Mortgage 1 Incorporated Rates, Fees & Info

STERLING HEIGHTS, MI

LEI: 549300IWE0Y507LPF493

Tax ID: 38-3133176

4.2 stars - out of 5 stars, based on 100 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mortgage 1 Incorporated is a small mortgage company specializing in Home Purchase loans. Mortgage 1 Incorporated 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 Detroit, Grand Rapids, Cape Coral, Muskegon, and Ann Arbor among others. Mortgage 1 Incorporated has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mortgage 1 Incorporated is typically an average fee lendor.


Originations

10,053

Origination Dollar Volume (All Markets)

$2,001,765,000

Relative Rate

Mortgage 1 Incorporated's average 30 year fixed rate mortgage of loans were 3.39%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.24%.

Relative Fees

Mortgage 1 Incorporated's average total fees for a 30 year fixed rate mortgage are $4,784.

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

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 5,102 $1,024,100,000 $200,725 $4,223 3.28%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1,015 $211,765,000 $208,635 $4,469 3.31%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 596 $162,270,000 $272,265 $5,716 3.23%
MUSKEGON, MI (FHA|USDA|VA) 586 $96,760,000 $165,119 $4,133 3.38%
ANN ARBOR, MI (FHA|USDA|VA) 345 $80,995,000 $234,768 $3,680 3.21%
Outside of Metro Areas 387 $64,735,000 $167,274 $4,515 3.31%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 353 $48,985,000 $138,768 $4,443 3.33%
JACKSON, MI (FHA|USDA|VA) 324 $48,820,000 $150,679 $5,126 3.36%
FLINT, MI (FHA|USDA|VA) 277 $48,335,000 $174,495 $4,747 3.28%
MONROE, MI (FHA|USDA|VA) 151 $27,375,000 $181,291 $5,475 3.35%
Holland, MI (FHA|USDA|VA) 90 $18,170,000 $201,889 $4,702 3.38%
Ludington, MI (FHA|USDA|VA) 66 $12,390,000 $187,727 $4,954 3.20%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 37 $11,495,000 $310,676 $5,599 3.18%
Adrian, MI (FHA|USDA|VA) 62 $11,050,000 $178,226 $4,367 3.38%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 17 $11,035,000 $649,118 $6,474 3.01%
WICHITA, KS (FHA|USDA|VA) 61 $10,495,000 $172,049 $5,271 3.46%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 52 $9,560,000 $183,846 $5,179 3.45%
DAYTON-KETTERING, OH (FHA|USDA|VA) 62 $9,490,000 $153,065 $4,828 3.46%
Cadillac, MI (FHA|USDA|VA) 55 $8,545,000 $155,364 $4,933 3.35%
SAGINAW, MI (FHA|USDA|VA) 48 $7,320,000 $152,500 $4,469 3.40%
Hillsdale, MI (FHA|USDA|VA) 41 $6,905,000 $168,415 $5,519 3.28%
PUNTA GORDA, FL (FHA|USDA|VA) 17 $5,235,000 $307,941 $5,139 3.14%
Traverse City, MI (FHA|USDA|VA) 20 $4,540,000 $227,000 $4,361 3.21%
BATTLE CREEK, MI (FHA|USDA|VA) 23 $4,005,000 $174,130 $4,787 3.27%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 16 $3,840,000 $240,000 $4,636 3.10%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 12 $3,460,000 $288,333 $9,551 3.25%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $3,355,000 $305,000 $5,468 3.03%
Big Rapids, MI (FHA|USDA|VA) 21 $3,095,000 $147,381 $3,910 3.33%
MIDLAND, MI (FHA|USDA|VA) 18 $3,020,000 $167,778 $4,558 3.54%
NILES, MI (FHA|USDA|VA) 14 $2,730,000 $195,000 $5,036 3.67%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 9 $2,365,000 $262,778 $6,042 3.26%
Alma, MI (FHA|USDA|VA) 15 $2,025,000 $135,000 $4,807 3.32%
TOLEDO, OH (FHA|USDA|VA) 14 $1,820,000 $130,000 $5,419 3.55%
Coldwater, MI (FHA|USDA|VA) 9 $1,815,000 $201,667 $3,325 3.12%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 6 $1,610,000 $268,333 $2,651 3.14%
Helena, MT (FHA|USDA|VA) 6 $1,560,000 $260,000 $7,221 3.21%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,505,000 $301,000 $9,628 3.12%
COLUMBUS, OH (FHA|USDA|VA) 5 $1,455,000 $291,000 $4,354 3.25%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 5 $1,375,000 $275,000 $4,985 3.67%
GREAT FALLS, MT (FHA|USDA|VA) 6 $1,370,000 $228,333 $6,521 3.48%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,250,000 $312,500 $6,142 3.59%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $1,035,000 $207,000 $3,545 3.13%
Mount Pleasant, MI (FHA|USDA|VA) 6 $970,000 $161,667 $6,611 3.44%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $915,000 $305,000 $5,139 3.29%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $805,000 $805,000 $3,881 2.88%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 4 $800,000 $200,000 $6,374 3.34%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $795,000 $159,000 $5,016 3.60%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $720,000 $360,000 $4,946 3.50%
Alpena, MI (FHA|USDA|VA) 4 $690,000 $172,500 $4,790 3.47%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $625,000 $625,000 $4,179 2.25%
Houghton, MI (FHA|USDA|VA) 2 $560,000 $280,000 $3,121 3.38%
OWENSBORO, KY (FHA|USDA|VA) 1 $545,000 $545,000 $4,134 2.13%
Okeechobee, FL (FHA|USDA|VA) 1 $535,000 $535,000 $6,610 3.50%
Clewiston, FL (FHA|USDA|VA) 4 $530,000 $132,500 $5,829 2.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,250 3.18%
Key West, FL (FHA|USDA|VA) 1 $495,000 $495,000 $11,810 2.75%
SPRINGFIELD, OH (FHA|USDA|VA) 3 $465,000 $155,000 $3,341 3.46%
Sidney, OH (FHA|USDA|VA) 3 $455,000 $151,667 $6,494 3.24%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $425,000 $425,000 $18,855 2.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $420,000 $210,000 $4,003 2.68%
BAY CITY, MI (FHA|USDA|VA) 5 $415,000 $83,000 $3,159 3.62%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $385,000 $385,000 $4,251 2.99%
STOCKTON, CA (FHA|USDA|VA) 1 $375,000 $375,000 $2,625 2.99%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $370,000 $185,000 $6,126 3.31%
FORT WAYNE, IN (FHA|USDA|VA) 1 $365,000 $365,000 $12,001 2.88%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $345,000 $345,000 $3,848 2.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $345,000 $345,000 $3,400 2.88%
Sturgis, MI (FHA|USDA|VA) 2 $320,000 $160,000 $3,212 3.56%
Hutchinson, KS (FHA|USDA|VA) 1 $315,000 $315,000 $564 3.63%
Sault Ste. Marie, MI (FHA|USDA|VA) 2 $300,000 $150,000 $3,219 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $265,000 $265,000 $3,984 3.25%
PANAMA CITY, FL (FHA|USDA|VA) 1 $265,000 $265,000 $4,314 2.99%
Bellefontaine, OH (FHA|USDA|VA) 1 $255,000 $255,000 $10,468 3.50%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $255,000 $255,000 $5,061 2.99%
Palatka, FL (FHA|USDA|VA) 1 $245,000 $245,000 $5,627 3.25%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,327 3.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $235,000 $235,000 $4,837 3.25%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $225,000 $225,000 $7,015 2.38%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,893 3.25%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $205,000 $205,000 $3,584 2.99%
OCALA, FL (FHA|USDA|VA) 1 $205,000 $205,000 $3,262 3.38%
Wilmington, OH (FHA|USDA|VA) 1 $185,000 $185,000 $6,710 3.99%
Marquette, MI (FHA|USDA|VA) 1 $175,000 $175,000 $2,612 3.13%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $165,000 $165,000 $5,108 2.99%
Portsmouth, OH (FHA|USDA|VA) 1 $155,000 $155,000 $7,819 3.25%
EL PASO, TX (FHA|USDA|VA) 1 $105,000 $105,000 $7,707 2.75%
Winfield, KS (FHA|USDA|VA) 1 $105,000 $105,000 $6,394 4.25%
Angola, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,494 3.63%
Pittsburg, KS (FHA|USDA|VA) 1 $85,000 $85,000 $2,888 3.25%
BLOOMINGTON, IL (FHA|USDA|VA) 1 $85,000 $85,000 $2,901 3.99%
Frankfort, KY (FHA|USDA|VA) 1 $85,000 $85,000 $2,071 2.99%
Greenville, OH (FHA|USDA|VA) 1 $55,000 $55,000 $5,192 3.75%

Mortgage 1 Incorporated's top markets include Detroit, Grand Rapids, Cape Coral, Muskegon, and Ann Arbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 7,599 $1,556,305,000 $204,804 $3,607 3.25%
FHA 1,865 $321,865,000 $172,582 $7,719 3.52%
VA 332 $82,290,000 $247,861 $6,316 3.11%
USDA 257 $41,305,000 $160,720 $6,080 3.24%

For the 2021 period, Mortgage 1 Incorporated's most frequently originated loan type of loans were Conventional, with 7,599 originations. Their 2nd most popular type is FHA, with 1,865 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 6,357 $1,304,075,000 $205,140 $5,043 3.39%
Refi 2,030 $384,430,000 $189,374 $3,133 3.01%
Cash Out Refi 1,666 $313,260,000 $188,031 $4,006 3.26%

For the 2021, Mortgage 1 Incorporated's most frequently cited loan purpose of loans were Home Purchase, with 6,357 originations. The 2nd most popular reason of loans were Refi, with 2,030 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 8,309 $1,681,805,000 $202,408 $4,784 3.39%
15 Year 1,100 $198,830,000 $180,755 $2,957 2.66%
20 Year 396 $76,190,000 $192,399 $3,156 3.11%
Other 164 $32,210,000 $196,402 $3,248 3.15%
10 Year 84 $12,730,000 $151,548 $2,757 2.67%

For the 2021, Mortgage 1 Incorporated's most frequently cited loan length of loans were 30 Year, with 8,309 originations. The 2nd most popular length of loans were 15 Year, with 1,100 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 5,938 $1,200,490,000 $202,171
$2k-3k 2,248 $385,160,000 $171,335
$3k-4k 1,456 $309,320,000 $212,445
$5k+ 307 $83,855,000 $273,143
$<1k 102 $22,420,000 $219,804

$4,784 of loans were Mortgage 1 Incorporated's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 5,938 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 6,459 $1,242,615,000 $192,385
2.5-3% 2,730 $584,790,000 $214,209
<2.5% 577 $129,195,000 $223,908
4-5% 280 $44,170,000 $157,750
5-6% 7 $995,000 $142,143

During 2021, Mortgage 1 Incorporated's average interest rate of loans were 3.39%, while their most frequently originated rate bucket of loans were 3-4%, with 6,459 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 4,849 $725,265,000 $149,570 $4,280 3.36%
$200k-400k 3,550 $951,580,000 $268,051 $4,976 3.20%
$100,000 or less 1,187 $92,475,000 $77,906 $3,361 3.37%
$400k-600k 430 $204,080,000 $474,605 $5,022 3.09%
$600k-1MM 34 $25,040,000 $736,471 $6,963 2.94%
$1MM+ 3 $3,325,000 $1,108,333 $8,562 3.17%

2021 saw Mortgage 1 Incorporated place emphasis on $100k-200k loans with 4,849 originations, totaling $725,265,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 2,903 $515,875,000 $177,704 $4,632 3.34%
$50k or less 2,689 $353,675,000 $131,527 $4,317 3.40%
$75k-100k 1,762 $375,790,000 $213,275 $4,615 3.26%
$100k-150k 1,665 $422,235,000 $253,595 $4,320 3.17%
$150k-250k 781 $232,455,000 $297,638 $4,245 3.12%
$250k+ 243 $99,035,000 $407,551 $4,812 3.14%

Mortgage 1 Incorporated lent most frequently to those with incomes in the $50k-75k range, with 2,903 originations. The second most popular income band? $50k or less, with 2,689 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 2,103 $416,875,000 $198,229 $3,903 3.21%
30-36% 2,012 $392,690,000 $195,174 $4,247 3.30%
<20% 602 $112,840,000 $187,442 $3,575 3.12%
43% 476 $96,400,000 $202,521 $4,567 3.40%
44% 454 $89,960,000 $198,150 $4,622 3.40%
42% 425 $85,685,000 $201,612 $4,671 3.39%
40% 425 $85,205,000 $200,482 $4,541 3.33%
38% 397 $77,665,000 $195,630 $4,525 3.36%
39% 396 $78,820,000 $199,040 $4,740 3.37%
37% 385 $73,375,000 $190,584 $4,472 3.39%
41% 382 $77,410,000 $202,644 $4,569 3.38%
36% 371 $72,555,000 $195,566 $4,399 3.35%
50-60% 329 $67,575,000 $205,395 $7,942 3.29%
45% 254 $51,840,000 $204,094 $4,714 3.30%
47% 253 $54,385,000 $214,960 $4,952 3.31%
48% 250 $53,950,000 $215,800 $5,121 3.26%
49% 249 $53,055,000 $213,072 $4,893 3.27%
46% 241 $51,825,000 $215,041 $5,238 3.27%
>60% 7 $1,625,000 $232,143 $5,161 3.27%

Mortgage 1 Incorporated lent most frequently to those with DTI ratios of 20-30%, with 2,103 originations. The next most common DTI ratio? 30-36%, with 2,012 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 8,375 $1,667,915,000 $199,154 $4,384 3.28%
Not provided 852 $173,710,000 $203,885 $4,474 3.33%
Black 609 $107,675,000 $176,806 $5,481 3.49%
Asian 175 $43,345,000 $247,686 $4,990 3.17%
American Indian 38 $8,460,000 $222,632 $5,442 3.39%
Native Hawaiian 3 $575,000 $191,667 $4,183 3.17%
Not applicable 1 $85,000 $85,000 $3,245 2.50%

Approval Rates

Total approvals of all applications
98.13%

Mortgage 1 Incorporated 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
79.38%

Mortgage 1 Incorporated has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 10,053 $2,001,765,000 $199,121

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
10,053 $2,001,765,000 $199,121

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 231 $29,205,000 $126,429 $2,861 2.91%
40-60% 1,005 $177,475,000 $176,592 $3,053 2.98%
60-80% 3,221 $667,335,000 $207,183 $3,839 3.24%
80-100% 5,520 $1,109,060,000 $200,917 $5,128 3.40%
Over 100% 65 $17,875,000 $275,000 $10,589 3.09%
Under 20% 11 $815,000 $74,091 $2,453 2.81%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MORTGAGE 1 INCORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%