Gmfs Llc

BATON ROUGE, LA 70806

LEI: 549300MCPCNPQAOB4032

Tax ID: 72-1441479

2019 Data | 2018 Data


Overview

Gmfs Llc is a small mortgage company specializing in Home Purchase and Refi loans. Gmfs Llc has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Baton Rouge, New Orleans, Lafayette, Tallahassee, and Huntsville 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. Gmfs Llc is typically a low fee lendor.


Originations

9,063

Origination Dollar Volume (All Markets)

$2,012,125,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 5,701 $1,367,805,000 $239,924
FHA 1,717 $325,515,000 $189,584
VA 647 $160,625,000 $248,261
USDA 998 $158,180,000 $158,497

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 6,177 $1,314,285,000 $212,771
Other 30 $4,400,000 $146,667
Refi 1,905 $490,055,000 $257,247
Cash Out Refi 951 $203,385,000 $213,864

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
BATON ROUGE, LA 2,707 $617,955,000 $228,280
NEW ORLEANS-METAIRIE, LA 1,818 $438,000,000 $240,924
Outside of Metro Areas 864 $150,850,000 $174,595
LAFAYETTE, LA 498 $100,800,000 $202,410
TALLAHASSEE, FL 320 $77,990,000 $243,719
HUNTSVILLE, AL 273 $67,715,000 $248,040
BIRMINGHAM-HOOVER, AL 234 $64,830,000 $277,051
HAMMOND, LA 250 $49,510,000 $198,040
MOBILE, AL 255 $47,825,000 $187,549
DAPHNE-FAIRHOPE-FOLEY, AL 151 $35,215,000 $233,212
LAKE CHARLES, LA 164 $32,160,000 $196,098
MONROE, LA 167 $31,985,000 $191,527
DALLAS-PLANO-IRVING, TX 98 $29,500,000 $301,020
HOUMA-THIBODAUX, LA 139 $24,305,000 $174,856
GULFPORT-BILOXI, MS 121 $23,015,000 $190,207
MONTGOMERY, AL 104 $21,520,000 $206,923
ALEXANDRIA, LA 109 $20,895,000 $191,697
CHICAGO-NAPERVILLE-EVANSTON, IL 83 $18,225,000 $219,578
SHREVEPORT-BOSSIER CITY, LA 72 $16,200,000 $225,000
MACON-BIBB COUNTY, GA 72 $13,750,000 $190,972
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 45 $10,815,000 $240,333
ELGIN, IL 49 $10,395,000 $212,143
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 34 $9,590,000 $282,059
FORT WORTH-ARLINGTON-GRAPEVINE, TX 30 $8,490,000 $283,000
DECATUR, AL 35 $7,095,000 $202,714
ABILENE, TX 26 $6,480,000 $249,231
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 29 $5,475,000 $188,793
JACKSON, MS 16 $5,180,000 $323,750
HOT SPRINGS, AR 19 $4,795,000 $252,368
GADSDEN, AL 27 $4,365,000 $161,667
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 8 $3,790,000 $473,750
KNOXVILLE, TN 15 $3,555,000 $237,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 14 $3,160,000 $225,714
TUSCALOOSA, AL 11 $2,935,000 $266,818
RALEIGH-CARY, NC 11 $2,635,000 $239,545
FORT SMITH, AR-OK 17 $2,565,000 $150,882
WARNER ROBINS, GA 11 $2,365,000 $215,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 12 $2,310,000 $192,500
AUBURN-OPELIKA, AL 9 $2,145,000 $238,333
PANAMA CITY, FL 7 $2,115,000 $302,143
DOTHAN, AL 9 $1,955,000 $217,222
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 7 $1,815,000 $259,286
JOHNSON CITY, TN 10 $1,640,000 $164,000
WILMINGTON, NC 5 $1,615,000 $323,000
HILTON HEAD ISLAND-BLUFFTON, SC 8 $1,570,000 $196,250
SAVANNAH, GA 7 $1,565,000 $223,571
TAMPA-ST. PETERSBURG-CLEARWATER, FL 6 $1,480,000 $246,667
Outside of Metro Areas 3 $1,425,000 $475,000
PENSACOLA-FERRY PASS-BRENT, FL 7 $1,365,000 $195,000
KINGSPORT-BRISTOL, TN-VA 6 $1,030,000 $171,667
ATHENS-CLARKE COUNTY, GA 5 $1,025,000 $205,000
LAKELAND-WINTER HAVEN, FL 5 $1,015,000 $203,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 3 $985,000 $328,333
HATTIESBURG, MS 5 $885,000 $177,000
ROCKFORD, IL 6 $840,000 $140,000
AUGUSTA-RICHMOND COUNTY, GA-SC 2 $710,000 $355,000
SAN ANTONIO-NEW BRAUNFELS, TX 3 $655,000 $218,333
FLORENCE-MUSCLE SHOALS, AL 3 $585,000 $195,000
JACKSONVILLE, FL 2 $510,000 $255,000
ANNISTON-OXFORD, AL 3 $505,000 $168,333
GAINESVILLE, GA 2 $450,000 $225,000
MEMPHIS, TN-MS-AR 2 $430,000 $215,000
NAPLES-MARCO ISLAND, FL 1 $385,000 $385,000
FLORENCE, SC 1 $375,000 $375,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 1 $375,000 $375,000
GREENVILLE-ANDERSON, SC 1 $335,000 $335,000
ST. LOUIS, MO-IL 3 $305,000 $101,667
CORPUS CHRISTI, TX 1 $295,000 $295,000
DURHAM-CHAPEL HILL, NC 1 $285,000 $285,000
COLUMBUS, GA-AL 2 $280,000 $140,000
WACO, TX 1 $255,000 $255,000
CLARKSVILLE, TN-KY 2 $250,000 $125,000
JONESBORO, AR 2 $250,000 $125,000
BROWNSVILLE-HARLINGEN, TX 1 $245,000 $245,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $245,000 $245,000
TULSA, OK 2 $230,000 $115,000
SHERMAN-DENISON, TX 2 $220,000 $110,000
BEAUMONT-PORT ARTHUR, TX 1 $205,000 $205,000
ROME, GA 1 $195,000 $195,000
COLLEGE STATION-BRYAN, TX 1 $165,000 $165,000
BRUNSWICK, GA 1 $155,000 $155,000
CAPE CORAL-FORT MYERS, FL 1 $145,000 $145,000
HOMOSASSA SPRINGS, FL 1 $135,000 $135,000
SEBASTIAN-VERO BEACH, FL 1 $125,000 $125,000
VALDOSTA, GA 1 $115,000 $115,000

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% 2 $520,000 $260,000
2.5-3% 58 $15,510,000 $267,414
3-4% 4,755 $1,112,905,000 $234,049
4-5% 3,601 $756,865,000 $210,182
5-6% 548 $98,670,000 $180,055
6-7% 99 $27,655,000 $279,343

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 582 $47,240,000 $81,168
$100k-200k 3,883 $602,915,000 $155,270
$200k-400k 4,018 $1,086,770,000 $270,475
$400k-600k 552 $249,270,000 $451,576
$600k-1000k 19 $14,165,000 $745,526
$Over $1MM 9 $11,765,000 $1,307,222

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% 136 $20,840,000 $153,235
40-60% 513 $104,675,000 $204,045
60-80% 2,127 $507,975,000 $238,822
80-100% 6,086 $1,329,550,000 $218,460
Over 100% 192 $47,490,000 $247,344
Under 20% 4 $480,000 $120,000

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 1,883 $498,485,000 $264,729
$150k-250k 942 $298,320,000 $316,688
$50k-75k 2,362 $438,050,000 $185,457
$50k-or less 1,840 $279,190,000 $151,734
$75k-100k 1,746 $388,700,000 $222,623
$Over $250k 277 $106,535,000 $384,603

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 7,542 $1,685,930,000 $223,539
Black 834 $164,440,000 $197,170
Not provided 520 $122,670,000 $235,904
Asian 133 $31,675,000 $238,158
American Indian 17 $3,625,000 $213,235
Native Hawaiian 14 $3,210,000 $229,286
Other Asian 1 $225,000 $225,000
Vietnamese 1 $175,000 $175,000
Asian Indian 1 $175,000 $175,000

Approval Rates

Total approvals of all applications
97.69%

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
75.86%

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 9,063 $2,012,125,000 $222,015

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 5,733 $1,222,715,000 $213,277
$1k-2k 1,760 $386,890,000 $219,824
$2k-3k 786 $185,400,000 $235,878
$3k-4k 532 $144,720,000 $272,030
$5k+ 166 $60,940,000 $367,108

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 9,063 $2,012,125,000 $222,015