The Money Source Mortgage Rates, Fees & Info

NEW YORK, NY

LEI: 549300JOT0D4J0SZIK67

Tax ID: 11-3412303

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    72

    Origination Dollar Volume (All Markets)

    $12,760,000

    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) 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%
    The Money Source's top markets include New York, Washington, Los Angeles, Houston, and Casper among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Pennsylvania (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.

    SANDIA LABORATORY
    Similarity Rank: 76
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 90
    BLUE BRICK FINANCIAL LLC
    Similarity Rank: 200
    ARIZONA CENTRAL
    Similarity Rank: 304
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 330
    Chaffey Federal Credit Union
    Similarity Rank: 345
    STATE EMPLOYEES
    Similarity Rank: 360
    METROPLEX MORTGAGE SERVICES, INC.
    Similarity Rank: 372
    TRISTAR FINANCE, INC.
    Similarity Rank: 378
    MANHATTAN FINANCIAL GROUP, INC.
    Similarity Rank: 384

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 40 $5,700,000 $142,500 $588 4.06%
    $200k-400k 21 $5,355,000 $255,000 $812 4.10%
    $100,000 or less 9 $715,000 $79,444 $739 4.14%
    $400k-600k 2 $990,000 $495,000 $1,730 2.81%

    2020 saw The Money Source place emphasis on $100k-200k loans with 40 originations, totaling $5,700,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 8 $1,450,000 $181,250 $886 3.95%
    $50k or less 6 $570,000 $95,000 $982 4.13%
    $75k-100k 6 $1,300,000 $216,667 $1,232 3.69%
    $100k-150k 3 $1,145,000 $381,667 $1,489 3.38%
    $150k-250k 2 $460,000 $230,000 $1,244 3.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 7 $1,865,000 $266,429 $1,284 3.59%
    45% 2 $230,000 $115,000 $992 3.88%
    41% 2 $390,000 $195,000 $962 4.00%
    48% 2 $250,000 $125,000 $962 3.94%
    37% 2 $200,000 $100,000 $1,037 4.00%
    42% 1 $155,000 $155,000 $1,007 4.50%
    44% 1 $135,000 $135,000 $317 3.88%
    46% 1 $245,000 $245,000 $1,535 3.25%
    49% 1 $265,000 $265,000 $917 3.38%
    <20% 1 $85,000 $85,000 $50 4.25%
    50-60% 1 $365,000 $365,000 $2,154 4.38%
    30-36% 1 $235,000 $235,000 $1,523 3.25%
    38% 1 $95,000 $95,000 $802 4.88%
    39% 1 $175,000 $175,000 $1,206 3.50%
    40% 1 $235,000 $235,000 $917 4.13%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 50 $8,260,000 $165,200 $667 4.02%
    Black 11 $2,165,000 $196,818 $374 4.19%
    Asian 6 $1,330,000 $221,667 $1,414 3.69%
    Not provided 5 $1,005,000 $201,000 $955 4.43%

    Approval Rates

    Total approvals of all applications
    99.97%

    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 origination
    87.50%

    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%