American Mortgage & Equity Consultants Inc.

BLOOMINGTON, MN 55435

LEI: 549300AENO88GEUWCZ39

Tax ID: 41-1941324

2019 Data | 2018 Data


Overview

American Mortgage & Equity Consultants Inc. is a small mortgage company specializing in Home Purchase and Refi loans. American Mortgage & Equity Consultants Inc. 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 Minneapolis, Green Bay, San Antonio, San Diego, and Austin 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. American Mortgage & Equity Consultants Inc. is typically a medium-low fee lendor.


Originations

9,238

Origination Dollar Volume (All Markets)

$2,272,270,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,667 $1,705,595,000 $255,826
FHA 1,744 $373,550,000 $214,192
VA 558 $150,070,000 $268,943
USDA 269 $43,055,000 $160,056

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 6,399 $1,510,155,000 $235,999
Home Improvement 89 $25,895,000 $290,955
Refi 1,830 $513,900,000 $280,820
Cash Out Refi 920 $222,320,000 $241,652

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 5,913 $1,572,535,000 $265,945
Outside of Metro Areas 1,304 $240,330,000 $184,302
GREEN BAY, WI 305 $56,645,000 $185,721
SAN ANTONIO-NEW BRAUNFELS, TX 172 $34,750,000 $202,035
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 61 $29,775,000 $488,115
AUSTIN-ROUND ROCK-GEORGETOWN, TX 107 $29,765,000 $278,178
MADISON, WI 109 $28,195,000 $258,670
DALLAS-PLANO-IRVING, TX 101 $27,695,000 $274,208
FORT WORTH-ARLINGTON-GRAPEVINE, TX 112 $25,290,000 $225,804
DENVER-AURORA-LAKEWOOD, CO 69 $23,455,000 $339,928
MILWAUKEE-WAUKESHA, WI 97 $19,845,000 $204,588
LA CROSSE-ONALASKA, WI-MN 107 $19,165,000 $179,112
ROCHESTER, MN 80 $16,680,000 $208,500
ST. CLOUD, MN 68 $12,900,000 $189,706
APPLETON, WI 66 $12,050,000 $182,576
DULUTH, MN-WI 49 $9,755,000 $199,082
FOND DU LAC, WI 56 $8,120,000 $145,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 12 $6,530,000 $544,167
OSHKOSH-NEENAH, WI 43 $6,115,000 $142,209
EAU CLAIRE, WI 29 $5,715,000 $197,069
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 17 $4,945,000 $290,882
MANKATO, MN 23 $4,825,000 $209,783
JANESVILLE-BELOIT, WI 24 $4,590,000 $191,250
PHOENIX-MESA-CHANDLER, AZ 15 $3,865,000 $257,667
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 10 $3,800,000 $380,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 15 $3,425,000 $228,333
DANVILLE, IL 37 $3,365,000 $90,946
TULSA, OK 18 $3,220,000 $178,889
AMARILLO, TX 14 $2,840,000 $202,857
OAKLAND-BERKELEY-LIVERMORE, CA 6 $2,760,000 $460,000
JACKSONVILLE, FL 11 $2,405,000 $218,636
NORTH PORT-SARASOTA-BRADENTON, FL 8 $2,330,000 $291,250
TAMPA-ST. PETERSBURG-CLEARWATER, FL 9 $2,145,000 $238,333
FARGO, ND-MN 10 $2,140,000 $214,000
ANAHEIM-SANTA ANA-IRVINE, CA 5 $1,705,000 $341,000
GRAND FORKS, ND-MN 7 $1,695,000 $242,143
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 3 $1,575,000 $525,000
CAPE CORAL-FORT MYERS, FL 7 $1,565,000 $223,571
TUCSON, AZ 8 $1,530,000 $191,250
SHERMAN-DENISON, TX 6 $1,470,000 $245,000
ORLANDO-KISSIMMEE-SANFORD, FL 4 $1,430,000 $357,500
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 7 $1,355,000 $193,571
FORT COLLINS, CO 4 $1,320,000 $330,000
VALLEJO, CA 4 $1,240,000 $310,000
WACO, TX 5 $1,155,000 $231,000
NAPLES-MARCO ISLAND, FL 3 $1,115,000 $371,667
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $1,105,000 $1,105,000
TYLER, TX 6 $1,100,000 $183,333
SHEBOYGAN, WI 7 $1,075,000 $153,571
SACRAMENTO-ROSEVILLE-FOLSOM, CA 3 $1,035,000 $345,000
DES MOINES-WEST DES MOINES, IA 4 $1,000,000 $250,000
MIDLAND, TX 3 $975,000 $325,000
SAN RAFAEL, CA 1 $925,000 $925,000
SIOUX FALLS, SD 3 $835,000 $278,333
DAYTON-KETTERING, OH 5 $745,000 $149,000
WAUSAU-WESTON, WI 4 $700,000 $175,000
KILLEEN-TEMPLE, TX 5 $695,000 $139,000
GREELEY, CO 2 $630,000 $315,000
COLORADO SPRINGS, CO 1 $625,000 $625,000
BAKERSFIELD, CA 2 $600,000 $300,000
CEDAR RAPIDS, IA 2 $590,000 $295,000
CHAMPAIGN-URBANA, IL 3 $535,000 $178,333
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $520,000 $260,000
RACINE, WI 2 $480,000 $240,000
OKLAHOMA CITY, OK 2 $470,000 $235,000
ELGIN, IL 1 $465,000 $465,000
VISALIA, CA 2 $460,000 $230,000
FORT WAYNE, IN 3 $445,000 $148,333
BISMARCK, ND 2 $440,000 $220,000
OXNARD-THOUSAND OAKS-VENTURA, CA 1 $435,000 $435,000
AMES, IA 1 $425,000 $425,000
TEXARKANA, TX-AR 2 $420,000 $210,000
EL PASO, TX 3 $415,000 $138,333
PENSACOLA-FERRY PASS-BRENT, FL 2 $380,000 $190,000
CINCINNATI, OH-KY-IN 1 $355,000 $355,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 3 $345,000 $115,000
DUBUQUE, IA 1 $345,000 $345,000
SANTA MARIA-SANTA BARBARA, CA 1 $325,000 $325,000
LAREDO, TX 2 $300,000 $150,000
RAPID CITY, SD 1 $275,000 $275,000
FRESNO, CA 1 $265,000 $265,000
ABILENE, TX 2 $260,000 $130,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 1 $255,000 $255,000
BLOOMINGTON, IN 1 $255,000 $255,000
BOULDER, CO 1 $255,000 $255,000
SIOUX CITY, IA-NE-SD 1 $225,000 $225,000
HOMOSASSA SPRINGS, FL 1 $225,000 $225,000
LAKELAND-WINTER HAVEN, FL 1 $195,000 $195,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $165,000 $165,000
MADERA, CA 1 $165,000 $165,000
BEAUMONT-PORT ARTHUR, TX 1 $165,000 $165,000
GARY, IN 1 $125,000 $125,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $125,000 $125,000

