Enrichment Mortgage Rates, Fees & Info

OAK RIDGE, TN

LEI: 549300LCT0EFT83E5873

Tax ID: 62-0471057

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

    Enrichment is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Enrichment has a high proportion of conventional loans. Their top markets by origination volume include: Knoxville, Morristown, Sevierville, Dayton, and Newport among others. We have data for 8 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 a low 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 5.78% 12/16/24
    30 Year Conventional Refi 6.02% 12/16/24
    30 Year Cash-out Refi 5.87% 12/16/24
    15 Year Conventional Purchase 5.07% 12/16/24
    15 Year Conventional Refi 5.09% 12/16/24
    15 Year Cash-out Refi 5.09% 12/16/24
    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

    418

    Origination Dollar Volume (All Markets)

    $73,200,000

    Awards

    ENRICHMENT 30 Year Conventional Loans gold ENRICHMENT 30 Year Conventional Loans silver ENRICHMENT 30 Year Conventional Loans bronze ENRICHMENT 30 Year Conventional Loans bronze
    Show all (4) 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
    KNOXVILLE, TN (FHA|USDA|VA) 362 $64,710,000 $178,757 $2,233 4.23%
    Outside of Metro Areas 37 $4,605,000 $124,459 $2,011 4.53%
    MORRISTOWN, TN (FHA|USDA|VA) 6 $1,450,000 $241,667 $2,354 4.17%
    Sevierville, TN (FHA|USDA|VA) 7 $1,205,000 $172,143 $3,241 5.05%
    Dayton, TN (FHA|USDA|VA) 3 $795,000 $265,000 $2,968 3.58%
    Newport, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,286 4.00%
    Crossville, TN (FHA|USDA|VA) 1 $175,000 $175,000 $2,271 3.50%
    Athens, TN (FHA|USDA|VA) 1 $85,000 $85,000 $1,131 3.00%
    Enrichment's top markets include Knoxville, Morristown, Sevierville, Dayton, and Newport 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.

    ENRICHMENT
    Similarity Rank: 176
    Home Federal Bank of Tennessee
    Similarity Rank: 570
    Y-12 Federal Credit Union
    Similarity Rank: 585
    KNOXVILLE TVA EMPLOYEES CREDIT UNION
    Similarity Rank: 754
    CU COMMUNITY, LLC
    Similarity Rank: 840
    ORNL Federal Credit Union
    Similarity Rank: 992
    U. T.
    Similarity Rank: 1344
    Community Trust Bank, Inc.
    Similarity Rank: 1617
    A Mortgage Boutique, LLC
    Similarity Rank: 1808
    SmartBank
    Similarity Rank: 1998

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 408 $72,250,000 $177,083 $2,229 4.23%
    HELOC 10 $950,000 $95,000 n/a 5.46%

    For 2019, Enrichment's most frequently originated type of loan was Conventional, with 408 originations. Their 2nd most popular type was HELOC, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 259 $44,695,000 $172,568 $2,031 4.27%
    Home Purchase 133 $23,955,000 $180,113 $2,768 4.21%
    Refi 16 $3,850,000 $240,625 $848 4.02%
    Home Improvement 7 $275,000 $39,286 $1,137 5.36%
    Other 3 $425,000 $141,667 $2,318 5.00%

    For 2019, Enrichment's most frequently cited loan purpose was Cash Out Refi, with 259 originations. The 2nd most popular reason was Home Purchase, with 133 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 198 $44,130,000 $222,879 $2,656 4.11%
    15 Year 78 $9,850,000 $126,282 $1,703 4.38%
    20 Year 78 $12,390,000 $158,846 $2,109 4.35%
    10 Year 46 $2,650,000 $57,609 $1,183 4.64%
    Other 12 $3,740,000 $311,667 $2,984 3.93%
    5 Year 5 $115,000 $23,000 $862 4.43%
    1 Year 1 $325,000 $325,000 $0 5.00%

    For 2019, Enrichment's most frequently cited loan duration was 30 Year, with 198 originations. The 2nd most popular length was 15 Year, with 78 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 227 $26,605,000 $117,203
    $1k-2k 106 $21,610,000 $203,868
    $2k-3k 25 $8,285,000 $331,400
    $3k-4k 7 $3,205,000 $457,857
    $5k+ 3 $4,905,000 $1,635,000
    $4k-5k 2 $1,130,000 $565,000

    Enrichment's average total fees were $2,656, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 227 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 199 $35,165,000 $176,709
    4-5% 124 $26,000,000 $209,677
    5-6% 60 $6,320,000 $105,333
    6-7% 17 $1,205,000 $70,882
    2.5-3% 15 $4,285,000 $285,667
    7-8% 3 $225,000 $75,000

    During 2019, Enrichment's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 199 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 159 $22,845,000 $143,679 $2,152 4.20%
    $100,000 or less 139 $8,235,000 $59,245 $1,280 4.59%
    $200k-400k 96 $26,250,000 $273,438 $2,922 4.04%
    $400k-600k 19 $9,115,000 $479,737 $3,722 3.70%
    $600k-1MM 3 $2,385,000 $795,000 $1,958 3.88%
    $1MM+ 2 $4,370,000 $2,185,000 $21,287 3.56%

    2019 saw Enrichment place emphasis on $100k-200k loans with 159 originations, totaling $22,845,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 102 $12,410,000 $121,667 $1,770 4.23%
    $50k or less 102 $12,430,000 $121,863 $1,796 4.48%
    $75k-100k 84 $13,130,000 $156,310 $2,137 4.26%
    $100k-150k 68 $13,390,000 $196,912 $2,517 4.25%
    $150k-250k 41 $11,785,000 $287,439 $2,609 3.92%
    $250k+ 21 $10,055,000 $478,810 $5,560 4.08%

    Enrichment lent most frequently to those with incomes in the $50k-75k range, with 102 originations. The second most popular income band? $50k or less, with 102 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 127 $18,435,000 $145,157 $1,920 4.19%
    20-30% 112 $19,450,000 $173,661 $2,141 4.29%
    30-36% 56 $9,390,000 $167,679 $2,226 4.15%
    50-60% 15 $3,925,000 $261,667 $3,355 3.85%
    >60% 12 $4,650,000 $387,500 $4,589 4.40%
    44% 12 $1,790,000 $149,167 $2,325 4.73%
    36% 10 $1,680,000 $168,000 $2,551 4.61%
    40% 10 $2,510,000 $251,000 $2,393 4.14%
    37% 9 $1,395,000 $155,000 $2,095 4.17%
    42% 8 $1,200,000 $150,000 $1,924 4.30%
    46% 8 $1,300,000 $162,500 $2,257 4.91%
    43% 7 $1,095,000 $156,429 $2,192 4.25%
    41% 7 $1,075,000 $153,571 $1,853 4.95%
    38% 5 $1,075,000 $215,000 $1,241 4.13%
    45% 5 $815,000 $163,000 $2,434 4.33%
    49% 5 $1,315,000 $263,000 $3,130 4.00%
    39% 4 $720,000 $180,000 $3,281 4.69%
    47% 4 $1,060,000 $265,000 $2,661 4.31%
    48% 2 $320,000 $160,000 $1,984 4.00%

    Enrichment lent most frequently to those with DTI ratios of <20%, with 127 originations. The next most common DTI ratio? 20-30%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 407 $71,705,000 $176,179 $2,230 4.26%
    Black 5 $785,000 $157,000 $2,190 4.50%
    Asian 4 $360,000 $90,000 $1,578 4.00%
    Asian Indian 2 $350,000 $175,000 $3,042 4.50%

    Approval Rates

    Total approvals of all applications
    95.42%

    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
    93.30%

    Enrichment has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 418 $73,200,000 $175,120

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $35,000 $35,000
    Single Family (1-4 Units):Site-Built 417 $73,165,000 $175,456

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 44 $3,320,000 $75,455 $1,274 4.27%
    40-60% 47 $5,485,000 $116,702 $1,683 4.09%
    60-80% 105 $18,115,000 $172,524 $2,020 4.12%
    80-100% 193 $43,985,000 $227,902 $2,783 4.24%
    Over 100% 4 $1,060,000 $265,000 $2,934 5.00%
    Under 20% 25 $1,235,000 $49,400 $1,072 5.23%