Preferred Mortgage Corporation Rates, Fees & Info

Rio Piedras,

LEI: 549300C2LYW7GU30DV25

Tax ID: 66-0433589

3.2 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Preferred Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Preferred Mortgage Corporation has an average proportion of conventional loans. Their top markets include San Juan, Aguadilla, Arecibo, Guayama, and Ponce among others. Preferred Mortgage Corporation has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Preferred Mortgage Corporation is typically a high fee lendor.


Originations

880

Origination Dollar Volume (All Markets)

$130,070,000

Awards

PREFERRED MORTGAGE CORPORATION FHA Loans gold PREFERRED MORTGAGE CORPORATION FHA Loans gold PREFERRED MORTGAGE CORPORATION USDA Loans bronze
Show all (3) awards

Relative Rate

Preferred Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Preferred Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $6,905.

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
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 699 $109,055,000 $156,016 $7,228 3.04%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 43 $6,015,000 $139,884 $6,629 3.06%
Arecibo, PR (FHA|USDA|VA) 51 $5,895,000 $115,588 $5,709 2.97%
GUAYAMA, PR (FHA|USDA|VA) 38 $3,500,000 $92,105 $4,744 3.13%
PONCE, PR (FHA|USDA|VA) 13 $1,765,000 $135,769 $6,772 3.02%
SAN GERMÁN, PR (FHA|USDA|VA) 11 $1,195,000 $108,636 $5,585 3.49%
YAUCO, PR (FHA|USDA|VA) 7 $855,000 $122,143 $7,076 2.93%
Coamo, PR (FHA|USDA|VA) 6 $640,000 $106,667 $5,672 3.08%
Coco, PR (FHA|USDA|VA) 5 $415,000 $83,000 $4,679 3.15%
Santa Isabel, PR (FHA|USDA|VA) 3 $385,000 $128,333 $5,409 3.21%
MAYAGÜEZ, PR (FHA|USDA|VA) 3 $255,000 $85,000 $5,155 3.08%
Outside of Metro Areas 1 $95,000 $95,000 $6,327 2.75%

Preferred Mortgage Corporation's top markets include San Juan, Aguadilla, Arecibo, Guayama, and Ponce among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
FHA 455 $60,305,000 $132,538 $7,340 2.99%
USDA 250 $28,420,000 $113,680 $5,366 2.93%
VA 88 $16,700,000 $189,773 $7,742 2.90%
Conventional 87 $24,645,000 $283,276 $8,501 3.79%

For the 2021 period, Preferred Mortgage Corporation's most frequently originated loan type of loans were FHA, with 455 originations. Their 2nd most popular type is USDA, with 250 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 837 $120,775,000 $144,295 $6,809 3.05%
Cash Out Refi 29 $6,735,000 $232,241 $10,099 3.02%
Refi 14 $2,560,000 $182,857 $8,060 3.00%

For the 2021, Preferred Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 837 originations. The 2nd most popular reason of loans were Cash Out Refi, with 29 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 837 $123,635,000 $147,712 $6,905 3.05%
15 Year 28 $4,470,000 $159,643 $7,553 2.90%
20 Year 10 $1,470,000 $147,000 $8,055 3.13%
Other 3 $335,000 $111,667 $6,563 2.92%
10 Year 2 $160,000 $80,000 $5,356 2.81%

For the 2021, Preferred Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 837 originations. The 2nd most popular length of loans were 15 Year, with 28 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 328 $38,100,000 $116,159
$<1k 222 $29,960,000 $134,955
$2k-3k 168 $23,050,000 $137,202
$3k-4k 116 $22,290,000 $192,155
$5k+ 42 $15,590,000 $371,190

$6,905 of loans were Preferred Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 328 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 631 $86,985,000 $137,853
3-4% 205 $25,545,000 $124,610
<2.5% 16 $3,660,000 $228,750
4-5% 12 $9,160,000 $763,333
5-6% 12 $3,640,000 $303,333

During 2021, Preferred Mortgage Corporation's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 631 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 489 $65,705,000 $134,366 $6,747 2.97%
$100,000 or less 280 $22,590,000 $80,679 $4,750 3.16%
$200k-400k 99 $27,855,000 $281,364 $12,384 2.99%
$1MM+ 5 $9,995,000 $1,999,000 $29,150 4.75%
$400k-600k 5 $2,625,000 $525,000 $17,689 2.93%
$600k-1MM 2 $1,300,000 $650,000 $11,207 4.44%

2021 saw Preferred Mortgage Corporation place emphasis on $100k-200k loans with 489 originations, totaling $65,705,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 565 $60,075,000 $106,327 $5,669 3.04%
$50k-75k 172 $27,570,000 $160,291 $7,832 2.95%
$75k-100k 57 $10,055,000 $176,404 $8,042 3.09%
$100k-150k 42 $10,560,000 $251,429 $11,406 3.02%
$150k-250k 33 $9,795,000 $296,818 $11,609 3.31%
$250k+ 11 $12,015,000 $1,092,273 $22,052 3.90%

Preferred Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 565 originations. The second most popular income band? $50k-75k, with 172 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 179 $24,455,000 $136,620 $6,800 3.06%
20-30% 144 $18,990,000 $131,875 $6,734 3.04%
50-60% 70 $10,860,000 $155,143 $7,860 3.01%
<20% 49 $7,325,000 $149,490 $6,459 3.07%
37% 44 $9,140,000 $207,727 $7,423 3.18%
39% 42 $6,220,000 $148,095 $6,922 2.99%
45% 41 $6,635,000 $161,829 $6,663 3.03%
42% 39 $5,255,000 $134,744 $6,569 3.13%
43% 38 $4,980,000 $131,053 $5,966 2.95%
40% 37 $4,655,000 $125,811 $6,598 2.97%
44% 33 $5,245,000 $158,939 $7,657 3.05%
41% 32 $4,620,000 $144,375 $6,834 3.14%
38% 29 $3,675,000 $126,724 $5,897 2.90%
36% 22 $2,640,000 $120,000 $6,097 3.01%
46% 20 $2,990,000 $149,500 $7,560 2.91%
47% 19 $5,715,000 $300,789 $9,308 3.14%
49% 19 $2,825,000 $148,684 $7,407 3.22%
48% 18 $2,550,000 $141,667 $8,317 2.94%

Preferred Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 179 originations. The next most common DTI ratio? 20-30%, with 144 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 690 $96,760,000 $140,232 $6,914 3.03%
Not provided 121 $24,885,000 $205,661 $7,753 3.12%
Black 68 $8,050,000 $118,382 $5,661 3.07%
American Indian 1 $375,000 $375,000 $0 0.00%

Approval Rates

Total approvals of all applications
84.54%

Preferred Mortgage Corporation has a below average approval rate.

Pick Rate

Approvals leading to origination
76.95%

Preferred Mortgage Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 880 $130,070,000 $147,807

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
880 $130,070,000 $147,807

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 2 $190,000 $95,000 $4,144 3.25%
40-60% 16 $6,460,000 $403,750 $10,431 3.19%
60-80% 107 $17,515,000 $163,692 $6,447 3.46%
80-100% 691 $95,325,000 $137,952 $6,658 2.98%
Over 100% 60 $9,500,000 $158,333 $10,139 2.99%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PREFERRED MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%