Northeast Equitable Mortgage Rates, Fees & Info

Blue Bell, PA

LEI: 549300GJ4HU1Z8P2M254

Tax ID: 45-4767165

4.3 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Northeast Equitable Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Northeast Equitable Mortgage has a high proportion of conventional 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 include Philadelphia, New York, Allentown, Trenton, and Ocean City among others. Northeast Equitable Mortgage 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. Northeast Equitable Mortgage is typically an average fee lendor.


Originations

310

Origination Dollar Volume (All Markets)

$109,620,000

Relative Rate

Northeast Equitable Mortgage 's average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Northeast Equitable Mortgage 's average total fees for a 30 year fixed rate mortgage are $5,779.

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 273 $97,765,000 $358,114 $5,730 2.95%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 6 $2,490,000 $415,000 $4,223 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $1,725,000 $246,429 $4,707 3.00%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $1,255,000 $418,333 $4,782 2.96%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $1,120,000 $560,000 $4,662 3.06%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,095,000 $365,000 $4,768 3.04%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 2 $990,000 $495,000 $5,378 3.00%
READING, PA (FHA|USDA|VA) 3 $915,000 $305,000 $5,538 3.04%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $540,000 $270,000 $4,874 2.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $510,000 $255,000 $4,976 3.19%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,714 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,931 3.25%
LANCASTER, PA (FHA|USDA|VA) 1 $205,000 $205,000 $5,334 3.00%
WILLIAMSPORT, PA (FHA|USDA|VA) 1 $165,000 $165,000 $3,767 3.25%
Outside of Metro Areas 1 $135,000 $135,000 $6,034 3.50%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $125,000 $125,000 $3,907 3.00%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $85,000 $85,000 $4,797 3.00%

Northeast Equitable Mortgage 's top markets include Philadelphia, New York, Allentown, Trenton, and Ocean City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 289 $103,195,000 $357,076 $5,305 2.96%
FHA 12 $3,180,000 $265,000 $9,272 3.06%
VA 8 $2,990,000 $373,750 $11,047 2.61%
USDA 1 $255,000 $255,000 $6,798 2.75%

For the 2021 period, Northeast Equitable Mortgage 's most frequently originated loan type of loans were Conventional, with 289 originations. Their 2nd most popular type is FHA, with 12 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 174 $64,940,000 $373,218 $6,030 3.07%
Refi 91 $28,945,000 $318,077 $4,586 2.70%
Cash Out Refi 45 $15,735,000 $349,667 $6,087 3.01%

For the 2021, Northeast Equitable Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 174 originations. The 2nd most popular reason of loans were Refi, with 91 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 264 $94,960,000 $359,697 $5,779 3.04%
15 Year 31 $9,795,000 $315,968 $4,838 2.34%
20 Year 10 $3,260,000 $326,000 $4,422 2.84%
Other 3 $935,000 $311,667 $4,130 2.83%
10 Year 2 $670,000 $335,000 $3,555 2.25%

For the 2021, Northeast Equitable Mortgage 's most frequently cited loan length of loans were 30 Year, with 264 originations. The 2nd most popular length of loans were 15 Year, with 31 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 242 $87,210,000 $360,372
$2k-3k 28 $7,770,000 $277,500
$3k-4k 27 $10,055,000 $372,407
$5k+ 9 $4,155,000 $461,667
$<1k 4 $430,000 $107,500

$5,779 of loans were Northeast Equitable Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 242 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 149 $56,435,000 $378,758
3-4% 119 $38,255,000 $321,471
<2.5% 41 $14,425,000 $351,829
4-5% 1 $505,000 $505,000

During 2021, Northeast Equitable Mortgage 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 149 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 166 $49,180,000 $296,265 $5,115 2.96%
$400k-600k 88 $42,360,000 $481,364 $6,411 2.85%
$100k-200k 38 $6,140,000 $161,579 $4,674 3.09%
$600k-1MM 12 $8,650,000 $720,833 $8,769 3.13%
$100,000 or less 3 $235,000 $78,333 $4,875 3.41%
$1MM+ 3 $3,055,000 $1,018,333 $9,517 3.04%

2021 saw Northeast Equitable Mortgage place emphasis on $200k-400k loans with 166 originations, totaling $49,180,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 93 $33,405,000 $359,194 $5,599 2.92%
$150k-250k 90 $37,520,000 $416,889 $6,148 2.94%
$75k-100k 46 $12,050,000 $261,957 $5,319 3.04%
$50k-75k 42 $10,560,000 $251,429 $4,954 3.11%
$250k+ 25 $13,915,000 $556,600 $6,051 2.71%
$50k or less 14 $2,170,000 $155,000 $4,463 3.06%

Northeast Equitable Mortgage lent most frequently to those with incomes in the $100k-150k range, with 93 originations. The second most popular income band? $150k-250k, with 90 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 90 $35,310,000 $392,333 $5,966 2.90%
30-36% 73 $24,535,000 $336,096 $5,245 3.00%
<20% 28 $8,900,000 $317,857 $4,785 2.69%
43% 15 $4,775,000 $318,333 $5,471 3.11%
39% 13 $4,355,000 $335,000 $5,369 3.08%
41% 11 $4,005,000 $364,091 $7,259 2.99%
37% 10 $3,870,000 $387,000 $5,569 2.95%
38% 9 $3,255,000 $361,667 $5,854 3.06%
47% 9 $2,845,000 $316,111 $4,703 3.03%
40% 9 $3,515,000 $390,556 $6,193 3.04%
45% 8 $2,410,000 $301,250 $5,380 2.92%
42% 7 $1,865,000 $266,429 $4,880 2.93%
36% 7 $3,435,000 $490,714 $6,522 3.12%
50-60% 6 $2,010,000 $335,000 $9,076 3.08%
44% 5 $1,755,000 $351,000 $5,222 3.18%
46% 4 $990,000 $247,500 $4,574 2.84%
48% 3 $1,095,000 $365,000 $4,942 2.88%
49% 3 $695,000 $231,667 $4,383 3.33%

Northeast Equitable Mortgage lent most frequently to those with DTI ratios of 20-30%, with 90 originations. The next most common DTI ratio? 30-36%, with 73 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 279 $97,405,000 $349,122 $5,429 2.95%
Not provided 14 $6,440,000 $460,000 $9,173 2.92%
Asian 8 $3,310,000 $413,750 $4,948 2.83%
Black 9 $2,465,000 $273,889 $6,333 3.24%

Approval Rates

Total approvals of all applications
97.15%

Northeast Equitable Mortgage 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
70.66%

Northeast Equitable Mortgage has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 1 $65,000 $65,000
NA 309 $109,555,000 $354,547

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
310 $109,620,000 $353,613

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 12 $2,590,000 $215,833 $4,862 2.99%
40-60% 44 $13,250,000 $301,136 $4,632 2.75%
60-80% 136 $51,650,000 $379,779 $5,722 2.93%
80-100% 117 $42,065,000 $359,530 $5,932 3.06%
Under 20% 1 $65,000 $65,000 $0 3.74%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%