Province Mortgage Associates Rates, Fees & Info

ATTLEBORO, MA

LEI: 5493008XQDQ2YZPQKX53

Tax ID: 20-2272566

3.5 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Province Mortgage Associates is a smaller mortgage company specializing in Home Purchase loans. Province Mortgage Associates has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Providence, Boston, New Haven, Hartford, and Worcester among others. Province Mortgage Associates 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. Province Mortgage Associates is typically a high fee lendor.


Originations

1,398

Origination Dollar Volume (All Markets)

$395,200,000

Relative Rate

Province Mortgage Associates 's average 30 year fixed rate mortgage of loans were 3.22%.

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

This yields a difference of 0.07%.

Relative Fees

Province Mortgage Associates 's average total fees for a 30 year fixed rate mortgage are $6,093.

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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 997 $279,935,000 $280,777 $5,866 3.18%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 89 $31,785,000 $357,135 $5,313 3.16%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 94 $24,340,000 $258,936 $5,569 3.14%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 77 $18,255,000 $237,078 $5,381 3.13%
WORCESTER, MA-CT (FHA|USDA|VA) 53 $13,595,000 $256,509 $5,078 3.10%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 40 $13,470,000 $336,750 $6,400 2.99%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 21 $5,025,000 $239,286 $5,258 3.27%
Torrington, CT (FHA|USDA|VA) 10 $2,680,000 $268,000 $5,654 3.20%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $2,110,000 $351,667 $5,558 2.96%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $570,000 $285,000 $7,584 3.69%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $550,000 $275,000 $6,745 3.38%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,983 3.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $545,000 $545,000 $6,562 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $545,000 $545,000 $6,626 3.38%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $525,000 $525,000 $6,772 3.25%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $520,000 $260,000 $7,455 3.38%
PITTSFIELD, MA (FHA|USDA|VA) 1 $205,000 $205,000 $2,556 2.88%

Province Mortgage Associates 's top markets include Providence, Boston, New Haven, Hartford, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,000 $273,900,000 $273,900 $4,159 3.21%
FHA 364 $110,540,000 $303,681 $10,020 3.07%
VA 28 $9,390,000 $335,357 $7,374 3.01%
USDA 6 $1,370,000 $228,333 $6,620 2.90%

For the 2021 period, Province Mortgage Associates 's most frequently originated loan type of loans were Conventional, with 1,000 originations. Their 2nd most popular type is FHA, with 364 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 815 $250,875,000 $307,822 $6,815 3.17%
Refi 327 $78,525,000 $240,138 $3,852 3.06%
Cash Out Refi 256 $65,800,000 $257,031 $4,853 3.30%

For the 2021, Province Mortgage Associates 's most frequently cited loan purpose of loans were Home Purchase, with 815 originations. The 2nd most popular reason of loans were Refi, with 327 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,223 $354,275,000 $289,677 $6,093 3.22%
15 Year 90 $19,560,000 $217,333 $3,344 2.68%
Other 48 $12,750,000 $265,625 $3,515 3.04%
20 Year 33 $7,895,000 $239,242 $3,486 3.06%
10 Year 4 $720,000 $180,000 $3,468 2.41%

For the 2021, Province Mortgage Associates 's most frequently cited loan length of loans were 30 Year, with 1,223 originations. The 2nd most popular length of loans were 15 Year, with 90 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,106 $311,600,000 $281,736
$3k-4k 121 $34,835,000 $287,893
$2k-3k 118 $31,490,000 $266,864
$5k+ 41 $14,245,000 $347,439
$<1k 12 $3,030,000 $252,500

$6,093 of loans were Province Mortgage Associates 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,106 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 893 $255,755,000 $286,400
2.5-3% 441 $123,265,000 $279,512
<2.5% 48 $12,220,000 $254,583
4-5% 16 $3,960,000 $247,500

During 2021, Province Mortgage Associates 's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 893 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 912 $260,230,000 $285,340 $6,129 3.17%
$100k-200k 300 $48,760,000 $162,533 $3,957 3.16%
$400k-600k 162 $74,920,000 $462,469 $6,861 3.16%
$600k-1MM 15 $10,565,000 $704,333 $9,190 3.16%
$100,000 or less 9 $725,000 $80,556 $3,666 3.21%

2021 saw Province Mortgage Associates place emphasis on $200k-400k loans with 912 originations, totaling $260,230,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 445 $114,795,000 $257,966 $6,459 3.18%
$75k-100k 323 $90,275,000 $279,489 $5,853 3.17%
$100k-150k 289 $91,735,000 $317,422 $4,956 3.19%
$50k or less 176 $35,700,000 $202,841 $5,839 3.14%
$150k-250k 137 $50,845,000 $371,131 $4,975 3.14%
$250k+ 25 $10,965,000 $438,600 $5,462 3.23%

Province Mortgage Associates lent most frequently to those with incomes in the $50k-75k range, with 445 originations. The second most popular income band? $75k-100k, with 323 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 235 $67,435,000 $286,957 $4,825 3.18%
20-30% 216 $55,560,000 $257,222 $4,215 3.11%
50-60% 106 $32,830,000 $309,717 $9,900 3.09%
42% 70 $20,660,000 $295,143 $6,107 3.21%
43% 70 $19,070,000 $272,429 $5,630 3.25%
38% 66 $18,010,000 $272,879 $5,674 3.21%
40% 63 $18,115,000 $287,540 $5,772 3.25%
49% 61 $17,965,000 $294,508 $6,760 3.17%
45% 59 $17,505,000 $296,695 $7,156 3.12%
44% 59 $17,505,000 $296,695 $5,639 3.25%
48% 59 $16,085,000 $272,627 $6,655 3.13%
41% 53 $14,415,000 $271,981 $5,015 3.27%
37% 52 $13,760,000 $264,615 $4,596 3.28%
<20% 51 $14,315,000 $280,686 $3,680 3.03%
39% 49 $14,825,000 $302,551 $5,381 3.27%
47% 46 $13,970,000 $303,696 $7,569 3.09%
46% 45 $12,555,000 $279,000 $6,799 3.23%
36% 34 $9,490,000 $279,118 $6,059 3.13%
>60% 1 $245,000 $245,000 $11,158 3.00%

Province Mortgage Associates lent most frequently to those with DTI ratios of 30-36%, with 235 originations. The next most common DTI ratio? 20-30%, with 216 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,259 $355,115,000 $282,061 $5,606 3.17%
Black 91 $26,355,000 $289,615 $7,970 3.10%
Asian 28 $8,520,000 $304,286 $5,553 3.11%
American Indian 10 $2,790,000 $279,000 $7,668 3.26%
Not provided 7 $1,585,000 $226,429 $4,391 3.36%
Asian Indian 1 $355,000 $355,000 $4,983 3.00%
Other Pacific Islander 1 $245,000 $245,000 $2,279 3.50%
Native Hawaiian 1 $235,000 $235,000 $3,447 3.38%

Approval Rates

Total approvals of all applications
95.02%

Province Mortgage Associates 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
87.54%

Province Mortgage Associates has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,398 $395,200,000 $282,690

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,398 $395,200,000 $282,690

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 34 $5,610,000 $165,000 $3,240 2.82%
40-60% 169 $35,615,000 $210,740 $3,534 3.03%
60-80% 460 $127,580,000 $277,348 $4,451 3.29%
80-100% 727 $223,965,000 $308,067 $7,168 3.14%
Over 100% 7 $2,275,000 $325,000 $12,089 3.05%
Under 20% 1 $155,000 $155,000 $4,329 3.75%