Sanborn Mortgage Corporation Rates, Fees & Info
WEST HARTFORD, CTLEI: 549300FCKH37LHQEEV88
Tax ID: 06-1051107
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Mortgage Data
Review & Overview
Sanborn Mortgage Corporation is a smaller mortgage company specializing in Refi and Home Purchase loans. Sanborn Mortgage Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Hartford, Norwich, New Haven, Torrington, and Bridgeport among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Sanborn Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Sanborn Mortgage Corporation 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 5/4/24 |
| 30 Year Conventional Refi | 6.50% | 5/4/24 |
| 15 Year Conventional Refi | 5.95% | 5/4/24 |
| 15 Year Cash-out Refi | 5.95% | 5/4/24 |
| 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. | ||
Sanborn Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
141Origination Dollar Volume (All Markets)
$49,265,000Top 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 |
|---|---|---|---|---|---|
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 129 | $45,325,000 | $351,357 | $3,480 | 2.90% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 3 | $1,405,000 | $468,333 | $4,405 | 3.16% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $1,015,000 | $338,333 | $3,116 | 2.74% |
| Torrington, CT (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $3,570 | 2.84% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $5,186 | 3.12% |
Their top states include:
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 141 | $49,265,000 | $349,397 | $3,519 | 2.90% |
For 2021, Sanborn Mortgage Corporation's most frequently originated type of loan was Conventional, with 141 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 107 | $36,715,000 | $343,131 | $3,281 | 2.86% |
| Home Purchase | 34 | $12,550,000 | $369,118 | $4,267 | 3.04% |
For 2021, Sanborn Mortgage Corporation's most frequently cited loan purpose was Refi, with 107 originations. The 2nd most popular reason was Home Purchase, with 34 originations.
Loan Duration/Length
For 2021, Sanborn Mortgage Corporation's most frequently cited loan duration was 30 Year, with 104 originations. The 2nd most popular length was 15 Year, with 25 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 128 | $45,980,000 | $359,219 |
| $2k-3k | 6 | $1,450,000 | $241,667 |
| $3k-4k | 4 | $1,140,000 | $285,000 |
| $4k-5k | 3 | $695,000 | $231,667 |
Sanborn Mortgage Corporation's average total fees were $3,618, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 128 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 91 | $31,435,000 | $345,440 |
| <2.5% | 25 | $7,455,000 | $298,200 |
| 3-4% | 25 | $10,375,000 | $415,000 |
During 2021, Sanborn Mortgage Corporation's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 91 originations.
Loan Sizing
2021 saw Sanborn Mortgage Corporation place emphasis on $200k-400k loans with 81 originations, totaling $24,015,000 in origination value.
Applicant Income
Sanborn Mortgage Corporation lent most frequently to those with incomes in the $150k-250k range, with 44 originations. The second most popular income band? $100k-150k, with 37 originations.
Applicant Debt to Income Ratio
Sanborn Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? <20%, with 27 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.10%
Sanborn Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.74%
Sanborn Mortgage Corporation has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 141 | $49,265,000 | $349,397 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SEMPER HOME LOANS, INC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| SEMPER HOME LOANS, INC | Conventional home mortgage | Closing on a mortgage | 2 | 66.7% |