First Continental Mortgage Ltd. Rates, Fees & Info

HOUSTON, TX

LEI: 549300C20KZIWPASBC15

Tax ID: 76-0629353

3.5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Continental Mortgage Ltd. is a smaller mortgage company specializing in Home Purchase loans. First Continental Mortgage Ltd. 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 Seattle, Houston, Dallas, San Antonio, and Austin among others. First Continental Mortgage Ltd. 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. First Continental Mortgage Ltd. is typically a high fee lendor.


Originations

477

Origination Dollar Volume (All Markets)

$187,635,000
Show all (6) awards

Relative Rate

First Continental Mortgage Ltd.'s average 30 year fixed rate mortgage of loans were 3.08%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.07%.

Relative Fees

First Continental Mortgage Ltd.'s average total fees for a 30 year fixed rate mortgage are $6,482.

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
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 146 $69,320,000 $474,795 $6,277 3.16%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 120 $39,230,000 $326,917 $6,133 2.94%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 69 $22,975,000 $332,971 $6,028 3.19%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 46 $21,180,000 $460,435 $8,947 2.89%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 58 $19,280,000 $332,414 $4,883 2.90%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 11 $5,305,000 $482,273 $6,256 3.05%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 11 $4,615,000 $419,545 $5,187 3.20%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 9 $3,345,000 $371,667 $8,074 2.86%
Shelton, WA (FHA|USDA|VA) 3 $1,425,000 $475,000 $6,200 3.21%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $305,000 $305,000 $3,732 2.75%
GREELEY, CO (FHA|USDA|VA) 1 $275,000 $275,000 $2,598 3.38%
SAVANNAH, GA (FHA|USDA|VA) 1 $235,000 $235,000 $6,056 3.13%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $145,000 $145,000 $4,446 3.25%

First Continental Mortgage Ltd.'s top markets include Seattle, Houston, Dallas, San Antonio, and Austin among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 228 $87,860,000 $385,351 $4,068 3.06%
VA 155 $68,515,000 $442,032 $8,654 2.95%
FHA 92 $30,710,000 $333,804 $7,792 3.16%
USDA 2 $550,000 $275,000 $5,656 3.06%

For the 2021 period, First Continental Mortgage Ltd.'s most frequently originated loan type of loans were Conventional, with 228 originations. Their 2nd most popular type is VA, with 155 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 332 $140,590,000 $423,464 $7,182 3.08%
Refi 109 $33,115,000 $303,807 $3,390 2.87%
Cash Out Refi 36 $13,930,000 $386,944 $6,759 3.24%

For the 2021, First Continental Mortgage Ltd.'s most frequently cited loan purpose of loans were Home Purchase, with 332 originations. The 2nd most popular reason of loans were Refi, with 109 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 447 $179,415,000 $401,376 $6,482 3.08%
15 Year 20 $5,330,000 $266,500 $3,165 2.48%
20 Year 5 $1,285,000 $257,000 $4,864 2.90%
Other 3 $1,155,000 $385,000 $2,518 2.79%
10 Year 2 $450,000 $225,000 $2,237 2.25%

For the 2021, First Continental Mortgage Ltd.'s most frequently cited loan length of loans were 30 Year, with 447 originations. The 2nd most popular length of loans were 15 Year, with 20 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 291 $112,275,000 $385,825
$1k-2k 101 $37,885,000 $375,099
$2k-3k 29 $12,355,000 $426,034
$3k-4k 28 $11,260,000 $402,143
$5k+ 28 $13,860,000 $495,000

$6,482 of loans were First Continental Mortgage Ltd.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 291 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 243 $98,675,000 $406,070
2.5-3% 169 $66,665,000 $394,467
<2.5% 64 $22,020,000 $344,063
4-5% 1 $275,000 $275,000

During 2021, First Continental Mortgage Ltd.'s average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 3-4%, with 243 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 258 $79,450,000 $307,946 $5,329 3.04%
$400k-600k 135 $64,875,000 $480,556 $7,867 3.03%
$600k-1MM 55 $38,725,000 $704,091 $8,568 3.15%
$100k-200k 25 $4,235,000 $169,400 $3,169 2.96%
$100,000 or less 4 $350,000 $87,500 $2,389 2.72%

2021 saw First Continental Mortgage Ltd. place emphasis on $200k-400k loans with 258 originations, totaling $79,450,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 171 $68,665,000 $401,550 $6,610 3.06%
$150k-250k 98 $46,670,000 $476,224 $7,453 3.13%
$75k-100k 87 $30,105,000 $346,034 $5,820 3.00%
$50k-75k 67 $20,845,000 $311,119 $6,202 3.04%
$250k+ 29 $14,345,000 $494,655 $4,713 2.96%
$50k or less 23 $6,565,000 $285,435 $2,990 2.83%

First Continental Mortgage Ltd. lent most frequently to those with incomes in the $100k-150k range, with 171 originations. The second most popular income band? $150k-250k, with 98 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 73 $26,805,000 $367,192 $5,099 3.02%
20-30% 68 $27,310,000 $401,618 $5,523 2.97%
50-60% 54 $22,340,000 $413,704 $9,573 3.07%
38% 25 $10,475,000 $419,000 $6,586 3.12%
44% 23 $9,175,000 $398,913 $6,373 3.13%
47% 22 $9,240,000 $420,000 $8,380 3.03%
40% 21 $7,535,000 $358,810 $5,958 3.13%
41% 20 $8,990,000 $449,500 $6,566 2.98%
<20% 19 $7,345,000 $386,579 $3,458 2.88%
42% 18 $6,660,000 $370,000 $6,208 3.19%
49% 18 $6,720,000 $373,333 $6,038 3.22%
36% 15 $6,395,000 $426,333 $4,949 3.09%
48% 15 $6,895,000 $459,667 $7,826 3.06%
43% 13 $4,515,000 $347,308 $5,372 2.89%
45% 13 $4,325,000 $332,692 $5,233 3.16%
>60% 12 $5,670,000 $472,500 $11,348 2.90%
46% 11 $4,345,000 $395,000 $5,349 3.26%
37% 10 $4,240,000 $424,000 $7,390 3.12%
39% 10 $3,010,000 $301,000 $4,412 3.13%

First Continental Mortgage Ltd. lent most frequently to those with DTI ratios of 30-36%, with 73 originations. The next most common DTI ratio? 20-30%, with 68 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 260 $104,190,000 $400,731 $6,601 3.09%
Not provided 106 $40,000,000 $377,358 $5,633 2.95%
Black 70 $27,010,000 $385,857 $6,917 3.03%
Asian 30 $12,350,000 $411,667 $5,030 3.01%
American Indian 8 $2,890,000 $361,250 $4,383 3.13%
Native Hawaiian 1 $545,000 $545,000 $5,080 2.75%
Asian Indian 1 $475,000 $475,000 $2,996 2.63%
Chinese 1 $175,000 $175,000 $5,510 2.88%

Approval Rates

Total approvals of all applications
99.72%

First Continental Mortgage Ltd. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
87.92%

First Continental Mortgage Ltd. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 477 $187,635,000 $393,365

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
477 $187,635,000 $393,365

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 9 $1,325,000 $147,222 $3,219 2.79%
40-60% 40 $10,530,000 $263,250 $3,429 2.88%
60-80% 116 $45,280,000 $390,345 $4,335 3.09%
80-100% 269 $112,035,000 $416,487 $6,024 3.05%
Over 100% 39 $17,405,000 $446,282 $17,652 3.08%
Under 20% 2 $620,000 $310,000 $5,017 2.75%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
FIRST CONTINENTAL MORTGAGE LTD VA mortgage Trouble during payment process 2 50.0%
FIRST CONTINENTAL MORTGAGE LTD FHA mortgage Struggling to pay mortgage 1 25.0%
FIRST CONTINENTAL MORTGAGE LTD Conventional home mortgage Trouble during payment process 1 25.0%