Drew Mortgage Associates Rates, Fees & Info
BOSTON, MALEI: 549300GTJL0LGX444G33
Tax ID: 04-3128200
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
954Origination Dollar Volume (All Markets)
$332,440,000Awards
DREW MORTGAGE ASSOCIATES - 2021
DREW MORTGAGE ASSOCIATES is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications96.98%
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 origination94.79%
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% |
