Mortgage Unlimited Rates, Fees & Info
Garfield, NJLEI: 549300BZNDHH8KWC0I67
Tax ID: 27-4541183
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Mortgage Unlimited is a smaller mortgage company specializing in Home Purchase and Refi loans. Mortgage Unlimited has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Hartford, Orlando, Poughkeepsie, and Philadelphia among others. Mortgage Unlimited has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mortgage Unlimited is typically a high fee lendor.Originations
623Origination Dollar Volume (All Markets)
$218,655,000Relative Rate
Mortgage Unlimited 's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Mortgage Unlimited 's average total fees for a 30 year fixed rate
mortgage are $7,960.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 463 | $175,455,000 | $378,952 | $8,007 | 3.05% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 46 | $11,570,000 | $251,522 | $6,268 | 3.04% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 31 | $10,025,000 | $323,387 | $6,726 | 3.28% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 12 | $3,720,000 | $310,000 | $5,432 | 3.33% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 12 | $2,940,000 | $245,000 | $7,009 | 2.75% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 7 | $2,135,000 | $305,000 | $6,013 | 3.02% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 7 | $1,745,000 | $249,286 | $5,728 | 2.93% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 6 | $1,200,000 | $200,000 | $4,322 | 3.19% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 4 | $1,190,000 | $297,500 | $14,134 | 3.00% |
| GAINESVILLE, FL (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $5,809 | 3.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $5,758 | 3.25% |
| Outside of Metro Areas | 4 | $770,000 | $192,500 | $5,815 | 3.31% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $680,000 | $170,000 | $3,831 | 2.78% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $13,441 | 2.94% |
| Torrington, CT (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $6,364 | 3.00% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $8,657 | 3.06% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $4,655 | 3.06% |
| Auburn, NY (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $7,546 | 2.75% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $5,838 | 3.06% |
| OCALA, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $8,847 | 3.06% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $7,835 | 2.69% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,300 | 3.13% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $11,090 | 3.75% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,720 | 3.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $9,974 | 2.75% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,429 | 2.88% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,144 | 2.88% |
Mortgage Unlimited 's top markets include New York, Hartford, Orlando, Poughkeepsie, and Philadelphia among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 484 | $168,730,000 | $348,616 | $6,292 | 3.10% |
| FHA | 130 | $46,410,000 | $357,000 | $12,618 | 2.94% |
| VA | 9 | $3,515,000 | $390,556 | $7,446 | 2.94% |
For the 2021 period, Mortgage Unlimited 's most frequently originated loan type of loans were Conventional, with 484 originations. Their 2nd most popular type is FHA, with 130 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 366 | $133,500,000 | $364,754 | $8,695 | 3.06% |
| Refi | 257 | $85,155,000 | $331,342 | $6,076 | 3.07% |
For the 2021, Mortgage Unlimited 's most frequently cited loan purpose of loans were Home Purchase, with 366 originations. The 2nd most popular reason of loans were Refi, with 257 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 556 | $200,100,000 | $359,892 | $7,960 | 3.11% |
| 15 Year | 40 | $10,470,000 | $261,750 | $4,960 | 2.64% |
| 20 Year | 18 | $5,500,000 | $305,556 | $4,524 | 2.88% |
| Other | 5 | $1,645,000 | $329,000 | $5,228 | 2.83% |
| 10 Year | 4 | $940,000 | $235,000 | $4,267 | 2.31% |
For the 2021, Mortgage Unlimited 's most frequently cited loan length of loans were 30 Year, with 556 originations. The 2nd most popular length of loans were 15 Year, with 40 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 422 | $145,950,000 | $345,853 |
