Northern Mortgage Services Rates, Fees & Info
GRAND RAPIDS, MILEI: 549300D36J5CQX0I4F44
Tax ID: 38-3305907
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Northern Mortgage Services is a smaller mortgage company specializing in Home Purchase and Refi loans. Northern Mortgage Services 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 Grand Rapids, Washington, Cleveland, Springfield, and Holland among others. Northern Mortgage Services 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. Northern Mortgage Services is typically an average fee lendor.Originations
1,829Origination Dollar Volume (All Markets)
$410,415,000Awards
NORTHERN MORTGAGE SERVICES - 2021
NORTHERN MORTGAGE SERVICES is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Northern Mortgage Services 's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Northern Mortgage Services 's average total fees for a 30 year fixed rate
mortgage are $3,991.
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 |
|---|---|---|---|---|---|
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 762 | $170,670,000 | $223,976 | $3,387 | 3.09% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 66 | $30,860,000 | $467,576 | $6,006 | 2.79% |
| Outside of Metro Areas | 138 | $25,300,000 | $183,333 | $3,687 | 3.11% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 142 | $21,430,000 | $150,915 | $4,201 | 3.08% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 83 | $19,025,000 | $229,217 | $4,339 | 3.27% |
| Holland, MI (FHA|USDA|VA) | 89 | $18,635,000 | $209,382 | $3,410 | 3.03% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 106 | $17,520,000 | $165,283 | $3,561 | 3.08% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 58 | $17,090,000 | $294,655 | $3,552 | 2.95% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 32 | $11,360,000 | $355,000 | $3,862 | 2.94% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 29 | $8,385,000 | $289,138 | $5,438 | 3.09% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 25 | $7,205,000 | $288,200 | $4,045 | 3.01% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 27 | $6,085,000 | $225,370 | $3,564 | 3.00% |
| MUSKEGON, MI (FHA|USDA|VA) | 21 | $4,115,000 | $195,952 | $3,907 | 3.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 20 | $3,960,000 | $198,000 | $4,788 | 3.30% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 12 | $3,670,000 | $305,833 | $6,565 | 3.49% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 13 | $2,795,000 | $215,000 | $5,655 | 3.23% |
| BANGOR, ME (FHA|USDA|VA) | 12 | $2,660,000 | $221,667 | $3,297 | 2.96% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 8 | $2,650,000 | $331,250 | $4,497 | 2.91% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 11 | $2,305,000 | $209,545 | $3,303 | 2.87% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 7 | $2,145,000 | $306,429 | $4,509 | 3.14% |
| SPRINGFIELD, OH (FHA|USDA|VA) | 13 | $2,015,000 | $155,000 | $3,488 | 3.06% |
| Traverse City, MI (FHA|USDA|VA) | 8 | $1,710,000 | $213,750 | $4,315 | 3.11% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 9 | $1,605,000 | $178,333 | $3,658 | 2.97% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 9 | $1,565,000 | $173,889 | $3,493 | 2.94% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $5,946 | 2.83% |
| AKRON, OH (FHA|USDA|VA) | 7 | $1,245,000 | $177,857 | $5,275 | 3.36% |
| BAY CITY, MI (FHA|USDA|VA) | 11 | $1,205,000 | $109,545 | $3,205 | 3.26% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 7 | $1,145,000 | $163,571 | $3,335 | 3.09% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $1,115,000 | $371,667 | $5,860 | 3.29% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $1,070,000 | $267,500 | $4,588 | 3.41% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $3,322 | 2.29% |
| Big Rapids, MI (FHA|USDA|VA) | 4 | $870,000 | $217,500 | $3,231 | 3.50% |
| Cadillac, MI (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $3,542 | 3.00% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 5 | $745,000 | $149,000 | $3,689 | 3.03% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $4,014 | 2.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $3,720 | 3.25% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $3,029 | 2.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $9,763 | 3.00% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $5,604 | 2.81% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 3 | $545,000 | $181,667 | $2,788 | 3.13% |
| Greenville, OH (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $2,848 | 2.99% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $6,478 | 3.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $3,888 | 2.87% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,483 | 3.00% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $3,985 | 2.50% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $4,340 | 3.13% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $17,182 | 2.50% |
| Sandusky, OH (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,926 | 2.87% |
| FLINT, MI (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $2,784 | 2.75% |
| NILES, MI (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $11,191 | 3.63% |
| Jasper, IN (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,602 | 3.38% |
| Mount Pleasant, MI (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $2,276 | 3.13% |
| TOLEDO, OH (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,569 | 3.13% |
| HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 2.75% |
| WICHITA, KS (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $2,477 | 3.56% |
| SAGINAW, MI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $7,713 | 3.75% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $2,974 | 2.63% |
| Fremont, OH (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $6,391 | 2.88% |
| MONROE, MI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,713 | 3.38% |
| Lake City, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,553 | 2.75% |
| LEWISTON-AUBURN, ME (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,656 | 2.88% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,869 | 3.00% |
| Wapakoneta, OH (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $2,968 | 3.25% |
| Wilmington, OH (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $3,927 | 3.06% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,019 | 2.63% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,767 | 2.75% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,425 | 3.88% |
| Farmington, MO (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,769 | 2.88% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,561 | 3.25% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,438 | 3.50% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,611 | 3.13% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,351 | 3.63% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,152 | 3.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,642 | 3.25% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,960 | 3.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,131 | 3.13% |
| Pittsburg, KS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,446 | 2.88% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,401 | 2.50% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,079 | 3.00% |
| Kirksville, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,856 | 3.63% |
| Wooster, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,428 | 3.25% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,268 | 3.50% |
| Sidney, OH (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,795 | 3.50% |
| Warrensburg, MO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,064 | 3.63% |
| Dodge City, KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,075 | 2.88% |
| MANSFIELD, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $750 | 3.25% |
| Alma, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,964 | 2.88% |
| Alpena, MI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,771 | 2.75% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,364 | 2.50% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,397 | 3.00% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,287 | 3.38% |
Northern Mortgage Services 's top markets include Grand Rapids, Washington, Cleveland, Springfield, and Holland among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,452 | $333,020,000 | $229,353 | $3,373 | 3.09% |
| FHA | 253 | $44,925,000 | $177,569 | $5,448 | 3.15% |
| VA | 84 | $26,600,000 | $316,667 | $6,528 | 2.75% |
| USDA | 40 | $5,870,000 | $146,750 | $3,319 | 2.94% |
For the 2021 period, Northern Mortgage Services 's most frequently originated loan type of loans were Conventional, with 1,452 originations. Their 2nd most popular type is FHA, with 253 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 932 | $217,340,000 | $233,197 | $4,024 | 3.15% |
| Refi | 896 | $192,850,000 | $215,234 | $3,576 | 3.00% |
| Cash Out Refi | 1 | $225,000 | $225,000 | $8,316 | 4.13% |
For the 2021, Northern Mortgage Services 's most frequently cited loan purpose of loans were Home Purchase, with 932 originations. The 2nd most popular reason of loans were Refi, with 896 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 1,494 | $345,360,000 | $231,165 | $3,991 | 3.14% |
| 15 Year | 167 | $31,015,000 | $185,719 | $2,981 | 2.63% |
| 20 Year | 96 | $20,560,000 | $214,167 | $3,085 | 2.99% |
| Other | 61 | $11,815,000 | $193,689 | $2,897 | 2.99% |
| 10 Year | 11 | $1,665,000 | $151,364 | $2,710 | 2.52% |
For the 2021, Northern Mortgage Services 's most frequently cited loan length of loans were 30 Year, with 1,494 originations. The 2nd most popular length of loans were 15 Year, with 167 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1,109 | $244,035,000 | $220,050 |
| $2k-3k | 269 | $64,925,000 | $241,357 |
| $<1k | 171 | $33,115,000 | $193,655 |
| $3k-4k | 132 | $34,650,000 | $262,500 |
| $5k+ | 23 | $9,245,000 | $401,957 |
$3,991 of loans were Northern Mortgage Services 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,109 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 915 | $204,765,000 | $223,787 |
| 2.5-3% | 747 | $166,425,000 | $222,791 |
| <2.5% | 149 | $36,145,000 | $242,584 |
| 4-5% | 18 | $3,080,000 | $171,111 |
During 2021, Northern Mortgage Services 's average interest rate of loans were 3.14%, while their most frequently originated rate bucket of loans were 3-4%, with 915 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 791 | $120,085,000 | $151,814 | $3,356 | 3.08% |
| $200k-400k | 745 | $203,165,000 | $272,705 | $4,134 | 3.09% |
| $100,000 or less | 141 | $11,195,000 | $79,397 | $2,784 | 3.11% |
| $400k-600k | 136 | $64,180,000 | $471,912 | $5,038 | 2.97% |
| $600k-1MM | 15 | $10,755,000 | $717,000 | $8,542 | 3.13% |
| $1MM+ | 1 | $1,035,000 | $1,035,000 | $17,929 | 2.88% |
2021 saw Northern Mortgage Services place emphasis on $100k-200k loans with 791 originations, totaling $120,085,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 503 | $95,615,000 | $190,089 | $3,570 | 3.09% |
| $50k or less | 454 | $67,180,000 | $147,974 | $3,442 | 3.06% |
| $100k-150k | 330 | $92,330,000 | $279,788 | $4,115 | 3.09% |
| $75k-100k | 318 | $72,710,000 | $228,648 | $3,867 | 3.12% |
| $150k-250k | 163 | $58,485,000 | $358,804 | $4,532 | 3.05% |
| $250k+ | 60 | $23,820,000 | $397,000 | $4,514 | 2.98% |
Northern Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 503 originations. The second most popular income band? $50k or less, with 454 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 441 | $98,035,000 | $222,302 | $3,467 | 3.05% |
| 30-36% | 357 | $78,925,000 | $221,078 | $3,768 | 3.11% |
| <20% | 168 | $38,320,000 | $228,095 | $3,434 | 2.88% |
| 38% | 87 | $19,215,000 | $220,862 | $3,519 | 3.11% |
| 40% | 84 | $17,170,000 | $204,405 | $3,430 | 3.10% |
| 42% | 72 | $17,420,000 | $241,944 | $3,890 | 3.13% |
| 43% | 68 | $17,000,000 | $250,000 | $4,178 | 3.12% |
| 39% | 66 | $14,140,000 | $214,242 | $3,728 | 3.21% |
| 41% | 61 | $12,585,000 | $206,311 | $4,225 | 3.20% |
| 37% | 59 | $13,535,000 | $229,407 | $3,720 | 3.20% |
| 50-60% | 57 | $11,645,000 | $204,298 | $5,525 | 3.13% |
| 36% | 56 | $12,180,000 | $217,500 | $3,749 | 3.10% |
| 44% | 54 | $13,360,000 | $247,407 | $4,224 | 3.20% |
| 45% | 40 | $10,440,000 | $261,000 | $3,949 | 3.11% |
| 48% | 39 | $8,585,000 | $220,128 | $4,119 | 3.09% |
| 47% | 37 | $9,455,000 | $255,541 | $4,809 | 3.05% |
| 49% | 36 | $8,400,000 | $233,333 | $5,183 | 3.08% |
| 46% | 29 | $6,015,000 | $207,414 | $4,301 | 3.10% |
| >60% | 2 | $360,000 | $180,000 | $2,881 | 2.56% |
Northern Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 441 originations. The next most common DTI ratio? 30-36%, with 357 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 1,730 | $389,190,000 | $224,965 | $3,776 | 3.08% |
| Black | 65 | $13,505,000 | $207,769 | $4,470 | 3.14% |
| Asian | 23 | $5,585,000 | $242,826 | $4,296 | 2.98% |
| American Indian | 10 | $1,940,000 | $194,000 | $3,308 | 3.14% |
| Native Hawaiian | 1 | $195,000 | $195,000 | $3,062 | 3.25% |
Approval Rates
Total approvals of all applications97.73%
Northern Mortgage Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination77.34%
Northern Mortgage Services has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,829 | $410,415,000 | $224,393 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,829 | $410,415,000 | $224,393 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 47 | $7,125,000 | $151,596 | $3,012 | 2.73% |
| 40-60% | 222 | $42,830,000 | $192,928 | $3,166 | 2.90% |
| 60-80% | 696 | $160,000,000 | $229,885 | $3,666 | 3.12% |
| 80-100% | 842 | $194,020,000 | $230,428 | $4,004 | 3.12% |
| Over 100% | 20 | $6,090,000 | $304,500 | $9,262 | 2.76% |
| Under 20% | 1 | $165,000 | $165,000 | $3,381 | 2.88% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Northern Trust Company, The | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |
