Compass Home Loans Mortgage Rates, Fees & Info

DOVER, DE

LEI: 5493006FYXPLR221TS92

Tax ID: 46-4770767

3.2 stars - Updated: 7/12/24 - out of 5 stars, based on 3 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Compass Home Loans is a smaller mortgage company specializing in Home Purchase loans. Compass Home Loans has a high proportion of conventional loans. Their top two markets are Urban Honolulu and Hilo .

Compass Home Loans has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Compass Home Loans is typically a high 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 relatively high 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 6.67% 7/12/24
30 Year Conventional Refi 6.52% 7/12/24
30 Year Cash-out Refi 6.45% 7/12/24
30 Year VA Purchase 5.78% 7/12/24
30 Year USDA Purchase 6.58% 7/12/24
15 Year Conventional Purchase 6.18% 7/12/24
15 Year Conventional Refi 5.89% 7/12/24
15 Year Cash-out Refi 5.89% 7/12/24
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.

Compass Home Loans Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Compass Home Loans. 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

7

Origination Dollar Volume (All Markets)

$3,385,000

Relative Rate

Compass Home Loans's average 30 year fixed mortgage rate was 6.09%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.39%.

Relative Fees (Closing Costs)

Compass Home Loans's average total fees/closing costs for a 30 year fixed rate mortgage were $12,075.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
URBAN HONOLULU, HI (FHA|USDA|VA) 6 $2,860,000 $476,667 $12,531 6.08%
Hilo, HI (FHA|USDA|VA) 1 $525,000 $525,000 $9,338 6.13%
Compass Home Loans's top markets include Urban Honolulu and Hilo among others.

Their top states include:
  • Hawaii (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against COMPASS HOME LOANS based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Central Pacific Bank
    Similarity Rank: 72
    American Savings Bank, FSB
    Similarity Rank: 96
    HAWAII STATE FEDERAL CREDIT UNION
    Similarity Rank: 112
    HAWAIIUSA FEDERAL CREDIT UNION
    Similarity Rank: 112
    Territorial Savings Bank
    Similarity Rank: 124
    HAWAIIAN FINANCIAL
    Similarity Rank: 152
    First Hawaiian Bank
    Similarity Rank: 170
    Bank of Hawaii
    Similarity Rank: 205
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 2270

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4 $1,940,000 $485,000 $8,787 6.34%
    VA 3 $1,445,000 $481,667 $16,458 5.75%

    For 2023, Compass Home Loans's most frequently originated type of loan was Conventional, with 4 originations. Their 2nd most popular type was VA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 6 $2,930,000 $488,333 $12,018 6.10%
    Refi 1 $455,000 $455,000 $12,415 6.00%

    For 2023, Compass Home Loans's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Refi, with 1 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 7 $3,385,000 $483,571 $12,075 6.09%

    For 2023, Compass Home Loans's most frequently cited loan duration was 30 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 4 $2,110,000 $527,500
    $1k-2k 1 $505,000 $505,000
    $2k-3k 1 $245,000 $245,000
    $3k-4k 1 $525,000 $525,000

    Compass Home Loans's average total fees were $12,075, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 4 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 4 $1,900,000 $475,000
    6-7% 3 $1,485,000 $495,000

    During 2023, Compass Home Loans's average interest rate for loans was 6.09%, while their most frequently originated rate bucket for loans was 5-6%, with 4 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 5 $2,505,000 $501,000 $11,043 6.23%
    $200k-400k 1 $245,000 $245,000 $5,497 6.00%
    $600k-1MM 1 $635,000 $635,000 $23,813 5.50%

    2023 saw Compass Home Loans place emphasis on $400k-600k loans with 5 originations, totaling $2,505,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 4 $2,230,000 $557,500 $14,332 6.00%
    $100k-150k 1 $455,000 $455,000 $9,285 6.63%
    $50k-75k 1 $245,000 $245,000 $5,497 6.00%
    $75k-100k 1 $455,000 $455,000 $12,415 6.00%

    Compass Home Loans lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $100k-150k, with 1 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    49% 3 $1,435,000 $478,333 $10,346 6.25%
    30-36% 1 $505,000 $505,000 $4,110 6.63%
    39% 1 $565,000 $565,000 $20,065 5.75%
    45% 1 $245,000 $245,000 $5,497 6.00%
    50-60% 1 $635,000 $635,000 $23,813 5.50%

    Compass Home Loans lent most frequently to those with DTI ratios of 49%, with 3 originations. The next most common DTI ratio? 30-36%, with 1 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Asian 7 $3,385,000 $483,571 $12,075 6.09%

    Approval Rates

    Total approvals of all applications
    84.62%

    Compass Home Loans has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    57.14%

    Compass Home Loans has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 7 $3,385,000 $483,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    7 $3,385,000 $483,571

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 2 $960,000 $480,000 $8,263 6.31%
    60-80% 3 $1,335,000 $445,000 $11,634 5.96%
    80-100% 2 $1,090,000 $545,000 $16,549 6.06%