Drew Mortgage Associates Rates, Fees & Info

BOSTON, MA

LEI: 549300GTJL0LGX444G33

Tax ID: 04-3128200

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Boston, Worcester, Providence, Barnstable Town, and Manchester among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Drew Mortgage Associates has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Drew Mortgage Associates is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.57% 11/22/24
    30 Year Conventional Refi 6.71% 11/22/24
    30 Year FHA Purchase 7.52% 11/22/24
    30 Year FHA Refi 7.13% 11/22/24
    30 Year VA Purchase 6.06% 11/22/24
    30 Year VA Refi 6.15% 11/22/24
    15 Year Conventional Purchase 6.12% 11/22/24
    15 Year Conventional Refi 6.86% 11/22/24
    15 Year Cash-out Refi 6.86% 11/22/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Drew Mortgage Associates Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Drew Mortgage Associates. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    1,033

    Origination Dollar Volume (All Markets)

    $348,665,000

    Awards

    DREW MORTGAGE ASSOCIATES 30 Year Conventional Loans bronze
    Show all (1) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 555 $213,085,000 $383,937 $4,005 3.17%
    WORCESTER, MA-CT (FHA|USDA|VA) 381 $106,945,000 $280,696 $4,404 3.17%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 29 $8,365,000 $288,448 $3,914 3.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 17 $6,425,000 $377,941 $4,130 3.29%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 8 $2,750,000 $343,750 $3,768 3.45%
    SPRINGFIELD, MA (FHA|USDA|VA) 11 $2,515,000 $228,636 $5,011 3.33%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 6 $1,600,000 $266,667 $3,605 2.88%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 3 $1,095,000 $365,000 $4,571 2.58%
    Vineyard Haven, MA (FHA|USDA|VA) 2 $980,000 $490,000 $14,373 4.13%
    Outside of Metro Areas 5 $905,000 $181,000 $3,704 3.20%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $905,000 $301,667 $4,473 3.04%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $590,000 $295,000 $3,770 2.88%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $490,000 $245,000 $4,329 3.38%
    Laconia, NH (FHA|USDA|VA) 2 $460,000 $230,000 $3,198 3.06%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,895 3.99%
    Concord, NH (FHA|USDA|VA) 1 $265,000 $265,000 $2,905 3.00%
    Keene, NH (FHA|USDA|VA) 1 $255,000 $255,000 $5,647 2.63%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $245,000 $245,000 $3,583 2.50%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,403 2.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,233 4.25%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $105,000 $105,000 $3,321 3.45%
    Drew Mortgage Associates's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against DREW MORTGAGE ASSOCIATES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Homestar Mortgage, Inc.
    Similarity Rank: 166
    SOMERSET
    Similarity Rank: 169
    OCEAN STATE CREDIT UNION
    Similarity Rank: 252
    LUSO-AMERICAN CREDIT UNION
    Similarity Rank: 258
    Piscataqua Savings Bank
    Similarity Rank: 310
    Rhode Island Credit Union
    Similarity Rank: 510
    COMMUNITY CREDIT UNION OF LYNN
    Similarity Rank: 525
    CorePlus Federal Credit Union
    Similarity Rank: 710
    NESC
    Similarity Rank: 772
    East Boston Savings Bank
    Similarity Rank: 798

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 948 $321,920,000 $339,578 $3,771 3.17%
    FHA 65 $20,355,000 $313,154 $9,739 3.25%
    VA 19 $6,175,000 $325,000 $5,782 3.01%
    HELOC 1 $215,000 $215,000 n/a 2.88%

    For 2020, Drew Mortgage Associates's most frequently originated type of loan was Conventional, with 948 originations. Their 2nd most popular type was FHA, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 766 $254,150,000 $331,789 $3,676 3.13%
    Home Purchase 266 $94,330,000 $354,624 $5,623 3.27%
    Cash Out Refi 1 $185,000 $185,000 $3,324 3.99%

    For 2020, Drew Mortgage Associates's most frequently cited loan purpose was Refi, with 766 originations. The 2nd most popular reason was Home Purchase, with 266 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 709 $251,565,000 $354,817 $4,526 3.25%
    15 Year 113 $30,885,000 $273,319 $3,446 2.71%
    20 Year 111 $32,615,000 $293,829 $3,374 3.11%
    Other 91 $31,965,000 $351,264 $3,493 3.14%
    10 Year 8 $1,610,000 $201,250 $2,913 2.92%
    5 Year 1 $25,000 $25,000 $1,090 4.75%

    For 2020, Drew Mortgage Associates's most frequently cited loan duration was 30 Year, with 709 originations. The 2nd most popular length was 15 Year, with 113 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 947 $320,835,000 $338,791
    $2k-3k 28 $7,540,000 $269,286
    $<1k 25 $8,675,000 $347,000
    $3k-4k 13 $3,855,000 $296,538
    $5k+ 12 $5,530,000 $460,833
    $4k-5k 7 $2,015,000 $287,857

    Drew Mortgage Associates's average total fees were $4,526, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 947 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 473 $161,145,000 $340,687
    2.5-3% 403 $136,135,000 $337,804
    <2.5% 98 $32,620,000 $332,857
    4-5% 54 $17,740,000 $328,519
    5-6% 3 $755,000 $251,667
    6-7% 2 $270,000 $135,000

    During 2020, Drew Mortgage Associates's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 3-4%, with 473 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 613 $184,435,000 $300,873 $4,038 3.13%
    $400k-600k 259 $122,635,000 $473,494 $4,689 3.14%
    $100k-200k 120 $19,510,000 $162,583 $3,474 3.29%
    $600k-1MM 32 $21,450,000 $670,313 $5,646 3.44%
    $100,000 or less 9 $635,000 $70,556 $2,810 3.93%

    2020 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 613 originations, totaling $184,435,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 306 $105,680,000 $345,359 $4,159 3.16%
    $150k-250k 249 $96,635,000 $388,092 $3,994 3.14%
    $75k-100k 199 $60,305,000 $303,040 $4,435 3.21%
    $50k-75k 128 $30,410,000 $237,578 $4,199 3.16%
    $250k+ 93 $40,635,000 $436,935 $4,059 3.22%
    $50k or less 51 $11,565,000 $226,765 $4,679 3.13%

    Drew Mortgage Associates lent most frequently to those with incomes in the $100k-150k range, with 306 originations. The second most popular income band? $150k-250k, with 249 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 243 $83,555,000 $343,848 $3,646 3.07%
    30-36% 205 $70,095,000 $341,927 $3,986 3.28%
    <20% 92 $29,850,000 $324,457 $3,472 2.97%
    43% 49 $16,165,000 $329,898 $4,768 3.34%
    37% 49 $17,135,000 $349,694 $4,173 3.10%
    42% 41 $14,465,000 $352,805 $4,208 3.21%
    38% 38 $12,020,000 $316,316 $3,989 3.21%
    36% 38 $13,330,000 $350,789 $4,174 3.20%
    41% 36 $11,950,000 $331,944 $4,630 3.33%
    39% 34 $11,800,000 $347,059 $3,831 3.04%
    40% 34 $11,400,000 $335,294 $4,232 3.29%
    49% 26 $7,370,000 $283,462 $5,332 3.39%
    46% 26 $8,860,000 $340,769 $4,761 3.18%
    48% 26 $8,760,000 $336,923 $6,154 3.17%
    44% 22 $7,890,000 $358,636 $4,415 3.12%
    47% 22 $6,400,000 $290,909 $4,769 3.13%
    45% 19 $6,495,000 $341,842 $4,892 3.32%
    50-60% 17 $5,925,000 $348,529 $8,574 3.18%
    >60% 1 $215,000 $215,000 $2,883 2.50%

    Drew Mortgage Associates lent most frequently to those with DTI ratios of 20-30%, with 243 originations. The next most common DTI ratio? 30-36%, with 205 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 964 $324,390,000 $336,504 $4,175 3.17%
    Asian 32 $11,630,000 $363,438 $4,285 2.98%
    Black 28 $8,990,000 $321,071 $4,177 3.36%
    Not provided 7 $3,115,000 $445,000 $4,149 2.71%
    American Indian 1 $315,000 $315,000 $3,043 3.38%
    Other Asian 1 $225,000 $225,000 $2,898 2.63%

    Approval Rates

    Total approvals of all applications
    99.25%

    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
    97.10%

    Drew Mortgage Associates has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,033 $348,665,000 $337,527

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,033 $348,665,000 $337,527

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 40 $8,870,000 $221,750 $3,289 3.16%
    40-60% 218 $67,930,000 $311,606 $3,274 2.99%
    60-80% 461 $165,515,000 $359,035 $3,568 3.20%
    80-100% 307 $104,935,000 $341,808 $5,862 3.23%
    Over 100% 2 $790,000 $395,000 $9,173 3.31%
    Under 20% 5 $625,000 $125,000 $1,879 4.80%