Academy Mortgage Corp. Rates, Fees & Info

FARMINGDALE, NY

LEI: 549300M8DR00HTG3MF34

Tax ID: 11-3616531

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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 Syracuse 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 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.

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    Originations

    524

    Origination Dollar Volume (All Markets)

    $205,440,000

    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) 521 $204,705,000 $392,908 $8,192 4.07%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 2 $530,000 $265,000 $9,428 4.38%
    SYRACUSE, NY (FHA|USDA|VA) 1 $205,000 $205,000 $8,225 3.63%
    Academy Mortgage Corp.'s top markets include New York, Poughkeepsie, and Syracuse 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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    MID-HUDSON VALLEY
    Similarity Rank: 114
    Union County Savings Bank
    Similarity Rank: 150
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 192
    TEG Federal Credit Union
    Similarity Rank: 210
    Blue Foundry Bank
    Similarity Rank: 212
    CCFCU FUNDING, LLC
    Similarity Rank: 216
    Bogota Savings Bank
    Similarity Rank: 246
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 266

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 422 $162,390,000 $384,810 $6,999 4.08%
    FHA 94 $39,050,000 $415,426 $13,260 4.02%
    VA 8 $4,000,000 $500,000 $11,874 4.16%

    For 2019, Academy Mortgage Corp.'s most frequently originated type of loan was Conventional, with 422 originations. Their 2nd most popular type was FHA, with 94 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 386 $149,880,000 $388,290 $8,263 4.10%
    Cash Out Refi 87 $33,315,000 $382,931 $7,741 4.01%
    Refi 51 $22,245,000 $436,176 $8,469 3.94%

    For 2019, Academy Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 386 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 493 $193,815,000 $393,134 $8,259 4.09%
    15 Year 19 $6,605,000 $347,632 $7,412 3.72%
    20 Year 11 $4,455,000 $405,000 $6,529 3.74%
    Other 1 $565,000 $565,000 $10,792 4.13%

    For 2019, Academy Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 493 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 320 $119,900,000 $374,688
    $5k+ 109 $50,435,000 $462,706
    $<1k 33 $12,535,000 $379,848
    $2k-3k 31 $9,745,000 $314,355
    $3k-4k 17 $6,995,000 $411,471
    $4k-5k 14 $5,830,000 $416,429

    Academy Mortgage Corp.'s average total fees were $8,259, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 320 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 282 $109,870,000 $389,610
    4-5% 223 $89,175,000 $399,888
    5-6% 17 $5,035,000 $296,176
    2.5-3% 2 $1,360,000 $680,000

    During 2019, Academy Mortgage Corp.'s average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 282 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 227 $71,615,000 $315,485 $6,942 4.06%
    $400k-600k 218 $102,220,000 $468,899 $9,668 4.06%
    $100k-200k 40 $6,160,000 $154,000 $4,712 4.21%
    $600k-1MM 37 $25,335,000 $684,730 $11,234 4.03%
    $100,000 or less 2 $110,000 $55,000 $3,697 4.63%

    2019 saw Academy Mortgage Corp. place emphasis on $200k-400k loans with 227 originations, totaling $71,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 190 $75,490,000 $397,316 $8,730 4.12%
    $150k-250k 144 $68,150,000 $473,264 $8,989 4.04%
    $75k-100k 95 $30,405,000 $320,053 $7,228 4.04%
    $50k-75k 49 $12,055,000 $246,020 $6,964 4.07%
    $250k+ 39 $18,265,000 $468,333 $7,256 4.02%
    $50k or less 7 $1,075,000 $153,571 $4,451 4.23%

    Academy Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 190 originations. The second most popular income band? $150k-250k, with 144 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 94 $36,330,000 $386,489 $7,576 4.09%
    20-30% 76 $30,750,000 $404,605 $7,380 3.98%
    50-60% 40 $16,170,000 $404,250 $12,051 3.94%
    48% 27 $9,725,000 $360,185 $7,188 4.15%
    43% 26 $10,860,000 $417,692 $9,148 3.99%
    46% 26 $9,360,000 $360,000 $7,182 4.14%
    49% 25 $10,155,000 $406,200 $8,227 4.16%
    38% 24 $9,730,000 $405,417 $8,887 4.26%
    39% 24 $9,680,000 $403,333 $6,830 4.02%
    40% 23 $8,955,000 $389,348 $9,608 4.02%
    42% 23 $9,085,000 $395,000 $7,189 4.17%
    44% 21 $8,435,000 $401,667 $8,847 4.08%
    41% 18 $6,560,000 $364,444 $7,246 4.11%
    36% 16 $5,280,000 $330,000 $7,872 4.16%
    47% 15 $6,325,000 $421,667 $8,470 4.23%
    37% 14 $5,600,000 $400,000 $8,370 3.96%
    >60% 11 $4,975,000 $452,273 $11,368 4.03%
    45% 11 $4,095,000 $372,273 $7,638 4.07%
    <20% 10 $3,370,000 $337,000 $5,666 4.01%

    Academy Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 94 originations. The next most common DTI ratio? 20-30%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 454 $175,660,000 $386,916 $7,815 4.07%
    Black 27 $11,385,000 $421,667 $11,680 4.06%
    Asian 21 $9,035,000 $430,238 $9,404 3.99%
    Not provided 18 $7,870,000 $437,222 $9,883 4.24%
    American Indian 1 $555,000 $555,000 $26,205 3.88%
    Other Asian 1 $425,000 $425,000 $12,068 4.63%
    Asian Indian 1 $265,000 $265,000 $10,884 5.25%
    Other Pacific Islander 1 $245,000 $245,000 $7,138 3.75%

    Approval Rates

    Total approvals of all applications
    98.36%

    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
    85.50%

    Academy Mortgage Corp. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 524 $205,440,000 $392,061

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 524 $205,440,000 $392,061

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $3,170,000 $226,429 $5,990 4.04%
    40-60% 67 $20,765,000 $309,925 $6,039 3.90%
    60-80% 167 $67,305,000 $403,024 $7,087 4.06%
    80-100% 270 $112,090,000 $415,148 $9,465 4.12%
    Over 100% 3 $1,485,000 $495,000 $17,517 4.33%
    Under 20% 3 $625,000 $208,333 $4,971 4.42%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Academy Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 33.3%
    Academy Mortgage Corporation Conventional home mortgage Trouble during payment process 3 25.0%
    Academy Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 3 25.0%
    Academy Mortgage Corporation FHA mortgage Closing on a mortgage 1 8.3%
    Academy Mortgage Corporation FHA mortgage Trouble during payment process 1 8.3%