Langley Mortgage Rates, Fees & Info

Newport News, VA

LEI: 549300CHR7TPQ6LLXG47

Tax ID: 54-0451953

5 stars - out of 5 stars, based on 55 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Langley is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Langley 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 Virginia Beach, Washington, Richmond, Kill Devil Hills, and Charlottesville among others. Langley 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. Langley is typically a low fee lendor.


Originations

2,985

Origination Dollar Volume (All Markets)

$400,325,000
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Relative Rate

Langley's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Langley's average total fees for a 30 year fixed rate mortgage are $3,153.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2,486 $322,850,000 $129,867 $3,058 3.08%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 159 $28,745,000 $180,786 $3,280 2.93%
RICHMOND, VA (FHA|USDA|VA) 168 $25,130,000 $149,583 $3,243 3.04%
Outside of Metro Areas 61 $6,635,000 $108,770 $3,367 3.18%
Kill Devil Hills, NC (FHA|USDA|VA) 13 $2,295,000 $176,538 $3,520 2.74%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 12 $1,900,000 $158,333 $3,636 3.70%
RALEIGH-CARY, NC (FHA|USDA|VA) 17 $1,745,000 $102,647 $2,887 2.70%
Elizabeth City, NC (FHA|USDA|VA) 9 $1,435,000 $159,444 $3,029 3.24%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $1,110,000 $138,750 $3,333 3.21%
STAUNTON, VA (FHA|USDA|VA) 3 $985,000 $328,333 $2,668 3.16%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 4 $930,000 $232,500 $2,651 2.75%
HARRISONBURG, VA (FHA|USDA|VA) 2 $640,000 $320,000 $3,218 3.12%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 5 $605,000 $121,000 $0 3.19%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 3 $565,000 $188,333 $3,210 2.99%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 4 $550,000 $137,500 $3,123 3.37%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $480,000 $240,000 $3,685 2.56%
FAYETTEVILLE, NC (FHA|USDA|VA) 4 $430,000 $107,500 $3,352 2.49%
ASHEVILLE, NC (FHA|USDA|VA) 2 $410,000 $205,000 $3,250 2.93%
ROANOKE, VA (FHA|USDA|VA) 3 $395,000 $131,667 $2,426 2.74%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $340,000 $170,000 $2,796 3.06%
BURLINGTON, NC (FHA|USDA|VA) 2 $270,000 $135,000 $3,222 2.93%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $265,000 $265,000 $3,002 2.99%
WILMINGTON, NC (FHA|USDA|VA) 2 $260,000 $130,000 $2,993 3.25%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,207 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.99%
SALISBURY, MD-DE (FHA|USDA|VA) 2 $200,000 $100,000 $0 4.49%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,362 2.50%
Morehead City, NC (FHA|USDA|VA) 1 $145,000 $145,000 $0 1.99%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $135,000 $135,000 $0 2.99%
GREENVILLE, NC (FHA|USDA|VA) 1 $75,000 $75,000 $0 1.99%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $65,000 $65,000 $0 2.99%
LYNCHBURG, VA (FHA|USDA|VA) 1 $65,000 $65,000 $0 3.49%
COLUMBIA, SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.25%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $35,000 $35,000 $0 3.49%
GOLDSBORO, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.49%

Langley's top markets include Virginia Beach, Washington, Richmond, Kill Devil Hills, and Charlottesville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,937 $387,835,000 $132,051 $2,979 3.08%
VA 35 $9,585,000 $273,857 $4,813 2.73%
FHA 13 $2,905,000 $223,462 $6,715 2.94%

For the 2021 period, Langley's most frequently originated loan type of loans were Conventional, with 2,937 originations. Their 2nd most popular type is VA, with 35 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 1,092 $77,850,000 $71,291 $2,848 3.09%
Other 569 $44,075,000 $77,460 $2,615 3.43%
Refi 564 $95,220,000 $168,830 $2,871 2.85%
Cash Out Refi 503 $121,505,000 $241,561 $3,020 2.88%
Home Purchase 257 $61,675,000 $239,981 $3,651 3.07%

For the 2021, Langley's most frequently cited loan purpose of loans were Home Improvement, with 1,092 originations. The 2nd most popular reason of loans were Other, with 569 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 1,779 $130,005,000 $73,078 $0 3.15%
30 Year 661 $174,555,000 $264,077 $3,153 3.04%
15 Year 206 $38,850,000 $188,592 $2,830 2.54%
20 Year 159 $35,065,000 $220,535 $3,109 2.78%
30+ year 149 $16,945,000 $113,725 $5,889 3.44%
10 Year 31 $4,905,000 $158,226 $2,898 2.65%

For the 2021, Langley's most frequently cited loan length of loans were Other, with 1,779 originations. The 2nd most popular length of loans were 30 Year, with 661 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 784 $192,580,000 $245,638
$1k-2k 176 $37,210,000 $211,420
$2k-3k 39 $10,505,000 $269,359
$3k-4k 37 $8,325,000 $225,000
$5k+ 19 $5,445,000 $286,579

$3,153 of loans were Langley's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 784 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,082 $187,000,000 $172,828
<2.5% 848 $91,810,000 $108,267
3-4% 759 $102,025,000 $134,420
4-5% 212 $14,800,000 $69,811
5-6% 46 $3,080,000 $66,957
6-7% 23 $955,000 $41,522
7-8% 13 $535,000 $41,154
Over 8% 2 $120,000 $60,000

During 2021, Langley's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,082 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,558 $76,020,000 $48,793 $2,329 3.21%
$100k-200k 702 $100,870,000 $143,689 $2,820 2.90%
$200k-400k 615 $165,495,000 $269,098 $3,203 2.95%
$400k-600k 91 $42,595,000 $468,077 $3,721 2.88%
$600k-1MM 16 $11,890,000 $743,125 $5,643 2.98%
$1MM+ 3 $3,455,000 $1,151,667 $4,883 3.25%

2021 saw Langley place emphasis on $100,000 or less loans with 1,558 originations, totaling $76,020,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 773 $113,095,000 $146,307 $3,356 3.00%
$150k-250k 588 $87,910,000 $149,507 $3,228 2.96%
$50k-75k 558 $62,290,000 $111,631 $2,918 3.17%
$75k-100k 548 $68,130,000 $124,325 $3,005 3.11%
$50k or less 325 $29,115,000 $89,585 $2,625 3.30%
$250k+ 164 $37,080,000 $226,098 $3,859 2.88%

Langley lent most frequently to those with incomes in the $100k-150k range, with 773 originations. The second most popular income band? $150k-250k, with 588 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 724 $94,450,000 $130,456 $3,038 2.91%
30-36% 612 $82,820,000 $135,327 $3,158 3.08%
<20% 325 $46,655,000 $143,554 $2,897 2.84%
42% 200 $22,660,000 $113,300 $2,949 3.52%
40% 120 $17,890,000 $149,083 $3,245 3.20%
41% 115 $15,425,000 $134,130 $3,526 3.31%
37% 104 $13,470,000 $129,519 $3,248 3.22%
49% 104 $10,380,000 $99,808 $3,259 3.36%
39% 97 $14,245,000 $146,856 $2,994 3.00%
43% 90 $12,660,000 $140,667 $2,862 3.05%
38% 87 $11,475,000 $131,897 $2,822 3.10%
36% 87 $12,565,000 $144,425 $2,833 3.19%
44% 85 $14,105,000 $165,941 $3,851 3.10%
48% 61 $6,695,000 $109,754 $2,598 3.04%
45% 41 $6,875,000 $167,683 $3,580 3.05%
47% 38 $3,350,000 $88,158 $2,657 2.78%
46% 36 $3,390,000 $94,167 $2,553 3.48%
>60% 27 $3,895,000 $144,259 $2,003 3.24%
50-60% 20 $4,860,000 $243,000 $4,028 3.00%

Langley lent most frequently to those with DTI ratios of 20-30%, with 724 originations. The next most common DTI ratio? 30-36%, with 612 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,030 $267,430,000 $131,739 $3,119 3.04%
Black 508 $55,170,000 $108,602 $2,996 3.33%
Not provided 275 $49,385,000 $179,582 $2,980 2.95%
Asian 131 $21,035,000 $160,573 $3,191 2.78%
American Indian 16 $2,360,000 $147,500 $3,763 3.16%
Asian Indian 6 $1,510,000 $251,667 $2,921 2.85%
Native Hawaiian 8 $1,150,000 $143,750 $4,560 3.82%
Not applicable 5 $1,025,000 $205,000 $0 4.17%
Filipino 3 $675,000 $225,000 $3,261 2.83%
Other Pacific Islander 2 $560,000 $280,000 $2,684 2.68%
Korean 1 $25,000 $25,000 $0 1.99%

Approval Rates

Total approvals of all applications
79.15%

Langley has a below average approval rate.

Pick Rate

Approvals leading to origination
83.86%

Langley has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,985 $400,325,000 $134,112

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,985 $400,325,000 $134,112

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 556 $56,970,000 $102,464 $2,461 3.14%
40-60% 271 $46,505,000 $171,605 $2,909 2.95%
60-80% 515 $116,135,000 $225,505 $3,105 2.94%
80-100% 431 $120,475,000 $279,524 $3,189 3.02%
Over 100% 1 $275,000 $275,000 $8,432 2.75%
Under 20% 1,200 $57,550,000 $47,958 $2,031 3.14%