Residential Mortgage Services Rates, Fees & Info
AUGUSTA, MELEI: 549300IGSWBIHAL67063
Tax ID: 01-0464609
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.76% | 12/16/24 |
| 30 Year Conventional Refi | 6.65% | 12/16/24 |
| 30 Year Cash-out Refi | 6.74% | 12/16/24 |
| 30 Year FHA Purchase | 7.53% | 12/16/24 |
| 30 Year FHA Refi | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 7.02% | 12/16/24 |
| 15 Year Conventional Purchase | 5.30% | 12/16/24 |
| 15 Year Conventional Refi | 6.27% | 12/16/24 |
| 15 Year Cash-out Refi | 6.27% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
86Origination Dollar Volume (All Markets)
$31,630,000Awards
RESIDENTIAL MORTGAGE SERVICES - 2022
RESIDENTIAL MORTGAGE SERVICES is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
Their top states include:
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.
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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
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
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
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
2022 saw Residential Mortgage Services place emphasis on $200k-400k loans with 34 originations, totaling $10,400,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications99.67%
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 |
LTV Distribution
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% |