Mortgage World Bankers Rates, Fees & Info

New York, NY

LEI: 5493008EBYLPD4MM3C30

Tax ID: 42-1586715

1 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mortgage World Bankers is a smaller bank specializing in Home Purchase and Refi loans. Mortgage World Bankers has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Philadelphia, Poughkeepsie, Buffalo, and Bridgeport among others. Mortgage World Bankers has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mortgage World Bankers is typically a high fee lendor.


Originations

371

Origination Dollar Volume (All Markets)

$181,465,000

Relative Rate

Mortgage World Bankers 's average 30 year fixed rate mortgage of loans were 3.23%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.08%.

Relative Fees

Mortgage World Bankers 's average total fees for a 30 year fixed rate mortgage are $13,699.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 353 $176,855,000 $501,006 $13,279 3.18%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 8 $1,740,000 $217,500 $6,320 3.34%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $910,000 $455,000 $13,864 3.19%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 2 $530,000 $265,000 $7,116 3.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $525,000 $525,000 $6,651 2.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $310,000 $155,000 $6,207 3.44%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,213 3.25%
Outside of Metro Areas 1 $195,000 $195,000 $9,323 3.30%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $125,000 $125,000 $6,182 3.50%

Mortgage World Bankers 's top markets include New York, Philadelphia, Poughkeepsie, Buffalo, and Bridgeport among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 352 $170,700,000 $484,943 $12,420 3.21%
FHA 18 $10,520,000 $584,444 $24,432 2.88%
VA 1 $245,000 $245,000 $4,363 2.88%

For the 2021 period, Mortgage World Bankers 's most frequently originated loan type of loans were Conventional, with 352 originations. Their 2nd most popular type is FHA, with 18 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 191 $98,485,000 $515,628 $13,884 3.25%
Refi 147 $66,475,000 $452,211 $11,579 3.07%
Cash Out Refi 30 $15,070,000 $502,333 $14,213 3.43%
Other 2 $920,000 $460,000 $18,682 2.75%
Home Improvement 1 $515,000 $515,000 $19,318 3.63%

For the 2021, Mortgage World Bankers 's most frequently cited loan purpose of loans were Home Purchase, with 191 originations. The 2nd most popular reason of loans were Refi, with 147 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 335 $169,045,000 $504,612 $13,699 3.23%
15 Year 21 $6,335,000 $301,667 $6,616 2.66%
20 Year 9 $3,505,000 $389,444 $8,850 2.97%
Other 5 $1,615,000 $323,000 $3,987 2.95%
30+ year 1 $965,000 $965,000 $7,455 4.75%

For the 2021, Mortgage World Bankers 's most frequently cited loan length of loans were 30 Year, with 335 originations. The 2nd most popular length of loans were 15 Year, with 21 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 192 $114,020,000 $593,854
$1k-2k 57 $23,245,000 $407,807
$<1k 53 $18,255,000 $344,434
$3k-4k 39 $13,845,000 $355,000
$2k-3k 20 $6,900,000 $345,000

$13,699 of loans were Mortgage World Bankers 's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 192 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 202 $104,290,000 $516,287
2.5-3% 125 $55,935,000 $447,480
<2.5% 22 $8,430,000 $383,182
4-5% 20 $12,160,000 $608,000
5-6% 2 $650,000 $325,000

During 2021, Mortgage World Bankers 's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 202 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 139 $68,785,000 $494,856 $13,049 3.18%
$200k-400k 122 $38,390,000 $314,672 $7,200 3.08%
$600k-1MM 82 $60,720,000 $740,488 $21,667 3.30%
$100k-200k 19 $3,055,000 $160,789 $5,802 3.27%
$1MM+ 9 $10,515,000 $1,168,333 $30,360 3.69%

2021 saw Mortgage World Bankers place emphasis on $400k-600k loans with 139 originations, totaling $68,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 113 $59,325,000 $525,000 $13,533 3.05%
$75k-100k 82 $35,880,000 $437,561 $11,854 3.10%
$150k-250k 62 $33,140,000 $534,516 $11,830 3.24%
$50k-75k 59 $23,895,000 $405,000 $12,029 3.09%
$50k or less 34 $13,930,000 $409,706 $14,037 3.50%
$250k+ 17 $13,585,000 $799,118 $21,491 3.78%

Mortgage World Bankers lent most frequently to those with incomes in the $100k-150k range, with 113 originations. The second most popular income band? $75k-100k, with 82 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 46 $18,580,000 $403,913 $8,414 3.08%
30-36% 44 $19,080,000 $433,636 $10,232 3.25%
49% 38 $18,220,000 $479,474 $13,055 3.12%
48% 28 $14,950,000 $533,929 $14,652 3.17%
43% 26 $14,170,000 $545,000 $14,193 3.11%
47% 23 $12,395,000 $538,913 $13,691 3.12%
44% 22 $11,360,000 $516,364 $14,657 3.16%
46% 22 $11,570,000 $525,909 $13,613 3.14%
45% 20 $10,440,000 $522,000 $16,283 3.28%
50-60% 15 $8,195,000 $546,333 $17,854 2.97%
39% 13 $6,515,000 $501,154 $14,612 3.17%
38% 13 $5,625,000 $432,692 $11,281 3.18%
<20% 12 $6,570,000 $547,500 $18,125 3.27%
41% 10 $4,850,000 $485,000 $13,732 2.95%
42% 8 $4,000,000 $500,000 $11,597 3.19%
40% 8 $3,830,000 $478,750 $12,861 3.06%
37% 5 $3,075,000 $615,000 $11,423 3.45%
36% 4 $1,460,000 $365,000 $7,867 2.88%
>60% 2 $860,000 $430,000 $16,878 3.19%

Mortgage World Bankers lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 44 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Asian 236 $113,580,000 $481,271 $12,988 3.18%
White 113 $56,955,000 $504,027 $12,267 3.20%
Black 11 $5,975,000 $543,182 $21,456 3.27%
Not provided 10 $4,450,000 $445,000 $11,644 2.86%
Native Hawaiian 1 $505,000 $505,000 $17,033 5.00%

Approval Rates

Total approvals of all applications
90.80%

Mortgage World Bankers has an average approval rate.

Pick Rate

Approvals leading to origination
78.48%

Mortgage World Bankers has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
11195.0 1 $405,000 $405,000
16535.0 1 $365,000 $365,000
1745.0 1 $105,000 $105,000
20746.35 1 $435,000 $435,000
22295.8 1 $535,000 $535,000
32184.7 1 $1,045,000 $1,045,000
NA 365 $178,575,000 $489,247

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
371 $181,465,000 $489,124

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 22 $8,110,000 $368,636 $10,071 3.05%
40-60% 78 $36,450,000 $467,308 $12,980 3.10%
60-80% 193 $97,575,000 $505,570 $13,041 3.27%
80-100% 75 $38,475,000 $513,000 $13,815 3.11%
Under 20% 3 $855,000 $285,000 $11,896 3.54%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MORTGAGE CENTER, LC FHA mortgage Closing on a mortgage 1 100.0%