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, Crossville, Greeneville, and Johnson City 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 a below 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 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

    369

    Origination Dollar Volume (All Markets)

    $85,045,000

    Awards

    ENRICHMENT 30 Year Conventional Loans gold ENRICHMENT 30 Year Conventional Loans gold ENRICHMENT 30 Year Conventional Loans gold
    Show all (3) 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) 321 $75,415,000 $234,938 $3,968 3.78%
    Outside of Metro Areas 33 $5,415,000 $164,091 $3,176 4.10%
    MORRISTOWN, TN (FHA|USDA|VA) 5 $1,245,000 $249,000 $4,229 4.13%
    Crossville, TN (FHA|USDA|VA) 4 $630,000 $157,500 $3,506 3.88%
    Greeneville, TN (FHA|USDA|VA) 1 $525,000 $525,000 $6,571 3.63%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $465,000 $465,000 $6,401 3.13%
    Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $455,000 $455,000 $7,529 3.50%
    Sevierville, TN (FHA|USDA|VA) 1 $445,000 $445,000 $5,976 3.13%
    Athens, TN (FHA|USDA|VA) 1 $255,000 $255,000 $5,274 3.13%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $195,000 $195,000 $4,766 3.13%
    Enrichment's top markets include Knoxville, Morristown, Crossville, Greeneville, and Johnson City 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.

    CONSUMER Credit Union
    Similarity Rank: 230
    ENRICHMENT
    Similarity Rank: 290
    Home Federal Bank of Tennessee
    Similarity Rank: 630
    KNOXVILLE TVA EMPLOYEES CREDIT UNION
    Similarity Rank: 765
    Y-12 Federal Credit Union
    Similarity Rank: 896
    Commercial Bank
    Similarity Rank: 1197
    ORNL Federal Credit Union
    Similarity Rank: 1368
    U. T.
    Similarity Rank: 1530
    STATE EMPLOYEES'
    Similarity Rank: 2304
    SmartBank
    Similarity Rank: 2400

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 353 $83,685,000 $237,068 $3,934 3.78%
    HELOC 16 $1,360,000 $85,000 n/a 4.46%

    For 2022, Enrichment's most frequently originated type of loan was Conventional, with 353 originations. Their 2nd most popular type was HELOC, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 160 $33,980,000 $212,375 $3,080 3.74%
    Home Purchase 127 $33,345,000 $262,559 $4,976 3.90%
    Refi 60 $12,140,000 $202,333 $3,247 3.59%
    Other 16 $5,430,000 $339,375 $16,956 4.59%
    Home Improvement 6 $150,000 $25,000 $922 4.01%

    For 2022, Enrichment's most frequently cited loan purpose was Cash Out Refi, with 160 originations. The 2nd most popular reason was Home Purchase, with 127 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 228 $66,130,000 $290,044 $4,745 3.86%
    15 Year 69 $9,495,000 $137,609 $2,635 3.50%
    20 Year 34 $6,130,000 $180,294 $2,811 3.74%
    10 Year 29 $1,985,000 $68,448 $1,546 4.33%
    Other 6 $1,160,000 $193,333 $1,241 3.19%
    5 Year 3 $145,000 $48,333 $1,132 3.88%

    For 2022, Enrichment's most frequently cited loan duration was 30 Year, with 228 originations. The 2nd most popular length was 15 Year, with 69 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 101 $15,435,000 $152,822
    $<1k 97 $10,175,000 $104,897
    $2k-3k 71 $16,925,000 $238,380
    $3k-4k 35 $11,895,000 $339,857
    $5k+ 26 $21,130,000 $812,692
    $4k-5k 16 $6,890,000 $430,625

    Enrichment's average total fees were $4,745, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 101 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 171 $43,465,000 $254,181
    4-5% 78 $20,500,000 $262,821
    2.5-3% 64 $10,870,000 $169,844
    5-6% 26 $4,610,000 $177,308
    <2.5% 15 $4,135,000 $275,667
    6-7% 10 $910,000 $91,000
    7-8% 4 $280,000 $70,000
    Over 8% 1 $275,000 $275,000

    During 2022, Enrichment's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 3-4%, with 171 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 118 $32,800,000 $277,966 $4,531 3.73%
    $100k-200k 112 $16,680,000 $148,929 $2,776 3.86%
    $100,000 or less 94 $5,780,000 $61,489 $1,596 3.99%
    $400k-600k 26 $12,370,000 $475,769 $6,922 3.31%
    $600k-1MM 15 $10,575,000 $705,000 $9,914 3.86%
    $1MM+ 4 $6,840,000 $1,710,000 $24,355 3.81%

    2022 saw Enrichment place emphasis on $200k-400k loans with 118 originations, totaling $32,800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 87 $15,875,000 $182,471 $3,432 3.89%
    $50k-75k 79 $13,035,000 $165,000 $3,000 3.71%
    $50k or less 66 $8,200,000 $124,242 $2,190 4.07%
    $100k-150k 64 $16,020,000 $250,313 $4,327 3.86%
    $150k-250k 49 $17,635,000 $359,898 $5,785 3.54%
    $250k+ 24 $14,280,000 $595,000 $9,985 3.55%

    Enrichment lent most frequently to those with incomes in the $75k-100k range, with 87 originations. The second most popular income band? $50k-75k, with 79 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 112 $26,730,000 $238,661 $4,193 3.58%
    <20% 90 $16,030,000 $178,111 $3,348 3.68%
    30-36% 61 $13,615,000 $223,197 $3,785 4.11%
    37% 15 $4,585,000 $305,667 $5,501 4.70%
    41% 12 $3,120,000 $260,000 $4,138 3.89%
    44% 10 $2,010,000 $201,000 $3,411 3.89%
    40% 10 $2,320,000 $232,000 $4,478 4.43%
    38% 9 $2,375,000 $263,889 $4,248 3.31%
    42% 8 $1,650,000 $206,250 $3,662 3.97%
    39% 7 $1,695,000 $242,143 $4,211 4.29%
    45% 6 $3,360,000 $560,000 $7,780 4.13%
    50-60% 5 $2,035,000 $407,000 $6,544 3.23%
    43% 5 $1,065,000 $213,000 $3,741 3.68%
    49% 3 $885,000 $295,000 $3,501 3.46%
    36% 3 $535,000 $178,333 $3,520 4.33%
    47% 2 $210,000 $105,000 $1,942 6.06%
    48% 2 $480,000 $240,000 $2,663 3.38%
    >60% 1 $195,000 $195,000 $3,113 3.25%

    Enrichment lent most frequently to those with DTI ratios of 20-30%, with 112 originations. The next most common DTI ratio? <20%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 358 $82,170,000 $229,525 $3,907 3.79%
    Not provided 5 $1,105,000 $221,000 $4,457 4.55%
    American Indian 2 $550,000 $275,000 $4,942 6.06%
    Other Pacific Islander 1 $445,000 $445,000 $5,976 3.13%
    Black 2 $440,000 $220,000 $3,951 3.31%
    Other Asian 1 $335,000 $335,000 $6,113 3.50%

    Approval Rates

    Total approvals of all applications
    96.80%

    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
    86.99%

    Enrichment has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 369 $85,045,000 $230,474

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    369 $85,045,000 $230,474

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 29 $2,475,000 $85,345 $1,953 3.76%
    40-60% 94 $16,770,000 $178,404 $3,095 3.75%
    60-80% 105 $24,905,000 $237,190 $3,871 3.73%
    80-100% 116 $39,470,000 $340,259 $5,462 3.78%
    Under 20% 25 $1,425,000 $57,000 $1,469 4.60%