Drew Mortgage Associates Rates, Fees & Info
BOSTON, MALEI: 549300GTJL0LGX444G33
Tax ID: 04-3128200
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Mortgage Data
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, Manchester, and Barnstable Town among others. We have data for 23 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 an average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.57% | 4/21/24 |
| 30 Year Conventional Refi | 6.71% | 4/21/24 |
| 30 Year FHA Purchase | 7.52% | 4/21/24 |
| 30 Year FHA Refi | 7.13% | 4/21/24 |
| 30 Year VA Purchase | 6.06% | 4/21/24 |
| 30 Year VA Refi | 6.15% | 4/21/24 |
| 15 Year Conventional Purchase | 6.12% | 4/21/24 |
| 15 Year Conventional Refi | 6.86% | 4/21/24 |
| 15 Year Cash-out Refi | 6.86% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
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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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) | 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% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. 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 2021, Drew Mortgage Associates's most frequently originated type of loan was Conventional, with 871 originations. Their 2nd most popular type was FHA, with 65 originations.
Loan Reason
For 2021, Drew Mortgage Associates's most frequently cited loan purpose was Refi, with 701 originations. The 2nd most popular reason was Home Purchase, with 252 originations.
Loan Duration/Length
For 2021, Drew Mortgage Associates's most frequently cited loan duration was 30 Year, with 700 originations. The 2nd most popular length was 20 Year, with 85 originations.
Origination Fees/Closing Costs
Drew Mortgage Associates's average total fees were $4,882, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 493 originations.
Loan Sizing
2021 saw Drew Mortgage Associates place emphasis on $200k-400k loans with 537 originations, totaling $158,065,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.88%
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 origination98.64%
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 | 954 | $332,440,000 | $348,470 |