Compass Home Loans Mortgage Rates, Fees & Info

DOVER, DE

LEI: 5493006FYXPLR221TS92

Tax ID: 46-4770767

1 stars - out of 5 stars, based on 23 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Compass Home Loans is a smaller mortgage company specializing in Home Purchase and Refi loans. Compass Home Loans has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Urban Honolulu, Hilo, Kahului, and Kapaa among others. Compass Home Loans 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. Compass Home Loans is typically a high fee lendor.


Originations

549

Origination Dollar Volume (All Markets)

$303,565,000

Awards

COMPASS HOME LOANS  VA Loans gold
Show all (1) awards

Relative Rate

Compass Home Loans 's average 30 year fixed rate mortgage of loans were 2.96%.

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

This yields a difference of -0.19%.

Relative Fees

Compass Home Loans 's average total fees for a 30 year fixed rate mortgage are $10,024.

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
URBAN HONOLULU, HI (FHA|USDA|VA) 534 $296,190,000 $554,663 $9,808 2.93%
Hilo, HI (FHA|USDA|VA) 9 $4,285,000 $476,111 $9,863 2.90%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 4 $1,690,000 $422,500 $5,627 3.09%
Kapaa, HI (FHA|USDA|VA) 2 $1,400,000 $700,000 $12,393 3.37%

Compass Home Loans 's top markets include Urban Honolulu, Hilo, Kahului, and Kapaa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 422 $202,910,000 $480,829 $7,281 3.07%
VA 116 $95,780,000 $825,690 $18,084 2.47%
USDA 8 $3,100,000 $387,500 $9,989 2.83%
FHA 3 $1,775,000 $591,667 $18,507 2.75%

For the 2021 period, Compass Home Loans 's most frequently originated loan type of loans were Conventional, with 422 originations. Their 2nd most popular type is VA, with 116 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 311 $180,725,000 $581,109 $12,116 3.01%
Refi 167 $84,005,000 $503,024 $6,038 2.75%
Cash Out Refi 71 $38,835,000 $546,972 $8,435 3.06%

For the 2021, Compass Home Loans 's most frequently cited loan purpose of loans were Home Purchase, with 311 originations. The 2nd most popular reason of loans were Refi, with 167 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 520 $292,260,000 $562,038 $10,024 2.96%
15 Year 16 $6,220,000 $388,750 $5,423 2.38%
20 Year 9 $3,475,000 $386,111 $7,661 2.79%
10 Year 2 $240,000 $120,000 $2,644 2.50%
Other 2 $1,370,000 $685,000 $2,375 2.94%

For the 2021, Compass Home Loans 's most frequently cited loan length of loans were 30 Year, with 520 originations. The 2nd most popular length of loans were 15 Year, with 16 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 199 $121,025,000 $608,166
$5k+ 136 $87,670,000 $644,632
$3k-4k 88 $47,560,000 $540,455
$2k-3k 47 $19,205,000 $408,617
$1k-2k 42 $13,380,000 $318,571

$10,024 of loans were Compass Home Loans 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 199 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 256 $141,130,000 $551,289
3-4% 187 $87,665,000 $468,797
<2.5% 104 $74,130,000 $712,788
4-5% 2 $640,000 $320,000

During 2021, Compass Home Loans 's average interest rate of loans were 2.96%, while their most frequently originated rate bucket of loans were 2.5-3%, with 256 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$600k-1MM 185 $139,065,000 $751,703 $11,798 2.90%
$200k-400k 163 $49,535,000 $303,896 $5,759 3.00%
$400k-600k 139 $68,605,000 $493,561 $8,640 2.96%
$1MM+ 31 $41,695,000 $1,345,000 $27,110 2.49%
$100k-200k 29 $4,485,000 $154,655 $3,972 3.18%
$100,000 or less 2 $180,000 $90,000 $6,646 3.00%

2021 saw Compass Home Loans place emphasis on $600k-1MM loans with 185 originations, totaling $139,065,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 160 $95,350,000 $595,938 $10,223 2.99%
$150k-250k 112 $78,700,000 $702,679 $13,282 3.02%
$75k-100k 101 $44,905,000 $444,604 $8,622 2.93%
$50k-75k 80 $25,510,000 $318,875 $6,470 3.02%
$250k+ 34 $27,800,000 $817,647 $13,590 2.93%
$50k or less 22 $4,660,000 $211,818 $5,424 3.00%

Compass Home Loans lent most frequently to those with incomes in the $100k-150k range, with 160 originations. The second most popular income band? $150k-250k, with 112 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 87 $44,115,000 $507,069 $7,793 3.02%
20-30% 74 $32,820,000 $443,514 $7,062 3.01%
40% 33 $15,425,000 $467,424 $7,646 2.95%
50-60% 31 $25,725,000 $829,839 $17,940 2.69%
41% 30 $17,870,000 $595,667 $10,072 3.09%
49% 27 $14,045,000 $520,185 $9,055 2.98%
43% 27 $13,935,000 $516,111 $10,234 2.95%
48% 24 $13,710,000 $571,250 $10,946 2.99%
44% 22 $11,110,000 $505,000 $9,535 3.22%
46% 21 $10,695,000 $509,286 $11,357 3.07%
47% 20 $10,700,000 $535,000 $7,448 3.03%
45% 18 $11,640,000 $646,667 $8,471 3.12%
39% 17 $7,905,000 $465,000 $9,330 3.06%
38% 15 $9,285,000 $619,000 $9,973 2.96%
<20% 14 $5,830,000 $416,429 $7,553 2.87%
37% 14 $6,530,000 $466,429 $6,907 3.09%
42% 13 $6,675,000 $513,462 $11,835 2.90%
36% 12 $6,920,000 $576,667 $8,319 2.93%
>60% 10 $11,990,000 $1,199,000 $41,541 2.44%

Compass Home Loans lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 20-30%, with 74 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 281 $144,065,000 $512,687 $8,652 2.99%
White 179 $109,565,000 $612,095 $11,578 2.88%
Not provided 54 $30,810,000 $570,556 $10,842 2.87%
Native Hawaiian 20 $9,780,000 $489,000 $6,890 2.92%
Black 8 $5,720,000 $715,000 $14,752 2.81%
American Indian 2 $1,040,000 $520,000 $7,362 2.75%
Korean 1 $825,000 $825,000 $15,618 3.25%
Chinese 2 $750,000 $375,000 $5,022 3.56%
Vietnamese 1 $675,000 $675,000 $3,592 3.00%
Filipino 1 $335,000 $335,000 $4,542 3.38%

Approval Rates

Total approvals of all applications
93.89%

Compass Home Loans has an average approval rate.

Pick Rate

Approvals leading to origination
79.83%

Compass Home Loans has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 549 $303,565,000 $552,942

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
549 $303,565,000 $552,942

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 45 $15,085,000 $335,222 $5,850 2.89%
40-60% 79 $38,295,000 $484,747 $7,551 2.92%
60-80% 173 $93,955,000 $543,092 $7,854 3.05%
80-100% 212 $126,090,000 $594,764 $9,419 2.93%
Over 100% 37 $29,775,000 $804,730 $28,904 2.59%
Under 20% 3 $365,000 $121,667 $2,950 2.63%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
COMPASS MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 100.0%