American Federal Mortgage Corporation Rates, Fees & Info

CHESTER, NJ

LEI: 549300KWKWPEKL40WD44

Tax ID: 22-2812732

5 stars - out of 5 stars, based on 57 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

American Federal Mortgage Corporation is a small mortgage company specializing in Refi and Home Purchase loans. American Federal Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include New York, Philadelphia, Trenton, Raleigh, and Charlotte among others. American Federal Mortgage Corporation 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. American Federal Mortgage Corporation is typically an average fee lendor.


Originations

3,288

Origination Dollar Volume (All Markets)

$1,111,350,000
Show all (39) awards

Relative Rate

American Federal Mortgage Corporation's average 30 year fixed rate mortgage of loans were 2.78%.

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

This yields a difference of -0.37%.

Relative Fees

American Federal Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $3,635.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1,738 $631,580,000 $363,395 $3,322 2.59%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 457 $147,615,000 $323,009 $3,610 2.57%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 108 $40,610,000 $376,019 $3,354 2.54%
RALEIGH-CARY, NC (FHA|USDA|VA) 80 $26,480,000 $331,000 $2,674 2.66%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 61 $18,405,000 $301,721 $2,843 2.63%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 41 $17,525,000 $427,439 $2,598 2.67%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 69 $16,575,000 $240,217 $3,180 2.68%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 53 $16,575,000 $312,736 $3,422 2.69%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 51 $14,245,000 $279,314 $3,639 2.40%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 49 $14,165,000 $289,082 $3,536 2.71%
PITTSBURGH, PA (FHA|USDA|VA) 42 $11,260,000 $268,095 $3,388 2.60%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 35 $10,115,000 $289,000 $2,734 2.46%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 33 $10,065,000 $305,000 $2,826 2.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 33 $10,035,000 $304,091 $2,772 2.59%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 28 $8,670,000 $309,643 $3,500 2.57%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 27 $8,565,000 $317,222 $2,738 2.67%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 24 $7,790,000 $324,583 $3,275 2.53%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 17 $6,335,000 $372,647 $3,384 2.54%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 17 $5,585,000 $328,529 $2,493 2.70%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 20 $4,940,000 $247,000 $2,702 2.71%
COLUMBIA, SC (FHA|USDA|VA) 20 $4,500,000 $225,000 $2,464 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 15 $4,425,000 $295,000 $3,681 2.71%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 12 $4,390,000 $365,833 $3,973 2.53%
OCEAN CITY, NJ (FHA|USDA|VA) 12 $3,740,000 $311,667 $3,405 2.64%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 10 $2,980,000 $298,000 $3,444 2.89%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 9 $2,835,000 $315,000 $2,388 2.72%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 8 $2,780,000 $347,500 $5,122 2.33%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 7 $2,495,000 $356,429 $2,550 2.50%
LANCASTER, PA (FHA|USDA|VA) 12 $2,440,000 $203,333 $3,170 2.61%
Outside of Metro Areas 10 $2,310,000 $231,000 $3,221 2.76%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 9 $2,265,000 $251,667 $3,090 2.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 8 $2,120,000 $265,000 $3,105 2.42%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 7 $2,045,000 $292,143 $3,523 2.57%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 6 $1,920,000 $320,000 $4,774 2.54%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,900,000 $316,667 $3,433 2.63%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 7 $1,875,000 $267,857 $2,903 2.66%
Torrington, CT (FHA|USDA|VA) 6 $1,730,000 $288,333 $3,058 2.60%
WINSTON-SALEM, NC (FHA|USDA|VA) 8 $1,730,000 $216,250 $2,232 2.61%
YORK-HANOVER, PA (FHA|USDA|VA) 8 $1,720,000 $215,000 $3,226 2.38%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $1,535,000 $307,000 $2,449 2.50%
STATE COLLEGE, PA (FHA|USDA|VA) 6 $1,440,000 $240,000 $3,742 2.65%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,285,000 $428,333 $4,241 2.58%
KNOXVILLE, TN (FHA|USDA|VA) 3 $1,235,000 $411,667 $2,976 2.42%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,160,000 $290,000 $3,554 2.91%
READING, PA (FHA|USDA|VA) 4 $1,090,000 $272,500 $3,391 2.28%
WILMINGTON, NC (FHA|USDA|VA) 3 $1,015,000 $338,333 $2,725 2.75%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 4 $980,000 $245,000 $2,508 2.50%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 4 $950,000 $237,500 $3,601 2.75%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $920,000 $230,000 $2,934 2.13%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $910,000 $455,000 $3,372 3.00%
KINGSTON, NY (FHA|USDA|VA) 3 $885,000 $295,000 $5,489 2.71%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 3 $875,000 $291,667 $3,818 2.42%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 3 $835,000 $278,333 $3,652 2.33%
EAST STROUDSBURG, PA (FHA|USDA|VA) 4 $830,000 $207,500 $4,857 2.81%
SPARTANBURG, SC (FHA|USDA|VA) 3 $805,000 $268,333 $3,345 2.29%
Kill Devil Hills, NC (FHA|USDA|VA) 2 $680,000 $340,000 $2,692 2.38%
GREENVILLE, NC (FHA|USDA|VA) 2 $640,000 $320,000 $2,940 2.63%
GAINESVILLE, FL (FHA|USDA|VA) 3 $625,000 $208,333 $3,015 2.42%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $615,000 $205,000 $2,630 2.75%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $585,000 $195,000 $2,545 2.71%
TALLAHASSEE, FL (FHA|USDA|VA) 2 $580,000 $290,000 $3,112 2.44%
PITTSFIELD, MA (FHA|USDA|VA) 2 $560,000 $280,000 $2,882 2.88%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 2 $490,000 $245,000 $2,208 2.31%
ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $465,000 $465,000 $3,428 2.63%
ROCHESTER, NY (FHA|USDA|VA) 2 $450,000 $225,000 $3,554 2.63%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $445,000 $445,000 $2,949 2.75%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $445,000 $445,000 $5,694 2.75%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $435,000 $435,000 $2,225 2.75%
PANAMA CITY, FL (FHA|USDA|VA) 1 $425,000 $425,000 $4,138 2.63%
Easton, MD (FHA|USDA|VA) 1 $425,000 $425,000 $9,605 2.38%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $410,000 $205,000 $3,529 3.06%
Sevierville, TN (FHA|USDA|VA) 1 $395,000 $395,000 $3,330 2.88%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $390,000 $195,000 $2,920 2.69%
ERIE, PA (FHA|USDA|VA) 1 $355,000 $355,000 $3,468 2.50%
Key West, FL (FHA|USDA|VA) 1 $355,000 $355,000 $4,250 3.50%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $335,000 $335,000 $2,992 2.75%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $325,000 $325,000 $2,602 2.88%
Hudson, NY (FHA|USDA|VA) 1 $315,000 $315,000 $6,270 3.63%
Calhoun, GA (FHA|USDA|VA) 1 $305,000 $305,000 $2,067 1.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $305,000 $305,000 $2,063 2.75%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,241 3.00%
GETTYSBURG, PA (FHA|USDA|VA) 1 $285,000 $285,000 $3,174 2.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $3,087 3.25%
Cullowhee, NC (FHA|USDA|VA) 1 $275,000 $275,000 $3,510 2.75%
Gaffney, SC (FHA|USDA|VA) 1 $275,000 $275,000 $3,220 3.25%
Sunbury, PA (FHA|USDA|VA) 1 $275,000 $275,000 $3,505 2.63%
ALTOONA, PA (FHA|USDA|VA) 1 $265,000 $265,000 $4,824 2.63%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $265,000 $265,000 $2,086 2.38%
GLENS FALLS, NY (FHA|USDA|VA) 1 $265,000 $265,000 $4,161 3.00%
LAREDO, TX (FHA|USDA|VA) 1 $255,000 $255,000 $3,215 2.63%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $255,000 $255,000 $2,199 2.75%
Ogdensburg-Massena, NY (FHA|USDA|VA) 1 $245,000 $245,000 $4,454 2.63%
MACON-BIBB COUNTY, GA (FHA|USDA|VA) 1 $235,000 $235,000 $2,385 2.88%
Pottsville, PA (FHA|USDA|VA) 2 $230,000 $115,000 $2,230 2.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $225,000 $225,000 $2,732 2.75%
THE VILLAGES, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,788 2.63%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $205,000 $205,000 $3,568 3.13%
Meadville, PA (FHA|USDA|VA) 1 $205,000 $205,000 $2,702 2.13%
Boone, NC (FHA|USDA|VA) 1 $195,000 $195,000 $5,036 2.75%
LEBANON, PA (FHA|USDA|VA) 1 $195,000 $195,000 $2,741 2.13%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $195,000 $195,000 $5,809 2.25%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 1 $165,000 $165,000 $2,468 2.75%
Sanford, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,874 3.25%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $135,000 $135,000 $2,704 2.13%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $135,000 $135,000 $1,335 2.75%
SAVANNAH, GA (FHA|USDA|VA) 1 $115,000 $115,000 $5,575 3.38%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $75,000 $75,000 $1,954 2.38%

American Federal Mortgage Corporation's top markets include New York, Philadelphia, Trenton, Raleigh, and Charlotte among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,277 $1,107,545,000 $337,975 $3,285 2.59%
FHA 11 $3,805,000 $345,909 $9,912 2.60%

For the 2021 period, American Federal Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 3,277 originations. Their 2nd most popular type is FHA, with 11 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 2,255 $716,025,000 $317,528 $2,888 2.55%
Home Purchase 931 $362,925,000 $389,823 $4,332 2.69%
Home Improvement 102 $32,400,000 $317,647 $3,218 2.70%

For the 2021, American Federal Mortgage Corporation's most frequently cited loan purpose of loans were Refi, with 2,255 originations. The 2nd most popular reason of loans were Home Purchase, with 931 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,854 $681,800,000 $367,745 $3,635 2.78%
15 Year 951 $280,185,000 $294,621 $2,879 2.27%
20 Year 324 $105,230,000 $324,784 $2,956 2.59%
10 Year 118 $29,530,000 $250,254 $2,657 2.15%
Other 41 $14,605,000 $356,220 $3,056 2.79%

For the 2021, American Federal Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 1,854 originations. The 2nd most popular length of loans were 15 Year, with 951 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,893 $964,415,000 $333,362
$1k-2k 244 $91,300,000 $374,180
$2k-3k 80 $27,120,000 $339,000
$3k-4k 51 $19,815,000 $388,529
$5k+ 20 $8,700,000 $435,000

$3,635 of loans were American Federal Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,893 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,642 $588,970,000 $358,691
<2.5% 1,425 $453,115,000 $317,975
3-4% 216 $67,680,000 $313,333
4-5% 5 $1,585,000 $317,000

During 2021, American Federal Mortgage Corporation's average interest rate of loans were 2.78%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,642 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,769 $523,235,000 $295,780 $3,067 2.57%
$400k-600k 834 $397,530,000 $476,655 $3,925 2.60%
$100k-200k 519 $83,735,000 $161,339 $2,571 2.60%
$600k-1MM 137 $97,005,000 $708,066 $5,191 2.74%
$100,000 or less 22 $1,930,000 $87,727 $2,557 2.65%
$1MM+ 7 $7,915,000 $1,130,714 $10,369 2.88%

2021 saw American Federal Mortgage Corporation place emphasis on $200k-400k loans with 1,769 originations, totaling $523,235,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,099 $350,895,000 $319,286 $3,198 2.59%
$150k-250k 1,043 $390,425,000 $374,329 $3,405 2.57%
$75k-100k 450 $122,220,000 $271,600 $3,127 2.63%
$250k+ 395 $185,765,000 $470,291 $3,858 2.54%
$50k-75k 255 $55,195,000 $216,451 $2,963 2.69%
$50k or less 46 $6,850,000 $148,913 $2,645 2.67%