| $3k-4k | 74 | $25,680,000 | $347,027 |
| $2k-3k | 59 | $19,165,000 | $324,831 |
| $5k+ | 52 | $22,020,000 | $423,462 |
| $<1k | 14 | $5,440,000 | $388,571 |
$7,960 of loans were Mortgage Unlimited 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 422 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 282 | $96,740,000 | $343,050 |
| 2.5-3% | 276 | $99,820,000 | $361,667 |
| <2.5% | 53 | $17,705,000 | $334,057 |
| 4-5% | 12 | $4,390,000 | $365,833 |
During 2021, Mortgage Unlimited 's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 282 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 339 | $102,235,000 | $301,578 | $7,168 | 3.04% |
| $400k-600k | 168 | $80,660,000 | $480,119 | $9,373 | 3.07% |
| $100k-200k | 79 | $12,175,000 | $154,114 | $5,221 | 3.10% |
| $600k-1MM | 34 | $23,340,000 | $686,471 | $9,446 | 3.12% |
| $100,000 or less | 3 | $245,000 | $81,667 | $4,258 | 3.04% |
2021 saw Mortgage Unlimited place emphasis on $200k-400k loans with 339 originations, totaling $102,235,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 193 | $70,195,000 | $363,705 | $7,871 | 3.10% |
| $150k-250k | 128 | $54,280,000 | $424,063 | $7,104 | 3.08% |
| $75k-100k | 128 | $42,970,000 | $335,703 | $8,338 | 3.03% |
| $50k-75k | 97 | $24,115,000 | $248,608 | $7,239 | 2.99% |
| $50k or less | 44 | $10,040,000 | $228,182 | $6,793 | 3.06% |
| $250k+ | 31 | $15,965,000 | $515,000 | $7,635 | 3.10% |
Mortgage Unlimited lent most frequently to those with incomes in the $100k-150k range, with 193 originations. The second most popular income band? $150k-250k, with 128 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 95 | $33,315,000 | $350,684 | $6,402 | 3.03% |
| 30-36% | 95 | $33,525,000 | $352,895 | $6,465 | 3.11% |
| 50-60% | 51 | $18,105,000 | $355,000 | $11,965 | 3.00% |
| 41% | 35 | $12,045,000 | $344,143 | $6,731 | 3.11% |
| 42% | 33 | $10,935,000 | $331,364 | $7,560 | 3.15% |
| 49% | 32 | $11,390,000 | $355,938 | $8,316 | 3.10% |
| 45% | 31 | $11,145,000 | $359,516 | $7,536 | 3.04% |
| 44% | 30 | $10,030,000 | $334,333 | $7,423 | 3.07% |
| 43% | 27 | $9,225,000 | $341,667 | $7,597 | 3.20% |
| <20% | 26 | $8,670,000 | $333,462 | $5,975 | 2.77% |
| 46% | 25 | $8,945,000 | $357,800 | $9,291 | 3.07% |
| 37% | 24 | $8,060,000 | $335,833 | $6,588 | 2.98% |
| 38% | 21 | $8,145,000 | $387,857 | $6,820 | 3.08% |
| 36% | 20 | $7,380,000 | $369,000 | $7,477 | 3.02% |
| 40% | 20 | $6,330,000 | $316,500 | $7,389 | 3.09% |
| 47% | 19 | $6,685,000 | $351,842 | $8,939 | 3.10% |
| 39% | 18 | $6,560,000 | $364,444 | $8,441 | 3.07% |
| 48% | 13 | $4,835,000 | $371,923 | $8,940 | 3.06% |
| >60% | 8 | $3,330,000 | $416,250 | $9,955 | 3.19% |
Mortgage Unlimited lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 30-36%, with 95 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 470 | $168,200,000 | $357,872 | $7,546 | 3.06% |
| Not provided | 64 | $20,440,000 | $319,375 | $7,538 | 3.06% |
| Black | 59 | $17,805,000 | $301,780 | $8,553 | 3.12% |
| Asian | 24 | $9,190,000 | $382,917 | $6,690 | 2.96% |
| American Indian | 2 | $1,020,000 | $510,000 | $10,949 | 3.25% |
| Asian Indian | 1 | $835,000 | $835,000 | $6,694 | 3.38% |
| Chinese | 1 | $505,000 | $505,000 | $8,598 | 3.25% |
| Native Hawaiian | 1 | $495,000 | $495,000 | $15,642 | 3.00% |
| Other Pacific Islander | 1 | $165,000 | $165,000 | $3,877 | 3.25% |
Approval Rates
Total approvals of all applications95.83%
Mortgage Unlimited has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination73.84%
Mortgage Unlimited has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 623 | $218,655,000 | $350,971 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 623 | $218,655,000 | $350,971 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 17 | $3,895,000 | $229,118 | $5,736 | 2.90% |
| 40-60% | 84 | $25,610,000 | $304,881 | $5,361 | 2.98% |
| 60-80% | 215 | $76,895,000 | $357,651 | $6,470 | 3.15% |
| 80-100% | 306 | $111,880,000 | $365,621 | $9,128 | 3.03% |
| Over 100% | 1 | $375,000 | $375,000 | $16,456 | 3.25% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |
