Northern Mortgage Services Rates, Fees & Info

GRAND RAPIDS, MI

LEI: 549300D36J5CQX0I4F44

Tax ID: 38-3305907

5 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,829

Origination Dollar Volume (All Markets)

$410,415,000
Show all (10) awards

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 applications
97.73%

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 origination
77.34%

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%