,180,000 $131,039 $4,799 5.46%
    $150k-250k 85 $31,595,000 $371,706 $5,988 5.46%
    $250k+ 28 $11,490,000 $410,357 $4,778 5.26%

    Ross Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 224 originations. The second most popular income band? $75k-100k, with 164 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $35,295,000 $230,686 $4,260 5.25%
    30-36% 151 $37,415,000 $247,781 $4,948 5.45%
    50-60% 66 $16,690,000 $252,879 $9,078 5.53%
    40% 46 $10,360,000 $225,217 $6,794 5.34%
    42% 46 $11,370,000 $247,174 $5,683 5.33%
    38% 36 $7,490,000 $208,056 $5,837 5.49%
    44% 35 $7,935,000 $226,714 $6,207 5.40%
    43% 34 $8,160,000 $240,000 $5,368 5.79%
    41% 31 $7,115,000 $229,516 $6,580 5.61%
    <20% 28 $6,220,000 $222,143 $4,567 4.86%
    49% 28 $7,840,000 $280,000 $4,783 5.57%
    39% 27 $5,475,000 $202,778 $5,135 5.76%
    46% 25 $5,755,000 $230,200 $6,096 5.65%
    37% 23 $5,675,000 $246,739 $6,325 5.70%
    36% 23 $5,555,000 $241,522 $4,790 5.32%
    47% 22 $6,350,000 $288,636 $7,452 5.28%
    48% 20 $4,990,000 $249,500 $5,568 5.61%
    45% 17 $4,095,000 $240,882 $5,002 5.68%
    >60% 3 $845,000 $281,667 $3,549 6.13%

    Ross Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 151 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 632 $153,170,000 $242,358 $5,471 5.44%
    Not provided 104 $24,590,000 $236,442 $5,931 5.49%
    Black 64 $13,590,000 $212,344 $6,716 5.33%
    Asian 9 $2,235,000 $248,333 $3,939 5.03%
    American Indian 5 $1,045,000 $209,000 $5,635 6.03%

    Approval Rates

    Total approvals of all applications
    94.11%

    Ross Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.73%

    Ross Mortgage Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 814 $194,630,000 $239,103

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    814 $194,630,000 $239,103

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $2,780,000 $198,571 $3,243 5.08%
    40-60% 42 $8,210,000 $195,476 $4,551 4.88%
    60-80% 170 $39,850,000 $234,412 $4,449 5.18%
    80-100% 561 $136,055,000 $242,522 $5,660 5.57%
    Over 100% 26 $7,600,000 $292,308 $15,163 5.53%
    Under 20% 1 $135,000 $135,000 $2,494 2.88%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 10.0%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Struggling to pay mortgage 2 20.0%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC Conventional home mortgage Trouble during payment process 6 60.0%
    RUSHMORE LOAN MANAGEMENT SERVICES LLC FHA mortgage Trouble during payment process 1 10.0%