Educational Systems Mortgage Rates, Fees & Info
Greenbelt, MDLEI: 549300F2GDWKJH3GMB47
Tax ID: 52-0695019
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
470Origination Dollar Volume (All Markets)
$118,640,000Awards
EDUCATIONAL SYSTEMS - 2021
EDUCATIONAL SYSTEMS is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications84.48%
Educational Systems has a below average approval rate.
Pick Rate
Approvals leading to origination49.90%
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% |
