Atlantic Coast Mortgage Llc

Fairfax, VA 22030

LEI: 54930095UWUUXAWASB02

Tax ID: 61-1645461

2019 Data | 2018 Data


Overview

Atlantic Coast Mortgage Llc is a small mortgage company specializing in Home Purchase and Refi loans. Atlantic Coast Mortgage Llc 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 Washington, Frederick, Charlottesville, Charleston, and Baltimore among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Atlantic Coast Mortgage Llc is typically a medium-low fee lendor.


Originations

4,417

Origination Dollar Volume (All Markets)

$1,693,845,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,153 $1,208,055,000 $383,145
FHA 463 $144,665,000 $312,451
VA 728 $324,380,000 $445,577
USDA 73 $16,745,000 $229,384

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 3,289 $1,223,945,000 $372,133
Home Improvement 17 $5,625,000 $330,882
Other 51 $18,015,000 $353,235
Refi 887 $382,165,000 $430,851
Cash Out Refi 173 $64,095,000 $370,491

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 3,123 $1,313,465,000 $420,578
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 174 $78,580,000 $451,609
CHARLOTTESVILLE, VA 226 $61,690,000 $272,965
Outside of Metro Areas 207 $46,855,000 $226,353
CHARLESTON-NORTH CHARLESTON, SC 124 $43,860,000 $353,710
BALTIMORE-COLUMBIA-TOWSON, MD 138 $43,100,000 $312,319
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 167 $41,085,000 $246,018
RICHMOND, VA 73 $19,475,000 $266,781
WINCHESTER, VA-WV 51 $12,155,000 $238,333
SALISBURY, MD-DE 15 $5,205,000 $347,000
HAGERSTOWN-MARTINSBURG, MD-WV 12 $2,810,000 $234,167
HARRISONBURG, VA 11 $2,675,000 $243,182
STAUNTON, VA 13 $2,395,000 $184,231
CHARLOTTE-CONCORD-GASTONIA, NC-SC 7 $2,305,000 $329,286
RALEIGH-CARY, NC 7 $1,855,000 $265,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 6 $1,680,000 $280,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 6 $1,340,000 $223,333
LYNCHBURG, VA 7 $1,335,000 $190,714
HILTON HEAD ISLAND-BLUFFTON, SC 3 $1,305,000 $435,000
ROANOKE, VA 5 $1,295,000 $259,000
ORLANDO-KISSIMMEE-SANFORD, FL 4 $960,000 $240,000
ASHEVILLE, NC 3 $745,000 $248,333
CAPE CORAL-FORT MYERS, FL 3 $725,000 $241,667
CALIFORNIA-LEXINGTON PARK, MD 2 $710,000 $355,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 2 $640,000 $320,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $600,000 $300,000
WILMINGTON, DE-MD-NJ 2 $430,000 $215,000
WILMINGTON, NC 2 $400,000 $200,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $355,000 $355,000
SEBASTIAN-VERO BEACH, FL 2 $340,000 $170,000
GREENVILLE-ANDERSON, SC 2 $330,000 $165,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 1 $315,000 $315,000
FAYETTEVILLE, NC 2 $290,000 $145,000
FLORENCE, SC 2 $290,000 $145,000
BLOOMSBURG-BERWICK, PA 1 $285,000 $285,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 1 $285,000 $285,000
HICKORY-LENOIR-MORGANTON, NC 1 $255,000 $255,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $255,000 $255,000
JACKSONVILLE, NC 1 $245,000 $245,000
SPARTANBURG, SC 1 $175,000 $175,000
KINGSPORT-BRISTOL, TN-VA 1 $165,000 $165,000
GETTYSBURG, PA 1 $165,000 $165,000
COLUMBIA, SC 1 $115,000 $115,000
GREENSBORO-HIGH POINT, NC 1 $115,000 $115,000
MORGANTOWN, WV 1 $115,000 $115,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $75,000 $75,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 4 $850,000 $212,500
2.5-3% 58 $20,840,000 $359,310
3-4% 2,548 $1,028,460,000 $403,634
4-5% 1,632 $590,550,000 $361,857
5-6% 156 $41,010,000 $262,885
6-7% 16 $10,880,000 $680,000
7-8% 2 $1,150,000 $575,000
Over 8% 1 $105,000 $105,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 176 $4,570,000 $25,966
$100k-200k 488 $79,320,000 $162,541
$200k-400k 1,939 $584,625,000 $301,509
$400k-600k 1,219 $587,045,000 $481,579
$600k-1000k 566 $401,850,000 $709,982
$Over $1MM 29 $36,435,000 $1,256,379

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 69 $15,535,000 $225,145
40-60% 252 $85,490,000 $339,246
60-80% 1,077 $454,845,000 $422,326
80-100% 2,677 $1,049,165,000 $391,918
Over 100% 197 $84,405,000 $428,452
Under 20% 140 $1,880,000 $13,429

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,108 $427,070,000 $385,442
$150k-250k 932 $466,630,000 $500,676
$50k-75k 698 $164,380,000 $235,501
$50k-or less 472 $128,650,000 $272,564
$75k-100k 767 $237,795,000 $310,033
$Over $250k 402 $254,260,000 $632,488

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 3,025 $1,183,665,000 $391,294
Not provided 676 $250,520,000 $370,592
Black 382 $127,500,000 $333,770
Asian 224 $85,600,000 $382,143
Asian Indian 33 $16,125,000 $488,636
American Indian 31 $11,555,000 $372,742
Other Asian 11 $4,475,000 $406,818
Chinese 9 $4,405,000 $489,444
Filipino 7 $2,985,000 $426,429
Korean 8 $2,970,000 $371,250
Native Hawaiian 5 $2,735,000 $547,000
Vietnamese 2 $650,000 $325,000
3 $435,000 $145,000
Other Pacific Islander 1 $225,000 $225,000

Approval Rates

Total approvals of all applications
97.30%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
81.82%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 4,417 $1,693,845,000 $383,483

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 307 $56,245,000 $183,208
$1k-2k 2,711 $1,038,465,000 $383,056
$2k-3k 448 $174,770,000 $390,112
$3k-4k 443 $190,905,000 $430,937
$5k+ 375 $203,585,000 $542,893

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 25 $3,135,000 $125,400
Single Family (1-4 Units):Site-Built 4,392 $1,690,710,000 $384,952