Prudential Affordable Mortgage Company Rates, Fees & Info

Newark, NJ

LEI: 549300J5WHZ3UBAKJW15

Tax ID: 54-1890355

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Mortgage Data

Review & Overview

Prudential Affordable Mortgage Company is a small mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Prudential Affordable Mortgage Company has a high proportion of conventional loans. Their top markets by origination volume include: New York, Tampa, Dallas, Washington, and Atlanta among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)

Prudential Affordable Mortgage Company 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.

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Originations

46

Origination Dollar Volume (All Markets)

$1,155,050,000

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 9 $399,195,000 $44,355,000 $0 4.45%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $133,640,000 $22,273,333 $0 4.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $66,720,000 $33,360,000 $0 4.17%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $58,820,000 $29,410,000 $0 4.52%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $58,345,000 $19,448,333 $0 4.65%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 4 $54,590,000 $13,647,500 $0 4.22%
SPARTANBURG, SC (FHA|USDA|VA) 2 $53,420,000 $26,710,000 $0 3.46%
COLUMBUS, OH (FHA|USDA|VA) 1 $40,005,000 $40,005,000 $0 3.86%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $37,140,000 $18,570,000 $0 5.08%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $34,105,000 $34,105,000 $0 4.17%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $29,525,000 $29,525,000 $0 5.72%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $28,175,000 $28,175,000 $0 4.93%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $26,365,000 $26,365,000 $0 3.76%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $25,375,000 $25,375,000 $0 4.21%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $23,405,000 $23,405,000 $0 4.33%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $21,435,000 $21,435,000 $0 4.47%
CANTON-MASSILLON, OH (FHA|USDA|VA) 2 $18,930,000 $9,465,000 $0 4.19%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $16,945,000 $16,945,000 $0 4.32%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $10,005,000 $10,005,000 $0 4.27%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $6,005,000 $6,005,000 $0 4.53%
Jacksonville, TX (FHA|USDA|VA) 1 $4,805,000 $4,805,000 $0 4.04%
ASHEVILLE, NC (FHA|USDA|VA) 1 $4,595,000 $4,595,000 $0 4.91%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $3,505,000 $3,505,000 $0 5.34%
Prudential Affordable Mortgage Company's top markets include New York, Tampa, Dallas, Washington, and Atlanta among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $1,155,050,000 $25,109,783 $0 4.41%

    For 2018, Prudential Affordable Mortgage Company's most frequently originated type of loan was Conventional, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 18 $445,230,000 $24,735,000 $0 4.45%
    Home Purchase 14 $417,310,000 $29,807,857 $0 4.47%
    Cash Out Refi 13 $258,485,000 $19,883,462 $0 4.32%
    Home Improvement 1 $34,025,000 $34,025,000 $0 3.83%

    For 2018, Prudential Affordable Mortgage Company's most frequently cited loan purpose was Refi, with 18 originations. The 2nd most popular reason was Home Purchase, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 24 $463,760,000 $19,323,333 $0 4.38%
    10 Year 15 $411,105,000 $27,407,000 $0 4.42%
    15 Year 7 $280,185,000 $40,026,429 $0 4.48%

    For 2018, Prudential Affordable Mortgage Company's most frequently cited loan duration was Other, with 24 originations. The 2nd most popular length was 10 Year, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 34 $922,620,000 $27,135,882
    3-4% 9 $192,895,000 $21,432,778
    5-6% 3 $39,535,000 $13,178,333

    During 2018, Prudential Affordable Mortgage Company's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 46 $1,155,050,000 $25,109,783 $0 4.41%

    2018 saw Prudential Affordable Mortgage Company place emphasis on $1MM+ loans with 46 originations, totaling $1,155,050,000 in origination value.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 46 $1,155,050,000 $25,109,783 $0 4.41%

    Approval Rates

    Total approvals of all applications
    98.39%

    Prudential Affordable Mortgage Company 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
    89.13%

    Prudential Affordable Mortgage Company has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 46 $1,155,050,000 $25,109,783

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 46 $1,155,050,000 $25,109,783

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $14,485,000 $14,485,000 $0 3.93%
    40-60% 4 $69,020,000 $17,255,000 $0 4.31%
    60-80% 35 $992,365,000 $28,353,286 $0 4.38%
    80-100% 4 $55,870,000 $13,967,500 $0 4.66%
    Under 20% 2 $23,310,000 $11,655,000 $0 4.85%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Partners for Payment Relief Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 100.0%