Salem Five Mortgage Company Rates, Fees & Info
WILMINGTON, DELEI: 549300H8H31LPYGJEW50
Tax ID: 04-2876549
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Salem Five Mortgage Company is a small mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Salem Five Mortgage Company has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others. Salem Five Mortgage Company has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Salem Five Mortgage Company is typically an average fee lendor.Originations
4,555Origination Dollar Volume (All Markets)
$1,638,375,000Awards
SALEM FIVE MORTGAGE COMPANY - 2021
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Relative Rate
Salem Five Mortgage Company 's average 30 year fixed rate mortgage of loans were
3.04%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.11%.
Relative Fees
Salem Five Mortgage Company 's average total fees for a 30 year fixed rate
mortgage are $4,097.
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) | 3,643 | $1,349,565,000 | $370,454 | $3,734 | 2.92% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 268 | $77,430,000 | $288,918 | $3,992 | 2.91% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 197 | $65,545,000 | $332,716 | $4,237 | 2.96% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 177 | $60,065,000 | $339,350 | $3,601 | 2.98% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 88 | $28,170,000 | $320,114 | $3,965 | 3.00% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 54 | $16,740,000 | $310,000 | $3,870 | 2.92% |
| Outside of Metro Areas | 43 | $16,275,000 | $378,488 | $3,677 | 2.99% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 21 | $5,285,000 | $251,667 | $4,176 | 2.90% |
| Lebanon, NH-VT (FHA|USDA|VA) | 20 | $4,660,000 | $233,000 | $3,420 | 3.07% |
| Laconia, NH (FHA|USDA|VA) | 13 | $3,985,000 | $306,538 | $3,216 | 2.91% |
| Vineyard Haven, MA (FHA|USDA|VA) | 7 | $3,565,000 | $509,286 | $5,168 | 2.59% |
| Concord, NH (FHA|USDA|VA) | 10 | $2,580,000 | $258,000 | $3,829 | 3.06% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $1,285,000 | $428,333 | $6,316 | 3.38% |
| PITTSFIELD, MA (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $4,829 | 2.54% |
| Keene, NH (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $3,751 | 2.66% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $5,145 | 2.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,964 | 3.13% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,136 | 3.00% |
| BANGOR, ME (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,699 | 3.13% |
| Berlin, NH (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,525 | 2.99% |
Salem Five Mortgage Company 's top markets include Boston, Worcester, Providence, Barnstable Town, and Manchester among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 4,438 | $1,586,810,000 | $357,551 | $3,597 | 2.94% |
| FHA | 88 | $37,710,000 | $428,523 | $11,437 | 2.61% |
| VA | 29 | $13,855,000 | $477,759 | $8,832 | 2.59% |
For the 2021 period, Salem Five Mortgage Company 's most frequently originated loan type of loans were Conventional, with 4,438 originations. Their 2nd most popular type is FHA, with 88 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Refi | 1,807 | $599,995,000 | $332,039 | $3,113 | 2.86% |
| Home Purchase | 1,516 | $599,810,000 | $395,653 | $4,784 | 2.86% |
| Cash Out Refi | 1,187 | $419,625,000 | $353,517 | $3,533 | 3.10% |
| Home Improvement | 24 | $10,160,000 | $423,333 | $4,446 | 3.34% |
| Other | 21 | $8,785,000 | $418,333 | $4,101 | 3.00% |
For the 2021, Salem Five Mortgage Company 's most frequently cited loan purpose of loans were Refi, with 1,807 originations. The 2nd most popular reason of loans were Home Purchase, with 1,516 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 3,353 | $1,323,695,000 | $394,779 | $4,097 | 3.04% |
| 15 Year | 714 | $172,210,000 | $241,190 | $2,795 | 2.44% |
| 20 Year | 229 | $64,705,000 | $282,555 | $3,031 | 2.97% |
| Other | 190 | $62,480,000 | $328,842 | $3,223 | 2.92% |
| 10 Year | 69 | $15,285,000 | $221,522 | $2,785 | 2.45% |
For the 2021, Salem Five Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 3,353 originations. The 2nd most popular length of loans were 15 Year, with 714 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 3,660 | $1,339,510,000 | $365,986 |
