Preferred Mortgage Corporation Rates, Fees & Info
Rio Piedras,LEI: 549300C2LYW7GU30DV25
Tax ID: 66-0433589
2021 Data | 2020 Data | 2019 Data | 2018 Data
Jump to:
Mortgage 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
880Origination Dollar Volume (All Markets)
$130,070,000Awards
PREFERRED MORTGAGE CORPORATION - 2021
PREFERRED MORTGAGE CORPORATION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
Work for PREFERRED MORTGAGE CORPORATION?
Use this award on your own site. Either save and use the images below, or pass the provided image embed code to your development team.
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 applications84.54%
Preferred Mortgage Corporation has a below average approval rate.
Pick Rate
Approvals leading to origination76.95%
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% |
