Berkadia Commercial Mortgage

Ambler, PA 19002

LEI: 549300GNIV169ZIHU012

Tax ID: 27-0812934

2019 Data | 2018 Data


Overview

Berkadia Commercial Mortgage is a mid-sized mortgage company specializing in Home Purchase and Refi loans. Berkadia Commercial Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Washington, New York, Montgomery County, Atlanta, and Houston among others. They have an above average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. Berkadia Commercial Mortgage is typically a lendor.


Originations

403

Origination Dollar Volume (All Markets)

$7,248,665,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 349 $6,128,395,000 $17,559,871
FHA 54 $1,120,270,000 $20,745,741

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 172 $3,350,210,000 $19,477,965
Home Improvement 20 $562,170,000 $28,108,500
Other 45 $357,025,000 $7,933,889
Refi 166 $2,979,260,000 $17,947,349

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
Outside of Metro Areas 32 $741,190,000 $23,162,188
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 9 $678,475,000 $75,386,111
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 15 $363,155,000 $24,210,333
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 8 $345,950,000 $43,243,750
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 17 $287,145,000 $16,890,882
Outside of Metro Areas 17 $192,275,000 $11,310,294
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 11 $179,295,000 $16,299,545
LAS VEGAS-HENDERSON-PARADISE, NV 4 $164,640,000 $41,160,000
DALLAS-PLANO-IRVING, TX 9 $150,195,000 $16,688,333
PHOENIX-MESA-CHANDLER, AZ 9 $143,295,000 $15,921,667
NEW BRUNSWICK-LAKEWOOD, NJ 1 $118,005,000 $118,005,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 4 $111,480,000 $27,870,000
FRESNO, CA 6 $102,900,000 $17,150,000
KANSAS CITY, MO-KS 10 $100,050,000 $10,005,000
COLUMBUS, OH 5 $97,595,000 $19,519,000
PHILADELPHIA, PA 3 $97,435,000 $32,478,333
MIDLAND, TX 9 $92,125,000 $10,236,111
WARREN-TROY-FARMINGTON HILLS, MI 3 $90,255,000 $30,085,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 6 $89,480,000 $14,913,333
CLEVELAND-ELYRIA, OH 2 $89,330,000 $44,665,000
SEATTLE-BELLEVUE-KENT, WA 2 $88,150,000 $44,075,000
FAYETTEVILLE, NC 5 $85,585,000 $17,117,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 5 $84,505,000 $16,901,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 15 $83,315,000 $5,554,333
RICHMOND, VA 3 $68,285,000 $22,761,667
DETROIT-DEARBORN-LIVONIA, MI 4 $65,510,000 $16,377,500
ANAHEIM-SANTA ANA-IRVINE, CA 2 $64,450,000 $32,225,000
STOCKTON, CA 4 $64,110,000 $16,027,500
DURHAM-CHAPEL HILL, NC 2 $62,710,000 $31,355,000
TOPEKA, KS 4 $61,340,000 $15,335,000
BOSTON, MA 1 $58,915,000 $58,915,000
KENNEWICK-RICHLAND, WA 3 $57,795,000 $19,265,000
BALTIMORE-COLUMBIA-TOWSON, MD 3 $56,915,000 $18,971,667
ST. LOUIS, MO-IL 4 $54,800,000 $13,700,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 3 $53,315,000 $17,771,667
GRAND RAPIDS-KENTWOOD, MI 4 $48,260,000 $12,065,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 1 $46,955,000 $46,955,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 3 $46,905,000 $15,635,000
MADISON, WI 2 $46,550,000 $23,275,000
CHAMPAIGN-URBANA, IL 5 $45,375,000 $9,075,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $44,805,000 $44,805,000
ALBUQUERQUE, NM 2 $43,900,000 $21,950,000
MANCHESTER-NASHUA, NH 1 $43,895,000 $43,895,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 4 $42,140,000 $10,535,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 2 $41,930,000 $20,965,000
BLACKSBURG-CHRISTIANSBURG, VA 3 $40,965,000 $13,655,000
GREENVILLE, NC 2 $39,610,000 $19,805,000
CHICAGO-NAPERVILLE-EVANSTON, IL 3 $38,985,000 $12,995,000
BATON ROUGE, LA 1 $37,055,000 $37,055,000
JACKSONVILLE, FL 3 $35,945,000 $11,981,667
ORLANDO-KISSIMMEE-SANFORD, FL 1 $35,325,000 $35,325,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $34,870,000 $17,435,000
MEMPHIS, TN-MS-AR 3 $34,385,000 $11,461,667
SACRAMENTO-ROSEVILLE-FOLSOM, CA 3 $34,205,000 $11,401,667
BATTLE CREEK, MI 1 $34,165,000 $34,165,000
DENVER-AURORA-LAKEWOOD, CO 1 $32,335,000 $32,335,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 2 $32,260,000 $16,130,000
ALBANY-SCHENECTADY-TROY, NY 1 $32,005,000 $32,005,000
PORT ST. LUCIE, FL 1 $31,805,000 $31,805,000
CLEVELAND, TN 1 $30,825,000 $30,825,000
SALINAS, CA 2 $30,650,000 $15,325,000
RALEIGH-CARY, NC 1 $29,775,000 $29,775,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $29,755,000 $29,755,000
TUCSON, AZ 2 $28,730,000 $14,365,000
OKLAHOMA CITY, OK 2 $28,700,000 $14,350,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 3 $28,645,000 $9,548,333
LOGAN, UT-ID 2 $26,790,000 $13,395,000
TOLEDO, OH 3 $26,285,000 $8,761,667
TALLAHASSEE, FL 4 $25,410,000 $6,352,500
FORT WAYNE, IN 1 $24,465,000 $24,465,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $23,705,000 $23,705,000
RENO, NV 1 $23,625,000 $23,625,000
CHARLESTON-NORTH CHARLESTON, SC 2 $23,500,000 $11,750,000
GREENSBORO-HIGH POINT, NC 1 $23,005,000 $23,005,000
ROANOKE, VA 2 $22,300,000 $11,150,000
NAPLES-MARCO ISLAND, FL 2 $21,290,000 $10,645,000
DULUTH, MN-WI 1 $20,705,000 $20,705,000
MIAMI-MIAMI BEACH-KENDALL, FL 2 $20,010,000 $10,005,000
BURLINGTON, NC 1 $20,005,000 $20,005,000
READING, PA 1 $19,005,000 $19,005,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 2 $17,790,000 $8,895,000
NASSAU COUNTY-SUFFOLK COUNTY, NY 3 $17,515,000 $5,838,333
BIRMINGHAM-HOOVER, AL 1 $16,765,000 $16,765,000
SPOKANE-SPOKANE VALLEY, WA 1 $16,605,000 $16,605,000
SALT LAKE CITY, UT 1 $16,075,000 $16,075,000
CUMBERLAND, MD-WV 1 $16,065,000 $16,065,000
CHARLOTTESVILLE, VA 2 $15,850,000 $7,925,000
TUSCALOOSA, AL 1 $15,605,000 $15,605,000
ST. CLOUD, MN 1 $15,485,000 $15,485,000
MILWAUKEE-WAUKESHA, WI 2 $14,910,000 $7,455,000
COLUMBIA, SC 1 $14,735,000 $14,735,000
VISALIA, CA 1 $14,465,000 $14,465,000
VALLEJO, CA 1 $13,885,000 $13,885,000
WINSTON-SALEM, NC 1 $13,405,000 $13,405,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 1 $13,245,000 $13,245,000
