Ross Mortgage Corporation Rates, Fees & Info

TROY, MI

LEI: 5493005NU5BA00C1N451

Tax ID: 38-1332826

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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, Ann Arbor, Monroe, and Lansing among others. We have data for 31 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 a low 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.

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%	4/21/24
30 Year Conventional Refi	6.59%	4/21/24
30 Year Cash-out Refi	6.86%	4/21/24
30 Year FHA Purchase	7.61%	4/21/24
30 Year FHA Refi	7.84%	4/21/24
30 Year VA Purchase	6.50%	4/21/24
30 Year USDA Purchase	7.37%	4/21/24
15 Year Conventional Purchase	5.99%	4/21/24
15 Year Conventional Refi	5.95%	4/21/24
15 Year Cash-out Refi	5.95%	4/21/24
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

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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

1,815

Origination Dollar Volume (All Markets)

$311,165,000

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)	1,387	$250,205,000	$180,393	$4,002	4.84%
FLINT, MI (FHA\|USDA\|VA)	256	$34,170,000	$133,477	$4,769	4.91%
ANN ARBOR, MI (FHA\|USDA\|VA)	28	$5,340,000	$190,714	$4,301	4.94%
Outside of Metro Areas	27	$3,425,000	$126,852	$3,380	4.86%
MONROE, MI (FHA\|USDA\|VA)	26	$3,260,000	$125,385	$3,624	5.00%
LANSING-EAST LANSING, MI (FHA\|USDA\|VA)	23	$2,825,000	$122,826	$4,299	4.92%
JACKSON, MI (FHA\|USDA\|VA)	10	$1,610,000	$161,000	$3,549	4.93%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	7	$1,465,000	$209,286	$6,195	4.80%
SAGINAW, MI (FHA\|USDA\|VA)	9	$1,265,000	$140,556	$5,334	4.94%
KALAMAZOO-PORTAGE, MI (FHA\|USDA\|VA)	7	$1,045,000	$149,286	$3,552	4.64%
JACKSONVILLE, FL (FHA\|USDA\|VA)	3	$905,000	$301,667	$10,677	5.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	3	$685,000	$228,333	$9,111	5.21%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA\|USDA\|VA)	3	$625,000	$208,333	$6,700	5.00%
GRAND RAPIDS-KENTWOOD, MI (FHA\|USDA\|VA)	3	$485,000	$161,667	$3,776	4.88%
NILES, MI (FHA\|USDA\|VA)	3	$485,000	$161,667	$4,732	4.83%
Adrian, MI (FHA\|USDA\|VA)	3	$435,000	$145,000	$2,679	4.54%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	1	$355,000	$355,000	$12,149	5.13%
Hillsdale, MI (FHA\|USDA\|VA)	1	$325,000	$325,000	$3,288	4.50%
BATTLE CREEK, MI (FHA\|USDA\|VA)	2	$320,000	$160,000	$2,615	4.88%
Easton, MD (FHA\|USDA\|VA)	1	$235,000	$235,000	$2,296	4.63%
TALLAHASSEE, FL (FHA\|USDA\|VA)	1	$205,000	$205,000	$3,864	5.13%
Holland, MI (FHA\|USDA\|VA)	1	$195,000	$195,000	$6,088	4.88%
Cadillac, MI (FHA\|USDA\|VA)	2	$180,000	$90,000	$2,972	5.06%
North Port-Sarasota-Bradenton, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,622	5.25%
NAPLES-MARCO ISLAND, FL (FHA\|USDA\|VA)	1	$165,000	$165,000	$4,024	4.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$145,000	$145,000	$3,986	4.88%
Traverse City, MI (FHA\|USDA\|VA)	1	$145,000	$145,000	$6,092	4.25%
OCALA, FL (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,882	5.13%
Alma, MI (FHA\|USDA\|VA)	1	$125,000	$125,000	$4,938	5.25%
MIDLAND, MI (FHA\|USDA\|VA)	1	$125,000	$125,000	$4,960	4.88%
Big Rapids, MI (FHA\|USDA\|VA)	1	$115,000	$115,000	$2,776	5.00%

Ross Mortgage Corporation's top markets include Detroit, Flint, Ann Arbor, Monroe, and Lansing among others.

Their top states include:

Michigan (FHA|USDA|VA)

Maryland (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.

Polish-American Federal Credit Union
Similarity Rank: 32

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St James Mortgage Corporation
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Morgantown Bank & Trust Company, Incorporated
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MONROE COUNTY COMMUNITY CREDIT UNION
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Edmonton State Bank
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PFCU
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,229	$218,825,000	$178,051	$3,313	4.82%
FHA	408	$57,030,000	$139,779	$5,935	4.93%
VA	112	$24,800,000	$221,429	$5,632	4.85%
USDA	66	$10,510,000	$159,242	$5,352	4.93%

For 2018, Ross Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,229 originations. Their 2nd most popular type was FHA, with 408 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	1,548	$263,690,000	$170,342	$4,256	4.86%
Cash Out Refi	157	$29,955,000	$190,796	$3,763	4.91%
Refi	86	$14,750,000	$171,512	$3,010	4.66%
Other	24	$2,770,000	$115,417	$2,936	4.97%

For 2018, Ross Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,548 originations. The 2nd most popular reason was Cash Out Refi, with 157 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	1,716	$293,510,000	$171,043	$4,200	4.88%
15 Year	61	$10,525,000	$172,541	$3,055	4.26%
20 Year	24	$4,270,000	$177,917	$3,054	4.78%
10 Year	10	$1,840,000	$184,000	$3,258	4.19%
Other	4	$1,020,000	$255,000	$3,069	4.75%

