Province Mortgage Associates Rates, Fees & Info

ATTLEBORO, MA

LEI: 5493008XQDQ2YZPQKX53

Tax ID: 20-2272566

3.5 stars

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Province Mortgage Associates is a smaller mortgage company specializing in 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 by origination volume include: Providence, Boston, New Haven, Hartford, and Worcester among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

Province Mortgage Associates has an above average approval rate when compared to the average across all lenders. Province Mortgage Associates 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.68%	3/19/23
30 Year Conventional Refi	6.63%	3/19/23
30 Year Cash-out Refi	6.81%	3/19/23
30 Year FHA Purchase	7.43%	3/19/23
30 Year FHA Refi	7.04%	3/19/23
30 Year VA Purchase	6.48%	3/19/23
30 Year VA Refi	6.16%	3/19/23
30 Year USDA Purchase	6.58%	3/19/23
15 Year Conventional Purchase	6.07%	3/19/23
15 Year Conventional Refi	6.16%	3/19/23
15 Year Cash-out Refi	6.16%	3/19/23
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.

Originations

1,398

Origination Dollar Volume (All Markets)

$395,200,000

Relative Rate

Province Mortgage Associates's average 30 year fixed mortgage rate was 3.22%.

The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

This yields a difference of 0.07%.

Relative Fees (Closing Costs)

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

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

Top 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
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.

Their top states include:

Rhode Island (FHA|USDA|VA)

Connecticut (FHA|USDA|VA)

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against PROVINCE MORTGAGE ASSOCIATES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SOMERSET
Similarity Rank: 87

Homestar Mortgage, Inc.
Similarity Rank: 156

SCIENT Federal Credit Union
Similarity Rank: 286

POLISH NATIONAL
Similarity Rank: 376

FALL RIVER MUNICIPAL CREDIT UNION
Similarity Rank: 396

OCEAN STATE CREDIT UNION
Similarity Rank: 405

Sanborn Mortgage Corporation
Similarity Rank: 435

LUSO-AMERICAN CREDIT UNION
Similarity Rank: 474

Rhode Island Credit Union
Similarity Rank: 524

Sharon & Crescent United Credit Union
Similarity Rank: 540

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Province Mortgage Associates's most frequently originated type of loan was Conventional, with 1,000 originations. Their 2nd most popular type was FHA, with 364 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Province Mortgage Associates's most frequently cited loan purpose was Home Purchase, with 815 originations. The 2nd most popular reason was 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 2021, Province Mortgage Associates's most frequently cited loan duration was 30 Year, with 1,223 originations. The 2nd most popular length was 15 Year, with 90 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	1,106	$311,600,000	$281,736
$2k-3k	118	$31,490,000	$266,864
$3k-4k	79	$23,195,000	$293,608
$4k-5k	42	$11,640,000	$277,143
$5k+	41	$14,245,000	$347,439
$<1k	12	$3,030,000	$252,500

Province Mortgage Associates's average total fees were $6,093, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.22%, while their most frequently originated rate bucket for loans was 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 or Islander	1	$235,000	$235,000	$3,447	3.38%

Approval Rates

Total approvals of all applications
100.00%

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

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%