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 loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Washington, Los Angeles, Houston, and Casper among others. We have data for 51 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 a below 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% | 11/22/24 |
| 30 Year Conventional Refi | 6.27% | 11/22/24 |
| 30 Year Cash-out Refi | 6.27% | 11/22/24 |
| 30 Year FHA Purchase | 6.27% | 11/22/24 |
| 30 Year FHA Refi | 6.27% | 11/22/24 |
| 30 Year VA Purchase | 6.27% | 11/22/24 |
| 30 Year VA Refi | 6.27% | 11/22/24 |
| 30 Year USDA Purchase | 6.27% | 11/22/24 |
| 30 Year USDA Refi | 6.27% | 11/22/24 |
| 15 Year Conventional Purchase | 5.68% | 11/22/24 |
| 15 Year Conventional Refi | 5.68% | 11/22/24 |
| 15 Year Cash-out Refi | 5.68% | 11/22/24 |
| 15 Year FHA Purchase | 5.68% | 11/22/24 |
| 15 Year VA Purchase | 5.68% | 11/22/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
72Origination Dollar Volume (All Markets)
$12,760,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $1,330,000 | $221,667 | $783 | 4.19% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $50 | 3.69% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $3,142 | 2.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $960 | 4.13% |
| Outside of Metro Areas | 5 | $495,000 | $99,000 | $561 | 4.03% |
| CASPER, WY (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $1,407 | 3.94% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $317 | 2.88% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $870 | 4.21% |
| MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,154 | 4.38% |
| SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $480 | 4.13% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $50 | 3.75% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $529 | 4.38% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $50 | 3.38% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $1,535 | 3.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $910 | 5.00% |
| Seymour, IN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $50 | 4.88% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $559 | 3.81% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $917 | 4.13% |
| CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,481 | 3.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,523 | 3.25% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $50 | 5.25% |
| NILES, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,007 | 4.25% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $869 | 4.31% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $910 | 3.25% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $50 | 5.38% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $50 | 3.25% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $50 | 4.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $50 | 3.75% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $820 | 4.38% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $869 | 4.25% |
| LAWTON, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,206 | 3.50% |
| Hobbs, NM (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $910 | 3.88% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $50 | 5.25% |
| Alexandria, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $50 | 3.25% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $50 | 3.88% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $970 | 4.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,007 | 3.13% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $820 | 4.88% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $820 | 5.25% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $317 | 3.75% |
| ROCHESTER, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $820 | 3.75% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $917 | 4.13% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $317 | 3.88% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $50 | 4.50% |
| Elk City, OK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $50 | 5.25% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $910 | 3.38% |
| McMinnville, TN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $917 | 4.13% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $820 | 4.13% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $802 | 4.88% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $50 | 3.12% |
| TULSA, OK (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $1,157 | 3.88% |
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 |
|---|---|---|---|---|---|
| FHA | 36 | $5,460,000 | $151,667 | $918 | 4.11% |
| VA | 34 | $7,080,000 | $208,235 | $466 | 3.96% |
| USDA | 2 | $220,000 | $110,000 | $895 | 4.31% |
For 2020, The Money Source's most frequently originated type of loan was FHA, with 36 originations. Their 2nd most popular type was VA, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 72 | $12,760,000 | $177,222 | $704 | 4.05% |
For 2020, The Money Source's most frequently cited loan purpose was Home Purchase, with 72 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 72 | $12,760,000 | $177,222 | $704 | 4.05% |
For 2020, The Money Source's most frequently cited loan duration was Other, with 72 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 72 | $12,760,000 | $177,222 |
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 72 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 34 | $5,660,000 | $166,471 |
| 4-5% | 31 | $5,235,000 | $168,871 |
| 5-6% | 5 | $875,000 | $175,000 |
| 2.5-3% | 2 | $990,000 | $495,000 |
During 2020, The Money Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 34 originations.
Loan Sizing
2020 saw The Money Source place emphasis on $100k-200k loans with 40 originations, totaling $5,700,000 in origination value.
Applicant Income
The Money Source lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 6 originations.
Applicant Debt to Income Ratio
The Money Source lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 45%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.97%
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 origination87.50%
The Money Source has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 72 | $12,760,000 | $177,222 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $615,000 | $205,000 |
| Single Family (1-4 Units):Site-Built | 69 | $12,145,000 | $176,014 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 72 | $12,760,000 | $177,222 | $704 | 4.05% |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| THE MONEY HOUSE, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 16.7% |
| THE MONEY HOUSE, INC. | VA mortgage | Closing on a mortgage | 5 | 83.3% |