| $2k-3k | 247 | $87,275,000 | $353,340 |
| $3k-4k | 164 | $61,750,000 | $376,524 |
| $<1k | 125 | $13,455,000 | $107,640 |
| $5k+ | 65 | $30,095,000 | $463,000 |
$4,097 of loans were Salem Five Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,660 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 2,245 | $827,125,000 | $368,430 |
| 3-4% | 1,549 | $632,465,000 | $408,305 |
| <2.5% | 739 | $171,415,000 | $231,955 |
| 4-5% | 21 | $7,355,000 | $350,238 |
During 2021, Salem Five Mortgage Company 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,245 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 2,157 | $641,355,000 | $297,337 | $3,506 | 2.96% |
| $400k-600k | 1,151 | $556,155,000 | $483,193 | $4,538 | 3.02% |
| $100k-200k | 685 | $108,525,000 | $158,431 | $2,791 | 2.81% |
| $600k-1MM | 355 | $258,255,000 | $727,479 | $5,271 | 3.13% |
| $100,000 or less | 150 | $5,270,000 | $35,133 | $1,157 | 1.68% |
| $1MM+ | 57 | $68,815,000 | $1,207,281 | $5,428 | 3.09% |
2021 saw Salem Five Mortgage Company place emphasis on $200k-400k loans with 2,157 originations, totaling $641,355,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1,136 | $399,410,000 | $351,593 | $3,804 | 2.98% |
| $150k-250k | 1,010 | $435,640,000 | $431,327 | $3,898 | 2.98% |
| $75k-100k | 862 | $263,860,000 | $306,102 | $3,812 | 2.91% |
| $50k-75k | 800 | $197,670,000 | $247,088 | $3,510 | 2.78% |
| $250k+ | 487 | $293,695,000 | $603,070 | $4,091 | 3.03% |
| $50k or less | 251 | $45,095,000 | $179,661 | $3,291 | 2.80% |
Salem Five Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 1,136 originations. The second most popular income band? $150k-250k, with 1,010 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 1,060 | $388,750,000 | $366,745 | $3,525 | 2.90% |
| 30-36% | 902 | $344,150,000 | $381,541 | $3,753 | 2.97% |
| <20% | 401 | $155,115,000 | $386,820 | $3,401 | 2.90% |
| 44% | 243 | $78,355,000 | $322,449 | $4,181 | 2.82% |
| 43% | 191 | $59,435,000 | $311,178 | $4,309 | 2.86% |
| 40% | 179 | $68,645,000 | $383,492 | $3,808 | 3.01% |
| 38% | 175 | $59,655,000 | $340,886 | $3,835 | 3.02% |
| 39% | 161 | $56,765,000 | $352,578 | $3,733 | 2.92% |
| 49% | 159 | $54,515,000 | $342,862 | $4,345 | 2.98% |
| 42% | 158 | $50,970,000 | $322,595 | $3,807 | 2.91% |
| 37% | 153 | $58,395,000 | $381,667 | $3,613 | 2.94% |
| 41% | 151 | $53,735,000 | $355,861 | $4,221 | 2.90% |
| 36% | 150 | $50,990,000 | $339,933 | $3,549 | 2.94% |
| 45% | 125 | $41,025,000 | $328,200 | $3,810 | 2.94% |
| 46% | 116 | $40,370,000 | $348,017 | $4,220 | 2.93% |
| 48% | 114 | $34,940,000 | $306,491 | $4,081 | 2.94% |
| 47% | 103 | $37,205,000 | $361,214 | $4,206 | 2.93% |
| 50-60% | 9 | $3,805,000 | $422,778 | $3,264 | 2.85% |
| >60% | 2 | $510,000 | $255,000 | $2,981 | 2.69% |
Salem Five Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 1,060 originations. The next most common DTI ratio? 30-36%, with 902 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 3,981 | $1,432,995,000 | $359,959 | $3,736 | 2.94% |
| Asian | 248 | $92,770,000 | $374,073 | $3,861 | 2.79% |
| Black | 187 | $63,345,000 | $338,743 | $4,297 | 2.90% |
| Not provided | 129 | $45,755,000 | $354,690 | $4,117 | 2.88% |
| American Indian | 9 | $3,165,000 | $351,667 | $3,805 | 3.05% |
| Native Hawaiian | 1 | $345,000 | $345,000 | $3,402 | 2.99% |
Approval Rates
Total approvals of all applications94.19%
Salem Five Mortgage Company has an average approval rate.
Pick Rate
Approvals leading to origination87.17%
Salem Five Mortgage Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,555 | $1,638,375,000 | $359,687 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4,555 | $1,638,375,000 | $359,687 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 517 | $117,695,000 | $227,650 | $2,942 | 2.77% |
| 40-60% | 1,244 | $397,550,000 | $319,574 | $3,102 | 2.88% |
| 60-80% | 1,592 | $667,700,000 | $419,410 | $3,785 | 3.10% |
| 80-100% | 1,035 | $444,165,000 | $429,145 | $5,141 | 2.99% |
| Over 100% | 4 | $1,970,000 | $492,500 | $16,616 | 2.47% |
| Under 20% | 163 | $9,295,000 | $57,025 | $1,519 | 1.76% |
