Ross Mortgage Corporation Rates, Fees & Info
TROY, MILEI: 5493005NU5BA00C1N451
Tax ID: 38-1332826
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Mortgage Data
Review & 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 by origination volume include: Detroit, Flint, Lafayette, Ann Arbor, and Lansing among others. We have data for 55 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 12/17/24 |
| 30 Year Conventional Refi | 6.59% | 12/17/24 |
| 30 Year Cash-out Refi | 6.86% | 12/17/24 |
| 30 Year FHA Purchase | 7.61% | 12/17/24 |
| 30 Year FHA Refi | 7.84% | 12/17/24 |
| 30 Year VA Purchase | 6.50% | 12/17/24 |
| 30 Year USDA Purchase | 7.37% | 12/17/24 |
| 15 Year Conventional Purchase | 5.99% | 12/17/24 |
| 15 Year Conventional Refi | 5.95% | 12/17/24 |
| 15 Year Cash-out Refi | 5.95% | 12/17/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,014Origination Dollar Volume (All Markets)
$383,320,000Awards
ROSS MORTGAGE CORPORATION - 2019
ROSS MORTGAGE CORPORATION is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 1,436 | $289,070,000 | $201,302 | $3,900 | 4.26% |
| FLINT, MI (FHA|USDA|VA) | 266 | $35,650,000 | $134,023 | $4,412 | 4.42% |
| LAFAYETTE, LA (FHA|USDA|VA) | 57 | $9,305,000 | $163,246 | $5,711 | 4.14% |
| ANN ARBOR, MI (FHA|USDA|VA) | 30 | $6,490,000 | $216,333 | $3,850 | 3.99% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 37 | $5,785,000 | $156,351 | $3,668 | 4.34% |
| MONROE, MI (FHA|USDA|VA) | 23 | $3,615,000 | $157,174 | $4,422 | 4.51% |
| Outside of Metro Areas | 29 | $3,415,000 | $117,759 | $3,566 | 4.28% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 14 | $2,800,000 | $200,000 | $3,715 | 4.05% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 8 | $2,680,000 | $335,000 | $6,440 | 3.88% |
| SAGINAW, MI (FHA|USDA|VA) | 15 | $2,385,000 | $159,000 | $4,971 | 4.28% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 9 | $2,275,000 | $252,778 | $5,281 | 4.39% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 9 | $1,765,000 | $196,111 | $6,417 | 4.92% |
| Traverse City, MI (FHA|USDA|VA) | 7 | $1,615,000 | $230,714 | $3,026 | 3.98% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $1,320,000 | $330,000 | $5,968 | 3.59% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $1,230,000 | $615,000 | $7,733 | 5.25% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,035,000 | $345,000 | $6,576 | 4.13% |
| Opelousas, LA (FHA|USDA|VA) | 5 | $965,000 | $193,000 | $6,065 | 4.33% |
| JACKSON, MI (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $4,201 | 4.19% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $5,502 | 4.41% |
| COLUMBUS, OH (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $6,667 | 4.00% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $2,369 | 4.00% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $9,407 | 4.19% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $4,352 | 3.81% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $6,096 | 5.75% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $5,729 | 4.50% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,196 | 4.44% |
| Cadillac, MI (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $4,097 | 3.92% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $5,833 | 3.94% |
| Big Rapids, MI (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,277 | 4.25% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $2,656 | 4.19% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $8,328 | 3.88% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,148 | 4.13% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,650 | 4.50% |
| TOLEDO, OH (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $5,187 | 3.69% |
| Adrian, MI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $4,061 | 4.19% |
| ELKHART-GOSHEN, IN (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,997 | 4.75% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $4,260 | 4.50% |
| Alma, MI (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,543 | 4.44% |
| OCALA, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,296 | 4.00% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,447 | 4.63% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,466 | 3.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,207 | 3.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,447 | 5.13% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,760 | 4.13% |
| ALTOONA, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,419 | 3.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,885 | 5.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,484 | 4.88% |
| Mount Pleasant, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,983 | 4.50% |
| DuBois, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,161 | 3.50% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,840 | 4.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,284 | 4.25% |
| Holland, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $4,850 | 4.38% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,414 | 5.75% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $3,960 | 4.50% |
| LIMA, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,105 | 4.25% |
Similar Lenders
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Product Mix
For 2019, Ross Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,311 originations. Their 2nd most popular type was FHA, with 452 originations.
Loan Reason
For 2019, Ross Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,465 originations. The 2nd most popular reason was Refi, with 334 originations.
Loan Duration/Length
For 2019, Ross Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,867 originations. The 2nd most popular length was 15 Year, with 96 originations.
Origination Fees/Closing Costs
Ross Mortgage Corporation's average total fees were $4,177, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,486 originations.
Interest Rates
During 2019, Ross Mortgage Corporation's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 1,053 originations.
Loan Sizing
2019 saw Ross Mortgage Corporation place emphasis on $100k-200k loans with 961 originations, totaling $141,395,000 in origination value.
Applicant Income
Ross Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 566 originations. The second most popular income band? $50k or less, with 547 originations.
Applicant Debt to Income Ratio
Ross Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 422 originations. The next most common DTI ratio? 20-30%, with 384 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.96%
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 origination87.44%
Ross Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,014 | $383,320,000 | $190,328 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 19 | $2,285,000 | $120,263 |
| Single Family (1-4 Units):Site-Built | 1,995 | $381,035,000 | $190,995 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| ROSS MORTGAGE CORPORATION | VA mortgage | Trouble during payment process | 1 | 100.0% |