Colonial Mortgage Service Company Of America Rates, Fees & Info
Montgomeryville, PALEI: 549300IO1KYLVNDJOQ94
Tax ID: 23-2689725
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Mortgage Data
Review & Overview
Colonial Mortgage Service Company Of America is a smaller mortgage company specializing in Home Purchase loans. Colonial Mortgage Service Company Of America has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Philadelphia, New York, Washington, Pittsburgh, and Ocean City among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)Colonial Mortgage Service Company Of America 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. Colonial Mortgage Service Company Of America 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.
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Originations
125Origination Dollar Volume (All Markets)
$35,545,000Top 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 |
|---|---|---|---|---|---|
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 52 | $14,760,000 | $283,846 | $6,092 | 4.43% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 15 | $4,625,000 | $308,333 | $3,943 | 4.43% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 14 | $4,380,000 | $312,857 | $14,974 | 4.32% |
| PITTSBURGH, PA (FHA|USDA|VA) | 14 | $4,290,000 | $306,429 | $0 | 4.23% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 4 | $1,380,000 | $345,000 | $5,458 | 4.09% |
| RICHMOND, VA (FHA|USDA|VA) | 5 | $1,185,000 | $237,000 | $2,940 | 4.25% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 3 | $875,000 | $291,667 | $3,487 | 3.96% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 3 | $725,000 | $241,667 | $3,540 | 3.63% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $0 | 4.19% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $4,467 | 3.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $0 | 4.31% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 4.50% |
| Outside of Metro Areas | 1 | $315,000 | $315,000 | $0 | 4.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 4.63% |
| READING, PA (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $0 | 4.31% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 4.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $9,033 | 4.38% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.38% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 4.38% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against COLONIAL MORTGAGE SERVICE COMPANY OF AMERICA 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 | 112 | $32,100,000 | $286,607 | $4,502 | 4.32% |
| FHA | 10 | $2,080,000 | $208,000 | $7,436 | 4.49% |
| VA | 3 | $1,365,000 | $455,000 | $18,020 | 4.63% |
For 2018, Colonial Mortgage Service Company Of America's most frequently originated type of loan was Conventional, with 112 originations. Their 2nd most popular type was FHA, with 10 originations.
Loan Reason
For 2018, Colonial Mortgage Service Company Of America's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 21 originations.
Loan Duration/Length
For 2018, Colonial Mortgage Service Company Of America's most frequently cited loan duration was 30 Year, with 105 originations. The 2nd most popular length was 15 Year, with 17 originations.
Origination Fees/Closing Costs
Colonial Mortgage Service Company Of America's average total fees were $6,946, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 96 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 95 | $26,535,000 | $279,316 |
| 3-4% | 24 | $7,320,000 | $305,000 |
| 5-6% | 6 | $1,690,000 | $281,667 |
During 2018, Colonial Mortgage Service Company Of America's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 4-5%, with 95 originations.
Loan Sizing
2018 saw Colonial Mortgage Service Company Of America place emphasis on $200k-400k loans with 65 originations, totaling $19,805,000 in origination value.
Applicant Income
Colonial Mortgage Service Company Of America lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 32 originations.
Applicant Debt to Income Ratio
Colonial Mortgage Service Company Of America lent most frequently to those with DTI ratios of 20-30%, with 31 originations. The next most common DTI ratio? 30-36%, with 19 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.51%
Colonial Mortgage Service Company Of America has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination69.60%
Colonial Mortgage Service Company Of America 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 | 125 | $35,545,000 | $284,360 |