First Home Mortgage

Baltimore, MD 21236

LEI: 549300GPO6DWUZR4UY30

Tax ID: 52-1696740

2019 Data | 2018 Data


Overview

First Home Mortgage is a small mortgage company specializing in Home Purchase and Refi loans. First Home Mortgage 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 include Washington, Baltimore, Frederick, California, and Boston among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. First Home Mortgage is typically a medium-low fee lendor.


Originations

9,214

Origination Dollar Volume (All Markets)

$2,986,620,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,954 $1,988,880,000 $334,041
FHA 1,842 $489,710,000 $265,858
VA 1,051 $422,875,000 $402,355
USDA 367 $85,155,000 $232,030

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 7,110 $2,216,960,000 $311,809
Home Improvement 18 $3,630,000 $201,667
Other 23 $5,665,000 $246,304
Refi 1,611 $620,445,000 $385,130
Cash Out Refi 452 $139,920,000 $309,558

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
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 2,621 $1,033,755,000 $394,412
BALTIMORE-COLUMBIA-TOWSON, MD 3,192 $948,370,000 $297,108
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 787 $306,645,000 $389,638
CALIFORNIA-LEXINGTON PARK, MD 386 $108,690,000 $281,580
BOSTON, MA 274 $95,870,000 $349,891
SALISBURY, MD-DE 372 $79,720,000 $214,301
PROVIDENCE-WARWICK, RI-MA 292 $75,640,000 $259,041
Outside of Metro Areas 300 $75,310,000 $251,033
CHARLESTON-NORTH CHARLESTON, SC 217 $69,445,000 $320,023
HAGERSTOWN-MARTINSBURG, MD-WV 231 $47,655,000 $206,299
RICHMOND, VA 131 $33,415,000 $255,076
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 58 $23,270,000 $401,207
BARNSTABLE TOWN, MA 24 $7,820,000 $325,833
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 45 $7,475,000 $166,111
CHARLOTTE-CONCORD-GASTONIA, NC-SC 36 $7,420,000 $206,111
WORCESTER, MA-CT 29 $5,855,000 $201,897
WILMINGTON, DE-MD-NJ 23 $4,735,000 $205,870
CHAMBERSBURG-WAYNESBORO, PA 21 $4,065,000 $193,571
YORK-HANOVER, PA 18 $3,880,000 $215,556
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 6 $3,680,000 $613,333
ORLANDO-KISSIMMEE-SANFORD, FL 6 $3,410,000 $568,333
TAMPA-ST. PETERSBURG-CLEARWATER, FL 10 $3,120,000 $312,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 6 $2,410,000 $401,667
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 7 $2,255,000 $322,143
JACKSONVILLE, FL 5 $1,855,000 $371,000
DURHAM-CHAPEL HILL, NC 3 $1,795,000 $598,333
DOVER, DE 8 $1,710,000 $213,750
JACKSONVILLE, NC 7 $1,535,000 $219,286
PHILADELPHIA, PA 5 $1,525,000 $305,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 3 $1,525,000 $508,333
GREENSBORO-HIGH POINT, NC 3 $1,435,000 $478,333
CHARLOTTESVILLE, VA 4 $1,250,000 $312,500
WILMINGTON, NC 3 $1,085,000 $361,667
NEW BRUNSWICK-LAKEWOOD, NJ 2 $1,070,000 $535,000
RALEIGH-CARY, NC 3 $1,035,000 $345,000
CAPE CORAL-FORT MYERS, FL 3 $885,000 $295,000
WINCHESTER, VA-WV 6 $850,000 $141,667
NORTH PORT-SARASOTA-BRADENTON, FL 3 $845,000 $281,667
SAVANNAH, GA 2 $700,000 $350,000
CAMDEN, NJ 3 $645,000 $215,000
GETTYSBURG, PA 3 $625,000 $208,333
SPRINGFIELD, MA 4 $600,000 $150,000
NEW BERN, NC 2 $580,000 $290,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 2 $540,000 $270,000
PITTSBURGH, PA 3 $535,000 $178,333
COLUMBIA, SC 3 $535,000 $178,333
PUNTA GORDA, FL 2 $530,000 $265,000
BRIDGEPORT-STAMFORD-NORWALK, CT 2 $510,000 $255,000
ROANOKE, VA 1 $485,000 $485,000
VALDOSTA, GA 2 $480,000 $240,000
PORT ST. LUCIE, FL 1 $455,000 $455,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 1 $455,000 $455,000
ASHEVILLE, NC 1 $425,000 $425,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $405,000 $405,000
NEWARK, NJ-PA 1 $405,000 $405,000
ALBANY, GA 1 $395,000 $395,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 2 $390,000 $195,000
CUMBERLAND, MD-WV 4 $390,000 $97,500
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $375,000 $375,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $370,000 $185,000
GREENVILLE-ANDERSON, SC 2 $330,000 $165,000
MANCHESTER-NASHUA, NH 1 $295,000 $295,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $245,000 $245,000
SUMTER, SC 1 $245,000 $245,000
HARRISBURG-CARLISLE, PA 1 $235,000 $235,000
TALLAHASSEE, FL 1 $205,000 $205,000
FAYETTEVILLE, NC 2 $200,000 $100,000
BLACKSBURG-CHRISTIANSBURG, VA 1 $195,000 $195,000
HARRISONBURG, VA 1 $185,000 $185,000
ATHENS-CLARKE COUNTY, GA 1 $185,000 $185,000
WINSTON-SALEM, NC 1 $185,000 $185,000
SCRANTON--WILKES-BARRE, PA 1 $175,000 $175,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $175,000 $175,000
NORWICH-NEW LONDON, CT 1 $135,000 $135,000
VINELAND-BRIDGETON, NJ 1 $135,000 $135,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $125,000 $125,000
OCALA, FL 1 $125,000 $125,000
LAKELAND-WINTER HAVEN, FL 1 $105,000 $105,000

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% 37 $315,000 $8,514
2.5-3% 77 $24,565,000 $319,026
3-4% 4,158 $1,521,270,000 $365,866
4-5% 4,130 $1,247,070,000 $301,954
5-6% 766 $184,050,000 $240,274
6-7% 38 $9,300,000 $244,737
7-8% 8 $50,000 $6,250

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 254 $14,840,000 $58,425
$100k-200k 1,748 $279,910,000 $160,132
$200k-400k 4,851 $1,401,435,000 $288,896
$400k-600k 1,779 $852,375,000 $479,132
$600k-1000k 531 $375,015,000 $706,243
$Over $1MM 51 $63,045,000 $1,236,176

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% 118 $26,800,000 $227,119
40-60% 383 $120,055,000 $313,460
60-80% 1,745 $631,025,000 $361,619
80-100% 6,388 $2,008,750,000 $314,457
Over 100% 270 $100,790,000 $373,296
Under 20% 81 $2,265,000 $27,963

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
$100k-150k 2,114 $749,810,000 $354,688
$150k-250k 1,401 $628,205,000 $448,398
$50k-75k 2,163 $490,875,000 $226,942
$50k-or less 833 $133,845,000 $160,678
$75k-100k 1,850 $541,010,000 $292,438
$Over $250k 548 $318,370,000 $580,967

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 6,272 $2,059,720,000 $328,399
Black 1,639 $463,635,000 $282,877
Not provided 914 $329,040,000 $360,000
Asian 305 $107,985,000 $354,049
American Indian 46 $14,280,000 $310,435
Native Hawaiian 18 $5,200,000 $288,889
Other Asian 6 $2,200,000 $366,667
Other Pacific Islander 5 $975,000 $195,000
Korean 2 $860,000 $430,000
Asian Indian 2 $730,000 $365,000
Samoan 1 $545,000 $545,000
Vietnamese 1 $515,000 $515,000
Filipino 2 $480,000 $240,000
Chinese 1 $455,000 $455,000

Approval Rates

Total approvals of all applications
96.88%

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
79.54%

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 9,214 $2,986,620,000 $324,139

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,025 $360,835,000 $352,034
$1k-2k 5,481 $1,697,505,000 $309,707
$2k-3k 999 $275,395,000 $275,671
$3k-4k 995 $322,895,000 $324,518
$5k+ 714 $329,990,000 $462,171

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
Single Family (1-4 Units):Site-Built 9,214 $2,986,620,000 $324,139