Residential Mortgage Services

SOUTH PORTLAND, ME 04106

LEI: 549300IGSWBIHAL67063

Tax ID: 01-0464609

2019 Data | 2018 Data


Overview

Residential Mortgage Services is a small mortgage company specializing in Home Purchase 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 a medium-low fee lendor.


Originations

18,952

Origination Dollar Volume (All Markets)

$4,909,440,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 12,668 $3,424,510,000 $270,328
FHA 4,266 $1,011,910,000 $237,203
VA 1,342 $354,130,000 $263,882
USDA 676 $118,890,000 $175,873

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 14,614 $3,622,660,000 $247,890
Home Improvement 50 $8,890,000 $177,800
Other 89 $18,815,000 $211,404
Refi 2,978 $920,550,000 $309,117
Cash Out Refi 1,221 $338,525,000 $277,252

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
PROVIDENCE-WARWICK, RI-MA 2,251 $581,475,000 $258,319
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 1,416 $551,260,000 $389,308
BOSTON, MA 1,438 $532,090,000 $370,021
PORTLAND-SOUTH PORTLAND, ME 1,336 $360,260,000 $269,656
Outside of Metro Areas 1,707 $325,385,000 $190,618
MANCHESTER-NASHUA, NH 1,132 $296,980,000 $262,350
WORCESTER, MA-CT 914 $225,150,000 $246,335
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 639 $191,795,000 $300,149
BALTIMORE-COLUMBIA-TOWSON, MD 521 $158,195,000 $303,637
LANCASTER, PA 705 $147,505,000 $209,227
WILMINGTON, DE-MD-NJ 500 $129,720,000 $259,440
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 229 $101,565,000 $443,515
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 347 $99,305,000 $286,182
BARNSTABLE TOWN, MA 286 $90,480,000 $316,364
SCRANTON--WILKES-BARRE, PA 446 $70,920,000 $159,013
JACKSONVILLE, NC 374 $64,570,000 $172,647
YORK-HANOVER, PA 338 $64,140,000 $189,763
HARRISBURG-CARLISLE, PA 331 $60,965,000 $184,184
READING, PA 310 $59,600,000 $192,258
LEWISTON-AUBURN, ME 334 $57,990,000 $173,623
SALISBURY, MD-DE 187 $54,405,000 $290,936
CHARLOTTE-CONCORD-GASTONIA, NC-SC 228 $52,840,000 $231,754
ROCHESTER, NY 319 $50,605,000 $158,636
SPRINGFIELD, MA 221 $44,965,000 $203,462
PITTSBURGH, PA 193 $39,145,000 $202,824
DOVER, DE 152 $36,340,000 $239,079
CLEVELAND-ELYRIA, OH 165 $32,305,000 $195,788
PHILADELPHIA, PA 122 $31,550,000 $258,607
NASSAU COUNTY-SUFFOLK COUNTY, NY 61 $28,185,000 $462,049
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 81 $27,505,000 $339,568
CHAMBERSBURG-WAYNESBORO, PA 157 $26,805,000 $170,732
BANGOR, ME 157 $26,765,000 $170,478
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 52 $21,660,000 $416,538
GREENSBORO-HIGH POINT, NC 112 $20,550,000 $183,482
LEBANON, PA 101 $20,135,000 $199,356
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 101 $19,365,000 $191,733
RALEIGH-CARY, NC 67 $15,025,000 $224,254
CHARLOTTESVILLE, VA 55 $14,465,000 $263,000
BLACKSBURG-CHRISTIANSBURG, VA 65 $13,915,000 $214,077
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 74 $13,490,000 $182,297
WINCHESTER, VA-WV 44 $11,010,000 $250,227
RICHMOND, VA 40 $10,410,000 $260,250
HAGERSTOWN-MARTINSBURG, MD-WV 48 $9,310,000 $193,958
WINSTON-SALEM, NC 42 $8,280,000 $197,143
BRIDGEPORT-STAMFORD-NORWALK, CT 19 $8,205,000 $431,842
GETTYSBURG, PA 40 $7,610,000 $190,250
EAST STROUDSBURG, PA 48 $7,170,000 $149,375
NORWICH-NEW LONDON, CT 27 $5,565,000 $206,111
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 28 $4,740,000 $169,286
NEW HAVEN-MILFORD, CT 22 $4,300,000 $195,455
BLOOMSBURG-BERWICK, PA 22 $3,850,000 $175,000
NEWARK, NJ-PA 10 $3,590,000 $359,000
FAYETTEVILLE, NC 26 $3,560,000 $136,923
AKRON, OH 19 $2,985,000 $157,105
WILMINGTON, NC 13 $2,805,000 $215,769
ROANOKE, VA 12 $2,770,000 $230,833
