Direct Mortgage Loans Rates, Fees & Info
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Mortgage Data
Review & Overview
Direct Mortgage Loans is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Direct Mortgage Loans has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Baltimore, Chicago, Washington, Mobile, and Philadelphia among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)Direct Mortgage Loans 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. Direct Mortgage Loans 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 | 7.03% | 4/18/24 |
| 30 Year Conventional Refi | 6.85% | 4/18/24 |
| 30 Year Cash-out Refi | 7.26% | 4/18/24 |
| 30 Year FHA Purchase | 7.74% | 4/18/24 |
| 30 Year FHA Refi | 7.12% | 4/18/24 |
| 30 Year VA Purchase | 6.73% | 4/18/24 |
| 30 Year VA Refi | 7.47% | 4/18/24 |
| 30 Year USDA Purchase | 7.17% | 4/18/24 |
| 15 Year Conventional Purchase | 6.67% | 4/18/24 |
| 15 Year Conventional Refi | 6.69% | 4/18/24 |
| 15 Year Cash-out Refi | 6.69% | 4/18/24 |
| 15 Year FHA Purchase | 5.68% | 4/18/24 |
| 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. | ||
Direct Mortgage Loans Mortgage Calculator
Your Estimates
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This is not an official calculator from Direct Mortgage Loans. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
956Origination Dollar Volume (All Markets)
$208,470,000Top 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 |
|---|---|---|---|---|---|
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 391 | $99,455,000 | $254,361 | $7,978 | 4.95% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 258 | $43,590,000 | $168,953 | $6,325 | 5.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 91 | $25,005,000 | $274,780 | $8,986 | 4.89% |
| MOBILE, AL (FHA|USDA|VA) | 81 | $11,355,000 | $140,185 | $5,363 | 5.09% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 25 | $5,805,000 | $232,200 | $6,656 | 5.06% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 25 | $4,525,000 | $181,000 | $7,326 | 5.07% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 18 | $4,200,000 | $233,333 | $6,272 | 4.81% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 8 | $2,620,000 | $327,500 | $6,630 | 4.78% |
| Outside of Metro Areas | 10 | $1,670,000 | $167,000 | $5,687 | 4.98% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 6 | $1,260,000 | $210,000 | $6,184 | 4.94% |
| Easton, MD (FHA|USDA|VA) | 4 | $1,260,000 | $315,000 | $9,003 | 5.03% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 6 | $1,250,000 | $208,333 | $5,927 | 4.92% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 6 | $1,240,000 | $206,667 | $8,647 | 4.77% |
| ROANOKE, VA (FHA|USDA|VA) | 8 | $1,090,000 | $136,250 | $5,912 | 5.16% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $6,373 | 5.13% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $5,343 | 5.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $6,075 | 4.81% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $7,194 | 5.06% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,486 | 5.25% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,755 | 5.13% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $5,804 | 4.75% |
| Cambridge, MD (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $7,433 | 5.38% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,837 | 4.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $11,170 | 4.75% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $7,837 | 5.63% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,593 | 5.63% |
| GETTYSBURG, PA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,746 | 4.75% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,579 | 5.13% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,412 | 4.88% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,503 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against DIRECT MORTGAGE LOANS 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, Direct Mortgage Loans's most frequently originated type of loan was FHA, with 448 originations. Their 2nd most popular type was Conventional, with 405 originations.
Loan Reason
For 2018, Direct Mortgage Loans's most frequently cited loan purpose was Home Purchase, with 895 originations. The 2nd most popular reason was Refi, with 35 originations.
Loan Duration/Length
For 2018, Direct Mortgage Loans's most frequently cited loan duration was 30 Year, with 935 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Direct Mortgage Loans's average total fees were $7,275, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 381 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 542 | $130,220,000 | $240,258 |
| 5-6% | 383 | $71,725,000 | $187,272 |
| 6-7% | 20 | $3,680,000 | $184,000 |
| 3-4% | 11 | $2,845,000 | $258,636 |
During 2018, Direct Mortgage Loans's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 4-5%, with 542 originations.
Loan Sizing
2018 saw Direct Mortgage Loans place emphasis on $100k-200k loans with 420 originations, totaling $62,940,000 in origination value.
Applicant Income
Direct Mortgage Loans lent most frequently to those with incomes in the $50k-75k range, with 320 originations. The second most popular income band? $50k or less, with 242 originations.
Applicant Debt to Income Ratio
Direct Mortgage Loans lent most frequently to those with DTI ratios of 30-36%, with 153 originations. The next most common DTI ratio? 20-30%, with 106 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.34%
Direct Mortgage Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination73.95%
Direct Mortgage Loans has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 956 | $208,470,000 | $218,065 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 7 | $1,035,000 | $147,857 |
| Single Family (1-4 Units):Site-Built | 949 | $207,435,000 | $218,583 |