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 Home Improvement, Other, and Refi loans. Code has a high proportion of conventional loans. Their top markets by origination volume include: Dayton, Cincinnati, Greenville, Springfield, and Sidney among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Code has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Code 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.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.03% | 12/4/24 |
| 30 Year Conventional Refi | 6.48% | 12/4/24 |
| 30 Year VA Purchase | 6.27% | 12/4/24 |
| 15 Year Conventional Purchase | 6.57% | 12/4/24 |
| 15 Year Conventional Refi | 7.02% | 12/4/24 |
| 15 Year Cash-out Refi | 7.02% | 12/4/24 |
| 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
77Origination Dollar Volume (All Markets)
$3,795,000Top 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) | 66 | $3,140,000 | $47,576 | $395 | 4.71% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 4 | $240,000 | $60,000 | $643 | 5.21% |
| Greenville, OH (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $972 | 4.37% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $1,436 | 4.37% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $429 | 5.49% |
| Sidney, OH (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $104 | 3.99% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $3,795,000 | $49,286 | $455 | 4.72% |
For 2021, Code's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
For 2021, Code's most frequently cited loan purpose was Home Improvement, with 31 originations. The 2nd most popular reason was Other, with 25 originations.
Loan Duration/Length
For 2021, Code's most frequently cited loan duration was 10 Year, with 29 originations. The 2nd most popular length was 15 Year, with 26 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 76 | $3,780,000 | $49,737 |
Code's average total fees were $1,917, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 76 originations.
Interest Rates
During 2021, Code's average interest rate for loans was 3.56%, while their most frequently originated rate bucket for loans was 4-5%, with 25 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 70 | $2,910,000 | $41,571 | $312 | 4.85% |
| $100k-200k | 7 | $885,000 | $126,429 | $1,860 | 3.37% |
2021 saw Code place emphasis on $100,000 or less loans with 70 originations, totaling $2,910,000 in origination value.
Applicant Income
Code lent most frequently to those with incomes in the $75k-100k range, with 22 originations. The second most popular income band? $50k or less, with 19 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 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.33%
Code has a below average approval rate.
Pick Rate
Approvals leading to origination54.55%
Code has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 77 | $3,795,000 | $49,286 |