Mortgage 1 Incorporated Rates, Fees & Info
STERLING HEIGHTS, MILEI: 549300IWE0Y507LPF493
Tax ID: 38-3133176
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
10,053Origination Dollar Volume (All Markets)
$2,001,765,000Relative 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 applications98.13%
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 origination79.38%
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% |
