First Trust Mortgage Rates, Fees & Info

Michigan City, IN

LEI: 549300CKKPTDS03YHG30

Tax ID: 35-1089892

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Trust is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. First Trust has a high proportion of conventional loans. Their top markets by origination volume include: Michigan City, Chicago, and South Bend among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Trust has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    19

    Origination Dollar Volume (All Markets)

    $2,415,000

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 12 $1,490,000 $124,167 $0 0.00%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $690,000 $115,000 $0 0.00%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
    First Trust's top markets include Michigan City, Chicago, and South Bend among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 19 $2,415,000 $127,105 $0 0.00%

    For 2020, First Trust's most frequently originated type of loan was Conventional, with 19 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 4 $800,000 $200,000 $0 0.00%
    Home Improvement 4 $270,000 $67,500 $0 0.00%
    Other 4 $220,000 $55,000 $0 0.00%
    Cash Out Refi 4 $820,000 $205,000 $0 0.00%
    Refi 3 $305,000 $101,667 $0 0.00%

    For 2020, First Trust's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Home Improvement, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 19 $2,415,000 $127,105 $0 0.00%

    For 2020, First Trust's most frequently cited loan duration was Other, with 19 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 8 $390,000 $48,750 $0 0.00%
    $100k-200k 7 $995,000 $142,143 $0 0.00%
    $200k-400k 4 $1,030,000 $257,500 $0 0.00%

    2020 saw First Trust place emphasis on $100,000 or less loans with 8 originations, totaling $390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 6 $620,000 $103,333 $0 0.00%
    $50k-75k 6 $700,000 $116,667 $0 0.00%
    $75k-100k 5 $715,000 $143,000 $0 0.00%
    $150k-250k 1 $355,000 $355,000 $0 0.00%
    $50k or less 1 $25,000 $25,000 $0 0.00%

    First Trust lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $50k-75k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 19 $2,415,000 $127,105 $0 0.00%

    First Trust lent most frequently to those with DTI ratios of Exempt%, with 19 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $2,255,000 $132,647 $0 0.00%
    Not provided 2 $160,000 $80,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    77.50%

    First Trust has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    36.84%

    First Trust has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 19 $2,415,000 $127,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 18 $2,330,000 $129,444

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRSTRUST MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 50.0%
    FIRSTRUST MORTGAGE, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%