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. They have an average proportion of FHA loans. Residential Mortgage Corp has an average proportion of conventional loans. Their top markets by origination volume include: Fayetteville, Myrtle Beach, Raleigh, Lumberton, and Tulsa 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. 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

    160

    Origination Dollar Volume (All Markets)

    $31,490,000

    Awards

    Residential Mortgage Corp FHA 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) 115 $22,735,000 $197,696 $5,078 4.19%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 10 $2,920,000 $292,000 $5,144 4.53%
    RALEIGH-CARY, NC (FHA|USDA|VA) 6 $1,190,000 $198,333 $5,649 4.08%
    Lumberton, NC (FHA|USDA|VA) 5 $845,000 $169,000 $5,675 4.28%
    TULSA, OK (FHA|USDA|VA) 4 $810,000 $202,500 $7,904 3.91%
    Outside of Metro Areas 6 $570,000 $95,000 $3,542 4.54%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 3 $535,000 $178,333 $4,600 3.58%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $440,000 $220,000 $5,298 4.75%
    Sanford, NC (FHA|USDA|VA) 2 $370,000 $185,000 $2,691 4.88%
    WILMINGTON, NC (FHA|USDA|VA) 2 $350,000 $175,000 $2,813 4.94%
    Wilson, NC (FHA|USDA|VA) 1 $175,000 $175,000 $6,475 3.50%
    AMARILLO, TX (FHA|USDA|VA) 1 $165,000 $165,000 $5,361 3.75%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $145,000 $145,000 $4,565 7.13%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $135,000 $135,000 $4,659 4.25%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $105,000 $105,000 $3,453 4.13%
    Residential Mortgage Corp's top markets include Fayetteville, Myrtle Beach, Raleigh, Lumberton, and Tulsa among others.

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

    CAROLINA TRUST FEDERAL CREDIT UNION
    Similarity Rank: 265
    Corporate Investors Mortgage Group, Inc.
    Similarity Rank: 560
    CORNING
    Similarity Rank: 606
    MATTAMY HOME FUNDING, LLC
    Similarity Rank: 948
    LATINO COMMUNITY CREDIT UNION
    Similarity Rank: 1166
    Residential Mortgage Corp
    Similarity Rank: 1845
    Coastal Carolina National Bank
    Similarity Rank: 1888
    The Fidelity Bank
    Similarity Rank: 1944
    Uwharrie Bank
    Similarity Rank: 2424
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 2604

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 79 $17,915,000 $226,772 $5,684 4.12%
    FHA 44 $6,730,000 $152,955 $5,390 4.19%
    Conventional 25 $5,045,000 $201,800 $2,963 4.73%
    USDA 12 $1,800,000 $150,000 $4,175 4.22%

    For 2019, Residential Mortgage Corp's most frequently originated type of loan was VA, with 79 originations. Their 2nd most popular type was FHA, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 145 $28,555,000 $196,931 $5,163 4.25%
    Refi 15 $2,935,000 $195,667 $4,117 4.17%

    For 2019, Residential Mortgage Corp's most frequently cited loan purpose was Home Purchase, with 145 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 156 $31,060,000 $199,103 $5,124 4.25%
    10 Year 2 $230,000 $115,000 $2,467 3.75%
    15 Year 2 $200,000 $100,000 $3,043 4.00%

    For 2019, Residential Mortgage Corp's most frequently cited loan duration was 30 Year, with 156 originations. The 2nd most popular length was 10 Year, with 2 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 150 $29,850,000 $199,000
    $2k-3k 5 $945,000 $189,000
    $1k-2k 4 $460,000 $115,000
    $4k-5k 1 $235,000 $235,000

    Residential Mortgage Corp's average total fees were $5,124, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 150 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 70 $14,520,000 $207,429
    4-5% 70 $13,730,000 $196,143
    5-6% 17 $2,755,000 $162,059
    2.5-3% 1 $235,000 $235,000
    6-7% 1 $105,000 $105,000
    7-8% 1 $145,000 $145,000

    During 2019, Residential Mortgage Corp's average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 3-4%, with 70 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 71 $10,255,000 $144,437 $4,308 4.33%
    $200k-400k 69 $17,745,000 $257,174 $6,147 4.15%
    $100,000 or less 15 $1,075,000 $71,667 $3,418 4.28%
    $400k-600k 5 $2,415,000 $483,000 $5,822 4.00%

    2019 saw Residential Mortgage Corp place emphasis on $100k-200k loans with 71 originations, totaling $10,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 52 $9,090,000 $174,808 $5,092 4.41%
    $50k or less 43 $5,805,000 $135,000 $4,402 4.06%
    $75k-100k 27 $5,865,000 $217,222 $5,329 4.26%
    $100k-150k 18 $5,120,000 $284,444 $6,311 4.06%
    $150k-250k 16 $4,220,000 $263,750 $5,424 4.45%
    $250k+ 4 $1,390,000 $347,500 $3,027 3.81%

    Residential Mortgage Corp lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $50k or less, with 43 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 25 $5,075,000 $203,000 $4,743 4.20%
    30-36% 22 $3,460,000 $157,273 $4,617 4.44%
    50-60% 20 $4,000,000 $200,000 $5,855 4.12%
    <20% 10 $1,720,000 $172,000 $3,210 3.98%
    39% 9 $1,745,000 $193,889 $4,599 4.39%
    38% 8 $1,910,000 $238,750 $5,971 4.36%
    42% 7 $1,145,000 $163,571 $4,195 4.41%
    36% 7 $1,395,000 $199,286 $4,346 4.46%
    37% 7 $1,655,000 $236,429 $5,659 4.11%
    41% 7 $1,865,000 $266,429 $5,880 4.02%
    45% 6 $1,060,000 $176,667 $3,770 4.23%
    44% 6 $1,080,000 $180,000 $5,562 4.15%
    48% 6 $1,560,000 $260,000 $7,031 4.25%
    40% 5 $1,135,000 $227,000 $7,271 4.50%
    49% 4 $720,000 $180,000 $5,607 3.84%
    43% 4 $700,000 $175,000 $4,612 3.84%
    47% 3 $625,000 $208,333 $4,654 4.13%
    46% 3 $495,000 $165,000 $5,608 4.96%
    >60% 1 $145,000 $145,000 $5,156 4.13%

    Residential Mortgage Corp lent most frequently to those with DTI ratios of 20-30%, with 25 originations. The next most common DTI ratio? 30-36%, with 22 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 80 $15,970,000 $199,625 $5,270 4.29%
    Black 71 $13,765,000 $193,873 $4,821 4.19%
    Asian 4 $710,000 $177,500 $4,863 4.16%
    American Indian 3 $615,000 $205,000 $5,038 4.71%
    Native Hawaiian or Islander 1 $235,000 $235,000 $2,751 3.88%
    Not provided 1 $195,000 $195,000 $9,276 3.50%

    Approval Rates

    Total approvals of all applications
    100.00%

    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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 160 $31,490,000 $196,813

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 160 $31,490,000 $196,813

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $160,000 $80,000 $2,547 4.31%
    40-60% 4 $610,000 $152,500 $2,884 4.09%
    60-80% 7 $1,685,000 $240,714 $3,186 4.46%
    80-100% 128 $24,590,000 $192,109 $4,713 4.25%
    Over 100% 19 $4,445,000 $233,947 $8,853 4.12%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Residential Home Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%