Ross Mortgage Corporation Rates, Fees & Info
TROY, MILEI: 5493005NU5BA00C1N451
Tax ID: 38-1332826
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,979Origination Dollar Volume (All Markets)
$435,895,000Relative 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 applications95.32%
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 origination88.59%
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% |
