Enrichment Mortgage Rates, Fees & Info

OAK RIDGE, TN

LEI: 549300LCT0EFT83E5873

Tax ID: 62-0471057

5 stars - Updated: 5/26/24 - out of 5 stars, based on 15 reviews

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

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Mortgage Data

Review & Overview

Enrichment is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Enrichment has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Kingsport, Morristown, Sevierville, and Athens among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Enrichment has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Enrichment 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 relatively high 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 5.78% 5/26/24
30 Year Conventional Refi 6.02% 5/26/24
30 Year Cash-out Refi 5.87% 5/26/24
15 Year Conventional Purchase 5.07% 5/26/24
15 Year Conventional Refi 5.09% 5/26/24
15 Year Cash-out Refi 5.09% 5/26/24
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.

Enrichment Mortgage Calculator






Your Estimates

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

This is not an official calculator from Enrichment. 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

226

Origination Dollar Volume (All Markets)

$55,220,000

Awards

ENRICHMENT 30 Year Conventional Loans gold ENRICHMENT 30 Year Conventional Loans gold ENRICHMENT 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Enrichment's average 30 year fixed mortgage rate was 5.22%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -1.26%.

Relative Fees (Closing Costs)

Enrichment's average total fees/closing costs for a 30 year fixed rate mortgage were $5,681.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
KNOXVILLE, TN (FHA|USDA|VA) 175 $39,695,000 $226,829 $4,093 5.77%
Outside of Metro Areas 26 $6,310,000 $242,692 $4,445 5.69%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $2,885,000 $2,885,000 $24,522 4.50%
MORRISTOWN, TN (FHA|USDA|VA) 9 $2,015,000 $223,889 $3,982 5.35%
Sevierville, TN (FHA|USDA|VA) 6 $1,890,000 $315,000 $5,466 5.69%
Athens, TN (FHA|USDA|VA) 3 $1,015,000 $338,333 $5,626 4.75%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $565,000 $565,000 $8,847 4.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 2 $420,000 $210,000 $3,350 6.38%
Crossville, TN (FHA|USDA|VA) 2 $350,000 $175,000 $3,776 6.38%
Dayton, TN (FHA|USDA|VA) 1 $75,000 $75,000 $1,924 8.75%
Enrichment's top markets include Knoxville, Kingsport, Morristown, Sevierville, and Athens among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Similar Lenders

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

    SouthEast Bank
    Similarity Rank: 68
    ENRICHMENT
    Similarity Rank: 230
    Home Federal Bank of Tennessee
    Similarity Rank: 282
    ORNL Federal Credit Union
    Similarity Rank: 378
    Countybank
    Similarity Rank: 648
    Community Trust Bank, Inc.
    Similarity Rank: 648
    Y-12 Federal Credit Union
    Similarity Rank: 784
    KNOXVILLE TVA EMPLOYEES CREDIT UNION
    Similarity Rank: 1024
    SmartBank
    Similarity Rank: 1104
    EASTMAN
    Similarity Rank: 3726

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 217 $54,295,000 $250,207 $4,286 5.67%
    HELOC 9 $925,000 $102,778 n/a 7.44%

    For 2023, Enrichment's most frequently originated type of loan was Conventional, with 217 originations. Their 2nd most popular type was HELOC, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 98 $36,930,000 $376,837 $6,408 5.26%
    Cash Out Refi 95 $14,545,000 $153,105 $2,574 5.96%
    Refi 13 $1,915,000 $147,308 $2,697 5.13%
    Other 11 $1,295,000 $117,727 $2,677 7.53%
    Home Improvement 9 $535,000 $59,444 $1,603 7.46%

    For 2023, Enrichment's most frequently cited loan purpose was Home Purchase, with 98 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 135 $46,985,000 $348,037 $5,681 5.22%
    10 Year 47 $2,965,000 $63,085 $1,573 6.80%
    15 Year 30 $3,770,000 $125,667 $2,479 6.05%
    20 Year 10 $1,160,000 $116,000 $2,397 6.98%
    Other 3 $315,000 $105,000 $976 5.75%
    5 Year 1 $25,000 $25,000 $946 4.50%

    For 2023, Enrichment's most frequently cited loan duration was 30 Year, with 135 originations. The 2nd most popular length was 10 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 67 $5,435,000 $81,119
    $2k-3k 48 $11,470,000 $238,958
    $1k-2k 40 $5,660,000 $141,500
    $3k-4k 27 $9,345,000 $346,111
    $5k+ 22 $17,250,000 $784,091
    $4k-5k 11 $4,795,000 $435,909

    Enrichment's average total fees were $5,681, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 67 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 98 $27,470,000 $280,306
    5-6% 50 $14,640,000 $292,800
    6-7% 37 $8,355,000 $225,811
    7-8% 31 $3,725,000 $120,161
    Over 8% 9 $605,000 $67,222
    3-4% 1 $425,000 $425,000

    During 2023, Enrichment's average interest rate for loans was 5.22%, while their most frequently originated rate bucket for loans was 4-5%, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 76 $21,720,000 $285,789 $4,869 5.22%
    $100,000 or less 67 $3,735,000 $55,746 $1,530 6.56%
    $100k-200k 49 $7,125,000 $145,408 $2,815 5.74%
    $400k-600k 20 $9,710,000 $485,500 $7,691 5.22%
    $600k-1MM 12 $8,840,000 $736,667 $11,111 5.47%
    $1MM+ 2 $4,090,000 $2,045,000 $22,888 5.13%

    2023 saw Enrichment place emphasis on $200k-400k loans with 76 originations, totaling $21,720,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 50 $12,870,000 $257,400 $4,616 5.61%
    $50k-75k 49 $7,335,000 $149,694 $2,970 5.67%
    $75k-100k 39 $7,505,000 $192,436 $3,586 5.78%
    $150k-250k 36 $11,270,000 $313,056 $5,468 6.16%
    $50k or less 35 $3,915,000 $111,857 $2,268 5.77%
    $250k+ 17 $12,325,000 $725,000 $10,354 5.35%

    Enrichment lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $50k-75k, with 49 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $15,205,000 $241,349 $4,478 5.76%
    30-36% 46 $12,450,000 $270,652 $4,659 5.56%
    <20% 44 $9,720,000 $220,909 $3,617 5.70%
    43% 8 $1,300,000 $162,500 $3,017 5.70%
    36% 7 $2,075,000 $296,429 $5,021 5.98%
    39% 6 $1,030,000 $171,667 $3,314 6.96%
    37% 6 $1,210,000 $201,667 $3,665 5.77%
    40% 6 $1,230,000 $205,000 $3,894 6.67%
    44% 6 $2,460,000 $410,000 $6,759 5.50%
    38% 5 $915,000 $183,000 $2,840 5.50%
    50-60% 5 $1,455,000 $291,000 $4,561 5.65%
    45% 5 $1,065,000 $213,000 $3,930 6.10%
    41% 5 $1,305,000 $261,000 $5,621 5.55%
    42% 4 $1,070,000 $267,500 $5,067 5.50%
    46% 4 $1,690,000 $422,500 $7,038 4.73%
    47% 2 $570,000 $285,000 $3,932 5.13%
    >60% 2 $250,000 $125,000 $1,884 6.00%
    48% 1 $45,000 $45,000 $1,574 8.75%

    Enrichment lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 214 $52,320,000 $244,486 $4,270 5.74%
    Asian 4 $1,890,000 $472,500 $8,193 5.50%
    Black 5 $485,000 $97,000 $2,072 6.18%
    Not provided 2 $450,000 $225,000 $4,486 6.00%
    Other Asian 1 $75,000 $75,000 $2,577 5.00%

    Approval Rates

    Total approvals of all applications
    97.33%

    Enrichment 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
    92.04%

    Enrichment has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 226 $55,220,000 $244,336

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    226 $55,220,000 $244,336

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $4,285,000 $129,848 $2,676 6.47%
    40-60% 42 $6,120,000 $145,714 $2,677 5.71%
    60-80% 49 $13,425,000 $273,980 $4,360 5.39%
    80-100% 73 $29,875,000 $409,247 $6,652 5.21%
    Under 20% 29 $1,515,000 $52,241 $1,578 6.90%