Vermont State Employees Mortgage Rates, Fees & Info

Montpelier, VT

LEI: 549300FJFORNJ9A43Q02

Tax ID: 03-0184985

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Vermont State Employees is a smaller mortgage company specializing in Home Improvement, Refi, Cash Out Refi, and Home Purchase loans. Vermont State Employees has a high proportion of conventional loans. Their top markets include Barre, Burlington, Lebanon, Rutland, and Bennington among others. Vermont State Employees 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. Vermont State Employees is typically an average fee lendor.


Originations

1,237

Origination Dollar Volume (All Markets)

$200,205,000

Awards

VERMONT STATE EMPLOYEES 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Vermont State Employees's average 30 year fixed rate mortgage of loans were 2.97%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.18%.

Relative Fees

Vermont State Employees's average total fees for a 30 year fixed rate mortgage are $4,244.

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
Barre, VT (FHA|USDA|VA) 346 $60,230,000 $174,075 $3,660 2.95%
BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) 293 $51,045,000 $174,215 $3,586 2.86%
Outside of Metro Areas 294 $43,000,000 $146,259 $3,064 3.34%
Lebanon, NH-VT (FHA|USDA|VA) 158 $24,240,000 $153,418 $3,185 3.04%
Rutland, VT (FHA|USDA|VA) 99 $13,735,000 $138,737 $3,255 3.16%
Bennington, VT (FHA|USDA|VA) 43 $7,395,000 $171,977 $3,834 3.03%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $335,000 $335,000 $3,165 3.00%
Berlin, NH (FHA|USDA|VA) 1 $105,000 $105,000 $2,553 2.75%
Keene, NH (FHA|USDA|VA) 1 $95,000 $95,000 $1,828 2.50%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.75%

Vermont State Employees's top markets include Barre, Burlington, Lebanon, Rutland, and Bennington among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,237 $200,205,000 $161,847 $3,409 3.05%

For the 2021 period, Vermont State Employees's most frequently originated loan type of loans were Conventional, with 1,237 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 395 $45,035,000 $114,013 $2,628 3.05%
Refi 330 $62,150,000 $188,333 $3,397 2.75%
Cash Out Refi 246 $43,730,000 $177,764 $3,511 3.05%
Home Purchase 244 $45,450,000 $186,270 $4,568 3.45%
Other 22 $3,840,000 $174,545 $2,907 3.33%

For the 2021, Vermont State Employees's most frequently cited loan purpose of loans were Home Improvement, with 395 originations. The 2nd most popular reason of loans were Refi, with 330 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 521 $112,575,000 $216,075 $4,244 2.97%
15 Year 466 $56,960,000 $122,232 $2,922 3.00%
20 Year 114 $23,100,000 $202,632 $4,007 2.82%
10 Year 82 $5,550,000 $67,683 $1,169 3.93%
5 Year 52 $1,420,000 $27,308 $229 3.40%
Other 2 $600,000 $300,000 $3,483 2.94%

For the 2021, Vermont State Employees's most frequently cited loan length of loans were 30 Year, with 521 originations. The 2nd most popular length of loans were 15 Year, with 466 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 530 $51,580,000 $97,321
$1k-2k 330 $61,100,000 $185,152
$2k-3k 178 $40,490,000 $227,472
$3k-4k 109 $28,905,000 $265,183
$5k+ 42 $12,630,000 $300,714

$4,244 of loans were Vermont State Employees's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 530 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 469 $99,025,000 $211,141
<2.5% 375 $53,775,000 $143,400
3-4% 214 $35,740,000 $167,009
4-5% 126 $9,180,000 $72,857
5-6% 26 $1,240,000 $47,692
6-7% 24 $1,190,000 $49,583
7-8% 2 $30,000 $15,000
Over 8% 1 $25,000 $25,000

During 2021, Vermont State Employees's average interest rate of loans were 2.97%, while their most frequently originated rate bucket of loans were 2.5-3%, with 469 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 460 $69,890,000 $151,935 $3,469 2.86%
$100,000 or less 383 $18,275,000 $47,715 $1,209 3.50%
$200k-400k 362 $96,940,000 $267,790 $4,703 2.84%
$400k-600k 30 $13,660,000 $455,333 $6,114 2.77%
$600k-1MM 2 $1,440,000 $720,000 $0 4.13%

2021 saw Vermont State Employees place emphasis on $100k-200k loans with 460 originations, totaling $69,890,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 321 $58,395,000 $181,916 $3,708 2.98%
$50k-75k 280 $38,450,000 $137,321 $3,143 3.05%
$75k-100k 250 $39,990,000 $159,960 $3,259 2.97%
$150k-250k 197 $39,395,000 $199,975 $3,849 2.91%
$50k or less 136 $13,880,000 $102,059 $2,722 3.44%
$250k+ 29 $5,855,000 $201,897 $4,619 2.64%

Vermont State Employees lent most frequently to those with incomes in the $100k-150k range, with 321 originations. The second most popular income band? $50k-75k, with 280 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 345 $52,385,000 $151,841 $3,209 3.00%
30-36% 246 $40,510,000 $164,675 $3,470 3.09%
<20% 160 $24,060,000 $150,375 $3,358 2.78%
38% 49 $7,515,000 $153,367 $3,564 3.07%
39% 46 $8,060,000 $175,217 $3,517 3.22%
37% 42 $6,660,000 $158,571 $3,482 3.09%
42% 41 $6,595,000 $160,854 $3,556 3.21%
41% 38 $6,620,000 $174,211 $3,269 3.07%
36% 35 $6,925,000 $197,857 $3,799 3.03%
40% 34 $5,740,000 $168,824 $3,557 3.32%
44% 33 $5,615,000 $170,152 $3,883 2.83%
43% 29 $5,215,000 $179,828 $3,615 3.23%
45% 21 $3,705,000 $176,429 $3,749 3.18%
47% 18 $3,570,000 $198,333 $3,879 2.95%
46% 17 $2,725,000 $160,294 $3,572 2.98%
50-60% 17 $2,675,000 $157,353 $3,348 2.73%
48% 16 $2,530,000 $158,125 $2,873 3.00%
49% 12 $1,960,000 $163,333 $3,569 2.80%
>60% 10 $2,050,000 $205,000 $3,054 3.43%

Vermont State Employees lent most frequently to those with DTI ratios of 20-30%, with 345 originations. The next most common DTI ratio? 30-36%, with 246 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,070 $174,250,000 $162,850 $3,419 3.00%
Not provided 126 $19,160,000 $152,063 $3,372 3.24%
Not applicable 22 $3,830,000 $174,091 $0 4.45%
Asian 6 $940,000 $156,667 $3,367 3.02%
American Indian 5 $505,000 $101,000 $3,642 3.38%
Black 3 $465,000 $155,000 $2,738 3.04%
Other Asian 1 $435,000 $435,000 $3,090 3.00%
Asian Indian 2 $310,000 $155,000 $3,163 2.75%
Chinese 1 $255,000 $255,000 $3,258 2.88%
Japanese 1 $55,000 $55,000 $88 1.99%

Approval Rates

Total approvals of all applications
95.97%

Vermont State Employees 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
60.95%

Vermont State Employees 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
0.0 1 $35,000 $35,000
375.0 22 $1,170,000 $53,182
NA 1,214 $199,000,000 $163,921

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,237 $200,205,000 $161,847

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 136 $14,950,000 $109,926 $2,492 3.07%
40-60% 257 $44,345,000 $172,549 $3,350 2.77%
60-80% 413 $90,105,000 $218,172 $4,312 2.99%
80-100% 196 $41,320,000 $210,816 $4,460 3.19%
Over 100% 5 $765,000 $153,000 $4,870 3.63%
Under 20% 222 $7,580,000 $34,144 $415 3.29%