Tbi Mortgage Company

Horsham, PA 19044

LEI: 5493009BD405QQTMXO12

Tax ID: 23-2515434

2019 Data | 2018 Data


Overview

Tbi Mortgage Company is a small mortgage company specializing in Home Purchase loans. Tbi Mortgage Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Washington, Montgomery County, Oakland, Boise City, and Dallas 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. Tbi Mortgage Company is typically a medium-low fee exceptionally high fee lendor.


Originations

3,289

Origination Dollar Volume (All Markets)

$1,583,325,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,031 $1,452,225,000 $479,124
FHA 64 $28,820,000 $450,313
VA 194 $102,280,000 $527,216

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 3,265 $1,573,895,000 $482,051
Refi 15 $5,075,000 $338,333
Cash Out Refi 9 $4,355,000 $483,889

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 369 $184,315,000 $499,499
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 290 $108,740,000 $374,966
OAKLAND-BERKELEY-LIVERMORE, CA 95 $92,775,000 $976,579
BOISE CITY, ID 275 $84,155,000 $306,018
DALLAS-PLANO-IRVING, TX 138 $80,490,000 $583,261
DENVER-AURORA-LAKEWOOD, CO 130 $63,820,000 $490,923
SEATTLE-BELLEVUE-KENT, WA 77 $61,365,000 $796,948
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 137 $57,075,000 $416,606
LOS ANGELES-LONG BEACH-GLENDALE, CA 83 $56,855,000 $685,000
PHOENIX-MESA-CHANDLER, AZ 102 $54,360,000 $532,941
RENO, NV 125 $53,725,000 $429,800
NEW BRUNSWICK-LAKEWOOD, NJ 114 $53,450,000 $468,860
LAS VEGAS-HENDERSON-PARADISE, NV 116 $52,710,000 $454,397
JACKSONVILLE, FL 105 $47,945,000 $456,619
RALEIGH-CARY, NC 97 $41,175,000 $424,485
BALTIMORE-COLUMBIA-TOWSON, MD 76 $39,760,000 $523,158
AUSTIN-ROUND ROCK-GEORGETOWN, TX 92 $38,890,000 $422,717
ANAHEIM-SANTA ANA-IRVINE, CA 22 $28,630,000 $1,301,364
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 43 $28,625,000 $665,698
FORT WORTH-ARLINGTON-GRAPEVINE, TX 47 $28,245,000 $600,957
CHARLOTTE-CONCORD-GASTONIA, NC-SC 53 $21,905,000 $413,302
ORLANDO-KISSIMMEE-SANFORD, FL 39 $19,925,000 $510,897
PHILADELPHIA, PA 40 $19,340,000 $483,500
BRIDGEPORT-STAMFORD-NORWALK, CT 53 $19,155,000 $361,415
DETROIT-DEARBORN-LIVONIA, MI 38 $18,260,000 $480,526
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 53 $17,705,000 $334,057
ANN ARBOR, MI 42 $16,290,000 $387,857
FORT COLLINS, CO 28 $14,270,000 $509,643
SACRAMENTO-ROSEVILLE-FOLSOM, CA 23 $13,565,000 $589,783
ELGIN, IL 45 $13,385,000 $297,444
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 18 $12,400,000 $688,889
NEWARK, NJ-PA 31 $11,185,000 $360,806
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 9 $10,915,000 $1,212,778
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 29 $10,485,000 $361,552
NAPLES-MARCO ISLAND, FL 30 $9,530,000 $317,667
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 25 $9,245,000 $369,800
WILMINGTON, DE-MD-NJ 17 $8,505,000 $500,294
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 17 $8,235,000 $484,412
BOSTON, MA 22 $7,700,000 $350,000
TRENTON-PRINCETON, NJ 13 $7,285,000 $560,385
NEW HAVEN-MILFORD, CT 29 $7,045,000 $242,931
GREELEY, CO 13 $6,925,000 $532,692
WARREN-TROY-FARMINGTON HILLS, MI 17 $5,895,000 $346,765
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 13 $5,595,000 $430,385
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 5 $5,325,000 $1,065,000
BOULDER, CO 8 $4,600,000 $575,000
NORTH PORT-SARASOTA-BRADENTON, FL 8 $3,380,000 $422,500
TACOMA-LAKEWOOD, WA 5 $2,665,000 $533,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 5 $2,555,000 $511,000
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 3 $2,015,000 $671,667
CHICAGO-NAPERVILLE-EVANSTON, IL 4 $1,890,000 $472,500
DURHAM-CHAPEL HILL, NC 4 $1,880,000 $470,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 3 $1,545,000 $515,000
TUCSON, AZ 3 $1,135,000 $378,333
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 3 $935,000 $311,667
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $865,000 $865,000
CAMDEN, NJ 1 $585,000 $585,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 1 $525,000 $525,000
SALT LAKE CITY, UT 1 $485,000 $485,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $435,000 $435,000
Outside of Metro Areas 2 $370,000 $185,000
NORWICH-NEW LONDON, CT 1 $285,000 $285,000

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% 3 $2,015,000 $671,667
2.5-3% 88 $42,410,000 $481,932
3-4% 2,039 $981,365,000 $481,297
4-5% 1,092 $526,110,000 $481,786
5-6% 54 $23,900,000 $442,593
6-7% 6 $4,030,000 $671,667
7-8% 6 $2,820,000 $470,000
Over 8% 1 $675,000 $675,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 33 $2,415,000 $73,182
$100k-200k 190 $27,590,000 $145,211
$200k-400k 1,104 $341,690,000 $309,502
$400k-600k 1,181 $573,195,000 $485,347
$600k-1000k 657 $476,155,000 $724,741
$Over $1MM 124 $162,280,000 $1,308,710

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% 320 $79,200,000 $247,500
40-60% 570 $222,040,000 $389,544
60-80% 1,362 $768,600,000 $564,317
80-100% 944 $490,290,000 $519,375
Over 100% 32 $16,150,000 $504,688
Under 20% 61 $7,045,000 $115,492

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 818 $311,240,000 $380,489
$150k-250k 1,173 $586,625,000 $500,107
$50k-75k 175 $43,265,000 $247,229
$50k-or less 29 $4,455,000 $153,621
$75k-100k 306 $95,940,000 $313,529
$Over $250k 788 $541,800,000 $687,563

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 1,882 $809,360,000 $430,053
Asian 696 $397,930,000 $571,739
Not provided 465 $244,005,000 $524,742
Black 178 $94,950,000 $533,427
Asian Indian 32 $17,890,000 $559,063
Chinese 11 $5,245,000 $476,818
Korean 7 $4,405,000 $629,286
American Indian 6 $2,670,000 $445,000
Native Hawaiian 4 $2,530,000 $632,500
Filipino 3 $2,035,000 $678,333
Vietnamese 2 $910,000 $455,000
Other Asian 2 $790,000 $395,000
Japanese 1 $605,000 $605,000

Approval Rates

Total approvals of all applications
94.36%

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
8.28%

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 3,289 $1,583,325,000 $481,400

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 239 $93,875,000 $392,782
$1k-2k 1,405 $621,005,000 $441,996
$2k-3k 231 $97,705,000 $422,965
$3k-4k 577 $245,825,000 $426,040
$5k+ 812 $513,970,000 $632,968

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):Site-Built 3,289 $1,583,325,000 $481,400