The Money Source Mortgage Rates, Fees & Info
NEW YORK, NYLEI: 549300JOT0D4J0SZIK67
Tax ID: 11-3412303
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Mortgage Data
Review & Overview
The Money Source is a smaller mortgage company specializing in Home Purchase and Other loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Washington, Chicago, Olympia, Glens Falls, and El Paso among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)The Money Source has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 4/18/24 |
| 30 Year Conventional Refi | 6.27% | 4/18/24 |
| 30 Year Cash-out Refi | 6.27% | 4/18/24 |
| 30 Year FHA Purchase | 6.27% | 4/18/24 |
| 30 Year FHA Refi | 6.27% | 4/18/24 |
| 30 Year VA Purchase | 6.27% | 4/18/24 |
| 30 Year VA Refi | 6.27% | 4/18/24 |
| 30 Year USDA Purchase | 6.27% | 4/18/24 |
| 30 Year USDA Refi | 6.27% | 4/18/24 |
| 15 Year Conventional Purchase | 5.68% | 4/18/24 |
| 15 Year Conventional Refi | 5.68% | 4/18/24 |
| 15 Year Cash-out Refi | 5.68% | 4/18/24 |
| 15 Year FHA Purchase | 5.68% | 4/18/24 |
| 15 Year VA Purchase | 5.68% | 4/18/24 |
| 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. | ||
The Money Source Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
11Origination Dollar Volume (All Markets)
$3,055,000Top 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 |
|---|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $1,245,000 | $415,000 | $1,309 | 3.17% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $915 | 3.06% |
| OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $1,868 | 2.75% |
| GLENS FALLS, NY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $921 | 3.00% |
| Outside of Metro Areas | 1 | $205,000 | $205,000 | $915 | 4.38% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $50 | 4.13% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,083 | 2.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,177 | 4.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against THE MONEY SOURCE 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 |
|---|---|---|---|---|---|
| VA | 6 | $1,930,000 | $321,667 | $1,155 | 3.10% |
| FHA | 5 | $1,125,000 | $225,000 | $969 | 3.58% |
For 2023, The Money Source's most frequently originated type of loan was VA, with 6 originations. Their 2nd most popular type was FHA, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 6 | $1,870,000 | $311,667 | $1,175 | 2.83% |
| Other | 4 | $910,000 | $227,500 | $764 | 4.00% |
| Cash Out Refi | 1 | $275,000 | $275,000 | $1,667 | 3.50% |
For 2023, The Money Source's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Other, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 11 | $3,055,000 | $277,727 | $1,070 | 3.32% |
For 2023, The Money Source's most frequently cited loan duration was Other, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 11 | $3,055,000 | $277,727 |
The Money Source's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 4 | $1,360,000 | $340,000 |
| 3-4% | 3 | $965,000 | $321,667 |
| 4-5% | 3 | $565,000 | $188,333 |
| <2.5% | 1 | $165,000 | $165,000 |
During 2023, The Money Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 4 originations.
Loan Sizing
2023 saw The Money Source place emphasis on $200k-400k loans with 7 originations, totaling $1,925,000 in origination value.
Applicant Income
The Money Source lent most frequently to those with incomes in the $50k-75k range, with 3 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
The Money Source lent most frequently to those with DTI ratios of <20%, with 2 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.80%
The Money Source has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.91%
The Money Source has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 11 | $3,055,000 | $277,727 |