Fairway Consumer Discount Company Mortgage Rates, Fees & Info
Luzerne, PALEI: 549300B5Q1Q3J5NC8121
Tax ID: 24-0831867
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Mortgage Data
Review & Overview
Fairway Consumer Discount Company is a smaller mortgage company specializing in Other and Cash Out Refi loans. Fairway Consumer Discount Company has a high proportion of conventional loans. Their top markets by origination volume include: Scranton, East Stroudsburg, Philadelphia, and Williamsport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Fairway Consumer Discount Company 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.
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 |
|---|---|---|
| 15 Year Conventional Purchase | 12.18% | 4/30/24 |
| 15 Year Conventional Refi | 12.11% | 4/30/24 |
| 15 Year Cash-out Refi | 12.11% | 4/30/24 |
| 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. | ||
Fairway Consumer Discount Company Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
30Origination Dollar Volume (All Markets)
$1,410,000Top 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 |
|---|---|---|---|---|---|
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 25 | $1,145,000 | $45,800 | $3,211 | 11.56% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $4,042 | 11.53% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,935 | 11.92% |
| WILLIAMSPORT, PA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $3,500 | 12.90% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $2,399 | 12.18% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 30 | $1,410,000 | $47,000 | $3,306 | 11.63% |
For 2023, Fairway Consumer Discount Company's most frequently originated type of loan was Conventional, with 30 originations.
Loan Reason
For 2023, Fairway Consumer Discount Company's most frequently cited loan purpose was Other, with 14 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
For 2023, Fairway Consumer Discount Company's most frequently cited loan duration was 20 Year, with 12 originations. The 2nd most popular length was 10 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 19 | $665,000 | $35,000 |
| $2k-3k | 6 | $350,000 | $58,333 |
| $3k-4k | 5 | $395,000 | $79,000 |
Fairway Consumer Discount Company's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 30 | $1,410,000 | $47,000 |
During 2023, Fairway Consumer Discount Company's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 30 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 30 | $1,410,000 | $47,000 | $3,306 | 11.63% |
2023 saw Fairway Consumer Discount Company place emphasis on $100,000 or less loans with 30 originations, totaling $1,410,000 in origination value.
Applicant Income
Fairway Consumer Discount Company lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
Fairway Consumer Discount Company lent most frequently to those with DTI ratios of <20%, with 12 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 28 | $1,320,000 | $47,143 | $3,305 | 11.62% |
| Black | 2 | $90,000 | $45,000 | $3,325 | 11.86% |
Approval Rates
Total approvals of all applications86.14%
Fairway Consumer Discount Company has an average approval rate.
Pick Rate
Approvals leading to origination-13.33%
Fairway Consumer Discount Company 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 | 30 | $1,410,000 | $47,000 |