Ross Mortgage Corporation Rates, Fees & Info

TROY, MI

LEI: 5493005NU5BA00C1N451

Tax ID: 38-1332826

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ross Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi 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 include Detroit, Flint, Glasgow, Bowling Green, and Ann Arbor among others. Ross Mortgage Corporation 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. Ross Mortgage Corporation is typically an average fee lendor.


Originations

1,979

Origination Dollar Volume (All Markets)

$435,895,000

Relative Rate

Ross Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.24%.

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

This yields a difference of 0.09%.

Relative Fees

Ross Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $4,438.

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1,351 $303,295,000 $224,497 $3,888 3.14%
FLINT, MI (FHA|USDA|VA) 144 $24,920,000 $173,056 $4,343 3.17%
Outside of Metro Areas 76 $15,430,000 $203,026 $4,743 3.20%
Glasgow, KY (FHA|USDA|VA) 63 $11,085,000 $175,952 $4,519 3.41%
BOWLING GREEN, KY (FHA|USDA|VA) 37 $7,555,000 $204,189 $5,733 3.26%
ANN ARBOR, MI (FHA|USDA|VA) 30 $7,460,000 $248,667 $3,750 3.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 16 $5,550,000 $346,875 $9,284 3.40%
MONROE, MI (FHA|USDA|VA) 28 $5,280,000 $188,571 $4,546 3.33%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 13 $4,545,000 $349,615 $6,565 2.90%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 24 $4,070,000 $169,583 $4,307 3.07%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 11 $3,225,000 $293,182 $7,194 3.18%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 10 $2,810,000 $281,000 $8,204 3.16%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 10 $2,610,000 $261,000 $3,284 3.09%
OCALA, FL (FHA|USDA|VA) 14 $2,570,000 $183,571 $5,985 3.55%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 11 $2,525,000 $229,545 $5,597 3.15%
Traverse City, MI (FHA|USDA|VA) 7 $1,815,000 $259,286 $6,315 3.13%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $1,190,000 $595,000 $8,655 2.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 4 $1,140,000 $285,000 $7,764 2.94%
RICHMOND, VA (FHA|USDA|VA) 5 $1,115,000 $223,000 $6,989 3.25%
SAGINAW, MI (FHA|USDA|VA) 7 $1,085,000 $155,000 $3,916 3.14%
JACKSON, MI (FHA|USDA|VA) 4 $920,000 $230,000 $6,146 3.06%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 3 $885,000 $295,000 $10,250 2.71%
Adrian, MI (FHA|USDA|VA) 4 $860,000 $215,000 $3,161 3.00%
Morehead City, NC (FHA|USDA|VA) 2 $830,000 $415,000 $9,851 2.81%
WINSTON-SALEM, NC (FHA|USDA|VA) 3 $755,000 $251,667 $4,338 3.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $750,000 $187,500 $4,432 3.34%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $735,000 $245,000 $4,426 2.96%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $730,000 $365,000 $8,171 3.25%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 3 $725,000 $241,667 $5,110 2.92%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $705,000 $235,000 $5,023 2.67%
COLUMBIA, SC (FHA|USDA|VA) 3 $695,000 $231,667 $7,146 2.92%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $685,000 $685,000 $2,606 2.88%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 3 $685,000 $228,333 $4,670 3.17%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $675,000 $225,000 $3,925 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $605,000 $201,667 $3,622 2.96%
COLUMBUS, OH (FHA|USDA|VA) 2 $560,000 $280,000 $3,878 3.25%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $545,000 $545,000 $4,817 2.88%
