Residential Mortgage Services Rates, Fees & Info

AUGUSTA, ME

LEI: 549300IGSWBIHAL67063

Tax ID: 01-0464609

2020 Data | 2019 Data | 2018 Data


Overview

Residential Mortgage Services is a large mortgage company specializing in Home Purchase and Refi loans. Residential Mortgage Services has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Providence, Cambridge, Boston, Portland, and Manchester among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Residential Mortgage Services is typically an average fee lendor.


Originations

30,176

Origination Dollar Volume (All Markets)

$8,469,050,000

Relative Rate

Residential Mortgage Services 's average 30 year fixed rate mortgage was 3.13%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

This yields a difference of -0.23%.

Relative Fees

Residential Mortgage Services 's average total fees for a 30 year fixed rate mortgage are $4,646.

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 $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 23,577 $6,777,905,000 $287,480 $3,631 3.10%
FHA 4,014 $1,017,970,000 $253,605 $8,238 3.12%
VA 1,766 $516,590,000 $292,520 $5,887 2.90%
USDA 819 $156,585,000 $191,190 $5,604 3.02%

For the 2020 period, Residential Mortgage Services 's most frequently originated loan type was Conventional, with 23,577 originations. Their 2nd most popular type is FHA, with 4,014 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 18,052 $4,946,510,000 $274,015 $5,088 3.04%
Refi 9,176 $2,675,100,000 $291,532 $3,345 3.12%
Cash Out Refi 2,765 $805,665,000 $291,380 $3,801 3.29%
Other 118 $28,520,000 $241,695 $3,588 3.24%
Home Improvement 65 $13,255,000 $203,923 $3,963 3.62%

For the 2020, Residential Mortgage Services 's most frequently cited loan purpose was Home Purchase, with 18,052 originations. The 2nd most popular reason was Refi, with 9,176 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 25,629 $7,330,725,000 $286,032 $4,646 3.13%
15 Year 2,418 $517,280,000 $213,929 $2,795 2.71%
20 Year 1,269 $355,045,000 $279,783 $3,140 3.08%
Other 525 $170,605,000 $324,962 $3,192 3.13%
30+ year 206 $73,530,000 $356,942 $9,040 2.97%
10 Year 126 $21,850,000 $173,413 $2,815 2.69%
5 Year 3 $15,000 $5,000 $0 0.00%

For the 2020, Residential Mortgage Services 's most frequently cited loan length was 30 Year, with 25,629 originations. The 2nd most popular length was 15 Year, with 2,418 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 24,091 $6,859,445,000 $284,731
$<1k 2,174 $485,250,000 $223,206
$2k-3k 1,372 $383,310,000 $279,380
$3k-4k 953 $282,285,000 $296,207
$5k+ 366 $145,080,000 $396,393

