First Continental Mortgage Ltd. Rates, Fees & Info
HOUSTON, TXLEI: 549300C20KZIWPASBC15
Tax ID: 76-0629353
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Mortgage 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
477Origination Dollar Volume (All Markets)
$187,635,000Awards
FIRST CONTINENTAL MORTGAGE LTD. - 2021
FIRST CONTINENTAL MORTGAGE LTD. is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications99.72%
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 origination87.92%
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% |