Somerset, KY (FHA|USDA|VA) 3 $525,000 $175,000 $4,450 3.67%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $520,000 $260,000 $6,397 3.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $505,000 $505,000 $5,954 2.63%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $505,000 $505,000 $5,229 2.88%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 3 $485,000 $161,667 $4,258 3.17%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $475,000 $475,000 $5,488 3.00%
MUSKEGON, MI (FHA|USDA|VA) 1 $405,000 $405,000 $6,753 2.88%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $400,000 $200,000 $4,639 3.50%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $390,000 $195,000 $3,603 3.31%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $390,000 $195,000 $5,908 3.50%
MIDLAND, MI (FHA|USDA|VA) 1 $365,000 $365,000 $2,831 2.88%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $365,000 $365,000 $2,805 2.25%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $350,000 $175,000 $3,064 3.19%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 2 $350,000 $175,000 $7,558 4.44%
PITTSBURGH, PA (FHA|USDA|VA) 1 $345,000 $345,000 $16,020 2.75%
Ludington, MI (FHA|USDA|VA) 2 $340,000 $170,000 $2,814 3.06%
BAY CITY, MI (FHA|USDA|VA) 3 $325,000 $108,333 $2,966 2.88%
Mount Pleasant, MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,196 2.88%
LYNCHBURG, VA (FHA|USDA|VA) 1 $325,000 $325,000 $9,780 4.25%
Escanaba, MI (FHA|USDA|VA) 1 $305,000 $305,000 $3,538 3.25%
Mount Sterling, KY (FHA|USDA|VA) 1 $305,000 $305,000 $3,805 3.63%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $295,000 $295,000 $4,582 2.88%
STAUNTON, VA (FHA|USDA|VA) 1 $295,000 $295,000 $12,830 3.25%
FLORENCE, SC (FHA|USDA|VA) 1 $295,000 $295,000 $3,487 2.75%
SAVANNAH, GA (FHA|USDA|VA) 2 $280,000 $140,000 $3,864 3.25%
BATTLE CREEK, MI (FHA|USDA|VA) 2 $280,000 $140,000 $3,427 2.50%
Alma, MI (FHA|USDA|VA) 2 $270,000 $135,000 $3,591 3.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $265,000 $265,000 $3,303 3.75%
Plymouth, IN (FHA|USDA|VA) 1 $255,000 $255,000 $6,220 2.75%
AKRON, OH (FHA|USDA|VA) 2 $250,000 $125,000 $2,546 2.56%
Campbellsville, KY (FHA|USDA|VA) 1 $245,000 $245,000 $7,008 3.38%
Sevierville, TN (FHA|USDA|VA) 1 $225,000 $225,000 $9,402 4.63%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $215,000 $215,000 $7,186 2.88%
HARRISONBURG, VA (FHA|USDA|VA) 1 $215,000 $215,000 $10,501 2.75%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,174 2.88%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $195,000 $195,000 $4,540 3.38%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $185,000 $185,000 $7,063 3.25%
KNOXVILLE, TN (FHA|USDA|VA) 1 $185,000 $185,000 $4,982 3.88%
Bucyrus-Galion, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,975 3.13%
Palatka, FL (FHA|USDA|VA) 1 $165,000 $165,000 $9,639 4.13%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,320 2.38%
KOKOMO, IN (FHA|USDA|VA) 1 $155,000 $155,000 $3,252 4.38%
BATON ROUGE, LA (FHA|USDA|VA) 1 $145,000 $145,000 $3,594 3.25%
Thomaston, GA (FHA|USDA|VA) 1 $145,000 $145,000 $2,841 2.63%
Marquette, MI (FHA|USDA|VA) 1 $135,000 $135,000 $3,229 3.88%
Danville, KY (FHA|USDA|VA) 1 $135,000 $135,000 $3,492 2.75%
LIMA, OH (FHA|USDA|VA) 1 $125,000 $125,000 $5,325 3.13%
Cadillac, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,277 3.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $115,000 $115,000 $3,572 2.75%
Houghton, MI (FHA|USDA|VA) 1 $105,000 $105,000 $3,313 2.75%
Big Rapids, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,922 3.88%
Coldwater, MI (FHA|USDA|VA) 1 $35,000 $35,000 $3,207 2.75%

Ross Mortgage Corporation's top markets include Detroit, Flint, Glasgow, Bowling Green, and Ann Arbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,509 $335,335,000 $222,223 $3,531 3.10%
FHA 252 $44,800,000 $177,778 $7,266 3.54%
VA 172 $48,130,000 $279,826 $5,669 3.00%
USDA 46 $7,630,000 $165,870 $5,577 3.50%

For the 2021 period, Ross Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 1,509 originations. Their 2nd most popular type is FHA, with 252 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,100 $249,690,000 $226,991 $4,905 3.25%
Refi 540 $112,190,000 $207,759 $3,095 2.92%
Cash Out Refi 339 $74,015,000 $218,333 $3,907 3.25%

For the 2021, Ross Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 1,100 originations. The 2nd most popular reason of loans were Refi, with 540 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,667 $373,525,000 $224,070 $4,438 3.24%
15 Year 188 $36,720,000 $195,319 $3,231 2.60%
20 Year 64 $14,620,000 $228,438 $3,176 2.92%
Other 35 $7,615,000 $217,571 $3,133 3.11%
10 Year 25 $3,415,000 $136,600 $2,854 2.61%

For the 2021, Ross Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 1,667 originations. The 2nd most popular length of loans were 15 Year, with 188 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,359 $285,775,000 $210,283
$2k-3k 291 $63,555,000 $218,402
$<1k 155 $38,455,000 $248,097
$3k-4k 146 $37,570,000 $257,329
$5k+ 28 $10,540,000 $376,429

$4,438 of loans were Ross Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,359 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,041 $214,105,000 $205,672
2.5-3% 740 $178,070,000 $240,635
<2.5% 146 $34,070,000 $233,356
4-5% 51 $9,585,000 $187,941
5-6% 1 $65,000 $65,000

During 2021, Ross Mortgage Corporation's average interest rate of loans were 3.24%, while their most frequently originated rate bucket of loans were 3-4%, with 1,041 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 877 $131,765,000 $150,245 $3,937 3.22%
$200k-400k 771 $210,705,000 $273,288 $4,685 3.12%
$100,000 or less 185 $14,965,000 $80,892 $3,285 3.19%
$400k-600k 118 $57,210,000 $484,831 $4,549 2.89%
$600k-1MM 24 $16,860,000 $702,500 $6,203 3.05%
$1MM+ 4 $4,390,000 $1,097,500 $8,171 3.00%

2021 saw Ross Mortgage Corporation place emphasis on $100k-200k loans with 877 originations, totaling $131,765,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 513 $93,785,000 $182,817 $4,587 3.22%
$50k or less 392 $53,900,000 $137,500 $4,115 3.27%
$100k-150k 377 $96,905,000 $257,042 $4,219 3.10%
$75k-100k 364 $80,470,000 $221,071 $4,287 3.18%
$150k-250k 202 $65,260,000 $323,069 $4,130 3.04%
$250k+ 91 $35,675,000 $392,033 $3,970 2.98%

Ross Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 513 originations. The second most popular income band? $50k or less, with 392 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 458 $98,220,000 $214,454 $3,790 3.08%
30-36% 358 $78,850,000 $220,251 $4,123 3.23%
<20% 202 $43,840,000 $217,030 $3,292 2.87%
43% 85 $17,845,000 $209,941 $4,363 3.20%
44% 83 $16,435,000 $198,012 $4,523 3.25%
38% 81 $18,895,000 $233,272 $4,096 3.20%
50-60% 80 $18,120,000 $226,500 $7,223 3.35%
40% 77 $18,045,000 $234,351 $4,855 3.23%
37% 76 $18,500,000 $243,421 $4,176 3.17%
41% 72 $16,820,000 $233,611 $4,717 3.30%
42% 70 $14,550,000 $207,857 $4,723 3.34%
39% 63 $15,765,000 $250,238 $3,875 3.13%
36% 53 $12,115,000 $228,585 $4,341 3.11%
48% 47 $9,295,000 $197,766 $4,290 3.16%
49% 45 $11,315,000 $251,444 $4,765 3.18%
46% 44 $8,290,000 $188,409 $4,603 3.14%
45% 44 $10,460,000 $237,727 $5,051 3.37%
47% 38 $7,910,000 $208,158 $4,369 3.20%
>60% 1 $345,000 $345,000 $9,635 2.88%

Ross Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 458 originations. The next most common DTI ratio? 30-36%, with 358 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,406 $306,350,000 $217,888 $4,185 3.17%
Not provided 461 $106,375,000 $230,748 $4,148 3.08%
Black 74 $14,000,000 $189,189 $5,874 3.36%
Asian 29 $6,995,000 $241,207 $4,057 3.14%
American Indian 7 $1,725,000 $246,429 $4,099 3.41%
Native Hawaiian 2 $450,000 $225,000 $6,866 3.63%

Approval Rates

Total approvals of all applications
95.32%

Ross Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
88.59%

Ross Mortgage Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,979 $435,895,000 $220,260

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,979 $435,895,000 $220,260

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 62 $7,680,000 $123,871 $2,891 2.83%
40-60% 213 $42,225,000 $198,239 $3,149 2.90%
60-80% 679 $153,705,000 $226,370 $3,583 3.12%
80-100% 990 $223,030,000 $225,283 $4,764 3.26%
Over 100% 32 $9,070,000 $283,438 $11,923 3.09%
Under 20% 3 $185,000 $61,667 $3,251 3.08%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
ROSS MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 1 33.3%
ROSS MORTGAGE CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
ROSS MORTGAGE CORPORATION VA mortgage Closing on a mortgage 1 33.3%