STATE COLLEGE, PA 12 $2,530,000 $210,833
OCEAN CITY, NJ 9 $2,525,000 $280,556
CAMDEN, NJ 10 $2,270,000 $227,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 8 $2,080,000 $260,000
NORTH PORT-SARASOTA-BRADENTON, FL 7 $1,955,000 $279,286
HILTON HEAD ISLAND-BLUFFTON, SC 5 $1,865,000 $373,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 8 $1,860,000 $232,500
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 6 $1,730,000 $288,333
BURLINGTON, NC 9 $1,655,000 $183,889
DURHAM-CHAPEL HILL, NC 5 $1,605,000 $321,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 9 $1,575,000 $175,000
BUFFALO-CHEEKTOWAGA, NY 11 $1,325,000 $120,455
WILLIAMSPORT, PA 10 $1,320,000 $132,000
GOLDSBORO, NC 15 $1,305,000 $87,000
PORT ST. LUCIE, FL 6 $1,280,000 $213,333
HICKORY-LENOIR-MORGANTON, NC 5 $1,265,000 $253,000
NEW BRUNSWICK-LAKEWOOD, NJ 4 $1,260,000 $315,000
PUNTA GORDA, FL 7 $1,205,000 $172,143
CANTON-MASSILLON, OH 9 $1,175,000 $130,556
CAPE CORAL-FORT MYERS, FL 6 $1,100,000 $183,333
ASHEVILLE, NC 5 $1,065,000 $213,000
SOUTH BEND-MISHAWAKA, IN-MI 8 $1,060,000 $132,500
ORLANDO-KISSIMMEE-SANFORD, FL 4 $940,000 $235,000
NAPLES-MARCO ISLAND, FL 3 $895,000 $298,333
NEW BERN, NC 5 $895,000 $179,000
CHARLESTON-NORTH CHARLESTON, SC 3 $825,000 $275,000
GREENVILLE-ANDERSON, SC 3 $825,000 $275,000
SYRACUSE, NY 4 $820,000 $205,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 3 $775,000 $258,333
PITTSFIELD, MA 3 $745,000 $248,333
CALIFORNIA-LEXINGTON PARK, MD 2 $740,000 $370,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 3 $685,000 $228,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 2 $650,000 $325,000
BINGHAMTON, NY 6 $600,000 $100,000
MIAMI-MIAMI BEACH-KENDALL, FL 3 $585,000 $195,000
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 2 $570,000 $285,000
SEBASTIAN-VERO BEACH, FL 1 $475,000 $475,000
KINGSPORT-BRISTOL, TN-VA 1 $465,000 $465,000
BURLINGTON-SOUTH BURLINGTON, VT 2 $450,000 $225,000
COLUMBIA, SC 2 $400,000 $200,000
PENSACOLA-FERRY PASS-BRENT, FL 2 $390,000 $195,000
LYNCHBURG, VA 2 $380,000 $190,000
STAUNTON, VA 2 $370,000 $185,000
HARRISONBURG, VA 1 $365,000 $365,000
ELMIRA, NY 2 $340,000 $170,000
JACKSONVILLE, FL 2 $330,000 $165,000
ITHACA, NY 2 $320,000 $160,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $305,000 $305,000
OCALA, FL 1 $285,000 $285,000
ERIE, PA 1 $265,000 $265,000
WATERTOWN-FORT DRUM, NY 1 $255,000 $255,000
KNOXVILLE, TN 1 $235,000 $235,000
ATLANTIC CITY-HAMMONTON, NJ 1 $225,000 $225,000
JOHNSTOWN, PA 2 $220,000 $110,000
BECKLEY, WV 2 $220,000 $110,000
SEBRING-AVON PARK, FL 2 $210,000 $105,000
LAFAYETTE-WEST LAFAYETTE, IN 1 $205,000 $205,000
GAINESVILLE, FL 1 $195,000 $195,000
COLUMBUS, OH 1 $195,000 $195,000
ELKHART-GOSHEN, IN 2 $160,000 $80,000
ALBANY-SCHENECTADY-TROY, NY 1 $155,000 $155,000
UTICA-ROME, NY 1 $145,000 $145,000
ALTOONA, PA 1 $135,000 $135,000
MANSFIELD, OH 1 $125,000 $125,000
CUMBERLAND, MD-WV 3 $115,000 $38,333
PEORIA, IL 1 $105,000 $105,000
MICHIGAN CITY-LA PORTE, IN 1 $95,000 $95,000
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 1 $95,000 $95,000
FLORENCE, SC 1 $65,000 $65,000
MEMPHIS, TN-MS-AR 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 251 $1,615,000 $6,434
2.5-3% 66 $24,550,000 $371,970
3-4% 9,553 $2,720,975,000 $284,829
4-5% 7,956 $1,924,760,000 $241,926
5-6% 1,096 $232,620,000 $212,245
6-7% 30 $4,920,000 $164,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,250 $73,460,000 $58,768
$100k-200k 5,732 $889,710,000 $155,218
$200k-400k 9,401 $2,649,355,000 $281,816
$400k-600k 2,206 $1,030,190,000 $466,995
$600k-1000k 334 $232,770,000 $696,916
$Over $1MM 29 $33,955,000 $1,170,862