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% 2 $600,000 $300,000
2.5-3% 52 $14,640,000 $281,538
3-4% 4,528 $1,190,000,000 $262,809
4-5% 4,154 $966,670,000 $232,708
5-6% 493 $98,355,000 $199,503
6-7% 9 $2,005,000 $222,778

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 390 $31,060,000 $79,641
$100k-200k 3,193 $503,825,000 $157,790
$200k-400k 4,835 $1,322,045,000 $273,432
$400k-600k 711 $326,555,000 $459,290
$600k-1000k 93 $67,085,000 $721,344
$Over $1MM 16 $21,700,000 $1,356,250

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% 119 $19,715,000 $165,672
40-60% 476 $109,800,000 $230,672
60-80% 2,380 $632,150,000 $265,609
80-100% 6,125 $1,473,795,000 $240,620
Over 100% 132 $36,030,000 $272,955
Under 20% 6 $780,000 $130,000

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 1,803 $518,555,000 $287,607
$150k-250k 964 $337,710,000 $350,322
$50k-75k 2,534 $522,410,000 $206,160
$50k-or less 1,460 $215,380,000 $147,521
$75k-100k 1,809 $435,405,000 $240,688
$Over $250k 318 $148,980,000 $468,491

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,698 $1,871,540,000 $243,120
Not provided 806 $221,250,000 $274,504
Asian 351 $88,305,000 $251,581
Black 312 $74,500,000 $238,782
American Indian 59 $13,685,000 $231,949
Native Hawaiian 6 $1,590,000 $265,000
Other Pacific Islander 2 $550,000 $275,000
Asian Indian 2 $540,000 $270,000
Other Asian 1 $175,000 $175,000
Guamanian 1 $135,000 $135,000

Approval Rates

Total approvals of all applications
97.21%

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
86.26%

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 9,238 $2,272,270,000 $245,970

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,131 $276,405,000 $244,390
$1k-2k 5,081 $1,174,995,000 $231,253
$2k-3k 1,497 $357,485,000 $238,801
$3k-4k 1,272 $358,160,000 $281,572
$5k+ 257 $105,225,000 $409,436

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 67 $9,435,000 $140,821
Single Family (1-4 Units):Site-Built 9,171 $2,262,835,000 $246,738