Funding Resources Mortgage Corporation Rates, Fees & Info

CLIFTON, NJ

LEI: 549300L3O89DECR4DV44

Tax ID: 20-3708208

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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

    Funding Resources Mortgage Corporation is a smaller mortgage company specializing in Refi and Home Purchase loans. Funding Resources Mortgage Corporation has a high proportion of conventional loans. Their top (well, only) market is New York.

    Funding Resources Mortgage Corporation 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. Funding Resources Mortgage Corporation is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.30% 4/21/24
    30 Year Conventional Refi 6.68% 4/21/24
    30 Year Cash-out Refi 6.44% 4/21/24
    15 Year Conventional Refi 5.81% 4/21/24
    15 Year Cash-out Refi 5.81% 4/21/24
    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.

    Funding Resources Mortgage Corporation Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Funding Resources Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    153

    Origination Dollar Volume (All Markets)

    $62,415,000

    Awards

    FUNDING RESOURCES MORTGAGE CORPORATION 30 Year Conventional Loans bronze FUNDING RESOURCES MORTGAGE CORPORATION 30 Year Conventional Loans gold
    Show all (2) awards

    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) 150 $61,630,000 $410,867 $4,604 3.83%
    Outside of Metro Areas 3 $785,000 $261,667 $4,538 4.08%
    Funding Resources Mortgage Corporation's top markets include and New York among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FUNDING RESOURCES MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    Blue Foundry Bank
    Similarity Rank: 212
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266
    FUNDING RESOURCES MORTGAGE CORPORATION
    Similarity Rank: 292
    CREDIT UNION OF NEW JERSEY
    Similarity Rank: 360
    Atlantic Stewardship Bank
    Similarity Rank: 372

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 153 $62,415,000 $407,941 $4,603 3.84%

    For 2019, Funding Resources Mortgage Corporation's most frequently originated type of loan was Conventional, with 153 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 83 $34,545,000 $416,205 $3,930 3.70%
    Home Purchase 38 $15,430,000 $406,053 $6,323 4.03%
    Cash Out Refi 32 $12,440,000 $388,750 $4,306 3.97%

    For 2019, Funding Resources Mortgage Corporation's most frequently cited loan purpose was Refi, with 83 originations. The 2nd most popular reason was Home Purchase, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 136 $56,880,000 $418,235 $4,725 3.86%
    15 Year 7 $2,235,000 $319,286 $3,652 3.46%
    Other 6 $2,150,000 $358,333 $3,354 3.77%
    20 Year 4 $1,150,000 $287,500 $4,001 3.81%

    For 2019, Funding Resources Mortgage Corporation's most frequently cited loan duration was 30 Year, with 136 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 138 $54,020,000 $391,449
    $5k+ 6 $3,920,000 $653,333
    $2k-3k 5 $1,965,000 $393,000
    $4k-5k 2 $1,290,000 $645,000
    $<1k 1 $495,000 $495,000
    $3k-4k 1 $725,000 $725,000

    Funding Resources Mortgage Corporation's average total fees were $4,725, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 138 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 119 $47,415,000 $398,445
    4-5% 31 $12,965,000 $418,226
    5-6% 3 $2,035,000 $678,333

    During 2019, Funding Resources Mortgage Corporation's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 3-4%, with 119 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 67 $31,315,000 $467,388 $4,434 3.78%
    $200k-400k 63 $20,005,000 $317,540 $4,160 3.84%
    $600k-1MM 13 $8,615,000 $662,692 $7,514 3.97%
    $100k-200k 9 $1,465,000 $162,778 $3,583 3.86%
    $1MM+ 1 $1,015,000 $1,015,000 $15,130 5.38%

    2019 saw Funding Resources Mortgage Corporation place emphasis on $400k-600k loans with 67 originations, totaling $31,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $19,710,000 $410,625 $4,161 3.83%
    $150k-250k 47 $20,755,000 $441,596 $5,100 3.81%
    $75k-100k 23 $7,865,000 $341,957 $4,197 3.88%
    $250k+ 22 $10,370,000 $471,364 $5,533 3.97%
    $50k-75k 11 $3,345,000 $304,091 $3,490 3.69%
    $50k or less 2 $370,000 $185,000 $4,084 3.50%

    Funding Resources Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $150k-250k, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 32 $13,390,000 $418,438 $4,580 3.81%
    30-36% 28 $10,890,000 $388,929 $5,199 3.76%
    <20% 12 $4,910,000 $409,167 $4,842 3.80%
    43% 10 $5,250,000 $525,000 $5,266 4.03%
    36% 8 $3,740,000 $467,500 $5,416 3.78%
    37% 8 $2,650,000 $331,250 $4,729 4.05%
    46% 8 $3,150,000 $393,750 $4,117 3.89%
    49% 7 $2,955,000 $422,143 $3,658 3.88%
    42% 6 $2,250,000 $375,000 $4,409 4.00%
    40% 6 $2,020,000 $336,667 $3,887 3.88%
    41% 6 $2,400,000 $400,000 $4,032 3.63%
    47% 6 $2,710,000 $451,667 $4,725 4.04%
    48% 4 $1,750,000 $437,500 $3,726 3.72%
    45% 3 $1,345,000 $448,333 $4,013 4.08%
    44% 3 $1,045,000 $348,333 $3,776 3.67%
    39% 2 $770,000 $385,000 $3,295 3.56%
    50-60% 2 $390,000 $195,000 $2,778 3.50%
    38% 2 $800,000 $400,000 $4,464 3.75%

    Funding Resources Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 32 originations. The next most common DTI ratio? 30-36%, with 28 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 153 $62,415,000 $407,941 $4,603 3.84%

    Approval Rates

    Total approvals of all applications
    95.29%

    Funding Resources 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
    28.10%

    Funding Resources Mortgage Corporation 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 153 $62,415,000 $407,941

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 153 $62,415,000 $407,941

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $1,170,000 $292,500 $3,858 3.69%
    40-60% 36 $13,300,000 $369,444 $3,834 3.73%
    60-80% 82 $35,380,000 $431,463 $4,689 3.86%
    80-100% 31 $12,565,000 $405,323 $5,365 3.92%