American Federal Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,099 originations. The second most popular income band? $150k-250k, with 1,043 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,119 $369,365,000 $330,085 $3,209 2.55%
30-36% 725 $257,905,000 $355,731 $3,403 2.62%
<20% 387 $118,615,000 $306,499 $3,108 2.50%
36% 119 $39,945,000 $335,672 $3,311 2.61%
37% 104 $36,930,000 $355,096 $3,430 2.62%
39% 95 $34,555,000 $363,737 $3,333 2.67%
38% 92 $32,740,000 $355,870 $3,337 2.63%
41% 88 $29,650,000 $336,932 $3,413 2.66%
42% 85 $31,385,000 $369,235 $3,722 2.68%
44% 80 $28,110,000 $351,375 $3,333 2.71%
40% 80 $26,260,000 $328,250 $3,326 2.61%
43% 74 $25,930,000 $350,405 $3,465 2.71%
45% 52 $17,700,000 $340,385 $3,449 2.61%
48% 48 $17,220,000 $358,750 $3,820 2.59%
47% 48 $15,680,000 $326,667 $3,602 2.64%
46% 45 $14,815,000 $329,222 $3,236 2.60%
49% 45 $13,925,000 $309,444 $3,236 2.79%
50-60% 2 $620,000 $310,000 $3,264 2.88%

American Federal Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 1,119 originations. The next most common DTI ratio? 30-36%, with 725 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,803 $587,715,000 $325,965 $3,254 2.62%
Asian 963 $345,865,000 $359,154 $3,363 2.55%
Not provided 358 $121,750,000 $340,084 $3,387 2.61%
Asian Indian 90 $31,130,000 $345,889 $3,343 2.46%
Black 39 $12,395,000 $317,821 $3,400 2.75%
Other Asian 14 $5,280,000 $377,143 $3,658 2.51%
American Indian 9 $3,205,000 $356,111 $3,597 2.78%
Chinese 7 $2,545,000 $363,571 $3,181 2.54%
Korean 3 $995,000 $331,667 $3,725 2.63%
Filipino 2 $470,000 $235,000 $2,546 2.44%

Approval Rates

Total approvals of all applications
96.58%

American Federal Mortgage Corporation 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
74.69%

American Federal Mortgage Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,288 $1,111,350,000 $338,002

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,288 $1,111,350,000 $338,002

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 255 $57,715,000 $226,333 $2,617 2.44%
40-60% 883 $262,195,000 $296,937 $2,802 2.47%
60-80% 1,552 $567,120,000 $365,412 $3,401 2.65%
80-100% 584 $222,050,000 $380,223 $4,147 2.70%
Under 20% 14 $2,270,000 $162,143 $2,379 2.39%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 212 44.5%
AMERISAVE MORTGAGE CORPORATION VA mortgage Trouble during payment process 3 0.6%
AMERISAVE MORTGAGE CORPORATION VA mortgage Closing on a mortgage 3 0.6%
AMERISAVE MORTGAGE CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 23 4.8%
AMERISAVE MORTGAGE CORPORATION Other type of mortgage Trouble during payment process 1 0.2%
AMERISAVE MORTGAGE CORPORATION Other type of mortgage Improper use of your report 1 0.2%
AMERISAVE MORTGAGE CORPORATION Other type of mortgage Closing on a mortgage 2 0.4%
AMERISAVE MORTGAGE CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 14 2.9%
AMERISAVE MORTGAGE CORPORATION Home equity loan or line of credit (HELOC) Closing on a mortgage 1 0.2%
AMERISAVE MORTGAGE CORPORATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 0.2%
AMERISAVE MORTGAGE CORPORATION FHA mortgage Trouble during payment process 1 0.2%
AMERISAVE MORTGAGE CORPORATION FHA mortgage Incorrect information on your report 1 0.2%
AMERISAVE MORTGAGE CORPORATION FHA mortgage Closing on a mortgage 4 0.8%
AMERISAVE MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 35 7.4%
AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Trouble during payment process 65 13.7%
AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 0.2%
AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Improper use of your report 3 0.6%
AMERISAVE MORTGAGE CORPORATION Conventional home mortgage Closing on a mortgage 105 22.1%