Trident Mortgage Company Lp

DEVON, PA 19333

LEI: 549300LDVDAIKBVCY905

Tax ID: 20-0378305

2019 Data | 2018 Data


Overview

Trident Mortgage Company Lp is a small mortgage company specializing in Home Purchase loans. Trident Mortgage Company Lp has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Montgomery County, Philadelphia, Camden, Allentown, and Wilmington among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Trident Mortgage Company Lp is typically a medium-low fee lendor.


Originations

6,619

Origination Dollar Volume (All Markets)

$1,791,715,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,411 $1,535,045,000 $283,690
FHA 1,008 $202,530,000 $200,923
VA 164 $47,670,000 $290,671
USDA 36 $6,470,000 $179,722

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,437 $1,439,815,000 $264,818
Other 54 $9,560,000 $177,037
Refi 850 $266,560,000 $313,600
Cash Out Refi 278 $75,780,000 $272,590

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1,891 $600,455,000 $317,533
PHILADELPHIA, PA 1,728 $491,830,000 $284,624
CAMDEN, NJ 1,268 $284,820,000 $224,621
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 614 $132,270,000 $215,423
WILMINGTON, DE-MD-NJ 361 $88,665,000 $245,609
OCEAN CITY, NJ 125 $44,195,000 $353,560
ATLANTIC CITY-HAMMONTON, NJ 182 $39,020,000 $214,396
TRENTON-PRINCETON, NJ 106 $30,700,000 $289,623
NEW BRUNSWICK-LAKEWOOD, NJ 64 $20,660,000 $322,813
READING, PA 66 $12,730,000 $192,879
VINELAND-BRIDGETON, NJ 53 $8,765,000 $165,377
EAST STROUDSBURG, PA 44 $7,460,000 $169,545
NEWARK, NJ-PA 22 $6,940,000 $315,455
SALISBURY, MD-DE 17 $5,595,000 $329,118
DOVER, DE 15 $3,245,000 $216,333
Outside of Metro Areas 15 $2,975,000 $198,333
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 8 $2,830,000 $353,750
LANCASTER, PA 13 $2,805,000 $215,769
SCRANTON--WILKES-BARRE, PA 13 $2,605,000 $200,385
HARRISBURG-CARLISLE, PA 4 $690,000 $172,500
YORK-HANOVER, PA 2 $490,000 $245,000
LEBANON, PA 2 $460,000 $230,000
CHAMBERSBURG-WAYNESBORO, PA 1 $385,000 $385,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $335,000 $335,000
STATE COLLEGE, PA 1 $215,000 $215,000
ERIE, PA 1 $195,000 $195,000
BLOOMSBURG-BERWICK, PA 1 $195,000 $195,000
PITTSBURGH, PA 1 $185,000 $185,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 5 $25,000 $5,000
2.5-3% 92 $28,210,000 $306,630
3-4% 3,635 $1,075,695,000 $295,927
4-5% 2,625 $646,055,000 $246,116
5-6% 249 $41,285,000 $165,803
6-7% 4 $400,000 $100,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 308 $22,590,000 $73,344
$100k-200k 1,924 $300,180,000 $156,019
$200k-400k 3,418 $973,810,000 $284,906
$400k-600k 821 $378,085,000 $460,518
$600k-1000k 122 $87,170,000 $714,508
$Over $1MM 26 $29,880,000 $1,149,231

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 137 $24,725,000 $180,474
40-60% 440 $107,640,000 $244,636
60-80% 1,997 $592,745,000 $296,818
80-100% 3,957 $1,047,535,000 $264,730
Over 100% 66 $17,720,000 $268,485
Under 20% 22 $1,350,000 $61,364

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,602 $456,320,000 $284,844
$150k-250k 1,276 $449,630,000 $352,375
$50k-75k 1,403 $273,945,000 $195,257
$50k-or less 621 $84,455,000 $135,998
$75k-100k 1,193 $290,575,000 $243,567
$Over $250k 514 $233,000,000 $453,307

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 4,451 $1,232,905,000 $276,995
Not provided 1,539 $406,485,000 $264,123
Asian 285 $77,585,000 $272,228
Black 300 $61,760,000 $205,867
Asian Indian 14 $5,170,000 $369,286
American Indian 15 $2,915,000 $194,333
Filipino 4 $1,650,000 $412,500
Chinese 4 $1,600,000 $400,000
Other Asian 3 $1,025,000 $341,667
Vietnamese 2 $360,000 $180,000
Native Hawaiian 2 $260,000 $130,000

Approval Rates

Total approvals of all applications
98.51%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
76.66%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 6,619 $1,791,715,000 $270,693

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 780 $186,650,000 $239,295
$1k-2k 5,197 $1,410,925,000 $271,488
$2k-3k 372 $103,780,000 $278,978
$3k-4k 193 $59,475,000 $308,161
$5k+ 77 $30,885,000 $401,104

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 6,619 $1,791,715,000 $270,693