Performance Mortgage Rates, Fees & Info
MERAUX, LALEI: 549300HPJZBSYILQTY06
Tax ID: 81-3503395
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Mortgage Data
Review & Overview
Performance Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. Performance Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New Orleans, Louisville, Lafayette, Houma, and Houston among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)Performance Mortgage has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Performance Mortgage 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 | 7.06% | 3/24/24 |
| 30 Year Conventional Refi | 6.38% | 3/24/24 |
| 30 Year Cash-out Refi | 6.49% | 3/24/24 |
| 30 Year FHA Purchase | 7.41% | 3/24/24 |
| 30 Year FHA Refi | 6.06% | 3/24/24 |
| 30 Year VA Purchase | 6.27% | 3/24/24 |
| 30 Year VA Refi | 6.27% | 3/24/24 |
| 30 Year USDA Purchase | 6.62% | 3/24/24 |
| 30 Year USDA Refi | 6.27% | 3/24/24 |
| 15 Year Conventional Refi | 5.68% | 3/24/24 |
| 15 Year Cash-out Refi | 5.68% | 3/24/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
297Origination Dollar Volume (All Markets)
$57,325,000Awards
PERFORMANCE MORTGAGE - 2020
PERFORMANCE MORTGAGE 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 |
|---|---|---|---|---|---|
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 197 | $38,895,000 | $197,437 | $5,058 | 3.26% |
| LOUISVILLE, KY (FHA|USDA|VA) | 40 | $6,860,000 | $171,500 | $3,838 | 3.34% |
| LAFAYETTE, LA (FHA|USDA|VA) | 12 | $2,310,000 | $192,500 | $4,504 | 3.01% |
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 7 | $1,525,000 | $217,857 | $4,204 | 2.89% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 6 | $1,320,000 | $220,000 | $5,039 | 3.13% |
| BATON ROUGE, LA (FHA|USDA|VA) | 6 | $1,060,000 | $176,667 | $5,510 | 3.90% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $8,462 | 3.50% |
| HAMMOND, LA (FHA|USDA|VA) | 3 | $595,000 | $198,333 | $4,680 | 2.75% |
| HATTIESBURG, MS (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $3,167 | 2.63% |
| Outside of Metro Areas | 2 | $410,000 | $205,000 | $6,236 | 3.19% |
| Opelousas, LA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $5,252 | 2.88% |
| Frankfort, KY (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $3,209 | 3.00% |
| ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,464 | 2.75% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,920 | 2.50% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,555 | 4.13% |
| Bardstown, KY (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,991 | 2.75% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $3,292 | 3.38% |
| TYLER, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,027 | 2.75% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,361 | 4.00% |
| Picayune, MS (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,619 | 3.25% |
| Scottsburg, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,173 | 3.99% |
| Madison, IN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,362 | 3.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,438 | 2.88% |
| Washington, IN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,189 | 3.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against PERFORMANCE MORTGAGE 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, Performance Mortgage's most frequently originated type of loan was Conventional, with 161 originations. Their 2nd most popular type was FHA, with 64 originations.
Loan Reason
For 2020, Performance Mortgage's most frequently cited loan purpose was Home Purchase, with 179 originations. The 2nd most popular reason was Refi, with 86 originations.
Loan Duration/Length
For 2020, Performance Mortgage's most frequently cited loan duration was 30 Year, with 278 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
Performance Mortgage's average total fees were $4,947, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 187 originations.
Interest Rates
During 2020, Performance Mortgage's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 2.5-3%, with 129 originations.
Loan Sizing
2020 saw Performance Mortgage place emphasis on $100k-200k loans with 155 originations, totaling $23,515,000 in origination value.
Applicant Income
Performance Mortgage lent most frequently to those with incomes in the $50k or less range, with 100 originations. The second most popular income band? $50k-75k, with 90 originations.
Applicant Debt to Income Ratio
Performance Mortgage lent most frequently to those with DTI ratios of 30-36%, with 63 originations. The next most common DTI ratio? 20-30%, with 52 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications68.52%
Performance Mortgage has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination-86.20%
Performance Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 297 | $57,325,000 | $193,013 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $135,000 | $135,000 |
| Single Family (1-4 Units):Site-Built | 296 | $57,190,000 | $193,209 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |