Residential Home Mortgage Corporation Rates, Fees & Info
Hampton, NJLEI: 5493005OOIYF660YQO46
Tax ID: 20-1875448
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Mortgage Data
Review & Overview
Residential Home Mortgage Corporation is a smaller mortgage company specializing in Refi and Home Purchase loans. Residential Home Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Philadelphia, Allentown, Trenton, and Bridgeport among others. We have data for 39 markets. (Some data included below & more in-depth data is available with an active subscription.)Residential Home 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. Residential Home 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 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 | 6.66% | 4/14/24 |
| 30 Year Conventional Refi | 6.59% | 4/14/24 |
| 30 Year Cash-out Refi | 6.85% | 4/14/24 |
| 30 Year FHA Purchase | 7.35% | 4/14/24 |
| 30 Year FHA Refi | 7.18% | 4/14/24 |
| 30 Year VA Purchase | 6.31% | 4/14/24 |
| 15 Year Conventional Purchase | 5.79% | 4/14/24 |
| 15 Year Conventional Refi | 5.42% | 4/14/24 |
| 15 Year Cash-out Refi | 5.42% | 4/14/24 |
| 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. | ||
Residential Home 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
796Origination Dollar Volume (All Markets)
$287,680,000Awards
RESIDENTIAL HOME MORTGAGE CORPORATION - 2020
RESIDENTIAL HOME MORTGAGE CORPORATION is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 467 | $179,355,000 | $384,058 | $5,179 | 3.03% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 90 | $31,720,000 | $352,444 | $5,402 | 2.96% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 82 | $22,830,000 | $278,415 | $5,676 | 3.05% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 22 | $7,800,000 | $354,545 | $4,639 | 2.94% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 14 | $5,380,000 | $384,286 | $3,799 | 3.11% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 13 | $4,985,000 | $383,462 | $4,672 | 3.29% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 12 | $4,340,000 | $361,667 | $3,820 | 2.79% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 9 | $3,095,000 | $343,889 | $4,149 | 3.29% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 7 | $3,035,000 | $433,571 | $6,178 | 2.77% |
| PITTSBURGH, PA (FHA|USDA|VA) | 8 | $2,740,000 | $342,500 | $4,990 | 2.80% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 6 | $1,910,000 | $318,333 | $5,032 | 3.15% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 6 | $1,730,000 | $288,333 | $4,612 | 2.98% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 5 | $1,485,000 | $297,000 | $4,020 | 2.70% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $1,460,000 | $365,000 | $5,087 | 3.06% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $1,420,000 | $355,000 | $4,119 | 3.06% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $1,195,000 | $398,333 | $5,897 | 3.29% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 5 | $1,155,000 | $231,000 | $5,188 | 2.90% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $1,085,000 | $361,667 | $4,202 | 3.21% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $5,222 | 3.50% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 4 | $940,000 | $235,000 | $4,918 | 3.00% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $4,347 | 3.21% |
| LANCASTER, PA (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $5,689 | 3.00% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 2 | $720,000 | $360,000 | $5,047 | 3.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $4,149 | 3.00% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $5,339 | 3.06% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,458 | 3.19% |
| READING, PA (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $5,445 | 2.63% |
| Outside of Metro Areas | 2 | $550,000 | $275,000 | $4,464 | 3.13% |
| Key West, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $6,676 | 2.63% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,701 | 3.00% |
| Torrington, CT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,541 | 3.25% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,530 | 2.63% |
| SYRACUSE, NY (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,627 | 2.75% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,445 | 2.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,123 | 2.63% |
| UTICA-ROME, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $7,936 | 4.38% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,207 | 2.25% |
| Somerset, PA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,320 | 2.75% |
| Plattsburgh, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,123 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against RESIDENTIAL HOME MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 781 | $282,425,000 | $361,620 | $5,125 | 3.02% |
| FHA | 13 | $4,465,000 | $343,462 | $6,757 | 3.23% |
| VA | 2 | $790,000 | $395,000 | $4,464 | 2.75% |
For 2020, Residential Home Mortgage Corporation's most frequently originated type of loan was Conventional, with 781 originations. Their 2nd most popular type was FHA, with 13 originations.
Loan Reason
For 2020, Residential Home Mortgage Corporation's most frequently cited loan purpose was Refi, with 457 originations. The 2nd most popular reason was Home Purchase, with 284 originations.
Loan Duration/Length
For 2020, Residential Home Mortgage Corporation's most frequently cited loan duration was 30 Year, with 558 originations. The 2nd most popular length was 15 Year, with 108 originations.
Origination Fees/Closing Costs
Residential Home Mortgage Corporation's average total fees were $5,241, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 536 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 431 | $159,645,000 | $370,406 |
| 3-4% | 291 | $102,925,000 | $353,694 |
| <2.5% | 66 | $22,650,000 | $343,182 |
| 4-5% | 8 | $2,460,000 | $307,500 |
During 2020, Residential Home Mortgage Corporation's average interest rate for loans was 3.10%, while their most frequently originated rate bucket for loans was 2.5-3%, with 431 originations.
Loan Sizing
2020 saw Residential Home Mortgage Corporation place emphasis on $200k-400k loans with 451 originations, totaling $143,455,000 in origination value.
Applicant Income
Residential Home Mortgage Corporation lent most frequently to those with incomes in the $150k-250k range, with 280 originations. The second most popular income band? $100k-150k, with 257 originations.
Applicant Debt to Income Ratio
Residential Home Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 210 originations. The next most common DTI ratio? 30-36%, with 176 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.21%
Residential Home 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 origination85.43%
Residential Home Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 796 | $287,680,000 | $361,407 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 796 | $287,680,000 | $361,407 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Residential Home Mortgage Corporation | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |