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 Home Purchase loans. Universal Mortgage & Finance has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Washington, Baltimore, Reno, Virginia Beach, and Carson City among others. We have data for 31 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 a high 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 relatively high 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% | 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
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This is not an official calculator from Universal Mortgage & Finance. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
144Origination Dollar Volume (All Markets)
$48,280,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 52 | $21,070,000 | $405,192 | $16,736 | 5.33% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 32 | $9,820,000 | $306,875 | $12,161 | 5.45% |
| RENO, NV (FHA|USDA|VA) | 8 | $3,900,000 | $487,500 | $10,734 | 5.72% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 12 | $3,760,000 | $313,333 | $12,108 | 5.21% |
| CARSON CITY, NV (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $10,465 | 5.04% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $11,332 | 6.54% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $805,000 | $805,000 | $21,123 | 6.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $10,361 | 5.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $6,575 | 5.44% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,185 | 4.44% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $24,822 | 4.75% |
| BURLINGTON, NC (FHA|USDA|VA) | 2 | $490,000 | $245,000 | $13,658 | 4.75% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $10,039 | 5.63% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $5,250 | 6.25% |
| Fernley, NV (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $9,283 | 3.88% |
| Easton, MD (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $14,701 | 4.75% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 2.98% |
| Elizabeth City, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,197 | 6.63% |
| RICHMOND, VA (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,975 | 4.09% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 5.50% |
| Elko, NV (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $13,093 | 6.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $11,416 | 4.63% |
| Outside of Metro Areas | 1 | $195,000 | $195,000 | $8,262 | 5.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,645 | 6.13% |
| CUMBERLAND, MD-WV (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,430 | 6.63% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $10,858 | 7.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $8,047 | 6.63% |
| DOVER, DE (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,425 | 5.88% |
| Cambridge, MD (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,873 | 6.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 8.75% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.04% |
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 2022, Universal Mortgage & Finance's most frequently originated type of loan was Conventional, with 66 originations. Their 2nd most popular type was FHA, with 52 originations.
Loan Reason
For 2022, Universal Mortgage & Finance's most frequently cited loan purpose was Home Purchase, with 100 originations. The 2nd most popular reason was Cash Out Refi, with 38 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 134 | $47,020,000 | $350,896 | $13,367 | 5.53% |
| Other | 10 | $1,260,000 | $126,000 | $5,530 | 3.90% |
For 2022, Universal Mortgage & Finance's most frequently cited loan duration was 30 Year, with 134 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
Universal Mortgage & Finance's average total fees were $13,367, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 89 originations.
Interest Rates
During 2022, Universal Mortgage & Finance's average interest rate for loans was 5.53%, while their most frequently originated rate bucket for loans was 5-6%, with 52 originations.
Loan Sizing
2022 saw Universal Mortgage & Finance place emphasis on $200k-400k loans with 69 originations, totaling $20,235,000 in origination value.
Applicant Income
Universal Mortgage & Finance lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $50k-75k, with 31 originations.
Applicant Debt to Income Ratio
Universal Mortgage & Finance lent most frequently to those with DTI ratios of 50-60%, with 20 originations. The next most common DTI ratio? 30-36%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.53%
Universal Mortgage & Finance has an average approval rate.
Pick Rate
Approvals leading to origination72.22%
Universal Mortgage & Finance has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 144 | $48,280,000 | $335,278 |