Educational Systems Mortgage Rates, Fees & Info

Greenbelt, MD

LEI: 549300F2GDWKJH3GMB47

Tax ID: 52-0695019

5 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Educational Systems is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Educational Systems has a high proportion of conventional loans. Their top markets include Washington, Baltimore, California, Salisbury, and Easton among others. Educational Systems has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Educational Systems is typically an average fee lendor.


Originations

470

Origination Dollar Volume (All Markets)

$118,640,000

Awards

EDUCATIONAL SYSTEMS 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Educational Systems's average 30 year fixed rate mortgage of loans were 3.06%.

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

This yields a difference of -0.09%.

Relative Fees

Educational Systems's average total fees for a 30 year fixed rate mortgage are $3,933.

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) 355 $90,765,000 $255,676 $3,590 3.04%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 52 $13,430,000 $258,269 $3,611 3.10%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 18 $3,680,000 $204,444 $3,399 3.17%
SALISBURY, MD-DE (FHA|USDA|VA) 14 $3,360,000 $240,000 $3,792 2.68%
Easton, MD (FHA|USDA|VA) 6 $1,450,000 $241,667 $3,132 3.85%
Outside of Metro Areas 6 $1,300,000 $216,667 $3,413 2.79%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $920,000 $460,000 $5,729 2.88%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 4 $620,000 $155,000 $2,680 2.88%
HARRISONBURG, VA (FHA|USDA|VA) 2 $470,000 $235,000 $3,303 2.75%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $365,000 $365,000 $3,898 2.63%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $355,000 $355,000 $4,612 2.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $325,000 $325,000 $3,226 1.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,378 3.50%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $245,000 $245,000 $3,401 2.38%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,537 2.88%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $215,000 $215,000 $3,906 2.88%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 1 $195,000 $195,000 $4,132 3.38%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $185,000 $185,000 $3,025 3.13%
Cambridge, MD (FHA|USDA|VA) 1 $165,000 $165,000 $2,930 2.75%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $105,000 $105,000 $3,339 2.38%

Educational Systems's top markets include Washington, Baltimore, California, Salisbury, and Easton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 470 $118,640,000 $252,426 $3,583 3.04%

For the 2021 period, Educational Systems's most frequently originated loan type of loans were Conventional, with 470 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 188 $48,870,000 $259,947 $3,741 2.99%
Refi 187 $48,625,000 $260,027 $3,617 2.73%
Home Purchase 60 $19,020,000 $317,000 $4,467 2.91%
Other 18 $1,030,000 $57,222 $1,005 5.26%
Home Improvement 17 $1,095,000 $64,412 $1,070 5.13%

For the 2021, Educational Systems's most frequently cited loan purpose of loans were Cash Out Refi, with 188 originations. The 2nd most popular reason of loans were Refi, with 187 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 262 $79,190,000 $302,252 $3,933 3.06%
15 Year 126 $26,020,000 $206,508 $3,481 2.54%
20 Year 36 $8,580,000 $238,333 $3,702 2.91%
10 Year 29 $2,725,000 $93,966 $1,637 4.59%
5 Year 11 $455,000 $41,364 $799 4.61%
Other 6 $1,670,000 $278,333 $4,202 2.98%

For the 2021, Educational Systems's most frequently cited loan length of loans were 30 Year, with 262 originations. The 2nd most popular length of loans were 15 Year, with 126 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 368 $96,510,000 $262,255
$2k-3k 37 $10,815,000 $292,297
$<1k 35 $1,945,000 $55,571
$3k-4k 22 $5,990,000 $272,273
$5k+ 8 $3,380,000 $422,500

$3,933 of loans were Educational Systems's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 368 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 192 $51,900,000 $270,313
<2.5% 125 $28,135,000 $225,080
3-4% 112 $34,350,000 $306,696
5-6% 18 $1,100,000 $61,111
4-5% 15 $2,675,000 $178,333
6-7% 5 $325,000 $65,000
Over 8% 2 $110,000 $55,000
7-8% 1 $45,000 $45,000

