Mountain Mortgage Corp. Rates, Fees & Info

Union, NJ

LEI: 54930090M1R8T8VWLU55

Tax ID: 22-2452617

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mountain Mortgage Corp. is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Mountain Mortgage Corp. has a high proportion of conventional loans. Their top (well, only) market is New York.

    Mountain Mortgage Corp. has an above average approval rate when compared to the average across all lenders. Mountain Mortgage Corp. 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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    Originations

    34

    Origination Dollar Volume (All Markets)

    $15,660,000

    Awards

    MOUNTAIN MORTGAGE CORP. 30 Year Conventional Loans silver
    Show all (1) awards

    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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 34 $15,660,000 $460,588 $6,184 3.84%
    Mountain Mortgage Corp.'s top markets include and New York among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)

    • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 34 $15,660,000 $460,588 $6,184 3.84%

    For 2019, Mountain Mortgage Corp.'s most frequently originated type of loan was Conventional, with 34 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $7,555,000 $397,632 $7,413 3.97%
    Cash Out Refi 9 $4,575,000 $508,333 $4,918 3.68%
    Refi 6 $3,530,000 $588,333 $4,391 3.67%

    For 2019, Mountain Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 31 $14,305,000 $461,452 $6,325 3.88%
    15 Year 2 $980,000 $490,000 $5,325 3.31%
    20 Year 1 $375,000 $375,000 $3,968 3.50%

    For 2019, Mountain Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 31 originations. The 2nd most popular length was 15 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 22 $10,490,000 $476,818
    $1k-2k 4 $2,200,000 $550,000
    $3k-4k 3 $1,255,000 $418,333
    $2k-3k 1 $235,000 $235,000
    $5k+ 1 $395,000 $395,000

    Mountain Mortgage Corp.'s average total fees were $6,325, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 22 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 26 $12,430,000 $478,077
    4-5% 8 $3,230,000 $403,750

    During 2019, Mountain Mortgage Corp.'s average interest rate for loans was 3.88%, while their most frequently originated rate bucket for loans was 3-4%, with 26 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 13 $3,875,000 $298,077 $7,030 3.90%
    $400k-600k 12 $5,770,000 $480,833 $5,522 3.68%
    $600k-1MM 8 $5,830,000 $728,750 $5,988 3.94%
    $100k-200k 1 $185,000 $185,000 $5,742 4.13%

    2019 saw Mountain Mortgage Corp. place emphasis on $200k-400k loans with 13 originations, totaling $3,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 14 $7,030,000 $502,143 $5,246 3.79%
    $100k-150k 8 $2,790,000 $348,750 $7,131 3.86%
    $250k+ 7 $4,525,000 $646,429 $6,364 3.86%
    $75k-100k 3 $875,000 $291,667 $8,717 3.79%
    $50k-75k 2 $440,000 $220,000 $5,020 4.13%

    Mountain Mortgage Corp. lent most frequently to those with incomes in the $150k-250k range, with 14 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $5,120,000 $426,667 $6,303 3.96%
    30-36% 9 $5,055,000 $561,667 $7,001 3.67%
    37% 4 $1,550,000 $387,500 $6,750 4.06%
    39% 3 $1,835,000 $611,667 $4,404 3.54%
    36% 3 $1,175,000 $391,667 $5,025 3.75%
    44% 1 $255,000 $255,000 $4,299 4.13%
    38% 1 $185,000 $185,000 $5,742 4.13%
    <20% 1 $485,000 $485,000 $4,754 3.63%

    Mountain Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $15,215,000 $461,061 $6,176 3.85%
    Asian Indian 1 $445,000 $445,000 $6,454 3.38%

    Approval Rates

    Total approvals of all applications
    100.00%

    Mountain Mortgage Corp. 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 34 $15,660,000 $460,588

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 34 $15,660,000 $460,588

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $275,000 $275,000 $3,629 3.63%
    40-60% 1 $485,000 $485,000 $4,754 3.63%
    60-80% 16 $6,770,000 $423,125 $5,919 3.92%
    80-100% 16 $8,130,000 $508,125 $6,753 3.78%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MOUNTAIN WEST FINANCIAL, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%