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 Other 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, Atlanta, Phoenix, and Philadelphia among others. We have data for 41 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% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 30 Year FHA Purchase | 6.27% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 30 Year VA Purchase | 6.27% | 11/21/24 |
| 30 Year VA Refi | 6.27% | 11/21/24 |
| 30 Year USDA Purchase | 6.27% | 11/21/24 |
| 30 Year USDA Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| 15 Year FHA Purchase | 5.68% | 11/21/24 |
| 15 Year VA Purchase | 5.68% | 11/21/24 |
| 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
57Origination Dollar Volume (All Markets)
$11,065,000Top 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) | 4 | $1,420,000 | $355,000 | $981 | 3.72% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $160,173 | 3.96% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $858 | 4.38% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $575,000 | $191,667 | $947 | 3.83% |
| Outside of Metro Areas | 4 | $490,000 | $122,500 | $481 | 4.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $510 | 4.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $2,265 | 3.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $50 | 3.25% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $50 | 3.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $1,179 | 3.81% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $1,065 | 3.00% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $50 | 2.25% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $50 | 3.25% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $50 | 3.75% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $888 | 4.00% |
| RENO, NV (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $50 | 3.63% |
| FLINT, MI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,012 | 3.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,065 | 3.75% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $914 | 4.00% |
| Glenwood Springs, CO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $915 | 4.50% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $267 | 3.25% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,115 | 3.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $915 | 3.13% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $50 | 2.25% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $915 | 3.88% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,175 | 3.63% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,065 | 4.75% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $915 | 4.88% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $50 | 3.25% |
| Atchison, KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $170 | 4.25% |
| TULSA, OK (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $964 | 4.25% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $50 | 3.38% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $915 | 4.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $1,007 | 3.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $751 | 3.75% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,065 | 4.25% |
| ERIE, PA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,065 | 4.38% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $320 | 3.88% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $915 | 4.38% |
| Branson, MO (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $50 | 4.38% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $50 | 2.75% |
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 | 37 | $7,185,000 | $194,189 | $13,838 | 4.06% |
| VA | 19 | $3,775,000 | $198,684 | $325 | 3.33% |
| USDA | 1 | $105,000 | $105,000 | $915 | 4.50% |
For 2021, The Money Source's most frequently originated type of loan was FHA, with 37 originations. Their 2nd most popular type was VA, with 19 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 49 | $9,495,000 | $193,776 | $10,432 | 3.85% |
| Home Purchase | 8 | $1,570,000 | $196,250 | $996 | 3.63% |
For 2021, The Money Source's most frequently cited loan purpose was Other, with 49 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 57 | $11,065,000 | $194,123 | $9,107 | 3.82% |
For 2021, The Money Source's most frequently cited loan duration was Other, with 57 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 57 | $11,065,000 | $194,123 |
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 57 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 33 | $7,375,000 | $223,485 |
| 4-5% | 18 | $2,570,000 | $142,778 |
| <2.5% | 3 | $625,000 | $208,333 |
| 2.5-3% | 2 | $340,000 | $170,000 |
| 5-6% | 1 | $155,000 | $155,000 |
During 2021, 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 33 originations.
Loan Sizing
2021 saw The Money Source place emphasis on $100k-200k loans with 31 originations, totaling $4,555,000 in origination value.
Applicant Income
The Money Source lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $50k-75k, with 2 originations.
Applicant Debt to Income Ratio
The Money Source lent most frequently to those with DTI ratios of 39%, with 3 originations. The next most common DTI ratio? 20-30%, 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 origination82.46%
The Money Source has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 57 | $11,065,000 | $194,123 |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| THE MONEY HOUSE, INC. | Reverse mortgage | Closing on a mortgage | 1 | 25.0% |
| THE MONEY HOUSE, INC. | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 50.0% |
| THE MONEY HOUSE, INC. | VA mortgage | Closing on a mortgage | 1 | 25.0% |