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 300 $52,660,000 $175,533
40-60% 1,005 $245,125,000 $243,905
60-80% 4,551 $1,302,705,000 $286,246
80-100% 12,137 $3,131,145,000 $257,983
Over 100% 406 $107,880,000 $265,714
Under 20% 346 $3,860,000 $11,156

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,021 $1,238,105,000 $307,910
$150k-250k 2,300 $857,180,000 $372,687
$50k-75k 5,223 $1,058,485,000 $202,658
$50k-or less 2,719 $387,115,000 $142,374
$75k-100k 3,730 $965,370,000 $258,812
$Over $250k 704 $322,570,000 $458,196

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 14,352 $3,636,580,000 $253,385
Not provided 3,001 $807,255,000 $268,995
Black 879 $227,275,000 $258,561
Asian 511 $176,875,000 $346,135
Asian Indian 100 $35,390,000 $353,900
American Indian 42 $9,130,000 $217,381
Other Asian 21 $5,875,000 $279,762
Native Hawaiian 14 $3,360,000 $240,000
Other Pacific Islander 8 $1,780,000 $222,500
Vietnamese 7 $1,735,000 $247,857
Japanese 6 $1,490,000 $248,333
Chinese 5 $1,315,000 $263,000
Filipino 5 $1,195,000 $239,000
Guamanian 1 $185,000 $185,000

Approval Rates

Total approvals of all applications
91.62%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
82.25%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 18,952 $4,909,440,000 $259,046

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,075 $396,255,000 $190,966
$1k-2k 14,572 $3,906,880,000 $268,109
$2k-3k 856 $229,490,000 $268,096
$3k-4k 549 $163,005,000 $296,913
$5k+ 170 $67,650,000 $397,941

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 59 $7,885,000 $133,644
Single Family (1-4 Units):Site-Built 18,893 $4,901,555,000 $259,438