For 2018, Ross Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,716 originations. The 2nd most popular length was 15 Year, with 61 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	1,352	$229,390,000	$169,667
$2k-3k	194	$31,600,000	$162,887
$<1k	128	$26,560,000	$207,500
$3k-4k	65	$11,235,000	$172,846
$4k-5k	23	$5,435,000	$236,304
$5k+	11	$2,555,000	$232,273

Ross Mortgage Corporation's average total fees were $4,200, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,352 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	1,252	$217,930,000	$174,065
5-6%	513	$80,955,000	$157,807
3-4%	46	$11,620,000	$252,609
6-7%	2	$200,000	$100,000
7-8%	1	$165,000	$165,000
Over 8%	1	$295,000	$295,000

During 2018, Ross Mortgage Corporation's average interest rate for loans was 4.88%, while their most frequently originated rate bucket for loans was 4-5%, with 1,252 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	927	$133,755,000	$144,288	$4,098	4.88%
$200k-400k	488	$128,520,000	$263,361	$4,587	4.80%
$100,000 or less	356	$27,350,000	$76,826	$3,549	4.88%
$400k-600k	40	$17,990,000	$449,750	$4,169	4.58%
$600k-1MM	3	$2,095,000	$698,333	$8,477	4.29%
$1MM+	1	$1,455,000	$1,455,000	$5,311	3.88%

2018 saw Ross Mortgage Corporation place emphasis on $100k-200k loans with 927 originations, totaling $133,755,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	561	$85,245,000	$151,952	$4,185	4.89%
$50k or less	495	$53,455,000	$107,990	$3,973	4.82%
$75k-100k	297	$56,935,000	$191,700	$4,305	4.88%
$100k-150k	289	$66,835,000	$231,263	$4,222	4.86%
$150k-250k	127	$34,915,000	$274,921	$4,097	4.77%
$250k+	42	$12,860,000	$306,190	$4,047	4.90%

Ross Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 561 originations. The second most popular income band? $50k or less, with 495 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	393	$64,375,000	$163,804	$3,628	4.80%
30-36%	331	$56,785,000	$171,556	$4,072	4.83%
43%	89	$16,835,000	$189,157	$4,383	4.87%
<20%	86	$13,950,000	$162,209	$3,465	4.83%
42%	85	$13,275,000	$156,176	$4,123	4.89%
41%	79	$14,175,000	$179,430	$4,148	4.88%
44%	76	$12,300,000	$161,842	$4,245	4.92%
38%	75	$13,015,000	$173,533	$4,241	4.89%
37%	75	$12,235,000	$163,133	$4,107	4.89%
50-60%	75	$13,155,000	$175,400	$5,861	4.98%
39%	70	$11,560,000	$165,143	$4,154	4.77%
36%	66	$9,820,000	$148,788	$4,203	4.84%
40%	63	$10,715,000	$170,079	$4,651	4.80%
45%	54	$10,550,000	$195,370	$4,681	4.82%
48%	52	$9,480,000	$182,308	$4,384	4.98%
49%	48	$9,910,000	$206,458	$4,184	4.84%
46%	48	$9,750,000	$203,125	$4,620	4.98%
47%	46	$8,420,000	$183,043	$4,493	4.98%
>60%	2	$340,000	$170,000	$1,633	5.13%

Ross Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 393 originations. The next most common DTI ratio? 30-36%, with 331 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,342	$228,670,000	$170,395	$4,057	4.84%
Not provided	315	$55,775,000	$177,063	$4,258	4.91%
Black	121	$19,755,000	$163,264	$4,813	4.88%
Asian	23	$4,655,000	$202,391	$3,988	4.88%
American Indian	12	$2,010,000	$167,500	$3,631	4.96%
Native Hawaiian or Islander	1	$245,000	$245,000	$3,032	4.75%
Not applicable	1	$55,000	$55,000	$3,752	5.50%

Approval Rates

Total approvals of all applications
93.92%

Ross Mortgage Corporation has an average approval rate.

Pick Rate

Approvals leading to origination
85.84%

Ross Mortgage Corporation has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,815	$311,165,000	$171,441

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	1,815	$311,165,000	$171,441

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	19	$2,175,000	$114,474	$2,987	4.62%
40-60%	74	$10,350,000	$139,865	$2,996	4.69%
60-80%	382	$67,060,000	$175,550	$3,336	4.88%
80-100%	1,311	$224,655,000	$171,362	$4,351	4.86%
Over 100%	25	$6,115,000	$244,600	$8,748	4.70%
Under 20%	3	$385,000	$128,333	$2,550	4.63%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	6	1.5%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Conventional home mortgage	Closing on a mortgage	9	2.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Conventional home mortgage	Incorrect information on your report	2	0.5%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Conventional home mortgage	Struggling to pay mortgage	119	29.5%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Conventional home mortgage	Trouble during payment process	142	35.1%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	FHA mortgage	Closing on a mortgage	2	0.5%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	FHA mortgage	Struggling to pay mortgage	21	5.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	FHA mortgage	Trouble during payment process	20	5.0%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	1	0.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Home equity loan or line of credit (HELOC)	Closing on a mortgage	3	0.7%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Home equity loan or line of credit (HELOC)	Incorrect information on your report	1	0.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Home equity loan or line of credit (HELOC)	Struggling to pay mortgage	2	0.5%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Home equity loan or line of credit (HELOC)	Trouble during payment process	15	3.7%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Other type of mortgage	Applying for a mortgage or refinancing an existing mortgage	1	0.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Other type of mortgage	Incorrect information on your report	1	0.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Other type of mortgage	Struggling to pay mortgage	30	7.4%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	Other type of mortgage	Trouble during payment process	19	4.7%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	VA mortgage	Struggling to pay mortgage	1	0.2%
RUSHMORE LOAN MANAGEMENT SERVICES LLC	VA mortgage	Trouble during payment process	9	2.2%