First Savings Mortgage Corporation

Mclean, VA 22102

LEI: 549300CF8MP6S7MZV277

Tax ID: 54-1476331

2019 Data | 2018 Data


Overview

First Savings Mortgage Corporation is a small mortgage company specializing in Home Purchase and Refi loans. First Savings Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Washington, Frederick, Baltimore, Salisbury, and Virginia Beach among others. They have an above average approval rate for mortages when compared nationally -- and they have an above average pick rate when compared to the same sample of other lendors. First Savings Mortgage Corporation is typically a medium-low fee lendor.


Originations

3,919

Origination Dollar Volume (All Markets)

$1,998,955,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,472 $1,776,860,000 $511,768
FHA 146 $56,290,000 $385,548
VA 301 $165,805,000 $550,847

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,537 $1,284,225,000 $506,198
Refi 1,070 $559,970,000 $523,336
Cash Out Refi 312 $154,760,000 $496,026

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 3,054 $1,604,530,000 $525,386
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 574 $287,270,000 $500,470
BALTIMORE-COLUMBIA-TOWSON, MD 126 $49,270,000 $391,032
Outside of Metro Areas 28 $9,050,000 $323,214
SALISBURY, MD-DE 25 $8,605,000 $344,200
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 22 $6,870,000 $312,273
RICHMOND, VA 20 $6,720,000 $336,000
MIAMI-MIAMI BEACH-KENDALL, FL 5 $4,915,000 $983,000
CHARLOTTESVILLE, VA 10 $3,000,000 $300,000
WINCHESTER, VA-WV 9 $2,595,000 $288,333
CALIFORNIA-LEXINGTON PARK, MD 5 $2,235,000 $447,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 3 $1,945,000 $648,333
RALEIGH-CARY, NC 3 $1,605,000 $535,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 3 $1,255,000 $418,333
JACKSONVILLE, FL 3 $1,235,000 $411,667
NORTH PORT-SARASOTA-BRADENTON, FL 5 $1,185,000 $237,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 4 $930,000 $232,500
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 2 $690,000 $345,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $625,000 $625,000
LYNCHBURG, VA 1 $555,000 $555,000
PENSACOLA-FERRY PASS-BRENT, FL 1 $535,000 $535,000
ROANOKE, VA 2 $420,000 $210,000
CHARLESTON-NORTH CHARLESTON, SC 3 $415,000 $138,333
DURHAM-CHAPEL HILL, NC 1 $385,000 $385,000
CAPE CORAL-FORT MYERS, FL 2 $380,000 $190,000
HILTON HEAD ISLAND-BLUFFTON, SC 1 $365,000 $365,000
STAUNTON, VA 1 $345,000 $345,000
WILMINGTON, DE-MD-NJ 1 $295,000 $295,000
ORLANDO-KISSIMMEE-SANFORD, FL 1 $215,000 $215,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 1 $195,000 $195,000
WINSTON-SALEM, NC 1 $165,000 $165,000
WILMINGTON, NC 1 $155,000 $155,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 35 $12,215,000 $349,000
3-4% 2,381 $1,251,585,000 $525,655
4-5% 1,376 $687,630,000 $499,731
5-6% 96 $38,870,000 $404,896
6-7% 26 $6,920,000 $266,154
7-8% 4 $1,470,000 $367,500
Over 8% 1 $265,000 $265,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 38 $1,740,000 $45,789
$100k-200k 226 $36,280,000 $160,531
$200k-400k 1,209 $374,915,000 $310,103
$400k-600k 1,302 $636,460,000 $488,833
$600k-1000k 936 $683,020,000 $729,722
$Over $1MM 208 $266,540,000 $1,281,442

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 124 $39,640,000 $319,677
40-60% 368 $170,160,000 $462,391
60-80% 1,398 $797,130,000 $570,193
80-100% 1,895 $946,765,000 $499,612
Over 100% 81 $40,555,000 $500,679
Under 20% 53 $4,705,000 $88,774

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 970 $425,700,000 $438,866
$150k-250k 1,181 $643,775,000 $545,110
$50k-75k 337 $97,325,000 $288,798
$50k-or less 101 $28,665,000 $283,812
$75k-100k 517 $183,085,000 $354,130
$Over $250k 746 $583,910,000 $782,721

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 2,792 $1,461,100,000 $523,317
Not provided 603 $304,915,000 $505,663
Asian 250 $119,250,000 $477,000
Black 200 $78,820,000 $394,100
Asian Indian 31 $15,155,000 $488,871
American Indian 16 $7,980,000 $498,750
Other Asian 15 $6,555,000 $437,000
Chinese 5 $2,525,000 $505,000
Native Hawaiian 2 $830,000 $415,000
Native Hawiian 1 $515,000 $515,000
Samoan 1 $365,000 $365,000
Korean 1 $345,000 $345,000
Other Pacific Islander 1 $325,000 $325,000
Filipino 1 $275,000 $275,000

Approval Rates

Total approvals of all applications
98.37%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
99.97%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 3,919 $1,998,955,000 $510,068

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 38 $7,760,000 $204,211
$1k-2k 2,745 $1,355,465,000 $493,794
$2k-3k 368 $162,760,000 $442,283
$3k-4k 381 $203,815,000 $534,948
$5k+ 387 $269,155,000 $695,491

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 3,919 $1,998,955,000 $510,068