Mortgage Express Rates, Fees & Info
PORTLAND, ORLEI: 5493008JECR4UE0WVR04
Tax ID: 93-1296762
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Mortgage Data
Review & 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 by origination volume include: Portland, Corvallis, Medford, Eugene, and Salem among others. We have data for 45 markets. (Some data included below & more in-depth data is available with an active subscription.)Mortgage Express has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mortgage Express is typically an average 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 | 6.45% | 4/18/24 |
| 30 Year Conventional Refi | 6.29% | 4/18/24 |
| 30 Year Cash-out Refi | 6.47% | 4/18/24 |
| 30 Year FHA Purchase | 6.97% | 4/18/24 |
| 30 Year FHA Refi | 6.27% | 4/18/24 |
| 30 Year VA Purchase | 6.11% | 4/18/24 |
| 30 Year VA Refi | 6.11% | 4/18/24 |
| 30 Year USDA Purchase | 5.93% | 4/18/24 |
| 15 Year Conventional Purchase | 5.79% | 4/18/24 |
| 15 Year Conventional Refi | 5.83% | 4/18/24 |
| 15 Year Cash-out Refi | 5.83% | 4/18/24 |
| 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 Express Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,304Origination Dollar Volume (All Markets)
$1,153,480,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against MORTGAGE EXPRESS 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
For 2021, Mortgage Express's most frequently originated type of loan was Conventional, with 2,962 originations. Their 2nd most popular type was VA, with 189 originations.
Loan Reason
For 2021, Mortgage Express's most frequently cited loan purpose was Home Purchase, with 1,368 originations. The 2nd most popular reason was Refi, with 1,136 originations.
Loan Duration/Length
For 2021, Mortgage Express's most frequently cited loan duration was Other, with 3,183 originations. The 2nd most popular length was 30 Year, with 113 originations.
Origination Fees/Closing Costs
Mortgage Express's average total fees were $4,836, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,511 originations.
Loan Sizing
2021 saw Mortgage Express place emphasis on $200k-400k loans with 1,831 originations, totaling $559,545,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications96.50%
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 origination71.37%
Mortgage Express has a below average pick rate.
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
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |