Residential Mortgage Corp Rates, Fees & Info

FAYETTEVILLE, NC

LEI: 549300EI0D25UOZSY487

Tax ID: 56-1750551

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Residential Mortgage Corp is a smaller mortgage company specializing in Home Purchase loans. Residential Mortgage Corp has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fayetteville, Pinehurst, Myrtle Beach, Wilmington, and Raleigh among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Residential Mortgage Corp has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Residential Mortgage Corp is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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

    431

    Origination Dollar Volume (All Markets)

    $87,125,000

    Awards

    Residential Mortgage Corp 30 Year Conventional Loans silver Residential Mortgage Corp FHA Loans bronze
    Show all (2) awards

    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
    FAYETTEVILLE, NC (FHA|USDA|VA) 322 $61,510,000 $191,025 $5,448 4.70%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 55 $14,575,000 $265,000 $6,985 4.59%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 28 $5,170,000 $184,643 $4,846 4.81%
    WILMINGTON, NC (FHA|USDA|VA) 7 $1,945,000 $277,857 $6,316 4.46%
    RALEIGH-CARY, NC (FHA|USDA|VA) 4 $1,030,000 $257,500 $5,234 4.38%
    Sanford, NC (FHA|USDA|VA) 5 $825,000 $165,000 $4,816 4.58%
    JACKSONVILLE, NC (FHA|USDA|VA) 1 $435,000 $435,000 $27,283 3.50%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $405,000 $405,000 $13,998 4.25%
    Outside of Metro Areas 2 $310,000 $155,000 $4,445 4.63%
    Morehead City, NC (FHA|USDA|VA) 1 $195,000 $195,000 $2,290 4.88%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $185,000 $185,000 $2,312 4.13%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $185,000 $185,000 $3,907 3.75%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $155,000 $155,000 $4,049 4.75%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $105,000 $105,000 $4,051 3.75%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $95,000 $95,000 $3,697 5.00%
    Residential Mortgage Corp's top markets include Fayetteville, Pinehurst, Myrtle Beach, Wilmington, and Raleigh among others.

    Their top states include:
  • North Carolina (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Residential Mortgage Corp based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Coastal Carolina National Bank
    Similarity Rank: 756
    CREDIT UNION MORTGAGE ASSOCIATION, INC.
    Similarity Rank: 1343
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 1386
    First Horizon Bank
    Similarity Rank: 1408
    LOCAL GOVERNMENT FEDERAL CREDIT UNION
    Similarity Rank: 1711
    CORNING
    Similarity Rank: 1848
    STATE EMPLOYEES'
    Similarity Rank: 2295
    COASTAL Federal Credit Union
    Similarity Rank: 2400
    FIRST HOME MORTGAGE CORPORATION
    Similarity Rank: 3400
    Residential Mortgage Corp
    Similarity Rank: 3675

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 280 $62,700,000 $223,929 $6,461 4.64%
    Conventional 75 $13,345,000 $177,933 $3,051 4.82%
    FHA 62 $8,940,000 $144,194 $5,420 4.72%
    USDA 14 $2,140,000 $152,857 $4,352 4.56%

    For 2018, Residential Mortgage Corp's most frequently originated type of loan was VA, with 280 originations. Their 2nd most popular type was Conventional, with 75 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 427 $86,555,000 $202,705 $5,666 4.68%
    Refi 3 $465,000 $155,000 $4,307 4.21%
    Cash Out Refi 1 $105,000 $105,000 $1,574 5.25%

    For 2018, Residential Mortgage Corp's most frequently cited loan purpose was Home Purchase, with 427 originations. The 2nd most popular reason was Refi, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 422 $85,470,000 $202,536 $5,684 4.69%
    15 Year 9 $1,655,000 $183,889 $3,902 4.11%

    For 2018, Residential Mortgage Corp's most frequently cited loan duration was 30 Year, with 422 originations. The 2nd most popular length was 15 Year, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 340 $70,570,000 $207,559
    $1k-2k 50 $6,910,000 $138,200
    $2k-3k 28 $5,510,000 $196,786
    $3k-4k 7 $2,075,000 $296,429
    $4k-5k 3 $955,000 $318,333
    $5k+ 3 $1,105,000 $368,333

    Residential Mortgage Corp's average total fees were $5,684, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 340 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 327 $68,335,000 $208,976
    5-6% 64 $9,790,000 $152,969
    3-4% 39 $8,895,000 $228,077
    6-7% 1 $105,000 $105,000

    During 2018, Residential Mortgage Corp's average interest rate for loans was 4.69%, while their most frequently originated rate bucket for loans was 4-5%, with 327 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 203 $52,955,000 $260,862 $6,695 4.63%
    $100k-200k 181 $27,185,000 $150,193 $4,814 4.72%
    $100,000 or less 37 $2,765,000 $74,730 $3,472 4.86%
    $400k-600k 10 $4,220,000 $422,000 $7,602 4.31%

    2018 saw Residential Mortgage Corp place emphasis on $200k-400k loans with 203 originations, totaling $52,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 155 $28,075,000 $181,129 $5,723 4.71%
    $75k-100k 102 $22,300,000 $218,627 $6,431 4.61%
    $50k or less 76 $10,030,000 $131,974 $4,607 4.74%
    $100k-150k 66 $17,150,000 $259,848 $5,969 4.66%
    $150k-250k 27 $8,375,000 $310,185 $4,950 4.63%
    $250k+ 5 $1,195,000 $239,000 $2,658 4.78%

    Residential Mortgage Corp lent most frequently to those with incomes in the $50k-75k range, with 155 originations. The second most popular income band? $75k-100k, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $14,880,000 $195,789 $4,976 4.62%
    30-36% 68 $12,800,000 $188,235 $5,222 4.60%
    50-60% 51 $10,645,000 $208,725 $6,865 4.75%
    <20% 25 $4,935,000 $197,400 $4,358 4.45%
    41% 21 $3,885,000 $185,000 $5,031 4.86%
    38% 19 $3,545,000 $186,579 $5,478 4.73%
    42% 18 $4,020,000 $223,333 $5,418 4.92%
    37% 18 $3,940,000 $218,889 $4,889 4.63%
    45% 17 $3,095,000 $182,059 $6,188 4.82%
    46% 16 $3,490,000 $218,125 $6,066 4.85%
    43% 15 $3,235,000 $215,667 $6,476 4.66%
    40% 13 $2,815,000 $216,538 $5,680 4.62%
    39% 13 $2,645,000 $203,462 $6,581 4.68%
    49% 13 $2,685,000 $206,538 $5,252 4.73%
    47% 12 $2,440,000 $203,333 $7,527 4.70%
    48% 11 $2,205,000 $200,455 $4,848 4.75%
    44% 11 $2,735,000 $248,636 $6,740 4.70%
    36% 10 $2,220,000 $222,000 $7,754 4.46%
    >60% 2 $640,000 $320,000 $8,131 5.00%

    Residential Mortgage Corp lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 341 $69,905,000 $205,000 $5,776 4.65%
    Black 73 $13,415,000 $183,767 $5,078 4.81%
    Asian 7 $1,455,000 $207,857 $4,646 4.71%
    Not provided 5 $1,285,000 $257,000 $6,064 4.80%
    American Indian 4 $830,000 $207,500 $5,870 4.50%
    Native Hawaiian or Islander 1 $235,000 $235,000 $7,571 5.00%

    Approval Rates

    Total approvals of all applications
    98.36%

    Residential Mortgage Corp 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
    77.73%

    Residential Mortgage Corp has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 431 $87,125,000 $202,146

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 430 $87,000,000 $202,326

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 10 $1,090,000 $109,000 $3,211 4.69%
    60-80% 42 $8,070,000 $192,143 $3,315 4.71%
    80-100% 280 $54,100,000 $193,214 $5,021 4.68%
    Over 100% 99 $23,865,000 $241,061 $8,685 4.66%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    RESIDENTIAL MORTGAGE CORP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%