The Mortgage Firm, Inc.

Altamonte Springs, FL 32714

LEI: 5493007CXTOHZ2JBEJ61

Tax ID: 59-3345547

2019 Data | 2018 Data


Overview

The Mortgage Firm, Inc. is a small mortgage company specializing in Home Purchase loans. The Mortgage Firm, Inc. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Orlando, Tampa, West Palm Beach, Palm Bay, and Lakeland among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. The Mortgage Firm, Inc. is typically a medium-low fee lendor.


Originations

9,006

Origination Dollar Volume (All Markets)

$2,074,940,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,070 $1,431,990,000 $235,913
FHA 2,047 $414,425,000 $202,455
VA 766 $208,140,000 $271,723
USDA 123 $20,385,000 $165,732

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 7,310 $1,662,680,000 $227,453
Other 5 $1,095,000 $219,000
Refi 774 $197,990,000 $255,801
Cash Out Refi 917 $213,175,000 $232,470

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
ORLANDO-KISSIMMEE-SANFORD, FL 1,824 $432,690,000 $237,220
TAMPA-ST. PETERSBURG-CLEARWATER, FL 1,068 $244,960,000 $229,363
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 749 $220,835,000 $294,840
PALM BAY-MELBOURNE-TITUSVILLE, FL 885 $201,315,000 $227,475
LAKELAND-WINTER HAVEN, FL 1,013 $177,135,000 $174,862
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 522 $151,100,000 $289,464
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 483 $111,135,000 $230,093
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 469 $100,305,000 $213,870
NORTH PORT-SARASOTA-BRADENTON, FL 395 $86,245,000 $218,342
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 239 $57,915,000 $242,322
PORT ST. LUCIE, FL 190 $48,990,000 $257,842
Outside of Metro Areas 164 $31,970,000 $194,939
GAINESVILLE, FL 140 $27,970,000 $199,786
CHARLESTON-NORTH CHARLESTON, SC 104 $25,090,000 $241,250
PUNTA GORDA, FL 106 $19,810,000 $186,887
OCALA, FL 105 $18,685,000 $177,952
MIAMI-MIAMI BEACH-KENDALL, FL 63 $17,765,000 $281,984
DALLAS-PLANO-IRVING, TX 42 $11,250,000 $267,857
HUNTSVILLE, AL 42 $9,040,000 $215,238
THE VILLAGES, FL 45 $8,475,000 $188,333
JACKSONVILLE, FL 36 $7,830,000 $217,500
AUGUSTA-RICHMOND COUNTY, GA-SC 36 $6,330,000 $175,833
CAPE CORAL-FORT MYERS, FL 26 $6,090,000 $234,231
ROME, GA 33 $5,825,000 $176,515
FORT WORTH-ARLINGTON-GRAPEVINE, TX 21 $5,215,000 $248,333
HOMOSASSA SPRINGS, FL 28 $4,670,000 $166,786
SEBASTIAN-VERO BEACH, FL 20 $4,400,000 $220,000
CLARKSVILLE, TN-KY 17 $2,925,000 $172,059
SEBRING-AVON PARK, FL 20 $2,830,000 $141,500
CHARLOTTE-CONCORD-GASTONIA, NC-SC 7 $2,365,000 $337,857
RALEIGH-CARY, NC 7 $2,255,000 $322,143
GAINESVILLE, GA 11 $2,085,000 $189,545
NAPLES-MARCO ISLAND, FL 6 $1,850,000 $308,333
COLUMBIA, SC 7 $1,205,000 $172,143
TALLAHASSEE, FL 8 $1,140,000 $142,500
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 5 $1,075,000 $215,000
GREENVILLE-ANDERSON, SC 3 $1,065,000 $355,000
ANNISTON-OXFORD, AL 6 $950,000 $158,333
PENSACOLA-FERRY PASS-BRENT, FL 4 $900,000 $225,000
MACON-BIBB COUNTY, GA 4 $740,000 $185,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $710,000 $355,000
GADSDEN, AL 6 $670,000 $111,667
SAVANNAH, GA 3 $605,000 $201,667
DECATUR, AL 4 $590,000 $147,500
ATHENS-CLARKE COUNTY, GA 2 $550,000 $275,000
KNOXVILLE, TN 2 $520,000 $260,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $485,000 $485,000
DALTON, GA 2 $420,000 $210,000
SHERMAN-DENISON, TX 2 $410,000 $205,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $405,000 $405,000
SAN ANTONIO-NEW BRAUNFELS, TX 1 $405,000 $405,000
DENVER-AURORA-LAKEWOOD, CO 1 $375,000 $375,000
ASHEVILLE, NC 2 $370,000 $185,000
GOLDSBORO, NC 2 $300,000 $150,000
BIRMINGHAM-HOOVER, AL 2 $300,000 $150,000
DURHAM-CHAPEL HILL, NC 1 $285,000 $285,000
BRUNSWICK, GA 1 $275,000 $275,000
VALDOSTA, GA 2 $270,000 $135,000
CORPUS CHRISTI, TX 1 $265,000 $265,000
MORRISTOWN, TN 1 $245,000 $245,000
Outside of Metro Areas 1 $235,000 $235,000
SPARTANBURG, SC 1 $205,000 $205,000
WARNER ROBINS, GA 1 $195,000 $195,000
DOTHAN, AL 1 $185,000 $185,000
RICHMOND, VA 1 $185,000 $185,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 2 $180,000 $90,000
CHATTANOOGA, TN-GA 1 $175,000 $175,000
WINSTON-SALEM, NC 1 $165,000 $165,000
BEAUMONT-PORT ARTHUR, TX 1 $155,000 $155,000
COLUMBUS, GA-AL 2 $140,000 $70,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 1 $135,000 $135,000
GREENSBORO-HIGH POINT, NC 1 $105,000 $105,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 4 $820,000 $205,000
2.5-3% 24 $7,450,000 $310,417
3-4% 3,372 $808,380,000 $239,733
4-5% 4,684 $1,055,440,000 $225,329
5-6% 837 $182,465,000 $217,999
6-7% 49 $10,815,000 $220,714
7-8% 24 $7,130,000 $297,083
Over 8% 12 $2,440,000 $203,333

