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. Direct Mortgage Loans has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. 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: Baltimore, Chicago, Washington, Philadelphia, and Mobile among others. We have data for 41 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
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This is not an official calculator from Direct Mortgage Loans. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,202Origination Dollar Volume (All Markets)
$282,410,000Top 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) | 384 | $103,850,000 | $270,443 | $7,640 | 4.28% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 291 | $52,255,000 | $179,570 | $6,479 | 4.53% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 142 | $41,650,000 | $293,310 | $8,339 | 4.41% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 67 | $17,765,000 | $265,149 | $5,858 | 4.51% |
| MOBILE, AL (FHA|USDA|VA) | 100 | $16,320,000 | $163,200 | $5,939 | 4.19% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 58 | $14,980,000 | $258,276 | $6,898 | 4.17% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 35 | $8,735,000 | $249,571 | $5,194 | 4.14% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 27 | $5,715,000 | $211,667 | $7,570 | 4.45% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 21 | $4,395,000 | $209,286 | $6,133 | 4.21% |
| Outside of Metro Areas | 17 | $2,795,000 | $164,412 | $6,317 | 4.40% |
| Easton, MD (FHA|USDA|VA) | 6 | $2,170,000 | $361,667 | $5,681 | 4.10% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 6 | $990,000 | $165,000 | $4,084 | 4.02% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 4 | $840,000 | $210,000 | $4,020 | 4.34% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $4,437 | 4.56% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $6,073 | 5.44% |
| GETTYSBURG, PA (FHA|USDA|VA) | 3 | $755,000 | $251,667 | $8,351 | 4.25% |
| RICHMOND, VA (FHA|USDA|VA) | 3 | $715,000 | $238,333 | $8,321 | 3.71% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $16,377 | 4.19% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $5,877 | 4.13% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $6,459 | 4.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $5,426 | 4.13% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,580 | 3.50% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $7,425 | 3.88% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $5,945 | 5.00% |
| DOVER, DE (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $4,122 | 4.38% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $13,600 | 4.13% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,614 | 4.50% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,695 | 3.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $10,156 | 3.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $7,855 | 4.13% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,482 | 3.88% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,312 | 4.75% |
| READING, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,045 | 4.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,360 | 4.13% |
| New Castle, IN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $8,083 | 3.75% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,946 | 5.13% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,161 | 4.38% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,442 | 4.63% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,884 | 5.00% |
| Plymouth, IN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $3,001 | 5.13% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $4,241 | 4.75% |
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 2019, Direct Mortgage Loans's most frequently originated type of loan was Conventional, with 666 originations. Their 2nd most popular type was FHA, with 421 originations.
Loan Reason
For 2019, Direct Mortgage Loans's most frequently cited loan purpose was Home Purchase, with 989 originations. The 2nd most popular reason was Refi, with 167 originations.
Loan Duration/Length
For 2019, Direct Mortgage Loans's most frequently cited loan duration was 30 Year, with 1,144 originations. The 2nd most popular length was 15 Year, with 36 originations.
Origination Fees/Closing Costs
Direct Mortgage Loans's average total fees were $7,098, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 404 originations.
Interest Rates
During 2019, Direct Mortgage Loans's average interest rate for loans was 4.38%, while their most frequently originated rate bucket for loans was 4-5%, with 597 originations.
Loan Sizing
2019 saw Direct Mortgage Loans place emphasis on $200k-400k loans with 562 originations, totaling $153,640,000 in origination value.
Applicant Income
Direct Mortgage Loans lent most frequently to those with incomes in the $50k-75k range, with 357 originations. The second most popular income band? $50k or less, with 266 originations.
Applicant Debt to Income Ratio
Direct Mortgage Loans lent most frequently to those with DTI ratios of 30-36%, with 218 originations. The next most common DTI ratio? 20-30%, with 177 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.09%
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 origination76.29%
Direct Mortgage Loans has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,202 | $282,410,000 | $234,950 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 5 | $875,000 | $175,000 |
| Single Family (1-4 Units):Site-Built | 1,197 | $281,535,000 | $235,201 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| DIRECT LENDERS LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |