Mortgage Express Rates, Fees & Info

PORTLAND, OR

LEI: 5493008JECR4UE0WVR04

Tax ID: 93-1296762

4.9 stars - out of 5 stars, based on 57 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mortgage Express is a small mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Mortgage Express has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Portland, Corvallis, Medford, Eugene, and Salem among others. Mortgage Express 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 Express is typically an average fee lendor.


Originations

3,304

Origination Dollar Volume (All Markets)

$1,153,480,000

Relative Rate

Mortgage Express 's average 30 year fixed rate mortgage of loans were 3.15%.

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

This yields a difference of -0%.

Relative Fees

Mortgage Express 's average total fees for a 30 year fixed rate mortgage are $4,836.

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
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2,245 $804,045,000 $358,149 $4,928 3.00%
CORVALLIS, OR (FHA|USDA|VA) 205 $68,435,000 $333,829 $5,642 2.96%
MEDFORD, OR (FHA|USDA|VA) 181 $57,675,000 $318,646 $5,205 3.09%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 175 $55,685,000 $318,200 $4,582 3.09%
SALEM, OR (FHA|USDA|VA) 137 $42,305,000 $308,796 $5,197 3.00%
BEND, OR (FHA|USDA|VA) 91 $35,305,000 $387,967 $5,037 2.96%
ALBANY-LEBANON, OR (FHA|USDA|VA) 54 $15,840,000 $293,333 $5,524 2.93%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 30 $12,840,000 $428,000 $4,925 3.06%
Outside of Metro Areas 34 $10,430,000 $306,765 $5,153 3.06%
LONGVIEW, WA (FHA|USDA|VA) 18 $7,020,000 $390,000 $5,390 2.93%
Astoria, OR (FHA|USDA|VA) 15 $6,095,000 $406,333 $5,407 3.07%
Newport, OR (FHA|USDA|VA) 21 $5,895,000 $280,714 $4,708 3.08%
Prineville, OR (FHA|USDA|VA) 10 $3,400,000 $340,000 $3,519 2.98%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 5 $3,065,000 $613,000 $5,571 2.93%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 9 $2,585,000 $287,222 $4,794 2.92%
Coos Bay, OR (FHA|USDA|VA) 7 $2,585,000 $369,286 $7,283 3.20%
Hood River, OR (FHA|USDA|VA) 6 $2,160,000 $360,000 $5,210 2.83%
GRANTS PASS, OR (FHA|USDA|VA) 6 $1,990,000 $331,667 $5,376 3.21%
Roseburg, OR (FHA|USDA|VA) 6 $1,850,000 $308,333 $6,091 3.00%
Klamath Falls, OR (FHA|USDA|VA) 7 $1,715,000 $245,000 $5,803 2.82%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 3 $1,205,000 $401,667 $7,788 2.83%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $1,155,000 $385,000 $2,739 2.87%
Brookings, OR (FHA|USDA|VA) 4 $1,090,000 $272,500 $4,099 2.90%
The Dalles, OR (FHA|USDA|VA) 3 $905,000 $301,667 $4,570 2.88%
MODESTO, CA (FHA|USDA|VA) 2 $780,000 $390,000 $8,786 3.00%
Centralia, WA (FHA|USDA|VA) 2 $730,000 $365,000 $3,194 2.69%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 2 $730,000 $365,000 $2,894 3.38%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 2 $720,000 $360,000 $4,480 3.00%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 3 $615,000 $205,000 $2,609 3.08%
REDDING, CA (FHA|USDA|VA) 2 $520,000 $260,000 $4,123 3.25%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 2 $500,000 $250,000 $5,030 3.88%
VALLEJO, CA (FHA|USDA|VA) 1 $485,000 $485,000 $7,850 2.63%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 1 $335,000 $335,000 $3,264 3.13%
STOCKTON, CA (FHA|USDA|VA) 1 $335,000 $335,000 $5,643 3.38%
WALLA WALLA, WA (FHA|USDA|VA) 1 $335,000 $335,000 $5,604 3.38%
La Grande, OR (FHA|USDA|VA) 1 $325,000 $325,000 $3,459 2.25%
Moses Lake, WA (FHA|USDA|VA) 1 $245,000 $245,000 $3,269 2.75%
WENATCHEE, WA (FHA|USDA|VA) 1 $235,000 $235,000 $3,882 2.13%
YUBA CITY, CA (FHA|USDA|VA) 1 $225,000 $225,000 $2,460 3.13%
Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $225,000 $225,000 $3,011 3.00%
Aberdeen, WA (FHA|USDA|VA) 1 $215,000 $215,000 $9,126 2.25%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $195,000 $195,000 $2,410 2.99%
Ontario, OR-ID (FHA|USDA|VA) 1 $195,000 $195,000 $4,929 2.50%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $185,000 $185,000 $2,270 3.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $75,000 $75,000 $2,230 2.63%

Mortgage Express 's top markets include Portland, Corvallis, Medford, Eugene, and Salem among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,962 $1,021,650,000 $344,919 $4,523 3.04%
VA 189 $75,675,000 $400,397 $7,676 2.61%
FHA 135 $50,165,000 $371,593 $11,264 2.78%
USDA 18 $5,990,000 $332,778 $8,117 2.68%

For the 2021 period, Mortgage Express 's most frequently originated loan type of loans were Conventional, with 2,962 originations. Their 2nd most popular type is VA, with 189 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,368 $544,410,000 $397,961 $6,168 3.08%
Refi 1,136 $352,110,000 $309,956 $3,766 2.84%
Cash Out Refi 800 $256,960,000 $321,200 $4,750 3.12%

For the 2021, Mortgage Express 's most frequently cited loan purpose of loans were Home Purchase, with 1,368 originations. The 2nd most popular reason of loans were Refi, with 1,136 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 3,183 $1,115,225,000 $350,369 $5,006 3.00%
30 Year 113 $36,145,000 $319,867 $4,836 3.15%
15 Year 8 $2,110,000 $263,750 $4,267 2.45%

For the 2021, Mortgage Express 's most frequently cited loan length of loans were Other, with 3,183 originations. The 2nd most popular length of loans were 30 Year, with 113 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,122 $717,090,000 $337,931
$2k-3k 518 $174,230,000 $336,351
$3k-4k 376 $140,570,000 $373,856
$5k+ 161 $72,345,000 $449,348
$<1k 127 $49,245,000 $387,756

$4,836 of loans were Mortgage Express 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,122 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,511 $520,495,000 $344,471
3-4% 1,375 $505,725,000 $367,800
<2.5% 381 $115,755,000 $303,819
4-5% 37 $11,505,000 $310,946

During 2021, Mortgage Express 's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,511 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,831 $559,545,000 $305,595 $4,748 3.01%
$400k-600k 1,034 $495,410,000 $479,120 $5,775 3.04%
$100k-200k 365 $58,625,000 $160,616 $3,337 2.88%
$600k-1MM 55 $38,265,000 $695,727 $10,535 3.17%
$100,000 or less 19 $1,635,000 $86,053 $2,787 2.68%

2021 saw Mortgage Express place emphasis on $200k-400k loans with 1,831 originations, totaling $559,545,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 865 $322,115,000 $372,387 $5,032 3.03%
$75k-100k 689 $231,245,000 $335,624 $4,883 3.02%
$50k-75k 687 $201,645,000 $293,515 $5,003 2.99%
$150k-250k 545 $228,405,000 $419,092 $5,491 3.06%
$50k or less 309 $76,595,000 $247,880 $3,915 2.83%
$250k+ 208 $93,000,000 $447,115 $5,538 3.03%

Mortgage Express lent most frequently to those with incomes in the $100k-150k range, with 865 originations. The second most popular income band? $75k-100k, with 689 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 698 $238,600,000 $341,834 $4,635 2.96%
30-36% 581 $204,185,000 $351,437 $4,973 3.02%
<20% 251 $79,485,000 $316,673 $4,135 2.87%
42% 153 $55,275,000 $361,275 $5,268 3.11%
44% 134 $49,510,000 $369,478 $5,433 3.14%
43% 133 $47,775,000 $359,211 $5,042 3.05%
38% 131 $47,615,000 $363,473 $4,867 3.11%
40% 122 $41,230,000 $337,951 $5,189 3.08%
41% 121 $42,065,000 $347,645 $4,836 3.07%
49% 121 $42,045,000 $347,479 $5,298 3.10%
39% 118 $41,910,000 $355,169 $5,189 3.08%
36% 117 $40,985,000 $350,299 $5,322 3.01%
37% 111 $37,765,000 $340,225 $5,153 3.14%
45% 106 $38,390,000 $362,170 $5,063 3.00%
47% 102 $36,710,000 $359,902 $5,353 3.07%
48% 83 $28,865,000 $347,771 $5,163 3.00%
46% 82 $27,870,000 $339,878 $5,223 3.03%
50-60% 65 $25,265,000 $388,692 $9,147 2.86%
>60% 1 $545,000 $545,000 $4,984 3.25%

Mortgage Express lent most frequently to those with DTI ratios of 20-30%, with 698 originations. The next most common DTI ratio? 30-36%, with 581 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,682 $926,160,000 $345,324 $4,890 2.99%
Not provided 426 $157,650,000 $370,070 $5,615 3.06%
Asian 132 $47,050,000 $356,439 $4,938 3.05%
American Indian 35 $12,425,000 $355,000 $5,325 3.02%
Black 17 $6,555,000 $385,588 $5,867 3.20%
Native Hawaiian 12 $3,640,000 $303,333 $5,922 3.02%

Approval Rates

Total approvals of all applications
95.42%

Mortgage Express has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
69.93%

Mortgage Express 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 3,304 $1,153,480,000 $349,116

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,304 $1,153,480,000 $349,116

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 235 $50,045,000 $212,957 $3,612 2.78%
40-60% 702 $204,940,000 $291,937 $3,978 2.88%
60-80% 1,389 $515,255,000 $370,954 $4,798 3.11%
80-100% 932 $369,850,000 $396,835 $6,178 3.02%
Over 100% 22 $9,800,000 $445,455 $16,607 2.67%
Under 20% 24 $3,590,000 $149,583 $3,648 2.62%

Complaints

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