Metro Mortgage Rates, Fees & Info

Chelsea, MA

LEI: 549300F6OBLSYWXXKH16

Tax ID: 04-1695745

5 stars - out of 5 stars, based on 44 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Metro is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Metro has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others. Metro has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Metro is typically an average fee lendor.


Originations

1,898

Origination Dollar Volume (All Markets)

$816,970,000
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Relative Rate

Metro's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

Metro's average total fees for a 30 year fixed rate mortgage are $3,454.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1,718 $750,650,000 $436,932 $3,184 3.07%
WORCESTER, MA-CT (FHA|USDA|VA) 82 $31,990,000 $390,122 $2,983 3.12%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 32 $11,650,000 $364,063 $2,987 2.92%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 32 $9,420,000 $294,375 $2,873 3.42%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 20 $5,690,000 $284,500 $2,520 3.17%
Vineyard Haven, MA (FHA|USDA|VA) 1 $2,205,000 $2,205,000 $6,623 2.88%
Outside of Metro Areas 3 $1,485,000 $495,000 $3,615 2.71%
Laconia, NH (FHA|USDA|VA) 2 $1,190,000 $595,000 $5,727 2.75%
SPRINGFIELD, MA (FHA|USDA|VA) 5 $1,145,000 $229,000 $4,540 2.80%
PITTSFIELD, MA (FHA|USDA|VA) 2 $970,000 $485,000 $3,589 2.94%
Lebanon, NH-VT (FHA|USDA|VA) 1 $575,000 $575,000 $3,553 2.88%

Metro's top markets include Boston, Worcester, Barnstable Town, Providence, and Manchester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,880 $808,730,000 $430,176 $3,107 3.08%
FHA 18 $8,240,000 $457,778 $8,253 2.53%

For the 2021 period, Metro's most frequently originated loan type of loans were Conventional, with 1,880 originations. Their 2nd most popular type is FHA, with 18 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 600 $304,680,000 $507,800 $2,847 2.86%
Cash Out Refi 532 $195,420,000 $367,331 $2,997 3.05%
Home Purchase 404 $239,080,000 $591,782 $3,935 3.27%
Home Improvement 280 $52,190,000 $186,393 $3,106 3.22%
Other 82 $25,600,000 $312,195 $2,412 3.29%

For the 2021, Metro's most frequently cited loan purpose of loans were Refi, with 600 originations. The 2nd most popular reason of loans were Cash Out Refi, with 532 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,027 $518,305,000 $504,679 $3,454 3.03%
Other 371 $59,535,000 $160,472 $2,884 3.24%
15 Year 237 $66,735,000 $281,582 $2,626 2.52%
20 Year 202 $76,230,000 $377,376 $2,347 3.70%
10 Year 57 $77,865,000 $1,366,053 $2,225 2.72%
5 Year 4 $18,300,000 $4,575,000 $70 3.88%

For the 2021, Metro's most frequently cited loan length of loans were 30 Year, with 1,027 originations. The 2nd most popular length of loans were Other, with 371 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,300 $578,280,000 $444,831
$<1k 82 $23,760,000 $289,756
$2k-3k 50 $23,590,000 $471,800
$3k-4k 18 $10,480,000 $582,222
$5k+ 11 $6,345,000 $576,818

$3,454 of loans were Metro's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,300 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 825 $414,185,000 $502,042
3-4% 753 $303,475,000 $403,021
<2.5% 239 $73,615,000 $308,013
4-5% 46 $21,910,000 $476,304
6-7% 18 $2,030,000 $112,778
5-6% 17 $1,755,000 $103,235

During 2021, Metro's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 825 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 654 $191,710,000 $293,135 $2,708 2.96%
$400k-600k 339 $164,895,000 $486,416 $3,552 2.99%
$100k-200k 334 $49,120,000 $147,066 $2,435 3.15%
$100,000 or less 245 $14,305,000 $58,388 $1,237 3.52%
$600k-1MM 201 $149,395,000 $743,259 $4,082 2.93%
$1MM+ 125 $247,545,000 $1,980,360 $5,114 3.03%

2021 saw Metro place emphasis on $200k-400k loans with 654 originations, totaling $191,710,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 496 $143,800,000 $289,919 $2,912 3.01%
$150k-250k 472 $186,110,000 $394,301 $3,162 3.01%
$250k+ 351 $242,915,000 $692,066 $3,919 3.05%
$75k-100k 254 $59,280,000 $233,386 $2,929 3.06%
$50k-75k 218 $47,670,000 $218,670 $2,854 3.11%
$50k or less 61 $7,655,000 $125,492 $2,734 3.70%

Metro lent most frequently to those with incomes in the $100k-150k range, with 496 originations. The second most popular income band? $150k-250k, with 472 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 511 $195,435,000 $382,456 $3,154 2.99%
30-36% 379 $143,165,000 $377,744 $3,193 3.06%
<20% 184 $63,970,000 $347,663 $2,920 2.89%
44% 90 $25,960,000 $288,444 $3,128 3.16%
38% 80 $34,080,000 $426,000 $3,149 3.10%
39% 74 $30,400,000 $410,811 $3,004 3.12%
43% 74 $24,440,000 $330,270 $3,336 3.26%
36% 72 $23,430,000 $325,417 $3,169 3.17%
41% 64 $23,250,000 $363,281 $3,280 3.20%
40% 63 $27,375,000 $434,524 $3,114 3.28%
37% 62 $22,890,000 $369,194 $3,181 3.21%
42% 57 $22,955,000 $402,719 $3,401 3.02%
48% 33 $9,045,000 $274,091 $3,154 2.92%
45% 29 $13,945,000 $480,862 $4,075 3.00%
49% 29 $9,735,000 $335,690 $2,929 3.11%
47% 26 $8,530,000 $328,077 $3,555 2.88%
46% 25 $8,775,000 $351,000 $3,488 2.98%
50-60% 1 $295,000 $295,000 $2,424 2.88%

Metro lent most frequently to those with DTI ratios of 20-30%, with 511 originations. The next most common DTI ratio? 30-36%, with 379 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,201 $441,685,000 $367,764 $3,158 3.02%
Not provided 457 $171,305,000 $374,847 $3,117 3.16%
Not applicable 38 $124,800,000 $3,284,211 $0 3.70%
Asian 99 $49,865,000 $503,687 $3,509 3.03%
Black 100 $28,780,000 $287,800 $3,186 3.01%
American Indian 2 $430,000 $215,000 $2,851 3.13%
Native Hawaiian 1 $105,000 $105,000 $2,477 2.38%

Approval Rates

Total approvals of all applications
94.58%

Metro has an average approval rate.

Pick Rate

Approvals leading to origination
68.60%

Metro 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 1,898 $816,970,000 $430,437

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,898 $816,970,000 $430,437

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 327 $85,765,000 $262,278 $2,690 2.85%
40-60% 456 $175,590,000 $385,066 $2,910 2.88%
60-80% 558 $383,460,000 $687,204 $3,410 3.05%
80-100% 203 $126,725,000 $624,261 $4,186 2.98%
Under 20% 309 $28,895,000 $93,511 $1,324 3.39%