Patriot Mortgage Company Rates, Fees & Info
EL PASO, TXLEI: 549300GZJ5RFM7VED177
Tax ID: 74-2884353
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Mortgage Data
Review & Overview
Patriot Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Patriot Mortgage Company has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: El Paso, Houston, Dallas, and San Antonio among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Patriot Mortgage Company has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Patriot Mortgage Company 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 | 6.62% | 11/21/24 |
| 30 Year Conventional Refi | 6.89% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 30 Year FHA Purchase | 7.69% | 11/21/24 |
| 30 Year VA Purchase | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 6.06% | 11/21/24 |
| 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. | ||
Patriot Mortgage Company Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
249Origination Dollar Volume (All Markets)
$45,685,000Awards
PATRIOT MORTGAGE COMPANY - 2020
PATRIOT MORTGAGE COMPANY is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| EL PASO, TX (FHA|USDA|VA) | 243 | $44,325,000 | $182,407 | $7,921 | 3.15% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $10,935 | 2.59% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,363 | 2.88% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,220 | 3.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against PATRIOT MORTGAGE COMPANY 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
For 2020, Patriot Mortgage Company's most frequently originated type of loan was FHA, with 164 originations. Their 2nd most popular type was Conventional, with 40 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 246 | $45,240,000 | $183,902 | $7,995 | 3.13% |
| Refi | 3 | $445,000 | $148,333 | $5,474 | 3.58% |
For 2020, Patriot Mortgage Company's most frequently cited loan purpose was Home Purchase, with 246 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 243 | $44,865,000 | $184,630 | $8,016 | 3.14% |
| 15 Year | 6 | $820,000 | $136,667 | $5,871 | 3.17% |
For 2020, Patriot Mortgage Company's most frequently cited loan duration was 30 Year, with 243 originations. The 2nd most popular length was 15 Year, with 6 originations.
Origination Fees/Closing Costs
Patriot Mortgage Company's average total fees were $8,016, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 54 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 106 | $20,450,000 | $192,925 |
| 3-4% | 93 | $15,425,000 | $165,860 |
| <2.5% | 30 | $6,600,000 | $220,000 |
| 4-5% | 20 | $3,210,000 | $160,500 |
During 2020, Patriot Mortgage Company's average interest rate for loans was 3.14%, while their most frequently originated rate bucket for loans was 2.5-3%, with 106 originations.
Loan Sizing
2020 saw Patriot Mortgage Company place emphasis on $100k-200k loans with 165 originations, totaling $26,165,000 in origination value.
Applicant Income
Patriot Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 99 originations. The second most popular income band? $50k or less, with 59 originations.
Applicant Debt to Income Ratio
Patriot Mortgage Company lent most frequently to those with DTI ratios of <20%, with 133 originations. The next most common DTI ratio? 20-30%, with 93 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.82%
Patriot Mortgage Company has an average approval rate.
Pick Rate
Approvals leading to origination82.73%
Patriot Mortgage Company has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 249 | $45,685,000 | $183,474 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 249 | $45,685,000 | $183,474 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Patriot Mortgage Corporation | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |