Compass Home Loans Mortgage Rates, Fees & Info
DOVER, DELEI: 5493006FYXPLR221TS92
Tax ID: 46-4770767
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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 about average rates.
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Originations
7Origination Dollar Volume (All Markets)
$3,385,000Top 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% |
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.
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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
2023 saw Compass Home Loans place emphasis on $400k-600k loans with 5 originations, totaling $2,505,000 in origination value.
Applicant Income
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
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 applications84.62%
Compass Home Loans has a below average approval rate.
Pick Rate
Approvals leading to origination57.14%
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 |