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 and Home Purchase loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Riverside, New York, Nashville, Colorado Springs, and San Francisco among others. We have data for 22 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
25Origination Dollar Volume (All Markets)
$5,485,000Top 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 |
|---|---|---|---|---|---|
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $3,227 | 2.50% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $820 | 4.44% |
| Outside of Metro Areas | 3 | $515,000 | $171,667 | $485 | 3.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $2,719 | 2.25% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,542 | 2.75% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $50 | 3.25% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,293 | 2.25% |
| Oak Harbor, WA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $50 | 3.63% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,016 | 3.50% |
| CHARLESTON, WV (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,012 | 4.25% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $267 | 2.88% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,016 | 3.25% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $915 | 3.38% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,175 | 3.13% |
| FARMINGTON, NM (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,012 | 3.75% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $820 | 3.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $915 | 4.13% |
| WALLA WALLA, WA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $915 | 4.50% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $761 | 3.50% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $915 | 4.38% |
| Statesboro, GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $917 | 4.63% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,012 | 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 | 15 | $2,375,000 | $158,333 | $946 | 3.93% |
| VA | 10 | $3,110,000 | $311,000 | $1,145 | 2.89% |
For 2022, The Money Source's most frequently originated type of loan was FHA, with 15 originations. Their 2nd most popular type was VA, with 10 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 13 | $2,255,000 | $173,462 | $696 | 3.75% |
| Home Purchase | 12 | $3,230,000 | $269,167 | $1,384 | 3.26% |
For 2022, The Money Source's most frequently cited loan purpose was Other, with 13 originations. The 2nd most popular reason was Home Purchase, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 25 | $5,485,000 | $219,400 | $1,026 | 3.52% |
For 2022, The Money Source's most frequently cited loan duration was Other, with 25 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 25 | $5,485,000 | $219,400 |
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 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 12 | $2,110,000 | $175,833 |
| 4-5% | 7 | $1,185,000 | $169,286 |
| <2.5% | 4 | $1,530,000 | $382,500 |
| 2.5-3% | 2 | $660,000 | $330,000 |
During 2022, 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 12 originations.
Loan Sizing
2022 saw The Money Source place emphasis on $100k-200k loans with 9 originations, totaling $1,315,000 in origination value.
Applicant Income
The Money Source lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k or less, with 4 originations.
Applicant Debt to Income Ratio
The Money Source lent most frequently to those with DTI ratios of 43%, with 2 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.96%
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 origination76.00%
The Money Source has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $5,485,000 | $219,400 |