Rapid Mortgage Company Rates, Fees & Info

CINCINNATI, OH

LEI: 549300KJKBXR3PD3QQ56

Tax ID: 35-2180985

3.1 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Rapid Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Rapid Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Columbus, Cincinnati, Charlotte, Cleveland, and Philadelphia among others. Rapid Mortgage Company has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Rapid Mortgage Company is typically a high fee lendor.


Originations

2,713

Origination Dollar Volume (All Markets)

$607,245,000

Relative Rate

Rapid Mortgage Company's average 30 year fixed rate mortgage of loans were 3.33%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.18%.

Relative Fees

Rapid Mortgage Company's average total fees for a 30 year fixed rate mortgage are $6,119.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
COLUMBUS, OH (FHA|USDA|VA) 571 $129,185,000 $226,243 $6,231 3.31%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 495 $110,275,000 $222,778 $5,293 3.32%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 356 $97,990,000 $275,253 $6,497 3.29%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 196 $32,350,000 $165,051 $6,077 3.33%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 102 $29,780,000 $291,961 $6,371 3.15%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 89 $20,515,000 $230,506 $6,444 3.27%
RALEIGH-CARY, NC (FHA|USDA|VA) 63 $19,275,000 $305,952 $5,574 3.18%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 102 $15,120,000 $148,235 $5,584 3.34%
Jackson, OH (FHA|USDA|VA) 73 $11,725,000 $160,616 $6,461 3.33%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 36 $9,570,000 $265,833 $5,996 3.07%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 32 $8,770,000 $274,063 $5,688 3.55%
Outside of Metro Areas 50 $8,400,000 $168,000 $6,408 3.39%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 36 $8,360,000 $232,222 $5,474 3.43%
WILMINGTON, NC (FHA|USDA|VA) 30 $7,150,000 $238,333 $6,269 3.03%
Athens, OH (FHA|USDA|VA) 37 $6,945,000 $187,703 $5,165 3.16%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 20 $6,290,000 $314,500 $9,118 3.47%
AKRON, OH (FHA|USDA|VA) 36 $5,970,000 $165,833 $5,549 3.30%
SPARTANBURG, SC (FHA|USDA|VA) 23 $5,375,000 $233,696 $5,093 3.53%
CANTON-MASSILLON, OH (FHA|USDA|VA) 30 $5,010,000 $167,000 $6,628 3.27%
DAYTON-KETTERING, OH (FHA|USDA|VA) 28 $4,690,000 $167,500 $5,604 3.38%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 20 $4,000,000 $200,000 $6,956 3.08%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 11 $2,925,000 $265,909 $6,260 3.41%
WINSTON-SALEM, NC (FHA|USDA|VA) 13 $2,745,000 $211,154 $6,149 3.33%
FAYETTEVILLE, NC (FHA|USDA|VA) 10 $2,180,000 $218,000 $7,149 3.31%
Bellefontaine, OH (FHA|USDA|VA) 9 $2,065,000 $229,444 $6,739 3.33%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 6 $2,010,000 $335,000 $6,048 3.27%
Washington Court House, OH (FHA|USDA|VA) 14 $1,940,000 $138,571 $6,619 3.43%
Zanesville, OH (FHA|USDA|VA) 9 $1,845,000 $205,000 $7,626 3.39%
Salem, OH (FHA|USDA|VA) 15 $1,795,000 $119,667 $5,633 3.36%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 10 $1,720,000 $172,000 $6,355 3.23%
Mount Vernon, OH (FHA|USDA|VA) 9 $1,715,000 $190,556 $5,030 3.38%
Morehead City, NC (FHA|USDA|VA) 6 $1,710,000 $285,000 $5,906 2.90%
Cambridge, OH (FHA|USDA|VA) 8 $1,680,000 $210,000 $6,104 3.23%
COLUMBIA, SC (FHA|USDA|VA) 7 $1,605,000 $229,286 $8,081 3.00%
Chillicothe, OH (FHA|USDA|VA) 6 $1,490,000 $248,333 $7,079 3.67%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 5 $1,335,000 $267,000 $7,561 3.45%
TOLEDO, OH (FHA|USDA|VA) 4 $1,160,000 $290,000 $4,872 3.34%
Marion, OH (FHA|USDA|VA) 6 $1,060,000 $176,667 $6,450 3.48%
Wilmington, OH (FHA|USDA|VA) 5 $1,045,000 $209,000 $7,291 3.35%
Point Pleasant, WV-OH (FHA|USDA|VA) 6 $1,020,000 $170,000 $6,307 3.50%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $1,010,000 $252,500 $5,313 2.69%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $995,000 $331,667 $7,956 3.08%
Portsmouth, OH (FHA|USDA|VA) 5 $895,000 $179,000 $6,100 3.43%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $810,000 $405,000 $6,525 3.31%
Seneca, SC (FHA|USDA|VA) 3 $805,000 $268,333 $6,220 3.75%
Albemarle, NC (FHA|USDA|VA) 3 $795,000 $265,000 $6,549 3.42%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $750,000 $375,000 $10,173 3.50%
Shelby, NC (FHA|USDA|VA) 4 $690,000 $172,500 $7,917 3.13%
Coshocton, OH (FHA|USDA|VA) 3 $675,000 $225,000 $5,095 3.46%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 3 $655,000 $218,333 $7,383 3.54%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 3 $625,000 $208,333 $4,657 2.75%
WARNER ROBINS, GA (FHA|USDA|VA) 3 $575,000 $191,667 $6,928 3.12%
Ashtabula, OH (FHA|USDA|VA) 4 $560,000 $140,000 $4,808 3.53%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $540,000 $270,000 $8,669 3.31%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $530,000 $265,000 $5,306 2.88%
Greenwood, SC (FHA|USDA|VA) 4 $520,000 $130,000 $5,658 3.81%
READING, PA (FHA|USDA|VA) 2 $500,000 $250,000 $5,024 3.19%
Forest City, NC (FHA|USDA|VA) 1 $485,000 $485,000 $21,947 2.88%
Mount Airy, NC (FHA|USDA|VA) 1 $475,000 $475,000 $4,709 2.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $450,000 $225,000 $6,698 3.06%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $435,000 $435,000 $6,550 3.25%
BURLINGTON, NC (FHA|USDA|VA) 3 $435,000 $145,000 $8,829 3.08%
Celina, OH (FHA|USDA|VA) 1 $425,000 $425,000 $5,858 2.75%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $420,000 $210,000 $5,248 3.38%
Sandusky, OH (FHA|USDA|VA) 2 $420,000 $210,000 $5,018 3.13%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $410,000 $205,000 $6,592 3.44%
WHEELING, WV-OH (FHA|USDA|VA) 2 $410,000 $205,000 $6,675 3.50%
ASHEVILLE, NC (FHA|USDA|VA) 2 $400,000 $200,000 $6,866 3.06%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $395,000 $395,000 $8,761 3.00%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $390,000 $195,000 $6,278 3.94%
Van Wert, OH (FHA|USDA|VA) 2 $380,000 $190,000 $6,372 3.38%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $380,000 $190,000 $5,226 3.25%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $380,000 $190,000 $8,559 3.75%
Laurinburg, NC (FHA|USDA|VA) 2 $380,000 $190,000 $6,107 3.00%
PANAMA CITY, FL (FHA|USDA|VA) 2 $380,000 $190,000 $6,527 3.31%
PITTSBURGH, PA (FHA|USDA|VA) 3 $375,000 $125,000 $4,752 3.21%
Wooster, OH (FHA|USDA|VA) 2 $370,000 $185,000 $4,610 3.13%
Henderson, NC (FHA|USDA|VA) 1 $345,000 $345,000 $9,787 3.25%
MANSFIELD, OH (FHA|USDA|VA) 3 $325,000 $108,333 $3,264 3.38%
FORT WAYNE, IN (FHA|USDA|VA) 1 $315,000 $315,000 $3,064 3.38%
Statesboro, GA (FHA|USDA|VA) 2 $310,000 $155,000 $6,526 3.50%
Urbana, OH (FHA|USDA|VA) 2 $300,000 $150,000 $5,303 3.25%
ROCKY MOUNT, NC (FHA|USDA|VA) 2 $290,000 $145,000 $4,901 3.19%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $275,000 $275,000 $3,464 3.50%
DOVER, DE (FHA|USDA|VA) 1 $275,000 $275,000 $4,233 3.38%
Waycross, GA (FHA|USDA|VA) 1 $275,000 $275,000 $11,447 3.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $265,000 $265,000 $8,936 3.50%
Connersville, IN (FHA|USDA|VA) 1 $265,000 $265,000 $4,395 3.38%
Ashland, OH (FHA|USDA|VA) 2 $260,000 $130,000 $4,492 3.06%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $255,000 $255,000 $8,377 3.50%
Kinston, NC (FHA|USDA|VA) 1 $225,000 $225,000 $7,548 3.50%
GOLDSBORO, NC (FHA|USDA|VA) 1 $225,000 $225,000 $8,051 3.13%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $215,000 $215,000 $5,226 3.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $205,000 $205,000 $8,688 2.88%
PARKERSBURG-VIENNA, WV (FHA|USDA|VA) 1 $205,000 $205,000 $7,914 3.50%
North Wilkesboro, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,785 3.25%
Roanoke Rapids, NC (FHA|USDA|VA) 1 $205,000 $205,000 $8,278 3.63%
Martinsville, VA (FHA|USDA|VA) 1 $205,000 $205,000 $8,075 3.00%
Marietta, OH (FHA|USDA|VA) 1 $195,000 $195,000 $10,261 2.75%
FLORENCE, SC (FHA|USDA|VA) 1 $185,000 $185,000 $8,941 3.25%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $185,000 $185,000 $3,870 2.75%
GAINESVILLE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,981 2.88%
LIMA, OH (FHA|USDA|VA) 1 $155,000 $155,000 $3,971 3.38%
NEW BERN, NC (FHA|USDA|VA) 1 $155,000 $155,000 $8,193 2.75%
Lumberton, NC (FHA|USDA|VA) 1 $145,000 $145,000 $8,597 3.75%
Bennettsville, SC (FHA|USDA|VA) 1 $145,000 $145,000 $4,354 3.50%
Sidney, OH (FHA|USDA|VA) 1 $125,000 $125,000 $4,945 2.88%
Arcadia, FL (FHA|USDA|VA) 1 $125,000 $125,000 $7,269 3.25%
Sanford, NC (FHA|USDA|VA) 1 $105,000 $105,000 $5,326 3.25%
London, KY (FHA|USDA|VA) 1 $95,000 $95,000 $3,017 3.13%
Maysville, KY (FHA|USDA|VA) 1 $85,000 $85,000 $3,531 3.88%

Rapid Mortgage Company's top markets include Columbus, Cincinnati, Charlotte, Cleveland, and Philadelphia among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,754 $413,230,000 $235,593 $5,004 3.30%
FHA 717 $134,485,000 $187,566 $7,974 3.36%
VA 167 $46,165,000 $276,437 $8,864 3.11%
USDA 75 $13,365,000 $178,200 $6,086 3.10%

For the 2021 period, Rapid Mortgage Company's most frequently originated loan type of loans were Conventional, with 1,754 originations. Their 2nd most popular type is FHA, with 717 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,151 $480,975,000 $223,605 $6,154 3.33%
Refi 320 $72,890,000 $227,781 $5,212 3.05%
Cash Out Refi 241 $52,925,000 $219,606 $6,318 3.38%
Other 1 $455,000 $455,000 $5,101 3.38%

For the 2021, Rapid Mortgage Company's most frequently cited loan purpose of loans were Home Purchase, with 2,151 originations. The 2nd most popular reason of loans were Refi, with 320 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,582 $579,260,000 $224,345 $6,119 3.33%
15 Year 104 $22,250,000 $213,942 $4,754 2.69%
20 Year 18 $4,270,000 $237,222 $5,147 3.01%
Other 6 $1,000,000 $166,667 $4,363 3.33%
10 Year 3 $465,000 $155,000 $6,038 2.50%

For the 2021, Rapid Mortgage Company's most frequently cited loan length of loans were 30 Year, with 2,582 originations. The 2nd most popular length of loans were 15 Year, with 104 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,406 $293,870,000 $209,011
$2k-3k 616 $132,300,000 $214,773
$3k-4k 487 $118,925,000 $244,199
$5k+ 165 $53,745,000 $325,727
$<1k 39 $8,405,000 $215,513

$6,119 of loans were Rapid Mortgage Company's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,406 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,783 $391,265,000 $219,442
2.5-3% 733 $174,425,000 $237,960
4-5% 130 $24,730,000 $190,231
<2.5% 67 $16,825,000 $251,119

During 2021, Rapid Mortgage Company's average interest rate of loans were 3.33%, while their most frequently originated rate bucket of loans were 3-4%, with 1,783 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,217 $332,965,000 $273,595 $6,617 3.27%
$100k-200k 1,116 $170,900,000 $153,136 $5,503 3.33%
$100,000 or less 193 $15,675,000 $81,218 $4,462 3.45%
$400k-600k 184 $85,730,000 $465,924 $7,344 3.16%
$600k-1MM 3 $1,975,000 $658,333 $8,255 3.50%

2021 saw Rapid Mortgage Company place emphasis on $200k-400k loans with 1,217 originations, totaling $332,965,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 807 $166,005,000 $205,706 $6,168 3.31%
$50k or less 734 $109,260,000 $148,856 $5,624 3.32%
$100k-150k 480 $136,220,000 $283,792 $6,199 3.28%
$75k-100k 438 $110,160,000 $251,507 $6,302 3.32%
$150k-250k 212 $70,870,000 $334,292 $6,229 3.25%
$250k+ 42 $14,730,000 $350,714 $6,429 3.07%

Rapid Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 807 originations. The second most popular income band? $50k or less, with 734 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 488 $112,290,000 $230,102 $5,553 3.24%
30-36% 484 $107,090,000 $221,260 $5,748 3.32%
50-60% 216 $45,910,000 $212,546 $8,153 3.25%
<20% 164 $37,320,000 $227,561 $5,118 3.13%
44% 130 $29,900,000 $230,000 $6,061 3.33%
43% 112 $24,950,000 $222,768 $5,732 3.32%
41% 108 $23,360,000 $216,296 $6,236 3.32%
38% 107 $23,605,000 $220,607 $6,131 3.39%
45% 107 $25,765,000 $240,794 $7,029 3.32%
37% 102 $23,600,000 $231,373 $5,961 3.39%
36% 102 $21,300,000 $208,824 $5,586 3.35%
42% 100 $22,100,000 $221,000 $5,822 3.39%
40% 95 $21,105,000 $222,158 $5,534 3.34%
49% 92 $20,980,000 $228,043 $6,628 3.34%
39% 87 $18,895,000 $217,184 $6,258 3.30%
47% 79 $18,735,000 $237,152 $6,431 3.35%
48% 66 $14,970,000 $226,818 $6,251 3.30%
46% 64 $13,350,000 $208,594 $6,363 3.41%
>60% 3 $635,000 $211,667 $6,934 3.13%

Rapid Mortgage Company lent most frequently to those with DTI ratios of 20-30%, with 488 originations. The next most common DTI ratio? 30-36%, with 484 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,094 $469,120,000 $224,031 $5,959 3.28%
Not provided 352 $78,660,000 $223,466 $6,178 3.38%
Black 200 $42,900,000 $214,500 $6,936 3.37%
Asian 22 $5,930,000 $269,545 $5,911 3.32%
Asian Indian 20 $4,450,000 $222,500 $4,757 3.23%
Chinese 7 $1,295,000 $185,000 $4,981 3.25%
American Indian 3 $1,025,000 $341,667 $6,504 3.38%
Korean 2 $750,000 $375,000 $5,966 3.00%
Vietnamese 3 $695,000 $231,667 $9,398 3.58%
Native Hawiian 3 $685,000 $228,333 $8,491 3.13%
Filipino 2 $610,000 $305,000 $13,391 3.06%
Japanese 3 $585,000 $195,000 $4,019 2.75%
Native Hawaiian 2 $540,000 $270,000 $4,066 3.06%

Approval Rates

Total approvals of all applications
97.95%

Rapid Mortgage Company 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
68.49%

Rapid Mortgage Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 2,713 $607,245,000 $223,828

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,713 $607,245,000 $223,828

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 32 $4,180,000 $130,625 $3,955 3.08%
40-60% 143 $28,605,000 $200,035 $5,012 3.06%
60-80% 609 $142,395,000 $233,818 $5,323 3.29%
80-100% 1,892 $421,070,000 $222,553 $6,261 3.33%
Over 100% 37 $10,995,000 $297,162 $13,535 3.05%