Cliffco Mortgage Rates, Fees & Info
UNIONDALE, NYLEI: 549300HTMO7FGRKRLV06
Tax ID: 11-2975713
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Mortgage Data
Review & Overview
Cliffco is a smaller mortgage company specializing in Home Purchase loans. Cliffco has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Miami, Bridgeport, Poughkeepsie, and Palm Bay among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Cliffco has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Cliffco is typically a high 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 | 7.05% | 4/14/24 |
| 30 Year Conventional Refi | 7.45% | 4/14/24 |
| 30 Year Cash-out Refi | 7.09% | 4/14/24 |
| 30 Year FHA Purchase | 7.39% | 4/14/24 |
| 30 Year FHA Refi | 7.56% | 4/14/24 |
| 30 Year VA Purchase | 6.18% | 4/14/24 |
| 15 Year Conventional Purchase | 6.12% | 4/14/24 |
| 15 Year Conventional Refi | 6.07% | 4/14/24 |
| 15 Year Cash-out Refi | 6.07% | 4/14/24 |
| 15 Year FHA Refi | 5.68% | 4/14/24 |
| 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. | ||
Cliffco Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
482Origination Dollar Volume (All Markets)
$182,770,000Top 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 York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 446 | $174,140,000 | $390,448 | $10,484 | 4.83% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 17 | $4,035,000 | $237,353 | $6,398 | 4.81% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 3 | $1,045,000 | $348,333 | $12,572 | 5.08% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $8,856 | 4.88% |
| Outside of Metro Areas | 3 | $725,000 | $241,667 | $8,198 | 5.21% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,230 | 5.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $14,557 | 5.63% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $3,783 | 4.94% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,738 | 5.13% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,505 | 4.75% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,915 | 4.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,289 | 5.00% |
| Hudson, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,205 | 4.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against CLIFFCO 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 2018, Cliffco's most frequently originated type of loan was Conventional, with 328 originations. Their 2nd most popular type was FHA, with 148 originations.
Loan Reason
For 2018, Cliffco's most frequently cited loan purpose was Home Purchase, with 407 originations. The 2nd most popular reason was Refi, with 63 originations.
Loan Duration/Length
For 2018, Cliffco's most frequently cited loan duration was 30 Year, with 462 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
Cliffco's average total fees were $10,338, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 203 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 334 | $126,910,000 | $379,970 |
| 5-6% | 124 | $46,580,000 | $375,645 |
| 3-4% | 11 | $3,955,000 | $359,545 |
| 2.5-3% | 1 | $415,000 | $415,000 |
| 6-7% | 1 | $285,000 | $285,000 |
During 2018, Cliffco's average interest rate for loans was 4.86%, while their most frequently originated rate bucket for loans was 4-5%, with 334 originations.
Loan Sizing
2018 saw Cliffco place emphasis on $200k-400k loans with 248 originations, totaling $77,600,000 in origination value.
Applicant Income
Cliffco lent most frequently to those with incomes in the $100k-150k range, with 170 originations. The second most popular income band? $75k-100k, with 110 originations.
Applicant Debt to Income Ratio
Cliffco lent most frequently to those with DTI ratios of 50-60%, with 70 originations. The next most common DTI ratio? 30-36%, with 62 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.50%
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 origination57.05%
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 | 482 | $182,770,000 | $379,191 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 482 | $182,770,000 | $379,191 |