Residential Mortgage Services Rates, Fees & Info

AUGUSTA, ME

LEI: 549300IGSWBIHAL67063

Tax ID: 01-0464609

5 stars - Updated: 2/19/24 - out of 5 stars, based on 9 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Residential Mortgage Services is a smaller mortgage company specializing in Home Purchase loans. Residential Mortgage Services has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Providence, Portland, Boston, York, and Manchester among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

Residential Mortgage Services 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. Residential Mortgage Services 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.76% 2/19/24
30 Year Conventional Refi 6.65% 2/19/24
30 Year Cash-out Refi 6.74% 2/19/24
30 Year FHA Purchase 7.53% 2/19/24
30 Year FHA Refi 6.27% 2/19/24
30 Year VA Purchase 6.27% 2/19/24
30 Year USDA Purchase 7.02% 2/19/24
15 Year Conventional Purchase 5.30% 2/19/24
15 Year Conventional Refi 6.27% 2/19/24
15 Year Cash-out Refi 6.27% 2/19/24
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.

Residential Mortgage Services Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Residential Mortgage Services. 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

86

Origination Dollar Volume (All Markets)

$31,630,000
Show all (41) awards

Relative Rate

Residential Mortgage Services's average 30 year fixed mortgage rate was 3.46%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -1.3%.

Relative Fees (Closing Costs)

Residential Mortgage Services's average total fees/closing costs for a 30 year fixed rate mortgage were $5,657.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

Top 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
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 10 $4,710,000 $471,000 $4,704 3.43%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 10 $3,490,000 $349,000 $6,846 3.31%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 8 $3,260,000 $407,500 $5,390 3.20%
YORK-HANOVER, PA (FHA|USDA|VA) 7 $2,835,000 $405,000 $9,535 3.27%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 5 $2,545,000 $509,000 $3,693 3.23%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $2,105,000 $421,000 $8,236 3.55%
Outside of Metro Areas 6 $1,410,000 $235,000 $5,784 3.58%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 4 $1,390,000 $347,500 $5,940 3.72%
LEBANON, PA (FHA|USDA|VA) 3 $1,315,000 $438,333 $9,957 3.92%
SALISBURY, MD-DE (FHA|USDA|VA) 4 $1,310,000 $327,500 $4,288 3.47%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $840,000 $210,000 $4,212 3.44%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $745,000 $248,333 $2,493 2.54%
LANCASTER, PA (FHA|USDA|VA) 2 $720,000 $360,000 $12,064 3.19%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 2 $650,000 $325,000 $3,792 3.31%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $595,000 $595,000 $5,498 3.00%
Concord, NH (FHA|USDA|VA) 2 $560,000 $280,000 $3,949 3.63%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $555,000 $555,000 $8,347 3.13%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $500,000 $250,000 $5,319 3.56%
Laconia, NH (FHA|USDA|VA) 1 $495,000 $495,000 $7,657 3.13%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $445,000 $445,000 $9,422 3.75%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $315,000 $315,000 $4,565 4.25%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $285,000 $285,000 $9,074 3.63%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $245,000 $245,000 $6,694 3.50%
MORRISTOWN, TN (FHA|USDA|VA) 1 $185,000 $185,000 $0 3.88%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $125,000 $125,000 $2,485 2.88%
Residential Mortgage Services's top markets include Providence, Portland, Boston, York, and Manchester among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against RESIDENTIAL MORTGAGE SERVICES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    POINT BREEZE
    Similarity Rank: 63
    Foote Capital Mortgage Company
    Similarity Rank: 133
    Middlesex Savings Bank
    Similarity Rank: 145
    Northern Bank & Trust Company
    Similarity Rank: 216
    Freedom Credit Union
    Similarity Rank: 228
    POLISH NATIONAL
    Similarity Rank: 240
    The Honesdale National Bank
    Similarity Rank: 250
    CNB Bank
    Similarity Rank: 252
    Bridgewater Savings Bank
    Similarity Rank: 282

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 82 $31,070,000 $378,902 $6,122 3.39%
    FHA 2 $230,000 $115,000 $5,643 3.38%
    USDA 2 $330,000 $165,000 $5,822 3.25%

    For 2022, Residential Mortgage Services's most frequently originated type of loan was Conventional, with 82 originations. Their 2nd most popular type was FHA, with 2 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 70 $27,290,000 $389,857 $6,488 3.41%
    Cash Out Refi 9 $2,135,000 $237,222 $3,587 3.31%
    Refi 7 $2,205,000 $315,000 $5,548 3.29%

    For 2022, Residential Mortgage Services's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Cash Out Refi, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 63 $23,545,000 $373,730 $5,657 3.46%
    30+ year 13 $6,735,000 $518,077 $10,815 3.52%
    15 Year 6 $780,000 $130,000 $1,360 2.35%
    Other 4 $570,000 $142,500 $4,829 3.41%

