First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

3.1 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Source is a smaller mortgage company specializing in Refi loans. First Source has a high proportion of conventional loans. Their top markets include Utica, Syracuse, Watertown, Oneonta, and Amsterdam among others. First Source has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Source is typically a low fee lendor.


Originations

1,206

Origination Dollar Volume (All Markets)

$126,370,000

Awards

FIRST SOURCE 30 Year Conventional Loans gold
Show all (1) awards

Relative Rate

First Source's average 30 year fixed rate mortgage of loans were 4.33%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 1.18%.

Relative Fees

First Source's average total fees for a 30 year fixed rate mortgage are $3,039.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
UTICA-ROME, NY (FHA|USDA|VA) 1,115 $117,635,000 $105,502 $574 3.43%
SYRACUSE, NY (FHA|USDA|VA) 48 $4,070,000 $84,792 $576 4.04%
Outside of Metro Areas 15 $1,365,000 $91,000 $570 6.40%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 2 $640,000 $320,000 $0 2.50%
Oneonta, NY (FHA|USDA|VA) 10 $560,000 $56,000 $501 3.17%
Amsterdam, NY (FHA|USDA|VA) 4 $540,000 $135,000 $591 4.24%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 5 $525,000 $105,000 $509 3.44%
ROCHESTER, NY (FHA|USDA|VA) 3 $385,000 $128,333 $447 3.41%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1 $335,000 $335,000 $711 2.99%
Gloversville, NY (FHA|USDA|VA) 1 $145,000 $145,000 $0 2.99%
Ogdensburg-Massena, NY (FHA|USDA|VA) 1 $105,000 $105,000 $477 2.99%
GLENS FALLS, NY (FHA|USDA|VA) 1 $65,000 $65,000 $0 1.49%

First Source's top markets include Utica, Syracuse, Watertown, Oneonta, and Amsterdam among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,206 $126,370,000 $104,784 $573 3.48%

For the 2021 period, First Source's most frequently originated loan type of loans were Conventional, with 1,206 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 737 $87,475,000 $118,691 $503 3.44%
Home Improvement 196 $10,870,000 $55,459 $432 3.38%
Other 170 $13,800,000 $81,176 $439 3.65%
Home Purchase 78 $11,280,000 $144,615 $1,985 3.82%
Cash Out Refi 17 $2,225,000 $130,882 $1,891 3.72%
NA 8 $720,000 $90,000 $429 2.90%

For the 2021, First Source's most frequently cited loan purpose of loans were Refi, with 737 originations. The 2nd most popular reason of loans were Home Improvement, with 196 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
15 Year 399 $39,445,000 $98,860 $537 3.01%
20 Year 351 $46,115,000 $131,382 $479 3.97%
Other 260 $23,420,000 $90,077 $479 3.52%
10 Year 128 $9,080,000 $70,938 $462 3.45%
30 Year 36 $6,410,000 $178,056 $3,039 4.33%
5 Year 32 $1,900,000 $59,375 $414 2.99%

For the 2021, First Source's most frequently cited loan length of loans were 15 Year, with 399 originations. The 2nd most popular length of loans were 20 Year, with 351 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 29 $4,635,000 $159,828

$3,039 of loans were First Source's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 29 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 377 $50,965,000 $135,186
<2.5% 336 $28,330,000 $84,315
3-4% 220 $23,470,000 $106,682
4-5% 114 $11,370,000 $99,737
5-6% 68 $5,940,000 $87,353
6-7% 39 $2,685,000 $68,846
Over 8% 28 $1,670,000 $59,643
7-8% 19 $1,435,000 $75,526

During 2021, First Source's average interest rate of loans were 4.33%, while their most frequently originated rate bucket of loans were 2.5-3%, with 377 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 692 $37,780,000 $54,595 $482 3.65%
$100k-200k 392 $53,290,000 $135,944 $671 3.29%
$200k-400k 110 $28,490,000 $259,000 $708 3.19%
$400k-600k 8 $3,830,000 $478,750 $536 2.74%
$600k-1MM 4 $2,980,000 $745,000 $427 3.28%

2021 saw First Source place emphasis on $100,000 or less loans with 692 originations, totaling $37,780,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 300 $26,740,000 $89,133 $550 3.66%
$100k-150k 254 $28,400,000 $111,811 $507 3.44%
$75k-100k 245 $25,405,000 $103,694 $585 3.43%
$50k or less 202 $15,350,000 $75,990 $752 3.41%
$150k-250k 155 $20,985,000 $135,387 $464 3.26%
$250k+ 21 $4,755,000 $226,429 $489 3.06%

First Source lent most frequently to those with incomes in the $50k-75k range, with 300 originations. The second most popular income band? $100k-150k, with 254 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 253 $24,975,000 $98,715 $485 3.24%
30-36% 189 $17,535,000 $92,778 $468 3.51%
<20% 134 $15,460,000 $115,373 $1,434 3.25%
>60% 134 $16,290,000 $121,567 $472 3.29%
50-60% 128 $13,440,000 $105,000 $487 3.70%
38% 44 $4,520,000 $102,727 $481 3.64%
37% 30 $3,010,000 $100,333 $485 3.11%
42% 30 $2,600,000 $86,667 $492 4.27%
43% 26 $2,580,000 $99,231 $473 3.70%
40% 25 $2,475,000 $99,000 $468 3.19%
36% 24 $2,230,000 $92,917 $484 3.18%
39% 24 $1,540,000 $64,167 $485 3.90%
41% 24 $2,180,000 $90,833 $448 3.96%
44% 22 $2,290,000 $104,091 $478 4.08%
46% 21 $1,935,000 $92,143 $470 4.22%
48% 21 $2,785,000 $132,619 $475 3.75%
47% 19 $1,945,000 $102,368 $420 3.28%
45% 18 $2,000,000 $111,111 $461 3.48%
49% 14 $1,770,000 $126,429 $452 3.60%

First Source lent most frequently to those with DTI ratios of 20-30%, with 253 originations. The next most common DTI ratio? 30-36%, with 189 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,140 $117,490,000 $103,061 $556 3.46%
Not applicable 29 $5,055,000 $174,310 $0 4.58%
Not provided 10 $1,670,000 $167,000 $1,727 3.35%
Black 17 $1,435,000 $84,412 $711 3.83%
Asian 5 $375,000 $75,000 $1,661 2.99%
Asian Indian 3 $135,000 $45,000 $268 3.82%
American Indian 1 $105,000 $105,000 $0 2.99%
Other Asian 1 $105,000 $105,000 $427 2.99%

Approval Rates

Total approvals of all applications
95.74%

First Source 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
74.45%

First Source has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,206 $126,370,000 $104,784

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,206 $126,370,000 $104,784

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 274 $18,680,000 $68,175 $440 3.52%
40-60% 225 $25,115,000 $111,622 $491 3.18%
60-80% 344 $49,840,000 $144,884 $624 3.27%
80-100% 136 $22,600,000 $166,176 $980 4.02%
Over 100% 8 $1,380,000 $172,500 $546 6.62%
Under 20% 208 $7,190,000 $34,567 $399 3.62%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Commerce, LLC Conventional home mortgage Struggling to pay mortgage 1 100.0%