Mission Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300IOX9BEK4O4M683

Tax ID: 81-3313999

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Mission Mortgage is a smaller mortgage company specializing in Home Purchase loans. Mission Mortgage 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: Washington, Baltimore, Pittsburgh, and Punta Gorda among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mission Mortgage 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. Mission Mortgage is typically a high 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	6.46%	11/22/24
30 Year Conventional Refi	5.88%	11/22/24
30 Year Cash-out Refi	6.58%	11/22/24
30 Year FHA Purchase	7.60%	11/22/24
30 Year VA Purchase	6.18%	11/22/24
30 Year USDA Purchase	6.94%	11/22/24
15 Year Conventional Purchase	6.65%	11/22/24
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.

Mission Mortgage Mortgage Calculator

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

Your Estimates

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

This is not an official calculator from Mission Mortgage. 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

132

Origination Dollar Volume (All Markets)

$65,860,000

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	117	$61,045,000	$521,752	$8,512	4.45%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	11	$3,735,000	$339,545	$6,424	4.28%
Outside of Metro Areas	2	$730,000	$365,000	$6,874	4.75%
PITTSBURGH, PA (FHA\|USDA\|VA)	1	$205,000	$205,000	$6,445	5.63%
PUNTA GORDA, FL (FHA\|USDA\|VA)	1	$145,000	$145,000	$4,911	3.75%

Mission Mortgage's top markets include Washington, Baltimore, Pittsburgh, and Punta Gorda among others.

Their top states include:

Maryland (FHA|USDA|VA)

Virginia (FHA|USDA|VA)

District of Columbia (FHA|USDA|VA)

West Virginia (FHA|USDA|VA)

Pennsylvania (FHA|USDA|VA)

Similar Lenders

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

RSI BANK
Similarity Rank: 30

Schuyler Savings Bank
Similarity Rank: 51

DADE COUNTY FEDERAL CREDIT UNION
Similarity Rank: 94

North Jersey Federal Credit Union
Similarity Rank: 124

The First National Bank of Long Island
Similarity Rank: 142

POINT BREEZE
Similarity Rank: 144

We Florida Financial
Similarity Rank: 156

FIRST FINANCIAL OF MARYLAND
Similarity Rank: 156

N C P D Federal Credit Union
Similarity Rank: 201

RAILROAD & INDUSTRIAL
Similarity Rank: 335

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	112	$55,070,000	$491,696	$6,967	4.43%
VA	11	$7,715,000	$701,364	$19,404	4.53%
FHA	8	$2,790,000	$348,750	$11,405	4.50%
USDA	1	$285,000	$285,000	$6,715	4.13%

For 2022, Mission Mortgage's most frequently originated type of loan was Conventional, with 112 originations. Their 2nd most popular type was VA, with 11 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	122	$61,800,000	$506,557	$8,530	4.51%
Cash Out Refi	9	$3,905,000	$433,889	$4,974	3.73%
Refi	1	$155,000	$155,000	$6,236	3.25%

For 2022, Mission Mortgage's most frequently cited loan purpose was Home Purchase, with 122 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	126	$64,050,000	$508,333	$8,445	4.49%
10 Year	2	$790,000	$395,000	$3,457	3.18%
15 Year	2	$550,000	$275,000	$7,323	4.13%
20 Year	1	$255,000	$255,000	$2,997	3.25%
Other	1	$215,000	$215,000	$3,105	3.63%

For 2022, Mission Mortgage's most frequently cited loan duration was 30 Year, with 126 originations. The 2nd most popular length was 10 Year, with 2 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$1k-2k	91	$41,325,000	$454,121
$5k+	24	$17,870,000	$744,583
$2k-3k	8	$2,400,000	$300,000
$3k-4k	6	$3,200,000	$533,333
$4k-5k	3	$1,065,000	$355,000

Mission Mortgage's average total fees were $8,445, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 91 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	47	$23,855,000	$507,553
4-5%	45	$24,625,000	$547,222
5-6%	32	$12,520,000	$391,250
2.5-3%	5	$2,225,000	$445,000
6-7%	2	$2,190,000	$1,095,000
7-8%	1	$445,000	$445,000

During 2022, Mission Mortgage's average interest rate for loans was 4.49%, while their most frequently originated rate bucket for loans was 3-4%, with 47 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	50	$15,050,000	$301,000	$6,024	4.42%
$400k-600k	43	$20,685,000	$481,047	$7,727	4.48%
$600k-1MM	23	$16,745,000	$728,043	$11,157	4.27%
$100k-200k	9	$1,455,000	$161,667	$4,364	4.68%
$1MM+	7	$11,925,000	$1,703,571	$23,196	4.64%

2022 saw Mission Mortgage place emphasis on $200k-400k loans with 50 originations, totaling $15,050,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	132	$65,860,000	$498,939	$8,271	4.44%

Mission Mortgage lent most frequently to those with incomes in the $50k or less range, with 132 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	26	$14,480,000	$556,923	$9,436	4.95%
20-30%	22	$10,750,000	$488,636	$7,123	4.39%
<20%	14	$6,900,000	$492,857	$5,246	4.08%
45%	11	$5,665,000	$515,000	$12,153	4.02%
41%	9	$5,185,000	$576,111	$7,335	4.11%
36%	7	$3,285,000	$469,286	$7,368	4.44%
48%	6	$2,500,000	$416,667	$5,801	4.77%
42%	5	$2,655,000	$531,000	$6,702	3.70%
38%	5	$2,145,000	$429,000	$5,745	3.82%
50-60%	4	$2,160,000	$540,000	$17,038	5.03%
46%	4	$1,390,000	$347,500	$6,028	5.15%
39%	3	$1,055,000	$351,667	$5,379	3.92%
43%	3	$1,935,000	$645,000	$8,964	3.63%
40%	3	$905,000	$301,667	$8,125	4.04%
44%	3	$1,755,000	$585,000	$13,416	4.33%
37%	3	$875,000	$291,667	$8,085	5.54%
47%	2	$770,000	$385,000	$8,138	5.25%
49%	2	$1,450,000	$725,000	$13,732	5.19%

Mission Mortgage lent most frequently to those with DTI ratios of 30-36%, with 26 originations. The next most common DTI ratio? 20-30%, with 22 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	60	$31,680,000	$528,000	$7,773	4.52%
Not provided	38	$16,760,000	$441,053	$6,841	4.37%
Black	26	$12,810,000	$492,692	$10,339	4.35%
Asian	6	$4,190,000	$698,333	$14,630	4.67%
American Indian	2	$420,000	$210,000	$4,407	4.25%

Approval Rates

Total approvals of all applications
95.88%

Mission Mortgage 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
65.15%

Mission Mortgage 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	132	$65,860,000	$498,939

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	132	$65,860,000	$498,939

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	2	$460,000	$230,000	$3,917	4.06%
40-60%	14	$7,230,000	$516,429	$6,660	4.48%
60-80%	32	$16,220,000	$506,875	$6,960	4.48%
80-100%	79	$37,745,000	$477,785	$7,808	4.43%
Over 100%	5	$4,205,000	$841,000	$30,215	4.52%