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 600 $46,700,000 $77,833
$100k-200k 3,626 $563,790,000 $155,485
$200k-400k 4,092 $1,116,260,000 $272,791
$400k-600k 597 $274,225,000 $459,338
$600k-1000k 79 $58,345,000 $738,544
$Over $1MM 12 $15,620,000 $1,301,667

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 187 $29,115,000 $155,695
40-60% 564 $120,220,000 $213,156
60-80% 2,460 $569,100,000 $231,341
80-100% 5,575 $1,300,815,000 $233,330
Over 100% 180 $50,670,000 $281,500
Under 20% 31 $2,305,000 $74,355

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,665 $459,175,000 $275,781
$150k-250k 902 $290,960,000 $322,572
$50k-75k 2,453 $483,035,000 $196,916
$50k-or less 2,028 $312,650,000 $154,167
$75k-100k 1,597 $377,155,000 $236,165
$Over $250k 360 $151,840,000 $421,778

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,923 $1,825,105,000 $230,355
Black 550 $120,360,000 $218,836
Not provided 330 $82,510,000 $250,030
Asian 168 $39,400,000 $234,524
American Indian 17 $3,475,000 $204,412
Native Hawaiian 12 $2,630,000 $219,167
Asian Indian 4 $1,000,000 $250,000
Other Asian 2 $460,000 $230,000

Approval Rates

Total approvals of all applications
97.92%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
82.49%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
150.0 5 $415,000 $83,000
NA 9,001 $2,074,525,000 $230,477

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 600 $141,310,000 $235,517
$1k-2k 6,305 $1,403,835,000 $222,654
$2k-3k 701 $151,855,000 $216,626
$3k-4k 546 $133,200,000 $243,956
$5k+ 175 $67,775,000 $387,286

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 247 $48,615,000 $196,822
Single Family (1-4 Units):Site-Built 8,759 $2,026,325,000 $231,342