Universal Mortgage & Finance Rates, Fees & Info
LUTHERVILLE, MDLEI: 549300FFPMB9B7FHNR61
Tax ID: 52-2276553
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Mortgage Data
Review & Overview
Universal Mortgage & Finance is a smaller mortgage company specializing in Refi and Home Purchase loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Baltimore, Virginia Beach, Reno, and California among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)Universal Mortgage & Finance has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Universal Mortgage & Finance is typically an average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 4/18/24 |
| 30 Year Conventional Purchase | 7.07% | 4/18/24 |
| 30 Year Conventional Refi | 6.27% | 4/18/24 |
| 30 Year Cash-out Refi | 7.28% | 4/18/24 |
| 30 Year FHA Purchase | 7.82% | 4/18/24 |
| 30 Year FHA Refi | 7.39% | 4/18/24 |
| 30 Year VA Purchase | 6.68% | 4/18/24 |
| 30 Year USDA Purchase | 7.06% | 4/18/24 |
| 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. | ||
Universal Mortgage & Finance Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
435Origination Dollar Volume (All Markets)
$137,965,000Awards
UNIVERSAL MORTGAGE & FINANCE - 2020
UNIVERSAL MORTGAGE & FINANCE is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 185 | $62,515,000 | $337,919 | $8,495 | 3.11% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 116 | $39,920,000 | $344,138 | $7,424 | 3.10% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 59 | $13,545,000 | $229,576 | $6,551 | 3.22% |
| RENO, NV (FHA|USDA|VA) | 23 | $7,545,000 | $328,043 | $8,190 | 3.05% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 14 | $4,240,000 | $302,857 | $6,214 | 2.80% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 6 | $1,750,000 | $291,667 | $6,574 | 3.00% |
| Outside of Metro Areas | 5 | $945,000 | $189,000 | $6,491 | 3.48% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $935,000 | $935,000 | $16,703 | 2.75% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $5,357 | 3.15% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $6,725 | 3.19% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,881 | 2.25% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $4,477 | 3.13% |
| Fernley, NV (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,369 | 3.19% |
| Easton, MD (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $10,830 | 3.69% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $6,942 | 3.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,555 | 2.81% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $5,788 | 3.13% |
| CARSON CITY, NV (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,374 | 2.50% |
| Jesup, GA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $19,276 | 2.75% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,076 | 3.25% |
| Gardnerville Ranchos, NV (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $6,353 | 3.50% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,621 | 2.88% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,513 | 2.75% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,153 | 4.25% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,366 | 2.63% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,503 | 3.50% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,296 | 3.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against UNIVERSAL MORTGAGE & FINANCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, Universal Mortgage & Finance's most frequently originated type of loan was Conventional, with 256 originations. Their 2nd most popular type was FHA, with 105 originations.
Loan Reason
For 2020, Universal Mortgage & Finance's most frequently cited loan purpose was Refi, with 195 originations. The 2nd most popular reason was Home Purchase, with 180 originations.
Loan Duration/Length
For 2020, Universal Mortgage & Finance's most frequently cited loan duration was 30 Year, with 411 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
Universal Mortgage & Finance's average total fees were $7,851, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 203 originations.
Interest Rates
During 2020, Universal Mortgage & Finance's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 2.5-3%, with 196 originations.
Loan Sizing
2020 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 245 originations, totaling $70,715,000 in origination value.
Applicant Income
Universal Mortgage & Finance lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $50k-75k, with 102 originations.
Applicant Debt to Income Ratio
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 62 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.84%
Universal Mortgage & Finance has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination88.28%
Universal Mortgage & Finance has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 435 | $137,965,000 | $317,161 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 2 | $560,000 | $280,000 |
| Single Family (1-4 Units):Site-Built | 433 | $137,405,000 | $317,333 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Universal Capital Services, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 66.7% |
| Universal Capital Services, Inc. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |