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, Refi, and Cash Out Refi loans. Academy Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Poughkeepsie, and Kingston among others. We have data for 4 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.

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    Originations

    684

    Origination Dollar Volume (All Markets)

    $291,830,000

    Awards

    ACADEMY MORTGAGE CORP. FHA Loans gold ACADEMY MORTGAGE CORP. 30 Year Conventional Loans bronze ACADEMY MORTGAGE CORP. FHA 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 670 $287,830,000 $429,597 $7,787 2.91%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 12 $3,460,000 $288,333 $7,502 3.10%
    KINGSTON, NY (FHA|USDA|VA) 1 $305,000 $305,000 $4,993 2.50%
    Outside of Metro Areas 1 $235,000 $235,000 $4,126 2.88%
    Academy Mortgage Corp.'s top markets include New York, Poughkeepsie, and Kingston 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: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    MID-HUDSON VALLEY
    Similarity Rank: 448
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 652
    CCFCU FUNDING, LLC
    Similarity Rank: 672
    The First National Bank of Long Island
    Similarity Rank: 748
    Walden Savings Bank
    Similarity Rank: 760
    The Atlantic Federal Credit Union
    Similarity Rank: 882
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 1064
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1092

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 614 $259,990,000 $423,436 $7,140 2.94%
    FHA 66 $29,880,000 $452,727 $13,810 2.66%
    VA 3 $1,545,000 $515,000 $4,197 2.54%
    FHA 1 $415,000 $415,000 $0 2.75%

    For 2021, Academy Mortgage Corp.'s most frequently originated type of loan was Conventional, with 614 originations. Their 2nd most popular type was FHA, with 66 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 332 $147,020,000 $442,831 $8,243 2.90%
    Refi 176 $68,120,000 $387,045 $6,367 2.79%
    Cash Out Refi 176 $76,690,000 $435,739 $8,295 3.05%

    For 2021, Academy Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 332 originations. The 2nd most popular reason was Refi, with 176 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 593 $259,155,000 $437,024 $8,095 2.95%
    15 Year 53 $18,055,000 $340,660 $5,381 2.47%
    Other 19 $7,555,000 $397,632 $5,994 2.89%
    20 Year 17 $6,265,000 $368,529 $6,357 2.87%
    10 Year 2 $800,000 $400,000 $4,735 2.31%

    For 2021, Academy Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 593 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 423 $172,225,000 $407,151
    $5k+ 136 $69,290,000 $509,485
    $3k-4k 35 $13,195,000 $377,000
    $4k-5k 33 $13,365,000 $405,000
    $<1k 27 $12,895,000 $477,593
    $2k-3k 27 $9,595,000 $355,370

    Academy Mortgage Corp.'s average total fees were $8,095, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 423 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 402 $169,160,000 $420,796
    3-4% 201 $90,995,000 $452,711
    <2.5% 81 $31,675,000 $391,049

    During 2021, Academy Mortgage Corp.'s average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 2.5-3%, with 402 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 312 $151,610,000 $485,929 $8,475 2.89%
    $200k-400k 273 $87,365,000 $320,018 $6,094 2.88%
    $600k-1MM 63 $43,905,000 $696,905 $12,598 3.08%
    $100k-200k 34 $5,820,000 $171,176 $4,887 2.96%
    $1MM+ 2 $3,130,000 $1,565,000 $24,924 3.06%

    2021 saw Academy Mortgage Corp. place emphasis on $400k-600k loans with 312 originations, totaling $151,610,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 254 $108,380,000 $426,693 $8,059 2.89%
    $150k-250k 193 $91,585,000 $474,534 $7,597 2.93%
    $75k-100k 119 $42,935,000 $360,798 $7,832 2.88%
    $50k-75k 57 $15,615,000 $273,947 $6,174 2.96%
    $250k+ 54 $31,650,000 $586,111 $8,909 2.94%
    $50k or less 7 $1,665,000 $237,857 $5,402 2.84%

    Academy Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 254 originations. The second most popular income band? $150k-250k, with 193 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 129 $57,945,000 $449,186 $6,904 2.88%
    30-36% 126 $51,250,000 $406,746 $6,931 2.93%
    44% 39 $17,215,000 $441,410 $8,862 2.93%
    43% 35 $14,675,000 $419,286 $7,466 2.89%
    50-60% 30 $13,720,000 $457,333 $13,507 2.69%
    41% 30 $12,790,000 $426,333 $6,524 2.96%
    45% 30 $12,680,000 $422,667 $8,280 2.85%
    42% 29 $12,365,000 $426,379 $8,453 2.88%
    49% 29 $12,205,000 $420,862 $7,905 2.96%
    <20% 28 $10,570,000 $377,500 $5,742 2.91%
    40% 28 $11,800,000 $421,429 $7,907 3.03%
    46% 27 $11,495,000 $425,741 $9,171 2.88%
    47% 25 $9,875,000 $395,000 $7,750 3.00%
    48% 23 $11,185,000 $486,304 $8,096 2.97%
    39% 23 $9,935,000 $431,957 $9,270 3.01%
    38% 20 $7,630,000 $381,500 $6,396 2.74%
    36% 19 $7,825,000 $411,842 $7,703 2.97%
    37% 14 $6,670,000 $476,429 $8,768 2.93%

    Academy Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 129 originations. The next most common DTI ratio? 30-36%, with 126 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 588 $250,560,000 $426,122 $7,695 2.92%
    Black 40 $16,630,000 $415,750 $8,205 2.88%
    Asian 30 $14,050,000 $468,333 $9,169 2.78%
    Not provided 14 $4,950,000 $353,571 $5,150 2.79%
    Asian Indian 4 $2,180,000 $545,000 $12,620 2.63%
    Other Asian 2 $1,320,000 $660,000 $19,080 2.88%
    Other Pacific Islander 2 $760,000 $380,000 $5,269 2.69%
    American Indian 2 $500,000 $250,000 $3,944 3.13%
    Native Hawaiian or Islander 1 $495,000 $495,000 $4,529 2.75%
    Chinese 1 $385,000 $385,000 $4,531 3.25%

    Approval Rates

    Total approvals of all applications
    98.35%

    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
    77.63%

    Academy Mortgage Corp. has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 684 $291,830,000 $426,652

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    684 $291,830,000 $426,652

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $5,935,000 $258,043 $5,917 2.81%
    40-60% 110 $37,670,000 $342,455 $5,819 2.78%
    60-80% 283 $122,705,000 $433,587 $7,220 2.95%
    80-100% 266 $125,080,000 $470,226 $9,355 2.92%
    Under 20% 2 $440,000 $220,000 $4,803 2.75%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Academy Mortgage Corporation Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 12.0%
    Academy Mortgage Corporation Conventional home mortgage Closing on a mortgage 5 20.0%
    Academy Mortgage Corporation Conventional home mortgage Trouble during payment process 7 28.0%
    Academy Mortgage Corporation FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 4.0%
    Academy Mortgage Corporation FHA mortgage Closing on a mortgage 2 8.0%
    Academy Mortgage Corporation FHA mortgage Trouble during payment process 1 4.0%
    Academy Mortgage Corporation Other type of mortgage Trouble during payment process 3 12.0%
    Academy Mortgage Corporation VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 8.0%
    Academy Mortgage Corporation VA mortgage Closing on a mortgage 1 4.0%