Metro Mortgage Rates, Fees & Info
Chelsea, MALEI: 549300F6OBLSYWXXKH16
Tax ID: 04-1695745
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,898Origination Dollar Volume (All Markets)
$816,970,000Awards
METRO - 2021
METRO is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications94.58%
Metro has an average approval rate.
Pick Rate
Approvals leading to origination68.60%
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% |