GREENVILLE-ANDERSON, SC 1 $13,005,000 $13,005,000
EL PASO, TX 1 $12,905,000 $12,905,000
SIOUX CITY, IA-NE-SD 2 $12,730,000 $6,365,000
CINCINNATI, OH-KY-IN 1 $12,365,000 $12,365,000
GULFPORT-BILOXI, MS 2 $11,580,000 $5,790,000
OGDEN-CLEARFIELD, UT 1 $11,405,000 $11,405,000
MOBILE, AL 1 $11,305,000 $11,305,000
SHERMAN-DENISON, TX 1 $11,075,000 $11,075,000
NEW ORLEANS-METAIRIE, LA 1 $11,025,000 $11,025,000
KNOXVILLE, TN 2 $11,020,000 $5,510,000
STAUNTON, VA 1 $10,885,000 $10,885,000
EVANSVILLE, IN-KY 3 $10,585,000 $3,528,333
TACOMA-LAKEWOOD, WA 1 $10,505,000 $10,505,000
CHATTANOOGA, TN-GA 3 $10,205,000 $3,401,667
LOUISVILLE/JEFFERSON COUNTY, KY-IN 1 $9,205,000 $9,205,000
ELGIN, IL 1 $7,985,000 $7,985,000
LANSING-EAST LANSING, MI 2 $7,680,000 $3,840,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 1 $7,495,000 $7,495,000
LAKE CHARLES, LA 1 $7,355,000 $7,355,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $7,205,000 $7,205,000
SANTA MARIA-SANTA BARBARA, CA 1 $6,705,000 $6,705,000
TEXARKANA, TX-AR 1 $6,695,000 $6,695,000
CEDAR RAPIDS, IA 1 $6,465,000 $6,465,000
COLUMBUS, GA-AL 1 $6,375,000 $6,375,000
BUFFALO-CHEEKTOWAGA, NY 2 $6,140,000 $3,070,000
LYNCHBURG, VA 1 $5,355,000 $5,355,000
SAN ANTONIO-NEW BRAUNFELS, TX 2 $5,270,000 $2,635,000
COLLEGE STATION-BRYAN, TX 1 $5,035,000 $5,035,000
SAN ANGELO, TX 1 $4,765,000 $4,765,000
DAYTON-KETTERING, OH 1 $4,575,000 $4,575,000
ATHENS-CLARKE COUNTY, GA 3 $4,405,000 $1,468,333
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $4,005,000 $4,005,000
AUBURN-OPELIKA, AL 1 $3,805,000 $3,805,000
LAWRENCE, KS 1 $3,505,000 $3,505,000
MISSOULA, MT 1 $3,465,000 $3,465,000
FARMINGTON, NM 1 $3,075,000 $3,075,000
JACKSON, MS 1 $2,995,000 $2,995,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $2,845,000 $2,845,000
SPARTANBURG, SC 1 $2,205,000 $2,205,000
HARRISONBURG, VA 1 $1,645,000 $1,645,000
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 1 $1,575,000 $1,575,000
CAPE CORAL-FORT MYERS, FL 1 $1,145,000 $1,145,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $915,000 $915,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 2 $80,470,000 $40,235,000
3-4% 170 $4,104,140,000 $24,142,000
4-5% 204 $2,879,990,000 $14,117,598
5-6% 27 $184,065,000 $6,817,222

Loan Sizing

Loan Size Originations Total Value Average Loan
$600k-1000k 3 $2,725,000 $908,333
$Over $1MM 400 $7,245,940,000 $18,114,850

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 5 $38,325,000 $7,665,000
40-60% 39 $541,175,000 $13,876,282
60-80% 236 $4,221,390,000 $17,887,246
80-100% 87 $2,217,715,000 $25,490,977

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
Not applicable 403 $7,248,665,000 $17,986,762

Approval Rates

Total approvals of all applications
99.03%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
90.47%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 403 $7,248,665,000 $17,986,762

Origination Fees

Origination Fee Originations Total Value Average Loan

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 403 $7,248,665,000 $17,986,762