Code Mortgage Rates, Fees & Info
Dayton, OHLEI: 549300ASHFL5TJ8X1B89
Tax ID: 31-1225765
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Mortgage Data
Review & Overview
Code is a smaller mortgage company specializing in Other and Home Improvement loans. Code has a high proportion of conventional loans. Their top markets by origination volume include: Dayton, Cincinnati, Springfield, and Greenville among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Code has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.03% | 12/2/24 |
| 30 Year Conventional Refi | 6.48% | 12/2/24 |
| 30 Year VA Purchase | 6.27% | 12/2/24 |
| 15 Year Conventional Purchase | 6.57% | 12/2/24 |
| 15 Year Conventional Refi | 7.02% | 12/2/24 |
| 15 Year Cash-out Refi | 7.02% | 12/2/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
106Origination Dollar Volume (All Markets)
$4,900,000Top 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 |
|---|---|---|---|---|---|
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 93 | $4,335,000 | $46,613 | $106 | 7.50% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 7 | $335,000 | $47,857 | $45 | 6.63% |
| Outside of Metro Areas | 2 | $120,000 | $60,000 | $0 | 8.12% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 3 | $95,000 | $31,667 | $105 | 7.66% |
| Greenville, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $105 | 6.49% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 106 | $4,900,000 | $46,226 | $100 | 7.45% |
For 2023, Code's most frequently originated type of loan was Conventional, with 106 originations.
Loan Reason
For 2023, Code's most frequently cited loan purpose was Other, with 59 originations. The 2nd most popular reason was Home Improvement, with 37 originations.
Loan Duration/Length
For 2023, Code's most frequently cited loan duration was 10 Year, with 36 originations. The 2nd most popular length was 5 Year, with 33 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 103 | $4,695,000 | $45,583 |
| $1k-2k | 1 | $145,000 | $145,000 |
Code's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 103 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 42 | $1,930,000 | $45,952 |
| 7-8% | 31 | $1,445,000 | $46,613 |
| Over 8% | 28 | $1,370,000 | $48,929 |
| 5-6% | 5 | $155,000 | $31,000 |
During 2023, Code's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 42 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 98 | $3,790,000 | $38,673 | $62 | 7.40% |
| $100k-200k | 8 | $1,110,000 | $138,750 | $553 | 8.07% |
2023 saw Code place emphasis on $100,000 or less loans with 98 originations, totaling $3,790,000 in origination value.
Applicant Income
Code lent most frequently to those with incomes in the $100k-150k range, with 32 originations. The second most popular income band? $50k-75k, with 29 originations.
Applicant Debt to Income Ratio
Code lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.91%
Code has an average approval rate.
Pick Rate
Approvals leading to origination77.36%
Code has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 106 | $4,900,000 | $46,226 |