Cliffco Mortgage Rates, Fees & Info

UNIONDALE, NY

LEI: 549300HTMO7FGRKRLV06

Tax ID: 11-2975713

1 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cliffco is a smaller mortgage company specializing in Home Purchase and Refi loans. Cliffco has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Poughkeepsie, Bridgeport, Philadelphia, and Miami among others. Cliffco 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. Cliffco is typically a high fee lendor.


Originations

1,355

Origination Dollar Volume (All Markets)

$586,045,000

Relative Rate

Cliffco 's average 30 year fixed rate mortgage of loans were 3.17%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.02%.

Relative Fees

Cliffco 's average total fees for a 30 year fixed rate mortgage are $9,643.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,204 $542,740,000 $450,781 $9,673 3.12%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 25 $7,745,000 $309,800 $6,926 3.16%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 13 $4,865,000 $374,231 $8,471 3.13%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 13 $3,645,000 $280,385 $9,634 3.27%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $2,890,000 $289,000 $7,296 3.57%
EAST STROUDSBURG, PA (FHA|USDA|VA) 8 $1,970,000 $246,250 $7,094 3.23%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,845,000 $369,000 $6,441 3.17%
Outside of Metro Areas 7 $1,815,000 $259,286 $5,448 3.13%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $1,725,000 $345,000 $6,053 3.08%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 4 $1,510,000 $377,500 $9,467 4.03%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 6 $1,500,000 $250,000 $6,602 3.15%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 5 $1,275,000 $255,000 $8,767 3.27%
Hudson, NY (FHA|USDA|VA) 4 $1,240,000 $310,000 $8,399 3.34%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,060,000 $265,000 $4,661 3.16%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $945,000 $315,000 $10,367 3.21%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $850,000 $425,000 $5,318 2.63%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $835,000 $278,333 $6,181 3.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $795,000 $265,000 $8,029 3.38%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 4 $780,000 $195,000 $10,400 3.25%
KINGSTON, NY (FHA|USDA|VA) 3 $605,000 $201,667 $5,559 3.08%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $605,000 $605,000 $18,904 3.88%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $545,000 $181,667 $7,391 3.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $505,000 $505,000 $5,501 3.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $480,000 $240,000 $4,092 3.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $425,000 $425,000 $18,447 3.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $410,000 $205,000 $4,617 3.44%
GLENS FALLS, NY (FHA|USDA|VA) 1 $345,000 $345,000 $5,543 3.13%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $305,000 $305,000 $9,485 3.37%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $285,000 $285,000 $5,047 3.63%
OCALA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $7,008 4.00%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $195,000 $195,000 $7,087 2.13%
SYRACUSE, NY (FHA|USDA|VA) 1 $185,000 $185,000 $4,893 2.50%
LEBANON, PA (FHA|USDA|VA) 1 $175,000 $175,000 $3,245 3.50%
BINGHAMTON, NY (FHA|USDA|VA) 1 $155,000 $155,000 $3,801 3.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,934 3.38%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $145,000 $145,000 $4,412 3.50%
Torrington, CT (FHA|USDA|VA) 1 $105,000 $105,000 $6,175 3.38%
ROCHESTER, NY (FHA|USDA|VA) 2 $100,000 $50,000 $3,855 4.19%
READING, PA (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.63%

Cliffco 's top markets include New York, Poughkeepsie, Bridgeport, Philadelphia, and Miami among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,164 $496,280,000 $426,357 $8,090 3.14%
FHA 175 $82,665,000 $472,371 $17,841 3.11%
VA 16 $7,100,000 $443,750 $13,503 3.05%

For the 2021 period, Cliffco 's most frequently originated loan type of loans were Conventional, with 1,164 originations. Their 2nd most popular type is FHA, with 175 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 795 $356,045,000 $447,855 $10,027 3.15%
Refi 413 $168,685,000 $408,438 $8,296 3.08%
Cash Out Refi 144 $60,100,000 $417,361 $9,364 3.19%
Home Improvement 3 $1,215,000 $405,000 $7,557 2.92%

For the 2021, Cliffco 's most frequently cited loan purpose of loans were Home Purchase, with 795 originations. The 2nd most popular reason of loans were Refi, with 413 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,244 $546,860,000 $439,598 $9,643 3.17%
15 Year 64 $21,940,000 $342,813 $6,861 2.57%
20 Year 29 $10,905,000 $376,034 $7,650 2.88%
Other 13 $5,155,000 $396,538 $6,737 2.93%
10 Year 5 $1,185,000 $237,000 $6,078 2.43%

For the 2021, Cliffco 's most frequently cited loan length of loans were 30 Year, with 1,244 originations. The 2nd most popular length of loans were 15 Year, with 64 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 667 $275,245,000 $412,661
$5k+ 432 $219,970,000 $509,190
$3k-4k 168 $60,730,000 $361,488
$2k-3k 54 $17,100,000 $316,667
$<1k 17 $6,465,000 $380,294

$9,643 of loans were Cliffco 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 667 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 684 $300,730,000 $439,664
2.5-3% 519 $222,355,000 $428,430
<2.5% 104 $40,810,000 $392,404
4-5% 32 $14,460,000 $451,875
5-6% 14 $7,100,000 $507,143
6-7% 1 $435,000 $435,000

During 2021, Cliffco 's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 3-4%, with 684 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 622 $301,050,000 $484,003 $9,943 3.10%
$200k-400k 498 $158,490,000 $318,253 $7,529 3.11%
$600k-1MM 137 $98,905,000 $721,934 $15,213 3.28%
$100k-200k 81 $12,765,000 $157,593 $5,136 3.14%
$1MM+ 11 $14,375,000 $1,306,818 $27,869 3.70%
$100,000 or less 6 $460,000 $76,667 $3,981 3.52%

2021 saw Cliffco place emphasis on $400k-600k loans with 622 originations, totaling $301,050,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 468 $205,910,000 $439,979 $9,608 3.11%
$150k-250k 336 $166,430,000 $495,327 $9,427 3.13%
$75k-100k 266 $99,210,000 $372,970 $9,192 3.06%
$50k-75k 133 $37,775,000 $284,023 $8,375 3.07%
$250k+ 108 $60,940,000 $564,259 $10,608 3.24%
$50k or less 40 $13,900,000 $347,500 $9,080 3.83%

Cliffco lent most frequently to those with incomes in the $100k-150k range, with 468 originations. The second most popular income band? $150k-250k, with 336 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 248 $103,680,000 $418,065 $7,660 3.07%
20-30% 197 $82,215,000 $417,335 $7,487 3.07%
43% 82 $35,010,000 $426,951 $9,717 3.16%
44% 78 $34,250,000 $439,103 $9,345 3.11%
42% 70 $30,210,000 $431,571 $9,467 3.13%
50-60% 63 $31,925,000 $506,746 $17,922 3.07%
41% 59 $25,835,000 $437,881 $10,083 3.18%
48% 55 $25,445,000 $462,636 $11,551 3.21%
46% 52 $23,690,000 $455,577 $10,807 3.10%
38% 51 $21,475,000 $421,078 $8,323 3.07%
49% 51 $21,875,000 $428,922 $12,652 3.02%
45% 51 $21,815,000 $427,745 $9,862 3.12%
36% 51 $20,985,000 $411,471 $9,196 3.19%
37% 49 $20,545,000 $419,286 $8,213 3.17%
39% 46 $19,940,000 $433,478 $8,710 3.22%
40% 44 $20,300,000 $461,364 $8,716 3.08%
<20% 39 $16,815,000 $431,154 $8,333 3.13%
47% 39 $17,565,000 $450,385 $11,019 3.20%
>60% 1 $435,000 $435,000 $14,983 6.13%

Cliffco lent most frequently to those with DTI ratios of 30-36%, with 248 originations. The next most common DTI ratio? 20-30%, with 197 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,039 $443,225,000 $426,588 $8,698 3.11%
Black 209 $95,265,000 $455,813 $13,172 3.25%
Asian 72 $31,730,000 $440,694 $8,483 3.06%
Not provided 26 $11,670,000 $448,846 $10,252 3.27%
Other Asian 2 $1,460,000 $730,000 $22,072 3.25%
Asian Indian 4 $1,350,000 $337,500 $8,577 2.97%
Native Hawaiian 2 $880,000 $440,000 $14,779 2.94%
American Indian 1 $465,000 $465,000 $5,593 3.00%

Approval Rates

Total approvals of all applications
96.84%

Cliffco has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
66.22%

Cliffco 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 1,355 $586,045,000 $432,506

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,355 $586,045,000 $432,506

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 41 $10,765,000 $262,561 $6,379 3.02%
40-60% 148 $54,480,000 $368,108 $7,823 3.06%
60-80% 573 $253,515,000 $442,435 $8,583 3.17%
80-100% 586 $264,860,000 $451,980 $10,807 3.12%
Over 100% 3 $1,465,000 $488,333 $18,629 3.21%
Under 20% 4 $960,000 $240,000 $7,749 3.50%