Mountain Mortgage Corp. Rates, Fees & Info
Union, NJLEI: 54930090M1R8T8VWLU55
Tax ID: 22-2452617
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Mortgage Data
Review & Overview
Mountain Mortgage Corp. is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Mountain Mortgage Corp. has a high proportion of conventional loans. Their top two markets are New York and Ocean City .Mountain Mortgage Corp. has an above average approval rate when compared to the average across all lenders. Mountain Mortgage Corp. is typically a low 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.
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Originations
30Origination Dollar Volume (All Markets)
$13,530,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 29 | $12,885,000 | $444,310 | $5,277 | 3.10% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,934 | 2.88% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $13,530,000 | $451,000 | $5,264 | 3.09% |
For 2020, Mountain Mortgage Corp.'s most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 18 | $8,670,000 | $481,667 | $5,409 | 2.88% |
| Cash Out Refi | 12 | $4,860,000 | $405,000 | $5,003 | 3.42% |
For 2020, Mountain Mortgage Corp.'s most frequently cited loan purpose was Refi, with 18 originations. The 2nd most popular reason was Cash Out Refi, with 12 originations.
Loan Duration/Length
For 2020, Mountain Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 23 originations. The 2nd most popular length was 15 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 22 | $9,600,000 | $436,364 |
| $1k-2k | 4 | $2,450,000 | $612,500 |
| $3k-4k | 1 | $125,000 | $125,000 |
| $4k-5k | 1 | $365,000 | $365,000 |
Mountain Mortgage Corp.'s average total fees were $4,553, 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% | 15 | $6,795,000 | $453,000 |
| 2.5-3% | 12 | $5,430,000 | $452,500 |
| <2.5% | 3 | $1,305,000 | $435,000 |
During 2020, Mountain Mortgage Corp.'s average interest rate for loans was 3.20%, while their most frequently originated rate bucket for loans was 3-4%, with 15 originations.
Loan Sizing
2020 saw Mountain Mortgage Corp. place emphasis on $400k-600k loans with 13 originations, totaling $6,185,000 in origination value.
Applicant Income
Mountain Mortgage Corp. lent most frequently to those with incomes in the $150k-250k range, with 11 originations. The second most popular income band? $100k-150k, with 10 originations.
Applicant Debt to Income Ratio
Mountain Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $13,530,000 | $451,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 30 | $13,530,000 | $451,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MOUNTAIN WEST FINANCIAL, INC. | Conventional home mortgage | Trouble during payment process | 1 | 25.0% |
| MOUNTAIN WEST FINANCIAL, INC. | FHA mortgage | Closing on a mortgage | 2 | 50.0% |
| MOUNTAIN WEST FINANCIAL, INC. | FHA mortgage | Trouble during payment process | 1 | 25.0% |