Amerifirst Home Mortgage

Kalamazoo, MI 49002

LEI: 54930080OKRZ7NNZIO71

Tax ID: 38-2699549

2019 Data | 2018 Data


Overview

Amerifirst Home Mortgage is a small mortgage company specializing in Home Purchase loans. Amerifirst Home Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Tampa, Orlando, Indianapolis, Warren, and Cincinnati 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. Amerifirst Home Mortgage is typically a medium-low fee lendor.


Originations

9,143

Origination Dollar Volume (All Markets)

$1,538,235,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,781 $850,915,000 $177,978
FHA 2,589 $408,625,000 $157,831
VA 713 $147,685,000 $207,132
USDA 1,060 $131,010,000 $123,594

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 7,348 $1,212,420,000 $165,000
Home Improvement 13 $1,445,000 $111,154
Other 56 $7,310,000 $130,536
Refi 1,121 $207,995,000 $185,544
Cash Out Refi 605 $109,065,000 $180,273

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
Outside of Metro Areas 1,928 $247,900,000 $128,579
TAMPA-ST. PETERSBURG-CLEARWATER, FL 811 $168,355,000 $207,589
ORLANDO-KISSIMMEE-SANFORD, FL 620 $147,830,000 $238,435
INDIANAPOLIS-CARMEL-ANDERSON, IN 769 $128,635,000 $167,276
WARREN-TROY-FARMINGTON HILLS, MI 684 $110,150,000 $161,038
CINCINNATI, OH-KY-IN 401 $64,055,000 $159,738
KALAMAZOO-PORTAGE, MI 339 $53,485,000 $157,773
LAKELAND-WINTER HAVEN, FL 253 $47,775,000 $188,834
TOLEDO, OH 284 $39,510,000 $139,120
LOS ANGELES-LONG BEACH-GLENDALE, CA 93 $36,255,000 $389,839
CLEVELAND-ELYRIA, OH 225 $34,585,000 $153,711
CHARLOTTE-CONCORD-GASTONIA, NC-SC 150 $33,310,000 $222,067
BATTLE CREEK, MI 231 $27,635,000 $119,632
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 82 $26,050,000 $317,683
GRAND RAPIDS-KENTWOOD, MI 149 $25,995,000 $174,463
ELIZABETHTOWN-FORT KNOX, KY 145 $24,325,000 $167,759
NILES, MI 173 $24,145,000 $139,566
HICKORY-LENOIR-MORGANTON, NC 105 $14,135,000 $134,619
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 88 $12,910,000 $146,705
ANAHEIM-SANTA ANA-IRVINE, CA 24 $11,810,000 $492,083
LANSING-EAST LANSING, MI 83 $11,455,000 $138,012
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 25 $10,645,000 $425,800
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 55 $10,225,000 $185,909
TALLAHASSEE, FL 72 $9,840,000 $136,667
RALEIGH-CARY, NC 39 $9,785,000 $250,897
GAINESVILLE, FL 65 $9,625,000 $148,077
SOUTH BEND-MISHAWAKA, IN-MI 56 $8,870,000 $158,393
AKRON, OH 55 $8,555,000 $155,545
GREENSBORO-HIGH POINT, NC 62 $8,190,000 $132,097
NORTH PORT-SARASOTA-BRADENTON, FL 40 $7,990,000 $199,750
DETROIT-DEARBORN-LIVONIA, MI 55 $7,275,000 $132,273
OCALA, FL 45 $6,915,000 $153,667
APPLETON, WI 39 $6,785,000 $173,974
ASHEVILLE, NC 25 $6,065,000 $242,600
MILWAUKEE-WAUKESHA, WI 29 $5,745,000 $198,103
LOUISVILLE/JEFFERSON COUNTY, KY-IN 36 $5,720,000 $158,889
HOMOSASSA SPRINGS, FL 34 $5,610,000 $165,000
CANTON-MASSILLON, OH 41 $5,425,000 $132,317
JACKSON, MI 41 $5,075,000 $123,780
OWENSBORO, KY 33 $4,955,000 $150,152
LIMA, OH 41 $4,735,000 $115,488
MICHIGAN CITY-LA PORTE, IN 32 $4,470,000 $139,688
FLINT, MI 27 $4,445,000 $164,630
LEXINGTON-FAYETTE, KY 26 $4,240,000 $163,077
WINSTON-SALEM, NC 30 $4,010,000 $133,667
COLUMBUS, IN 24 $3,900,000 $162,500
MUNCIE, IN 31 $3,705,000 $119,516
SAGINAW, MI 32 $3,680,000 $115,000
MADISON, WI 15 $3,555,000 $237,000
MONROE, MI 21 $3,535,000 $168,333
DURHAM-CHAPEL HILL, NC 15 $3,345,000 $223,000
DANVILLE, IL 29 $3,305,000 $113,966
OSHKOSH-NEENAH, WI 19 $3,175,000 $167,105
ANN ARBOR, MI 14 $3,090,000 $220,714
PALM BAY-MELBOURNE-TITUSVILLE, FL 17 $2,985,000 $175,588
BLOOMINGTON, IN 20 $2,820,000 $141,000
DAYTON-KETTERING, OH 15 $2,415,000 $161,000
JACKSONVILLE, FL 13 $2,305,000 $177,308
COLUMBUS, OH 13 $2,285,000 $175,769
KOKOMO, IN 17 $2,215,000 $130,294
ELKHART-GOSHEN, IN 15 $2,195,000 $146,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 6 $1,850,000 $308,333
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 10 $1,850,000 $185,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 6 $1,700,000 $283,333
TERRE HAUTE, IN 11 $1,645,000 $149,545
LAFAYETTE-WEST LAFAYETTE, IN 11 $1,565,000 $142,273
GREEN BAY, WI 8 $1,360,000 $170,000
MIDLAND, MI 10 $1,330,000 $133,000
SPARTANBURG, SC 9 $1,295,000 $143,889
BURLINGTON, NC 5 $1,195,000 $239,000
MUSKEGON, MI 9 $1,165,000 $129,444
PORT ST. LUCIE, FL 5 $1,125,000 $225,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 5 $1,085,000 $217,000
WILMINGTON, NC 3 $985,000 $328,333
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 4 $980,000 $245,000
OXNARD-THOUSAND OAKS-VENTURA, CA 2 $940,000 $470,000
CAPE CORAL-FORT MYERS, FL 4 $850,000 $212,500
HUNTINGTON-ASHLAND, WV-KY-OH 6 $750,000 $125,000
FAYETTEVILLE, NC 5 $705,000 $141,000
OAKLAND-BERKELEY-LIVERMORE, CA 2 $640,000 $320,000
FORT WAYNE, IN 5 $625,000 $125,000
COLUMBIA, SC 4 $590,000 $147,500
KNOXVILLE, TN 3 $505,000 $168,333
CHARLESTON-NORTH CHARLESTON, SC 2 $500,000 $250,000
BAY CITY, MI 6 $500,000 $83,333
FOND DU LAC, WI 3 $475,000 $158,333
HUNTSVILLE, AL 1 $435,000 $435,000
PUNTA GORDA, FL 3 $435,000 $145,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 2 $430,000 $215,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $425,000 $425,000
PENSACOLA-FERRY PASS-BRENT, FL 5 $415,000 $83,000
GREENVILLE-ANDERSON, SC 2 $390,000 $195,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $355,000 $355,000
THE VILLAGES, FL 2 $340,000 $170,000
EVANSVILLE, IN-KY 3 $335,000 $111,667
CLARKSVILLE, TN-KY 2 $330,000 $165,000
BAKERSFIELD, CA 2 $320,000 $160,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $285,000 $285,000
GARY, IN 2 $270,000 $135,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $265,000 $265,000
EAST STROUDSBURG, PA 1 $265,000 $265,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $230,000 $115,000
SUMTER, SC 2 $210,000 $105,000
NAPLES-MARCO ISLAND, FL 1 $205,000 $205,000
CHAMPAIGN-URBANA, IL 1 $205,000 $205,000
ROCKY MOUNT, NC 1 $205,000 $205,000
SEBASTIAN-VERO BEACH, FL 1 $195,000 $195,000
READING, PA 1 $175,000 $175,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $165,000 $165,000
JANESVILLE-BELOIT, WI 1 $165,000 $165,000
FLORENCE, SC 1 $155,000 $155,000
WEIRTON-STEUBENVILLE, WV-OH 1 $145,000 $145,000
WAUSAU-WESTON, WI 1 $135,000 $135,000
SEBRING-AVON PARK, FL 2 $130,000 $65,000
PANAMA CITY, FL 1 $115,000 $115,000
SPRINGFIELD, OH 1 $115,000 $115,000
MANSFIELD, OH 1 $105,000 $105,000
AUBURN-OPELIKA, AL 1 $65,000 $65,000

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
2.5-3% 25 $4,835,000 $193,400
3-4% 2,495 $501,665,000 $201,068
4-5% 4,259 $699,905,000 $164,336
5-6% 2,084 $297,330,000 $142,673
6-7% 279 $34,385,000 $123,244
7-8% 1 $115,000 $115,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,992 $150,940,000 $75,773
$100k-200k 4,572 $663,110,000 $145,037
$200k-400k 2,350 $615,430,000 $261,885
$400k-600k 213 $97,865,000 $459,460
$600k-1000k 16 $10,890,000 $680,625

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% 74 $7,930,000 $107,162
40-60% 315 $47,525,000 $150,873
60-80% 1,504 $262,080,000 $174,255
80-100% 6,681 $1,112,185,000 $166,470
Over 100% 157 $34,055,000 $216,911
Under 20% 2 $90,000 $45,000

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 1,102 $263,810,000 $239,392
$150k-250k 429 $121,395,000 $282,972
$50k-75k 2,666 $424,960,000 $159,400
$50k-or less 3,033 $339,375,000 $111,894
$75k-100k 1,343 $270,895,000 $201,709
$Over $250k 110 $32,930,000 $299,364

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,809 $1,294,605,000 $165,784
Not provided 756 $135,930,000 $179,802
Black 423 $75,025,000 $177,364
Asian 94 $22,190,000 $236,064
American Indian 32 $4,720,000 $147,500
Native Hawaiian 10 $1,840,000 $184,000
Asian Indian 4 $1,250,000 $312,500
Other Asian 7 $1,095,000 $156,429
Vietnamese 4 $840,000 $210,000
Korean 1 $275,000 $275,000
Filipino 1 $235,000 $235,000
Other Pacific Islander 1 $125,000 $125,000
Japanese 1 $105,000 $105,000

Approval Rates

Total approvals of all applications
94.45%

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
73.59%

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
NA 9,143 $1,538,235,000 $168,242

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 546 $98,430,000 $180,275
$1k-2k 5,349 $896,595,000 $167,619
$2k-3k 1,669 $237,645,000 $142,388
$3k-4k 1,114 $202,220,000 $181,526
$5k+ 268 $79,170,000 $295,410

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 426 $47,960,000 $112,582
Single Family (1-4 Units):Site-Built 8,717 $1,490,275,000 $170,962