Cliffco Mortgage Rates, Fees & Info
UNIONDALE, NYLEI: 549300HTMO7FGRKRLV06
Tax ID: 11-2975713
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,355Origination Dollar Volume (All Markets)
$586,045,000Relative 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 applications96.84%
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 origination66.22%
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% |
