Educational Systems Mortgage Rates, Fees & Info

Greenbelt, MD

LEI: 549300F2GDWKJH3GMB47

Tax ID: 52-0695019

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    Educational Systems is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Educational Systems has a high proportion of conventional loans. Their top markets by origination volume include: Washington, Baltimore, California, Salisbury, and Easton among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Educational Systems has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Educational Systems is typically a low 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 3.80% 11/22/24
    30 Year Conventional Purchase 6.85% 11/22/24
    30 Year Conventional Refi 6.65% 11/22/24
    30 Year Cash-out Refi 6.84% 11/22/24
    15 Year Conventional Purchase 6.36% 11/22/24
    15 Year Conventional Refi 5.96% 11/22/24
    15 Year Cash-out Refi 5.96% 11/22/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Educational Systems Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Educational Systems. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    494

    Origination Dollar Volume (All Markets)

    $133,210,000

    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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 383 $105,755,000 $276,123 $3,201 3.19%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 62 $16,850,000 $271,774 $3,359 3.29%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 14 $2,760,000 $197,143 $3,158 3.01%
    SALISBURY, MD-DE (FHA|USDA|VA) 10 $2,540,000 $254,000 $3,583 3.11%
    Outside of Metro Areas 7 $1,385,000 $197,857 $2,975 3.16%
    Easton, MD (FHA|USDA|VA) 5 $1,335,000 $267,000 $3,267 3.03%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 4 $940,000 $235,000 $3,320 3.19%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $525,000 $175,000 $3,015 2.83%
    CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $355,000 $355,000 $3,793 2.88%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,667 2.63%
    Cambridge, MD (FHA|USDA|VA) 2 $210,000 $105,000 $2,993 3.19%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $205,000 $205,000 $3,789 3.00%
    Huntingdon, PA (FHA|USDA|VA) 1 $115,000 $115,000 $3,604 3.00%
    Educational Systems's top markets include Washington, Baltimore, California, Salisbury, and Easton among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Delaware (FHA|USDA|VA)

    • Similar Lenders

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

    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 271
    Poli Mortgage Group, Inc.
    Similarity Rank: 1100
    APL
    Similarity Rank: 1122
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 1296
    ABERDEEN PROVING GROUND FEDERAL CREDIT UNION
    Similarity Rank: 1465
    POINT BREEZE
    Similarity Rank: 1506
    IDB Global Federal Credit Union
    Similarity Rank: 1782
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1920
    Beeline Loans, Inc.
    Similarity Rank: 1935
    Kwik Mortgage Corporation
    Similarity Rank: 2314

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 494 $133,210,000 $269,656 $3,230 3.19%

    For 2020, Educational Systems's most frequently originated type of loan was Conventional, with 494 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 275 $80,805,000 $293,836 $3,288 2.92%
    Cash Out Refi 136 $35,890,000 $263,897 $3,268 3.23%
    Home Purchase 52 $15,060,000 $289,615 $4,212 3.28%
    Home Improvement 25 $1,165,000 $46,600 $802 5.29%
    Other 6 $290,000 $48,333 $1,317 5.13%

    For 2020, Educational Systems's most frequently cited loan purpose was Refi, with 275 originations. The 2nd most popular reason was Cash Out Refi, with 136 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 260 $82,790,000 $318,423 $3,659 3.19%
    15 Year 148 $34,430,000 $232,635 $2,981 2.80%
    20 Year 47 $13,405,000 $285,213 $3,399 3.09%
    10 Year 20 $1,440,000 $72,000 $1,193 5.27%
    5 Year 17 $755,000 $44,412 $816 4.44%
    Other 2 $390,000 $195,000 $2,853 2.56%

    For 2020, Educational Systems's most frequently cited loan duration was 30 Year, with 260 originations. The 2nd most popular length was 15 Year, with 148 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 410 $118,340,000 $288,634
    $<1k 40 $2,020,000 $50,500
    $2k-3k 21 $5,645,000 $268,810
    $3k-4k 17 $5,165,000 $303,824
    $4k-5k 3 $825,000 $275,000
    $5k+ 3 $1,215,000 $405,000