During 2021, Educational Systems's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 192 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 247 $69,785,000 $282,530 $3,832 2.92%
$100k-200k 117 $18,415,000 $157,393 $3,401 2.69%
$100,000 or less 53 $3,295,000 $62,170 $1,698 4.43%
$400k-600k 45 $21,145,000 $469,889 $4,424 2.99%
$600k-1MM 7 $4,845,000 $692,143 $6,047 3.05%
$1MM+ 1 $1,155,000 $1,155,000 $8,100 3.38%

2021 saw Educational Systems place emphasis on $200k-400k loans with 247 originations, totaling $69,785,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 136 $35,740,000 $262,794 $3,561 3.07%
$75k-100k 105 $23,615,000 $224,905 $3,578 2.97%
$150k-250k 99 $29,985,000 $302,879 $3,620 3.24%
$50k-75k 86 $18,000,000 $209,302 $3,648 2.82%
$50k or less 24 $3,840,000 $160,000 $3,397 2.92%
$250k+ 19 $6,885,000 $362,368 $3,488 3.39%

Educational Systems lent most frequently to those with incomes in the $100k-150k range, with 136 originations. The second most popular income band? $75k-100k, with 105 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 128 $32,410,000 $253,203 $3,604 2.92%
30-36% 91 $24,265,000 $266,648 $3,735 3.09%
<20% 59 $12,655,000 $214,492 $3,351 2.74%
36% 25 $5,665,000 $226,600 $3,443 3.20%
38% 20 $5,660,000 $283,000 $3,618 2.88%
40% 18 $4,300,000 $238,889 $3,025 3.71%
42% 16 $3,720,000 $232,500 $3,166 3.74%
43% 16 $3,940,000 $246,250 $3,874 3.13%
44% 16 $3,670,000 $229,375 $3,192 3.27%
39% 15 $3,985,000 $265,667 $3,533 3.36%
41% 15 $4,405,000 $293,667 $3,912 2.95%
37% 14 $3,880,000 $277,143 $4,137 3.13%
45% 9 $2,445,000 $271,667 $3,743 3.31%
48% 8 $2,380,000 $297,500 $4,300 2.64%
49% 6 $1,420,000 $236,667 $3,447 2.88%
47% 5 $1,175,000 $235,000 $3,660 2.63%
50-60% 5 $1,535,000 $307,000 $3,493 2.80%
46% 4 $1,130,000 $282,500 $3,519 2.88%

Educational Systems lent most frequently to those with DTI ratios of 20-30%, with 128 originations. The next most common DTI ratio? 30-36%, with 91 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 195 $48,075,000 $246,538 $3,443 3.17%
Black 151 $37,825,000 $250,497 $3,572 3.05%
Not provided 96 $24,490,000 $255,104 $3,798 2.81%
Asian 19 $5,985,000 $315,000 $4,108 2.72%
American Indian 5 $885,000 $177,000 $2,484 3.78%
Asian Indian 2 $810,000 $405,000 $5,884 2.44%
Filipino 1 $455,000 $455,000 $3,236 3.50%
1 $115,000 $115,000 $2,998 2.13%

Approval Rates

Total approvals of all applications
84.48%

Educational Systems has a below average approval rate.

Pick Rate

Approvals leading to origination
49.90%

Educational Systems has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 470 $118,640,000 $252,426

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
470 $118,640,000 $252,426

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 46 $7,000,000 $152,174 $3,418 2.47%
40-60% 113 $25,905,000 $229,248 $3,516 2.68%
60-80% 197 $59,945,000 $304,289 $3,862 2.98%
80-100% 73 $23,305,000 $319,247 $4,321 2.99%
Under 20% 41 $2,485,000 $60,610 $1,292 5.02%