Millennium Financial Group Mortgage Rates, Fees & Info

MIDDLETOWN, MD

LEI: 549300CV1BZKP1QUDZ13

Tax ID: 20-0321413

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Millennium Financial Group is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Millennium Financial Group has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Hagerstown, Baltimore, Chambersburg, and Pittsburgh among others. Millennium Financial Group has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Millennium Financial Group is typically an average fee lendor.


Originations

651

Origination Dollar Volume (All Markets)

$170,565,000
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Relative Rate

Millennium Financial Group 's average 30 year fixed rate mortgage of loans were 3.02%.

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

This yields a difference of -0.13%.

Relative Fees

Millennium Financial Group 's average total fees for a 30 year fixed rate mortgage are $4,734.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 190 $57,600,000 $303,158 $4,627 2.91%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 205 $46,605,000 $227,341 $3,870 2.85%
Outside of Metro Areas 130 $35,390,000 $272,231 $4,332 3.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 39 $13,455,000 $345,000 $6,003 2.89%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 34 $6,360,000 $187,059 $4,193 2.82%
PITTSBURGH, PA (FHA|USDA|VA) 10 $2,450,000 $245,000 $4,721 2.56%
WINCHESTER, VA-WV (FHA|USDA|VA) 11 $2,345,000 $213,182 $5,918 3.06%
GETTYSBURG, PA (FHA|USDA|VA) 8 $1,690,000 $211,250 $5,131 3.14%
CUMBERLAND, MD-WV (FHA|USDA|VA) 8 $1,240,000 $155,000 $3,482 3.03%
SALISBURY, MD-DE (FHA|USDA|VA) 2 $450,000 $225,000 $3,224 2.75%
ALTOONA, PA (FHA|USDA|VA) 1 $415,000 $415,000 $4,580 2.88%
YORK-HANOVER, PA (FHA|USDA|VA) 2 $380,000 $190,000 $3,149 2.81%
Clarksburg, WV (FHA|USDA|VA) 1 $375,000 $375,000 $3,142 2.63%
STATE COLLEGE, PA (FHA|USDA|VA) 1 $365,000 $365,000 $10,952 2.75%
MORGANTOWN, WV (FHA|USDA|VA) 3 $345,000 $115,000 $5,063 3.00%
Easton, MD (FHA|USDA|VA) 1 $265,000 $265,000 $3,224 3.25%
LANCASTER, PA (FHA|USDA|VA) 1 $265,000 $265,000 $4,363 2.88%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $245,000 $245,000 $3,247 3.50%
Somerset, PA (FHA|USDA|VA) 2 $190,000 $95,000 $4,153 2.94%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $135,000 $135,000 $6,254 2.63%

Millennium Financial Group 's top markets include Washington, Hagerstown, Baltimore, Chambersburg, and Pittsburgh among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 534 $139,280,000 $260,824 $3,788 2.91%
FHA 53 $13,445,000 $253,679 $8,542 2.91%
VA 37 $12,785,000 $345,541 $6,611 2.85%
USDA 27 $5,055,000 $187,222 $5,394 2.84%

For the 2021 period, Millennium Financial Group 's most frequently originated loan type of loans were Conventional, with 534 originations. Their 2nd most popular type is FHA, with 53 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 255 $65,925,000 $258,529 $3,824 2.77%
Home Purchase 251 $69,955,000 $278,705 $5,329 3.00%
Cash Out Refi 143 $34,415,000 $240,664 $3,821 2.98%
Other 2 $270,000 $135,000 $3,229 3.06%

For the 2021, Millennium Financial Group 's most frequently cited loan purpose of loans were Refi, with 255 originations. The 2nd most popular reason of loans were Home Purchase, with 251 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 492 $136,630,000 $277,703 $4,734 3.02%
15 Year 102 $21,190,000 $207,745 $3,475 2.47%
20 Year 38 $9,550,000 $251,316 $3,255 2.77%
10 Year 14 $2,170,000 $155,000 $3,149 2.28%
Other 5 $1,025,000 $205,000 $2,821 2.88%

For the 2021, Millennium Financial Group 's most frequently cited loan length of loans were 30 Year, with 492 originations. The 2nd most popular length of loans were 15 Year, with 102 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 326 $88,230,000 $270,644
$1k-2k 234 $56,220,000 $240,256
$2k-3k 53 $14,205,000 $268,019
$3k-4k 31 $9,145,000 $295,000
$5k+ 7 $2,765,000 $395,000

$4,734 of loans were Millennium Financial Group 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 326 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 295 $78,515,000 $266,153
3-4% 205 $57,705,000 $281,488
<2.5% 142 $32,510,000 $228,944
4-5% 9 $1,835,000 $203,889

During 2021, Millennium Financial Group 's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 295 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 309 $86,855,000 $281,084 $4,658 2.92%
$100k-200k 211 $32,535,000 $154,194 $3,712 2.86%
$400k-600k 82 $39,700,000 $484,146 $5,191 2.95%
$100,000 or less 37 $2,925,000 $79,054 $3,313 2.85%
$600k-1MM 12 $8,550,000 $712,500 $7,912 3.10%

2021 saw Millennium Financial Group place emphasis on $200k-400k loans with 309 originations, totaling $86,855,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 144 $40,910,000 $284,097 $4,524 2.85%
$50k-75k 138 $28,380,000 $205,652 $4,714 2.96%
$75k-100k 113 $27,615,000 $244,381 $4,498 2.94%
$50k or less 94 $15,320,000 $162,979 $4,085 2.84%
$150k-250k 93 $31,935,000 $343,387 $4,076 2.93%
$250k+ 54 $22,880,000 $423,704 $4,385 2.95%

Millennium Financial Group lent most frequently to those with incomes in the $100k-150k range, with 144 originations. The second most popular income band? $50k-75k, with 138 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 157 $40,925,000 $260,669 $4,001 2.86%
30-36% 131 $34,635,000 $264,389 $4,315 2.93%
<20% 57 $13,235,000 $232,193 $3,518 2.75%
43% 34 $10,110,000 $297,353 $4,554 2.98%
41% 28 $7,690,000 $274,643 $4,424 2.99%
39% 27 $6,745,000 $249,815 $4,775 2.94%
42% 26 $6,190,000 $238,077 $4,589 3.04%
40% 24 $5,980,000 $249,167 $4,095 3.01%
38% 23 $6,175,000 $268,478 $5,037 2.99%
45% 22 $6,150,000 $279,545 $5,212 2.89%
44% 19 $3,955,000 $208,158 $4,209 3.03%
49% 16 $5,240,000 $327,500 $5,266 3.09%
36% 16 $4,240,000 $265,000 $3,783 2.77%
50-60% 14 $4,460,000 $318,571 $9,152 2.81%
47% 14 $3,780,000 $270,000 $5,186 2.93%
48% 11 $3,255,000 $295,909 $5,427 3.00%
46% 11 $2,655,000 $241,364 $3,745 2.90%
37% 10 $2,140,000 $214,000 $3,959 2.84%

Millennium Financial Group lent most frequently to those with DTI ratios of 20-30%, with 157 originations. The next most common DTI ratio? 30-36%, with 131 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 529 $135,065,000 $255,321 $4,156 2.89%
Black 62 $18,590,000 $299,839 $6,546 2.91%
Not provided 53 $14,575,000 $275,000 $4,335 3.01%
American Indian 4 $1,220,000 $305,000 $5,375 3.00%
Native Hawaiian 1 $745,000 $745,000 $2,957 2.75%
Asian 2 $370,000 $185,000 $3,430 2.81%

Approval Rates

Total approvals of all applications
94.96%

Millennium Financial Group has an average approval rate.

Pick Rate

Approvals leading to origination
88.24%

Millennium Financial Group has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 651 $170,565,000 $262,005

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
651 $170,565,000 $262,005

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 43 $8,715,000 $202,674 $3,433 2.63%
40-60% 88 $20,420,000 $232,045 $3,548 2.82%
60-80% 261 $70,005,000 $268,218 $3,772 2.92%
80-100% 240 $66,910,000 $278,792 $5,405 2.98%
Over 100% 9 $2,865,000 $318,333 $10,395 3.01%
Under 20% 6 $560,000 $93,333 $2,834 2.33%