$4,646 was Residential Mortgage Services 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 24,091 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
PROVIDENCE-WARWICK, RI-MA 3,471 $974,025,000 $280,618 $4,153 3.09%
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 2,421 $949,465,000 $392,179 $4,068 3.07%
BOSTON, MA 2,434 $919,080,000 $377,601 $4,222 3.12%
PORTLAND-SOUTH PORTLAND, ME 2,082 $586,670,000 $281,782 $4,226 3.12%
Outside of Metro Areas 2,467 $535,835,000 $217,201 $4,475 3.11%
MANCHESTER-NASHUA, NH 1,900 $534,530,000 $281,332 $4,097 3.12%
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 1,104 $344,720,000 $312,246 $4,241 3.07%
WORCESTER, MA-CT 1,251 $332,725,000 $265,967 $4,114 3.12%
WILMINGTON, DE-MD-NJ 914 $237,660,000 $260,022 $4,839 3.06%
BALTIMORE-COLUMBIA-TOWSON, MD 755 $236,665,000 $313,464 $4,683 3.00%
LANCASTER, PA 931 $215,925,000 $231,928 $5,426 3.12%
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 399 $188,975,000 $473,622 $4,471 2.87%
BARNSTABLE TOWN, MA 503 $166,875,000 $331,759 $3,758 3.09%
CHARLOTTE-CONCORD-GASTONIA, NC-SC 608 $165,730,000 $272,582 $3,981 3.05%
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 513 $159,565,000 $311,043 $5,074 3.06%
YORK-HANOVER, PA 514 $109,190,000 $212,432 $6,062 3.14%
SCRANTON--WILKES-BARRE, PA 629 $108,295,000 $172,170 $4,990 3.17%
SALISBURY, MD-DE 344 $104,490,000 $303,750 $4,723 3.10%
JACKSONVILLE, NC 509 $100,595,000 $197,633 $4,451 2.97%
HARRISBURG-CARLISLE, PA 458 $97,240,000 $212,314 $5,019 3.11%
SPRINGFIELD, MA 350 $78,310,000 $223,743 $4,063 2.99%
CLEVELAND-ELYRIA, OH 342 $75,760,000 $221,520 $4,181 3.12%
NASSAU COUNTY-SUFFOLK COUNTY, NY 162 $74,500,000 $459,877 $5,897 3.03%
READING, PA 343 $72,475,000 $211,297 $4,985 3.13%
LEWISTON-AUBURN, ME 362 $70,370,000 $194,392 $4,509 3.21%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 365 $69,335,000 $189,959 $4,139 3.20%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 274 $68,260,000 $249,124 $4,426 3.01%
PITTSBURGH, PA 299 $66,695,000 $223,060 $4,780 3.02%
PHILADELPHIA, PA 212 $60,420,000 $285,000 $4,848 3.16%
RALEIGH-CARY, NC 216 $57,410,000 $265,787 $4,445 3.05%
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 160 $55,530,000 $347,063 $4,498 3.01%
GREENSBORO-HIGH POINT, NC 238 $50,250,000 $211,134 $3,613 3.01%
DOVER, DE 193 $49,915,000 $258,627 $5,939 3.08%
ROCHESTER, NY 276 $44,050,000 $159,601 $4,360 3.24%
BANGOR, ME 218 $41,950,000 $192,431 $4,588 3.01%
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 68 $31,480,000 $462,941 $4,744 3.17%
CHAMBERSBURG-WAYNESBORO, PA 162 $31,480,000 $194,321 $5,656 3.11%
LEBANON, PA 147 $30,655,000 $208,537 $5,425 3.16%
BLACKSBURG-CHRISTIANSBURG, VA 107 $27,765,000 $259,486 $3,905 3.19%
WINSTON-SALEM, NC 129 $26,615,000 $206,318 $3,614 2.87%
WINCHESTER, VA-WV 85 $20,065,000 $236,059 $4,476 3.17%
CHARLOTTESVILLE, VA 65 $18,565,000 $285,615 $3,524 2.98%
NEW HAVEN-MILFORD, CT 73 $18,025,000 $246,918 $4,825 3.04%
FLORENCE, SC 97 $16,195,000 $166,959 $5,313 3.10%
GETTYSBURG, PA 73 $14,895,000 $204,041 $5,646 3.23%
HAGERSTOWN-MARTINSBURG, MD-WV 66 $14,810,000 $224,394 $5,402 3.16%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 60 $11,820,000 $197,000 $4,660 3.10%
DURHAM-CHAPEL HILL, NC 41 $10,965,000 $267,439 $4,009 3.11%
BRIDGEPORT-STAMFORD-NORWALK, CT 28 $10,400,000 $371,429 $4,983 3.13%
NORWICH-NEW LONDON, CT 37 $9,795,000 $264,730 $4,826 3.02%
OCEAN CITY, NJ 20 $8,430,000 $421,500 $4,429 3.19%
WILMINGTON, NC 29 $7,885,000 $271,897 $4,578 2.97%
ROANOKE, VA 33 $7,875,000 $238,636 $3,999 3.17%
AKRON, OH 38 $7,560,000 $198,947 $4,261 3.01%
FAYETTEVILLE, NC 37 $7,535,000 $203,649 $5,064 2.80%
EAST STROUDSBURG, PA 44 $7,190,000 $163,409 $4,298 2.99%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 21 $6,665,000 $317,381 $4,919 2.86%
CAMDEN, NJ 22 $5,620,000 $255,455 $3,970 3.18%
NORTH PORT-SARASOTA-BRADENTON, FL 15 $5,505,000 $367,000 $5,541 3.13%
NEWARK, NJ-PA 20 $5,100,000 $255,000 $4,567 2.76%
RICHMOND, VA 15 $4,445,000 $296,333 $3,916 3.01%
TAMPA-ST. PETERSBURG-CLEARWATER, FL 18 $4,140,000 $230,000 $4,161 3.20%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 12 $4,030,000 $335,833 $5,243 3.14%
BLOOMSBURG-BERWICK, PA 21 $3,765,000 $179,286 $6,100 3.26%
HICKORY-LENOIR-MORGANTON, NC 15 $3,585,000 $239,000 $3,597 2.76%
HILTON HEAD ISLAND-BLUFFTON, SC 12 $3,400,000 $283,333 $5,266 2.86%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 10 $3,340,000 $334,000 $4,557 3.05%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 10 $3,010,000 $301,000 $5,931 2.80%
NAPLES-MARCO ISLAND, FL 9 $2,985,000 $331,667 $4,420 3.46%
CAPE CORAL-FORT MYERS, FL 11 $2,975,000 $270,455 $4,395 3.03%
NEW BRUNSWICK-LAKEWOOD, NJ 9 $2,975,000 $330,556 $4,658 3.33%
BURLINGTON, NC 14 $2,900,000 $207,143 $3,600 2.91%
COLUMBIA, SC 12 $2,750,000 $229,167 $5,641 3.09%
WILLIAMSPORT, PA 15 $2,685,000 $179,000 $4,942 3.37%
NEW BERN, NC 12 $2,630,000 $219,167 $5,106 2.95%
STATE COLLEGE, PA 11 $2,525,000 $229,545 $4,291 3.22%
JACKSONVILLE, FL 10 $2,460,000 $246,000 $4,841 3.10%
COLUMBUS, OH 9 $2,325,000 $258,333 $4,774 2.86%
SOUTH BEND-MISHAWAKA, IN-MI 14 $2,100,000 $150,000 $3,425 3.28%
SYRACUSE, NY 9 $2,045,000 $227,222 $4,156 2.96%
BINGHAMTON, NY 15 $2,005,000 $133,667 $4,536 3.40%
PITTSFIELD, MA 9 $1,995,000 $221,667 $3,276 2.86%
ATLANTIC CITY-HAMMONTON, NJ 7 $1,915,000 $273,571 $4,171 2.95%
LYNCHBURG, VA 3 $1,875,000 $625,000 $5,870 2.92%
MIAMI-MIAMI BEACH-KENDALL, FL 6 $1,830,000 $305,000 $6,363 2.81%
GOLDSBORO, NC 12 $1,700,000 $141,667 $4,876 3.10%
ORLANDO-KISSIMMEE-SANFORD, FL 10 $1,700,000 $170,000 $3,570 3.18%
GREENVILLE-ANDERSON, SC 7 $1,535,000 $219,286 $2,633 3.05%
ASHEVILLE, NC 6 $1,520,000 $253,333 $4,492 2.75%
PALM BAY-MELBOURNE-TITUSVILLE, FL 5 $1,465,000 $293,000 $4,689 3.20%
CHARLESTON-NORTH CHARLESTON, SC 6 $1,440,000 $240,000 $3,793 3.15%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 5 $1,305,000 $261,000 $3,444 3.13%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 6 $1,290,000 $215,000 $3,848 2.94%
BUFFALO-CHEEKTOWAGA, NY 7 $1,185,000 $169,286 $5,364 2.89%
CANTON-MASSILLON, OH 6 $1,000,000 $166,667 $3,706 3.15%
SAVANNAH, GA 2 $970,000 $485,000 $4,226 2.69%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 2 $890,000 $445,000 $4,616 2.75%
TOLEDO, OH 3 $865,000 $288,333 $4,712 2.79%
ROCKY MOUNT, NC 4 $820,000 $205,000 $4,465 3.38%
SPARTANBURG, SC 2 $800,000 $400,000 $3,791 2.81%
STAUNTON, VA 5 $745,000 $149,000 $2,810 3.15%
PUNTA GORDA, FL 4 $670,000 $167,500 $3,827 3.19%
PENSACOLA-FERRY PASS-BRENT, FL 3 $595,000 $198,333 $5,717 3.25%
MORGANTOWN, WV 2 $580,000 $290,000 $3,692 3.00%
HOMOSASSA SPRINGS, FL 3 $575,000 $191,667 $3,484 3.17%
OCALA, FL 3 $575,000 $191,667 $3,408 2.83%
GREENVILLE, NC 3 $535,000 $178,333 $4,614 3.33%
CALIFORNIA-LEXINGTON PARK, MD 1 $515,000 $515,000 $3,068 3.00%
JOHNSTOWN, PA 2 $470,000 $235,000 $4,381 3.13%
SUMTER, SC 3 $445,000 $148,333 $6,845 3.08%
ALBANY-SCHENECTADY-TROY, NY 1 $435,000 $435,000 $4,346 2.88%
CUMBERLAND, MD-WV 5 $435,000 $87,000 $3,096 3.85%
INDIANAPOLIS-CARMEL-ANDERSON, IN 2 $430,000 $215,000 $3,781 3.00%
PORT ST. LUCIE, FL 2 $430,000 $215,000 $3,539 3.19%
ELKHART-GOSHEN, IN 1 $415,000 $415,000 $17,160 2.75%
ELMIRA, NY 3 $405,000 $135,000 $5,850 2.92%
ERIE, PA 3 $405,000 $135,000 $3,653 2.79%
MEMPHIS, TN-MS-AR 2 $380,000 $190,000 $3,665 3.25%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 2 $370,000 $185,000 $4,512 2.88%
KINGSTON, NY 1 $325,000 $325,000 $3,582 2.88%
TRENTON-PRINCETON, NJ 1 $315,000 $315,000 $3,246 3.00%
ALTOONA, PA 2 $310,000 $155,000 $5,778 3.25%
COLUMBUS, GA-AL 1 $305,000 $305,000 $7,244 2.38%
BURLINGTON-SOUTH BURLINGTON, VT 2 $300,000 $150,000 $4,714 3.69%
GARY, IN 1 $285,000 $285,000 $3,400 3.00%
VINELAND-BRIDGETON, NJ 1 $265,000 $265,000 $4,039 3.25%
HINESVILLE, GA 1 $255,000 $255,000 $3,375 3.13%
VALDOSTA, GA 1 $245,000 $245,000 $995 2.75%
BECKLEY, WV 2 $240,000 $120,000 $4,296 2.75%
FLINT, MI 1 $235,000 $235,000 $2,816 3.63%
LAFAYETTE-WEST LAFAYETTE, IN 1 $205,000 $205,000 $1,970 3.13%
NILES, MI 2 $200,000 $100,000 $4,535 3.75%
KINGSPORT-BRISTOL, TN-VA 1 $165,000 $165,000 $0 3.50%
LAKELAND-WINTER HAVEN, FL 1 $145,000 $145,000 $6,058 3.38%
GLENS FALLS, NY 1 $145,000 $145,000 $0 3.88%
HARRISONBURG, VA 1 $145,000 $145,000 $0 3.38%

Residential Mortgage Services 's top markets include Providence, Cambridge, Boston, Portland, and Manchester among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 13,589 $3,913,375,000 $287,981
3-4% 12,750 $3,549,290,000 $278,376
<2.5% 2,837 $774,725,000 $273,079
4-5% 923 $216,005,000 $234,025
5-6% 75 $15,355,000 $204,733
6-7% 2 $300,000 $150,000

During 2020, Residential Mortgage Services 's average interest rate was 3.13%, while their most frequently originated rate bucket was 2.5-3%, with 13,589 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 16,441 $4,710,865,000 $286,532 $4,563 3.10%
$100k-200k 7,398 $1,165,860,000 $157,591 $3,996 3.15%
$400k-600k 4,509 $2,118,495,000 $469,837 $4,916 3.02%
$100,000 or less 1,267 $77,465,000 $61,140 $2,447 2.92%
$600k-1MM 537 $367,065,000 $683,547 $6,181 3.15%
$1MM+ 24 $29,300,000 $1,220,833 $9,952 3.36%

2020 saw Residential Mortgage Services place emphasis on $200k-400k loans with 16,441 originations, totaling $4,710,865,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 7,145 $1,572,815,000 $220,128 $4,653 3.09%
$100k-150k 7,015 $2,224,545,000 $317,113 $4,357 3.10%
$75k-100k 5,923 $1,596,085,000 $269,472 $4,609 3.11%
$150k-250k 4,749 $1,773,265,000 $373,398 $4,127 3.10%
$50k or less 3,414 $536,390,000 $157,115 $4,409 3.07%
$250k+ 1,432 $615,120,000 $429,553 $4,109 3.10%

Residential Mortgage Services lent most frequently to those with incomes in the $50k-75k range, with 7,145 originations. The second most popular income band? $100k-150k, with 7,015 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 6,670 $1,933,040,000 $289,811 $3,874 3.06%
30-36% 5,726 $1,613,170,000 $281,727 $4,180 3.10%
<20% 2,066 $587,500,000 $284,366 $3,504 2.99%
50-60% 1,406 $381,490,000 $271,330 $8,024 3.04%
44% 1,242 $340,800,000 $274,396 $4,547 3.15%
43% 1,238 $324,000,000 $261,712 $4,456 3.13%
42% 1,157 $321,505,000 $277,878 $4,548 3.11%
40% 1,145 $320,785,000 $280,162 $4,459 3.11%
39% 1,143 $306,845,000 $268,456 $4,411 3.11%
41% 1,131 $306,645,000 $271,127 $4,493 3.15%
38% 1,111 $308,035,000 $277,259 $4,392 3.12%
37% 1,094 $302,470,000 $276,481 $4,169 3.13%
36% 1,048 $297,210,000 $283,597 $4,242 3.12%
45% 831 $233,735,000 $281,270 $4,906 3.17%
49% 738 $205,790,000 $278,848 $5,139 3.16%
46% 675 $186,375,000 $276,111 $5,138 3.13%
48% 666 $188,640,000 $283,243 $5,228 3.14%
47% 659 $180,285,000 $273,574 $5,084 3.13%
>60% 24 $6,590,000 $274,583 $8,254 2.93%

Residential Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 6,670 originations. The next most common DTI ratio? 30-36%, with 5,726 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 22,729 $6,279,485,000 $276,276 $4,381 3.10%
Not provided 4,992 $1,402,930,000 $281,036 $4,420 3.09%
Black 1,196 $334,420,000 $279,615 $5,574 3.06%
Asian 694 $240,970,000 $347,219 $4,279 3.01%
Asian Indian 384 $160,180,000 $417,135 $4,173 2.84%
American Indian 72 $17,500,000 $243,056 $4,652 3.13%
Other Asian 32 $9,490,000 $296,563 $3,546 2.90%
Native Hawaiian 25 $6,915,000 $276,600 $4,782 3.02%
Chinese 17 $6,145,000 $361,471 $3,760 2.86%
Filipino 15 $4,985,000 $332,333 $5,057 2.98%
Other Pacific Islander 9 $2,665,000 $296,111 $7,828 3.06%
Vietnamese 5 $1,445,000 $289,000 $4,614 3.05%
Japanese 4 $1,310,000 $327,500 $5,802 3.34%
Native Hawiian 1 $345,000 $345,000 $1,980 2.88%
Korean 1 $265,000 $265,000 $2,170 3.38%

Approval Rates

Total approvals of all applications
93.19%

Residential Mortgage Services has an average approval rate.

Pick Rate

Approvals leading to origination
84.12%

Residential Mortgage Services has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 30,176 $8,469,050,000 $280,655

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 58 $7,860,000 $135,517
Single Family (1-4 Units):Site-Built 30,118 $8,461,190,000 $280,935

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 677 $131,425,000 $194,129 $2,989 2.93%
40-60% 3,034 $830,990,000 $273,893 $3,155 3.00%
60-80% 9,767 $2,929,105,000 $299,898 $3,517 3.18%
80-100% 15,397 $4,292,955,000 $278,818 $5,211 3.10%
Over 100% 522 $152,990,000 $293,084 $9,827 2.98%
Under 20% 379 $8,845,000 $23,338 $409 1.95%