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 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, Baton Rouge, Lafayette, Louisville, and Hammond among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Performance Mortgage has an 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.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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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. | ||
Performance Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
221Origination Dollar Volume (All Markets)
$46,155,000Awards
PERFORMANCE MORTGAGE - 2021
PERFORMANCE MORTGAGE 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 |
|---|---|---|---|---|---|
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 155 | $31,795,000 | $205,129 | $5,937 | 3.21% |
| Outside of Metro Areas | 28 | $5,620,000 | $200,714 | $4,608 | 2.94% |
| BATON ROUGE, LA (FHA|USDA|VA) | 10 | $2,390,000 | $239,000 | $7,723 | 2.99% |
| LAFAYETTE, LA (FHA|USDA|VA) | 7 | $1,585,000 | $226,429 | $4,551 | 3.41% |
| LOUISVILLE, KY (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $4,449 | 3.21% |
| HAMMOND, LA (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $9,081 | 3.37% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $5,932 | 3.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $9,441 | 3.50% |
| Picayune, MS (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $6,484 | 3.00% |
| Opelousas, LA (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $7,128 | 3.56% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,865 | 2.25% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,453 | 3.38% |
| HATTIESBURG, MS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,183 | 3.88% |
| Seymour, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,579 | 3.25% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,974 | 2.75% |
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 2021, Performance Mortgage's most frequently originated type of loan was Conventional, with 106 originations. Their 2nd most popular type was FHA, with 61 originations.
Loan Reason
For 2021, Performance Mortgage's most frequently cited loan purpose was Home Purchase, with 146 originations. The 2nd most popular reason was Refi, with 40 originations.
Loan Duration/Length
For 2021, Performance Mortgage's most frequently cited loan duration was 30 Year, with 212 originations. The 2nd most popular length was 15 Year, with 7 originations.
Origination Fees/Closing Costs
Performance Mortgage's average total fees were $5,911, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 147 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 113 | $22,755,000 | $201,372 |
| 2.5-3% | 86 | $18,360,000 | $213,488 |
| 4-5% | 12 | $1,820,000 | $151,667 |
| <2.5% | 10 | $3,220,000 | $322,000 |
During 2021, Performance Mortgage's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 113 originations.
Loan Sizing
2021 saw Performance Mortgage place emphasis on $100k-200k loans with 106 originations, totaling $16,300,000 in origination value.
Applicant Income
Performance Mortgage lent most frequently to those with incomes in the $50k-75k range, with 70 originations. The second most popular income band? $50k or less, with 68 originations.
Applicant Debt to Income Ratio
Performance Mortgage lent most frequently to those with DTI ratios of 30-36%, with 46 originations. The next most common DTI ratio? 20-30%, with 32 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.61%
Performance Mortgage has a below average approval rate.
Pick Rate
Approvals leading to origination-180.54%
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 | 221 | $46,155,000 | $208,846 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PREFERRED MORTGAGE CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |