Academy Mortgage Corp. Rates, Fees & Info

FARMINGDALE, NY

LEI: 549300M8DR00HTG3MF34

Tax ID: 11-3616531

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

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Mortgage Data

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

    Academy Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Academy Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Poughkeepsie, and Albany among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Academy Mortgage Corp. 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. Academy Mortgage Corp. is typically a high 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.

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    Originations

    524

    Origination Dollar Volume (All Markets)

    $196,230,000

    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) 514 $193,490,000 $376,440 $8,396 4.66%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 9 $2,505,000 $278,333 $8,340 4.78%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 1 $235,000 $235,000 $8,379 4.63%
    Academy Mortgage Corp.'s top markets include New York, Poughkeepsie, and Albany among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ACADEMY MORTGAGE CORP. 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: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    Freehold Savings Bank
    Similarity Rank: 120
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    MID-HUDSON VALLEY
    Similarity Rank: 144
    Investors Home Mortgage-IHM
    Similarity Rank: 156
    GREATER ALLIANCE
    Similarity Rank: 231

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 377 $138,195,000 $366,565 $6,952 4.63%
    FHA 131 $50,925,000 $388,740 $12,194 4.73%
    VA 16 $7,110,000 $444,375 $10,846 4.63%

    For 2018, Academy Mortgage Corp.'s most frequently originated type of loan was Conventional, with 377 originations. Their 2nd most popular type was FHA, with 131 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 447 $169,015,000 $378,110 $8,364 4.68%
    Refi 66 $23,130,000 $350,455 $8,358 4.56%
    Cash Out Refi 11 $4,085,000 $371,364 $9,865 4.50%

    For 2018, Academy Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 447 originations. The 2nd most popular reason was Refi, with 66 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 496 $188,600,000 $380,242 $8,528 4.68%
    15 Year 20 $5,510,000 $275,500 $6,073 4.04%
    20 Year 7 $1,875,000 $267,857 $5,238 4.61%
    10 Year 1 $245,000 $245,000 $8,455 4.88%

    For 2018, Academy Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 496 originations. The 2nd most popular length was 15 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 300 $107,160,000 $357,200
    $5k+ 71 $32,375,000 $455,986
    $<1k 57 $23,495,000 $412,193
    $2k-3k 41 $11,875,000 $289,634
    $3k-4k 29 $11,095,000 $382,586
    $4k-5k 26 $10,230,000 $393,462

    Academy Mortgage Corp.'s average total fees were $8,528, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 300 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 414 $154,570,000 $373,357
    5-6% 63 $24,815,000 $393,889
    3-4% 47 $16,845,000 $358,404

    During 2018, Academy Mortgage Corp.'s average interest rate for loans was 4.68%, while their most frequently originated rate bucket for loans was 4-5%, with 414 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 254 $79,450,000 $312,795 $7,320 4.63%
    $400k-600k 192 $89,000,000 $463,542 $10,065 4.70%
    $100k-200k 43 $6,945,000 $161,512 $4,870 4.61%
    $600k-1MM 25 $16,825,000 $673,000 $12,765 4.75%
    $100,000 or less 7 $555,000 $79,286 $4,611 4.73%
    $1MM+ 3 $3,455,000 $1,151,667 $16,594 4.42%

    2018 saw Academy Mortgage Corp. place emphasis on $200k-400k loans with 254 originations, totaling $79,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 169 $64,205,000 $379,911 $8,820 4.69%
    $75k-100k 117 $38,505,000 $329,103 $8,040 4.65%
    $150k-250k 115 $50,425,000 $438,478 $8,237 4.63%
    $50k-75k 66 $18,700,000 $283,333 $7,640 4.64%
    $250k+ 31 $17,475,000 $563,710 $10,902 4.62%
    $50k or less 26 $6,920,000 $266,154 $7,034 4.71%

    Academy Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 169 originations. The second most popular income band? $75k-100k, with 117 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 67 $26,255,000 $391,866 $7,640 4.55%
    50-60% 63 $23,895,000 $379,286 $10,961 4.65%
    20-30% 56 $19,650,000 $350,893 $6,227 4.65%
    44% 31 $11,155,000 $359,839 $8,995 4.70%
    >60% 29 $11,585,000 $399,483 $10,638 4.73%
    43% 28 $11,280,000 $402,857 $9,507 4.70%
    47% 27 $9,975,000 $369,444 $8,186 4.72%
    49% 25 $7,975,000 $319,000 $6,460 4.68%
    46% 24 $8,930,000 $372,083 $8,449 4.89%
    45% 23 $8,895,000 $386,739 $8,440 4.69%
    38% 21 $7,455,000 $355,000 $7,336 4.63%
    48% 20 $7,560,000 $378,000 $10,128 4.50%
    41% 20 $7,320,000 $366,000 $10,049 4.69%
    40% 20 $8,390,000 $419,500 $5,916 4.79%
    42% 18 $7,340,000 $407,778 $6,747 4.65%
    37% 17 $5,925,000 $348,529 $8,245 4.77%
    39% 16 $6,020,000 $376,250 $7,565 4.63%
    <20% 10 $2,840,000 $284,000 $7,211 4.31%
    36% 9 $3,785,000 $420,556 $9,207 4.44%

    Academy Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 67 originations. The next most common DTI ratio? 50-60%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 450 $167,170,000 $371,489 $8,158 4.65%
    Black 42 $17,050,000 $405,952 $11,197 4.78%
    Asian 21 $8,265,000 $393,571 $9,219 4.62%
    Not provided 7 $2,555,000 $365,000 $5,861 4.89%
    Other Asian 1 $405,000 $405,000 $3,328 4.38%
    American Indian 1 $355,000 $355,000 $10,222 4.88%
    Asian Indian 1 $235,000 $235,000 $3,445 4.38%
    Chinese 1 $195,000 $195,000 $4,856 4.63%

    Approval Rates

    Total approvals of all applications
    97.57%

    Academy Mortgage Corp. 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
    77.29%

    Academy Mortgage Corp. has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 524 $196,230,000 $374,485

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 524 $196,230,000 $374,485

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 25 $6,215,000 $248,600 $5,868 4.50%
    40-60% 36 $11,210,000 $311,389 $7,044 4.58%
    60-80% 151 $57,905,000 $383,477 $6,720 4.63%
    80-100% 300 $116,940,000 $389,800 $9,469 4.69%
    Over 100% 8 $3,670,000 $458,750 $15,052 4.63%
    Under 20% 4 $290,000 $72,500 $5,088 4.66%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Academy Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 37.5%
    Academy Mortgage Corporation Conventional home mortgage Closing on a mortgage 1 12.5%
    Academy Mortgage Corporation Conventional home mortgage Struggling to pay mortgage 1 12.5%
    Academy Mortgage Corporation FHA mortgage Closing on a mortgage 1 12.5%
    Academy Mortgage Corporation FHA mortgage Trouble during payment process 1 12.5%
    Academy Mortgage Corporation Other type of mortgage Trouble during payment process 1 12.5%