Ark Mortgage Rates, Fees & Info

NORTH BRUNSWICK, NJ

LEI: 5493008VCYW25D52ZC98

Tax ID: 22-2498599

1 stars - out of 5 stars, based on 45 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ark Mortgage is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Ark Mortgage 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.) Their top markets include New York, Poughkeepsie, Miami, Kingston, and Philadelphia among others. Ark Mortgage 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. Ark Mortgage is typically a high fee lendor.


Originations

2,012

Origination Dollar Volume (All Markets)

$917,280,000

Relative Rate

Ark Mortgage '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

Ark Mortgage 's average total fees for a 30 year fixed rate mortgage are $11,397.

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) 1,592 $774,470,000 $486,476 $11,734 3.16%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 339 $121,725,000 $359,071 $9,468 3.19%
Outside of Metro Areas 47 $10,925,000 $232,447 $7,306 3.32%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $5,165,000 $469,545 $9,001 3.44%
KINGSTON, NY (FHA|USDA|VA) 9 $2,505,000 $278,333 $7,756 3.21%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 10 $1,700,000 $170,000 $6,511 3.50%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $610,000 $305,000 $6,009 4.00%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $180,000 $90,000 $4,973 3.63%

Ark Mortgage 's top markets include New York, Poughkeepsie, Miami, Kingston, and Philadelphia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,004 $912,990,000 $455,584 $11,136 3.18%
FHA 8 $4,290,000 $536,250 $21,551 2.86%

For the 2021 period, Ark Mortgage 's most frequently originated loan type of loans were Conventional, with 2,004 originations. Their 2nd most popular type is FHA, with 8 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 768 $356,170,000 $463,763 $9,416 3.24%
Refi 628 $272,060,000 $433,217 $10,851 2.99%
Cash Out Refi 616 $289,050,000 $469,237 $13,707 3.28%

For the 2021, Ark Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 768 originations. The 2nd most popular reason of loans were Refi, with 628 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,818 $848,400,000 $466,667 $11,397 3.23%
15 Year 107 $35,255,000 $329,486 $8,643 2.50%
20 Year 48 $17,620,000 $367,083 $9,581 2.80%
Other 39 $16,005,000 $410,385 $9,875 2.94%

For the 2021, Ark Mortgage 's most frequently cited loan length of loans were 30 Year, with 1,818 originations. The 2nd most popular length of loans were 15 Year, with 107 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 939 $508,305,000 $541,326
$1k-2k 364 $149,120,000 $409,670
$3k-4k 336 $125,440,000 $373,333
$2k-3k 206 $71,040,000 $344,854
$<1k 165 $62,855,000 $380,939

$11,397 of loans were Ark Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 939 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,108 $515,990,000 $465,695
2.5-3% 711 $328,095,000 $461,456
<2.5% 148 $56,380,000 $380,946
4-5% 45 $16,815,000 $373,667

During 2021, Ark Mortgage 's average interest rate of loans were 3.23%, while their most frequently originated rate bucket of loans were 3-4%, with 1,108 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 776 $238,400,000 $307,216 $8,077 3.17%
$400k-600k 633 $310,145,000 $489,961 $10,976 3.13%
$600k-1MM 395 $286,715,000 $725,861 $16,886 3.21%
$100k-200k 156 $24,700,000 $158,333 $5,595 3.26%
$1MM+ 47 $56,885,000 $1,210,319 $36,128 3.26%
$100,000 or less 5 $435,000 $87,000 $5,095 3.55%

2021 saw Ark Mortgage place emphasis on $200k-400k loans with 776 originations, totaling $238,400,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 527 $254,475,000 $482,875 $10,991 3.20%
$150k-250k 388 $198,860,000 $512,526 $12,917 3.16%
$250k+ 337 $182,035,000 $540,163 $13,195 3.20%
$75k-100k 330 $137,490,000 $416,636 $9,800 3.13%
$50k-75k 267 $91,185,000 $341,517 $8,920 3.04%
$50k or less 163 $53,235,000 $326,595 $9,935 3.38%

Ark Mortgage lent most frequently to those with incomes in the $100k-150k range, with 527 originations. The second most popular income band? $150k-250k, with 388 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 247 $112,645,000 $456,053 $11,966 3.20%
20-30% 225 $104,205,000 $463,133 $11,730 3.24%
49% 181 $81,735,000 $451,575 $11,366 3.06%
<20% 136 $52,710,000 $387,574 $9,156 3.22%
43% 123 $55,465,000 $450,935 $10,845 3.20%
44% 123 $56,595,000 $460,122 $10,675 3.21%
48% 119 $57,495,000 $483,151 $11,884 3.06%
45% 109 $50,725,000 $465,367 $11,728 3.16%
47% 109 $48,605,000 $445,917 $10,902 3.18%
41% 104 $46,050,000 $442,788 $10,400 3.12%
42% 100 $44,210,000 $442,100 $10,185 3.20%
46% 98 $48,510,000 $495,000 $12,696 3.17%
40% 74 $34,480,000 $465,946 $9,850 3.26%
39% 67 $33,435,000 $499,030 $12,547 3.20%
36% 64 $28,420,000 $444,063 $10,304 3.21%
37% 58 $26,200,000 $451,724 $10,133 3.21%
38% 57 $28,345,000 $497,281 $12,448 3.09%
50-60% 17 $7,275,000 $427,941 $11,117 2.93%
>60% 1 $175,000 $175,000 $3,035 3.13%

Ark Mortgage lent most frequently to those with DTI ratios of 30-36%, with 247 originations. The next most common DTI ratio? 20-30%, with 225 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,974 $896,840,000 $454,326 $11,087 3.17%
Black 18 $10,700,000 $594,444 $19,477 3.22%
Not provided 15 $6,255,000 $417,000 $10,366 3.33%
Asian 3 $1,985,000 $661,667 $19,326 3.00%
Asian Indian 2 $1,500,000 $750,000 $19,237 3.38%

Approval Rates

Total approvals of all applications
98.96%

Ark Mortgage 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
69.44%

Ark Mortgage 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 2,012 $917,280,000 $455,905

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,012 $917,280,000 $455,905

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 120 $46,230,000 $385,250 $10,257 2.85%
40-60% 334 $156,330,000 $468,054 $11,864 2.94%
60-80% 1,133 $503,485,000 $444,382 $11,514 3.29%
80-100% 415 $207,915,000 $501,000 $10,016 3.14%
Under 20% 10 $3,320,000 $332,000 $9,180 3.03%