The Money Source Mortgage Rates, Fees & Info

NEW YORK, NY

LEI: 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.

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 6.27% 11/17/24
30 Year Conventional Refi 6.27% 11/17/24
30 Year Cash-out Refi 6.27% 11/17/24
30 Year FHA Purchase 6.27% 11/17/24
30 Year FHA Refi 6.27% 11/17/24
30 Year VA Purchase 6.27% 11/17/24
30 Year VA Refi 6.27% 11/17/24
30 Year USDA Purchase 6.27% 11/17/24
30 Year USDA Refi 6.27% 11/17/24
15 Year Conventional Purchase 5.68% 11/17/24
15 Year Conventional Refi 5.68% 11/17/24
15 Year Cash-out Refi 5.68% 11/17/24
15 Year FHA Purchase 5.68% 11/17/24
15 Year VA Purchase 5.68% 11/17/24
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






Your Estimates

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

This is not an official calculator from The Money Source. 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

11

Origination Dollar Volume (All Markets)

$3,055,000

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) 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%
The Money Source's top markets include Washington, Chicago, Olympia, Glens Falls, and El Paso among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • 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.

    ABNB Federal Credit Union
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    NUSENDA
    Similarity Rank: 144
    CALIFORNIA CREDIT UNION
    Similarity Rank: 208
    GUADALUPE CREDIT UNION
    Similarity Rank: 210

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 7 $1,925,000 $275,000 $1,190 3.45%
    $100k-200k 3 $505,000 $168,333 $1,058 3.21%
    $600k-1MM 1 $625,000 $625,000 $267 2.75%

    2023 saw The Money Source place emphasis on $200k-400k loans with 7 originations, totaling $1,925,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 3 $625,000 $208,333 $1,222 2.92%
    $150k-250k 2 $970,000 $485,000 $1,130 3.00%
    $100k-150k 1 $315,000 $315,000 $1,868 2.75%
    $50k or less 1 $155,000 $155,000 $1,177 4.38%
    $75k-100k 1 $235,000 $235,000 $921 3.00%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 2 $480,000 $240,000 $1,475 2.50%
    20-30% 2 $580,000 $290,000 $1,457 3.13%
    30-36% 1 $185,000 $185,000 $915 3.00%
    45% 1 $155,000 $155,000 $1,177 4.38%
    49% 1 $625,000 $625,000 $267 2.75%
    >60% 1 $275,000 $275,000 $1,667 3.50%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 4 $1,380,000 $345,000 $776 3.16%
    White 4 $710,000 $177,500 $1,023 3.50%
    Black 2 $690,000 $345,000 $1,454 3.19%
    Asian 1 $275,000 $275,000 $1,667 3.50%

    Approval Rates

    Total approvals of all applications
    99.80%

    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 origination
    90.91%

    The Money Source has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 11 $3,055,000 $277,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    11 $3,055,000 $277,727