Mortgage Solutions Rates, Fees & Info
Saint Louis, MOLEI: 54930077O97ZNP1ECH16
Tax ID: 43-1847878
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Mortgage Data
Review & Overview
Mortgage Solutions is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Mortgage Solutions has a high proportion of conventional loans. Their top markets by origination volume include: St. Louis, Springfield, Jefferson City, Joplin, and Mountain Home among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Mortgage Solutions 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. Mortgage Solutions 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% | 5/4/24 |
| 30 Year Conventional Refi | 6.38% | 5/4/24 |
| 30 Year Cash-out Refi | 6.80% | 5/4/24 |
| 15 Year Conventional Purchase | 6.56% | 5/4/24 |
| 15 Year Conventional Refi | 6.04% | 5/4/24 |
| 15 Year Cash-out Refi | 6.04% | 5/4/24 |
| 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. | ||
Mortgage Solutions Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
14Origination Dollar Volume (All Markets)
$1,640,000Top 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 |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 7 | $645,000 | $92,143 | $2,804 | 5.25% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $2,906 | 3.75% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,589 | 3.50% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,870 | 3.88% |
| Mountain Home, AR (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,721 | 3.13% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,499 | 3.75% |
| Outside of Metro Areas | 1 | $55,000 | $55,000 | $2,335 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against MORTGAGE SOLUTIONS 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 | 14 | $1,640,000 | $117,143 | $2,747 | 4.46% |
For 2019, Mortgage Solutions's most frequently originated type of loan was Conventional, with 14 originations.
Loan Reason
For 2019, Mortgage Solutions's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 9 | $1,135,000 | $126,111 | $2,739 | 4.72% |
| 15 Year | 5 | $505,000 | $101,000 | $2,760 | 3.98% |
For 2019, Mortgage Solutions's most frequently cited loan duration was 30 Year, with 9 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 14 | $1,640,000 | $117,143 |
Mortgage Solutions's average total fees were $2,739, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 7 | $995,000 | $142,143 |
| 5-6% | 4 | $260,000 | $65,000 |
| 4-5% | 2 | $320,000 | $160,000 |
| 6-7% | 1 | $65,000 | $65,000 |
During 2019, Mortgage Solutions's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 3-4%, with 7 originations.
Loan Sizing
2019 saw Mortgage Solutions place emphasis on $100,000 or less loans with 7 originations, totaling $395,000 in origination value.
Applicant Income
Mortgage Solutions lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $50k-75k, with 3 originations.
Applicant Debt to Income Ratio
Mortgage Solutions lent most frequently to those with DTI ratios of <20%, with 5 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.31%
Mortgage Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination-500.00%
Mortgage Solutions 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 | 14 | $1,640,000 | $117,143 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 14 | $1,640,000 | $117,143 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 40-60% | 1 | $105,000 | $105,000 | $2,590 | 5.13% |
| 60-80% | 6 | $660,000 | $110,000 | $2,753 | 4.25% |
| 80-100% | 7 | $875,000 | $125,000 | $2,764 | 4.54% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE SOLUTIONS OF COLORADO | FHA mortgage | Trouble during payment process | 1 | 100.0% |