Universal Mortgage & Finance Rates, Fees & Info

LUTHERVILLE, MD

LEI: 549300FFPMB9B7FHNR61

Tax ID: 52-2276553

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

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

    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.

    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) 6.27% 12/16/24
    30 Year Conventional Purchase 7.07% 12/16/24
    30 Year Conventional Refi 6.27% 12/16/24
    30 Year Cash-out Refi 7.28% 12/16/24
    30 Year FHA Purchase 7.82% 12/16/24
    30 Year FHA Refi 7.39% 12/16/24
    30 Year VA Purchase 6.68% 12/16/24
    30 Year USDA Purchase 7.06% 12/16/24
    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






    Your Estimates

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

    This is not an official calculator from Universal Mortgage & Finance. 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

    435

    Origination Dollar Volume (All Markets)

    $137,965,000

    Awards

    UNIVERSAL MORTGAGE & FINANCE 30 Year Conventional Loans silver UNIVERSAL MORTGAGE & FINANCE FHA Loans bronze
    Show all (2) awards

    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%
    Universal Mortgage & Finance's top markets include Washington, Baltimore, Virginia Beach, Reno, and California among others.

    Their top states include:
  • Maryland (FHA|USDA|VA)
  • Virginia (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • 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.

    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 90
    Great Basin Federal Credit Union
    Similarity Rank: 168
    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 271
    SNAPFI, INC.
    Similarity Rank: 420
    ABNB Federal Credit Union
    Similarity Rank: 496
    ONE NEVADA CREDIT UNION
    Similarity Rank: 847
    Poli Mortgage Group, Inc.
    Similarity Rank: 1100
    APL
    Similarity Rank: 1122
    1ST ADVANTAGE FEDERAL CREDIT UNION
    Similarity Rank: 1155
    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 1296

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 256 $77,310,000 $301,992 $5,679 3.17%
    FHA 105 $33,865,000 $322,524 $11,210 3.09%
    VA 65 $23,805,000 $366,231 $9,800 2.98%
    USDA 8 $2,700,000 $337,500 $9,496 2.77%
    Reverse Mortgage 1 $285,000 $285,000 $0 2.75%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 195 $61,785,000 $316,846 $6,305 3.00%
    Home Purchase 180 $59,570,000 $330,944 $9,758 3.23%
    Cash Out Refi 60 $16,610,000 $276,833 $6,080 3.13%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 411 $131,525,000 $320,012 $7,851 3.13%
    15 Year 11 $2,565,000 $233,182 $4,709 2.70%
    20 Year 8 $2,600,000 $325,000 $5,701 2.83%
    Other 4 $1,050,000 $262,500 $5,726 3.34%
    10 Year 1 $225,000 $225,000 $4,473 2.88%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 203 $63,925,000 $314,901
    $2k-3k 76 $20,040,000 $263,684
    $5k+ 68 $27,970,000 $411,324
    $3k-4k 43 $11,745,000 $273,140
    $4k-5k 41 $13,545,000 $330,366
    $<1k 2 $340,000 $170,000

    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

    Loan Rate Originations Total Value Average Loan
    2.5-3% 196 $63,840,000 $325,714
    3-4% 184 $55,690,000 $302,663
    <2.5% 37 $13,145,000 $355,270
    4-5% 16 $4,770,000 $298,125
    5-6% 1 $165,000 $165,000
    7-8% 1 $355,000 $355,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 245 $70,715,000 $288,633 $7,458 3.11%
    $400k-600k 92 $43,130,000 $468,804 $9,198 2.93%
    $100k-200k 78 $12,580,000 $161,282 $5,091 3.24%
    $600k-1MM 14 $10,130,000 $723,571 $17,873 3.25%
    $100,000 or less 5 $405,000 $81,000 $4,706 3.95%
    $1MM+ 1 $1,005,000 $1,005,000 $6,279 3.75%

    2020 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 245 originations, totaling $70,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 107 $37,885,000 $354,065 $8,708 3.15%
    $50k-75k 102 $25,190,000 $246,961 $7,399 3.16%
    $75k-100k 75 $22,465,000 $299,533 $7,814 3.13%
    $150k-250k 70 $28,690,000 $409,857 $8,610 3.04%
    $50k or less 63 $15,555,000 $246,905 $5,623 3.03%
    $250k+ 11 $6,265,000 $569,545 $7,674 3.23%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 76 $22,010,000 $289,605 $6,250 3.12%
    30-36% 62 $20,820,000 $335,806 $7,009 3.12%
    50-60% 25 $9,235,000 $369,400 $13,206 3.08%
    <20% 23 $6,705,000 $291,522 $5,218 3.09%
    44% 23 $7,595,000 $330,217 $7,640 3.16%
    45% 22 $7,550,000 $343,182 $8,760 3.13%
    36% 20 $6,710,000 $335,500 $7,107 2.97%
    39% 20 $6,810,000 $340,500 $8,125 3.29%
    40% 17 $4,915,000 $289,118 $8,381 3.05%
    38% 17 $4,775,000 $280,882 $7,582 3.16%
    47% 14 $5,230,000 $373,571 $12,063 3.27%
    49% 14 $4,010,000 $286,429 $10,181 3.27%
    48% 14 $5,250,000 $375,000 $9,949 2.96%
    41% 13 $4,085,000 $314,231 $6,140 3.38%
    42% 11 $3,455,000 $314,091 $10,294 2.98%
    37% 11 $2,785,000 $253,182 $6,280 3.22%
    43% 11 $2,875,000 $261,364 $7,909 3.04%
    46% 9 $2,375,000 $263,889 $6,515 3.05%
    >60% 1 $355,000 $355,000 $4,136 7.25%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 216 $66,750,000 $309,028 $6,727 3.09%
    Black 151 $46,285,000 $306,523 $8,690 3.11%
    Not provided 62 $23,020,000 $371,290 $8,704 3.19%
    Asian 4 $1,330,000 $332,500 $6,945 2.81%
    Other Pacific Islander 1 $345,000 $345,000 $10,399 2.50%
    Native Hawaiian or Islander 1 $235,000 $235,000 $8,491 3.50%

    Approval Rates

    Total approvals of all applications
    96.84%

    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 origination
    88.28%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $820,000 $136,667 $4,125 3.27%
    40-60% 35 $10,275,000 $293,571 $5,528 2.96%
    60-80% 138 $42,120,000 $305,217 $5,648 3.16%
    80-100% 235 $77,445,000 $329,553 $8,662 3.09%
    Over 100% 20 $6,790,000 $339,500 $15,566 3.27%
    Under 20% 1 $515,000 $515,000 $4,596 2.75%

    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%