Drew Mortgage Associates Rates, Fees & Info

BOSTON, MA

LEI: 549300GTJL0LGX444G33

Tax ID: 04-3128200

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Drew Mortgage Associates is a smaller mortgage company specializing in Refi and Home Purchase loans. Drew Mortgage Associates has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Boston, Worcester, Providence, Manchester, and Barnstable Town among others. Drew Mortgage Associates has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Drew Mortgage Associates is typically an average fee lendor.


Originations

954

Origination Dollar Volume (All Markets)

$332,440,000

Awards

DREW MORTGAGE ASSOCIATES  VA Loans gold
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Relative Rate

Drew Mortgage Associates 's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Drew Mortgage Associates 's average total fees for a 30 year fixed rate mortgage are $4,882.

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 515 $203,045,000 $394,262 $4,215 2.95%
WORCESTER, MA-CT (FHA|USDA|VA) 342 $97,950,000 $286,404 $4,648 3.06%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 21 $7,445,000 $354,524 $4,691 3.06%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 16 $5,590,000 $349,375 $3,926 3.16%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 14 $3,990,000 $285,000 $5,018 2.88%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 8 $2,180,000 $272,500 $7,493 3.12%
SPRINGFIELD, MA (FHA|USDA|VA) 8 $1,790,000 $223,750 $5,225 3.15%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $1,610,000 $402,500 $7,263 3.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $1,435,000 $478,333 $4,065 2.71%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $1,430,000 $715,000 $8,285 3.00%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $975,000 $325,000 $4,219 3.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $935,000 $311,667 $8,039 2.79%
Vineyard Haven, MA (FHA|USDA|VA) 1 $775,000 $775,000 $17,907 2.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $580,000 $290,000 $4,151 3.19%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $550,000 $275,000 $4,760 3.31%
Concord, NH (FHA|USDA|VA) 2 $400,000 $200,000 $2,910 2.63%
Lebanon, NH-VT (FHA|USDA|VA) 2 $370,000 $185,000 $3,971 3.19%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $315,000 $315,000 $9,094 3.38%
Laconia, NH (FHA|USDA|VA) 1 $275,000 $275,000 $3,466 3.13%
Outside of Metro Areas 1 $265,000 $265,000 $3,445 2.38%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $4,707 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $205,000 $205,000 $7,251 3.99%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,766 2.88%

Drew Mortgage Associates 's top markets include Boston, Worcester, Providence, Manchester, and Barnstable Town among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 871 $301,995,000 $346,722 $4,023 3.01%
FHA 65 $23,575,000 $362,692 $10,763 3.00%
VA 18 $6,870,000 $381,667 $3,694 2.67%

For the 2021 period, Drew Mortgage Associates 's most frequently originated loan type of loans were Conventional, with 871 originations. Their 2nd most popular type is FHA, with 65 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 701 $234,335,000 $334,287 $3,850 2.96%
Home Purchase 252 $97,670,000 $387,579 $6,218 3.12%
Cash Out Refi 1 $435,000 $435,000 $3,780 2.99%

For the 2021, Drew Mortgage Associates 's most frequently cited loan purpose of loans were Refi, with 701 originations. The 2nd most popular reason of loans were Home Purchase, with 252 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 700 $258,750,000 $369,643 $4,882 3.08%
20 Year 85 $26,605,000 $313,000 $3,341 2.87%
15 Year 83 $22,265,000 $268,253 $3,430 2.59%
Other 68 $20,950,000 $308,088 $3,260 2.92%
10 Year 18 $3,870,000 $215,000 $3,502 2.57%

For the 2021, Drew Mortgage Associates 's most frequently cited loan length of loans were 30 Year, with 700 originations. The 2nd most popular length of loans were 20 Year, with 85 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 824 $290,970,000 $353,119
$2k-3k 46 $13,790,000 $299,783
$3k-4k 45 $13,725,000 $305,000
$5k+ 23 $8,875,000 $385,870
$<1k 16 $5,080,000 $317,500

$4,882 of loans were Drew Mortgage Associates 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 824 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 493 $179,785,000 $364,675
3-4% 343 $115,665,000 $337,216
<2.5% 104 $32,600,000 $313,462
4-5% 12 $4,260,000 $355,000
5-6% 2 $130,000 $65,000

During 2021, Drew Mortgage Associates 's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 493 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 537 $158,065,000 $294,348 $4,266 2.98%
$400k-600k 250 $119,590,000 $478,360 $5,164 2.97%
$100k-200k 110 $17,600,000 $160,000 $3,283 3.07%
$600k-1MM 50 $34,640,000 $692,800 $6,089 3.10%
$100,000 or less 5 $385,000 $77,000 $2,265 4.02%
$1MM+ 2 $2,160,000 $1,080,000 $5,520 2.88%

2021 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 537 originations, totaling $158,065,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 258 $90,500,000 $350,775 $4,585 2.99%
$150k-250k 226 $92,690,000 $410,133 $4,514 2.97%
$75k-100k 197 $62,525,000 $317,386 $4,383 3.01%
$50k-75k 140 $35,610,000 $254,357 $4,584 3.04%
$250k+ 81 $37,805,000 $466,728 $4,304 3.04%
$50k or less 51 $12,915,000 $253,235 $4,098 2.91%

Drew Mortgage Associates lent most frequently to those with incomes in the $100k-150k range, with 258 originations. The second most popular income band? $150k-250k, with 226 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 253 $85,345,000 $337,332 $4,056 2.96%
30-36% 170 $60,520,000 $356,000 $4,224 3.02%
<20% 81 $24,255,000 $299,444 $3,699 2.88%
43% 42 $15,730,000 $374,524 $5,116 3.06%
42% 41 $14,335,000 $349,634 $4,343 3.13%
41% 39 $15,525,000 $398,077 $5,063 3.06%
39% 35 $13,145,000 $375,571 $5,213 2.95%
37% 33 $11,805,000 $357,727 $4,336 3.10%
44% 33 $11,325,000 $343,182 $4,189 3.07%
46% 27 $10,275,000 $380,556 $4,945 2.92%
36% 27 $10,445,000 $386,852 $4,063 3.09%
45% 26 $8,450,000 $325,000 $4,367 3.05%
38% 25 $8,595,000 $343,800 $4,414 2.95%
50-60% 23 $7,605,000 $330,652 $9,467 2.99%
47% 22 $7,260,000 $330,000 $5,225 3.10%
40% 21 $7,845,000 $373,571 $5,190 3.14%
49% 21 $6,975,000 $332,143 $4,534 2.91%
48% 19 $7,045,000 $370,789 $5,761 3.17%

Drew Mortgage Associates lent most frequently to those with DTI ratios of 20-30%, with 253 originations. The next most common DTI ratio? 30-36%, with 170 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 886 $309,210,000 $348,995 $4,465 3.00%
Asian 29 $10,595,000 $365,345 $3,836 2.86%
Black 23 $7,895,000 $343,261 $5,379 3.12%
Not provided 15 $4,405,000 $293,667 $4,620 3.31%
Native Hawaiian 1 $335,000 $335,000 $10,060 2.75%

Approval Rates

Total approvals of all applications
96.98%

Drew Mortgage Associates 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
94.79%

Drew Mortgage Associates has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 954 $332,440,000 $348,470

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
954 $332,440,000 $348,470

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 60 $13,790,000 $229,833 $3,626 2.81%
40-60% 227 $67,155,000 $295,837 $3,384 2.86%
60-80% 443 $163,615,000 $369,334 $4,132 3.05%
80-100% 218 $86,620,000 $397,339 $6,548 3.07%
Over 100% 1 $455,000 $455,000 $13,543 2.99%
Under 20% 5 $805,000 $161,000 $2,400 3.73%