    Educational Systems's average total fees were $3,659, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 410 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 199 $58,125,000 $292,085
    3-4% 170 $52,620,000 $309,529
    <2.5% 82 $19,580,000 $238,780
    4-5% 19 $1,595,000 $83,947
    5-6% 16 $790,000 $49,375
    6-7% 5 $325,000 $65,000
    7-8% 2 $100,000 $50,000
    Over 8% 1 $75,000 $75,000

    During 2020, Educational Systems's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 272 $78,960,000 $290,294 $3,433 3.01%
    $100k-200k 93 $14,425,000 $155,108 $2,945 3.05%
    $400k-600k 76 $35,260,000 $463,947 $4,001 3.12%
    $100,000 or less 50 $2,580,000 $51,600 $1,443 4.56%
    $600k-1MM 3 $1,985,000 $661,667 $3,893 2.92%

    2020 saw Educational Systems place emphasis on $200k-400k loans with 272 originations, totaling $78,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 167 $49,795,000 $298,174 $3,256 3.17%
    $75k-100k 105 $24,995,000 $238,048 $3,207 3.10%
    $150k-250k 96 $30,490,000 $317,604 $3,328 3.23%
    $50k-75k 68 $13,810,000 $203,088 $3,250 3.21%
    $250k+ 30 $9,720,000 $324,000 $2,754 3.58%
    $50k or less 28 $4,400,000 $157,143 $3,289 3.00%

    Educational Systems lent most frequently to those with incomes in the $100k-150k range, with 167 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% 144 $38,590,000 $267,986 $3,158 3.14%
    30-36% 112 $30,800,000 $275,000 $3,157 3.23%
    <20% 50 $11,710,000 $234,200 $2,970 3.09%
    36% 24 $6,120,000 $255,000 $3,272 3.56%
    38% 23 $7,415,000 $322,391 $3,513 3.27%
    42% 22 $5,850,000 $265,909 $2,863 3.46%
    39% 19 $5,525,000 $290,789 $3,731 3.11%
    43% 17 $3,955,000 $232,647 $3,281 3.34%
    40% 13 $3,255,000 $250,385 $2,905 3.09%
    37% 13 $3,455,000 $265,769 $3,067 3.07%
    41% 12 $3,820,000 $318,333 $4,448 2.98%
    44% 10 $2,520,000 $252,000 $3,271 3.44%
    45% 9 $2,415,000 $268,333 $3,619 2.99%
    46% 8 $2,130,000 $266,250 $3,571 3.02%
    47% 6 $1,990,000 $331,667 $3,624 2.83%
    48% 5 $1,185,000 $237,000 $3,608 2.83%
    49% 5 $1,485,000 $297,000 $3,090 2.98%
    50-60% 2 $990,000 $495,000 $4,898 3.50%

    Educational Systems lent most frequently to those with DTI ratios of 20-30%, with 144 originations. The next most common DTI ratio? 30-36%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 236 $65,890,000 $279,195 $3,208 3.17%
    Black 142 $37,280,000 $262,535 $3,318 3.29%
    Not provided 76 $19,510,000 $256,711 $3,168 3.17%
    Asian 28 $7,760,000 $277,143 $3,214 3.01%
    American Indian 6 $1,470,000 $245,000 $3,260 2.94%
    Other Pacific Islander 1 $435,000 $435,000 $3,385 3.00%
    Filipino 2 $410,000 $205,000 $2,517 2.44%
    Asian Indian 1 $185,000 $185,000 $2,916 3.00%
    Native Hawaiian or Islander 1 $175,000 $175,000 $3,073 3.38%
    Chinese 1 $95,000 $95,000 $2,825 2.38%

    Approval Rates

    Total approvals of all applications
    85.13%

    Educational Systems has an average approval rate.

    Pick Rate

    Approvals leading to origination
    32.39%

    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 494 $133,210,000 $269,656

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $155,000 $155,000
    Single Family (1-4 Units):Site-Built 493 $133,055,000 $269,888

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 38 $5,890,000 $155,000 $2,737 3.10%
    40-60% 104 $26,580,000 $255,577 $3,245 2.84%
    60-80% 208 $64,060,000 $307,981 $3,468 3.03%
    80-100% 107 $34,985,000 $326,963 $3,712 3.19%
    Under 20% 37 $1,695,000 $45,811 $964 5.14%