    For 2022, Residential Mortgage Services's most frequently cited loan duration was 30 Year, with 63 originations. The 2nd most popular length was 30+ year, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 41 $14,645,000 $357,195
    $2k-3k 14 $5,250,000 $375,000
    $3k-4k 11 $4,805,000 $436,818
    $5k+ 9 $3,915,000 $435,000
    $<1k 5 $545,000 $109,000
    $4k-5k 5 $2,285,000 $457,000

    Residential Mortgage Services's average total fees were $5,657, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 59 $22,545,000 $382,119
    2.5-3% 13 $5,215,000 $401,154
    4-5% 10 $3,330,000 $333,000
    <2.5% 4 $540,000 $135,000

    During 2022, Residential Mortgage Services's average interest rate for loans was 3.46%, while their most frequently originated rate bucket for loans was 3-4%, with 59 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 34 $10,400,000 $305,882 $5,628 3.58%
    $400k-600k 29 $13,935,000 $480,517 $7,658 3.35%
    $100k-200k 11 $1,625,000 $147,727 $4,217 3.32%
    $600k-1MM 6 $3,960,000 $660,000 $7,855 3.42%
    $100,000 or less 5 $205,000 $41,000 $1,712 2.58%
    $1MM+ 1 $1,505,000 $1,505,000 $7,507 2.88%

    2022 saw Residential Mortgage Services place emphasis on $200k-400k loans with 34 originations, totaling $10,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 27 $10,635,000 $393,889 $6,325 3.42%
    $50k-75k 18 $4,530,000 $251,667 $4,529 3.29%
    $150k-250k 17 $8,265,000 $486,176 $8,122 3.52%
    $75k-100k 12 $3,660,000 $305,000 $6,414 3.59%
    $50k or less 6 $960,000 $160,000 $5,067 3.15%
    $250k+ 4 $2,570,000 $642,500 $5,806 3.19%

    Residential Mortgage Services lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 17 $7,105,000 $417,941 $6,225 3.33%
    30-36% 15 $5,845,000 $389,667 $6,720 3.48%
    41% 8 $2,470,000 $308,750 $6,114 3.38%
    40% 7 $2,075,000 $296,429 $6,226 3.34%
    44% 6 $2,250,000 $375,000 $7,013 3.48%
    39% 6 $1,490,000 $248,333 $3,951 3.25%
    38% 5 $1,255,000 $251,000 $2,841 3.13%
    <20% 4 $1,130,000 $282,500 $3,273 3.50%
    42% 4 $1,460,000 $365,000 $4,618 3.63%
    43% 3 $1,785,000 $595,000 $9,585 3.63%
    36% 3 $1,095,000 $365,000 $5,500 3.79%
    46% 3 $1,415,000 $471,667 $9,040 3.25%
    48% 2 $1,010,000 $505,000 $5,044 3.25%
    49% 2 $830,000 $415,000 $10,284 3.13%
    47% 1 $415,000 $415,000 $8,374 3.25%

    Residential Mortgage Services lent most frequently to those with DTI ratios of 20-30%, with 17 originations. The next most common DTI ratio? 30-36%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 58 $20,600,000 $355,172 $5,722 3.32%
    Not provided 17 $6,575,000 $386,765 $6,379 3.42%
    Asian 7 $2,565,000 $366,429 $8,727 3.75%
    Black 3 $1,505,000 $501,667 $7,359 3.50%
    Asian Indian 1 $385,000 $385,000 $4,024 4.13%

    Approval Rates

    Total approvals of all applications
    99.67%

    Residential Mortgage Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    -152.33%

    Residential Mortgage Services 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 86 $31,630,000 $367,791

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    86 $31,630,000 $367,791

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $520,000 $130,000 $4,852 3.03%
    40-60% 4 $1,090,000 $272,500 $4,264 3.16%
    60-80% 28 $12,230,000 $436,786 $5,645 3.44%
    80-100% 46 $17,530,000 $381,087 $7,037 3.49%
    Over 100% 1 $215,000 $215,000 $6,169 4.13%
    Under 20% 3 $45,000 $15,000 $21 2.00%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Rocket Mortgage, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 30.8%
    Rocket Mortgage, LLC Conventional home mortgage Closing on a mortgage 1 7.7%
    Rocket Mortgage, LLC Conventional home mortgage Struggling to pay mortgage 1 7.7%
    Rocket Mortgage, LLC Conventional home mortgage Trouble during payment process 3 23.1%
    Rocket Mortgage, LLC Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 15.4%
    Rocket Mortgage, LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 7.7%
    Rocket Mortgage, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.7%