First Source Mortgage Rates, Fees & Info

New Hartford, NY

LEI: 549300NBSU5FHMDN5F74

Tax ID: 15-0535531

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

Review & Overview

First Source is a smaller mortgage company specializing in Other and Refi loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Watertown, and Gloversville among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Source 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.

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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	4/21/24
30 Year Conventional Purchase	6.75%	4/21/24
30 Year Conventional Refi	6.27%	4/21/24
30 Year Cash-out Refi	6.27%	4/21/24
15 Year Conventional Purchase	5.47%	4/21/24
15 Year Conventional Refi	5.56%	4/21/24
15 Year Cash-out Refi	5.56%	4/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Source Mortgage Calculator

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

814

Origination Dollar Volume (All Markets)

$63,260,000

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
UTICA-ROME, NY (FHA\|USDA\|VA)	767	$59,245,000	$77,243	$386	4.74%
SYRACUSE, NY (FHA\|USDA\|VA)	19	$1,605,000	$84,474	$396	4.33%
Outside of Metro Areas	10	$520,000	$52,000	$377	5.46%
Oneonta, NY (FHA\|USDA\|VA)	9	$505,000	$56,111	$354	4.12%
WATERTOWN-FORT DRUM, NY (FHA\|USDA\|VA)	2	$430,000	$215,000	$337	2.62%
Gloversville, NY (FHA\|USDA\|VA)	2	$390,000	$195,000	$0	5.37%
Amsterdam, NY (FHA\|USDA\|VA)	4	$300,000	$75,000	$407	3.68%
ALBANY-SCHENECTADY-TROY, NY (FHA\|USDA\|VA)	1	$265,000	$265,000	$496	9.49%

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

Their top states include:

New York (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against FIRST SOURCE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Adirondack Bank
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COMMONFUND MORTGAGE CORP.
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CCFCU FUNDING, LLC
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AMERICU Credit Union
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Community Bank
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Premium Mortgage Corporation
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PARAGON HOME LOANS INC.
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	814	$63,260,000	$77,715	$386	4.73%

For 2018, First Source's most frequently originated type of loan was Conventional, with 814 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Other	318	$22,120,000	$69,560	$370	4.97%
Refi	303	$27,975,000	$92,327	$415	4.48%
Home Improvement	140	$7,600,000	$54,286	$356	4.71%
Home Purchase	47	$4,895,000	$104,149	$348	4.95%
Cash Out Refi	4	$590,000	$147,500	$496	4.99%
NA	2	$80,000	$40,000	$337	3.12%

For 2018, First Source's most frequently cited loan purpose was Other, with 318 originations. The 2nd most popular reason was Refi, with 303 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	249	$19,705,000	$79,137	$368	3.92%
Other	239	$16,625,000	$69,561	$406	5.02%
20 Year	164	$18,860,000	$115,000	$410	5.54%
10 Year	124	$6,710,000	$54,113	$368	4.99%
5 Year	35	$1,275,000	$36,429	$341	4.15%
3 Year	3	$85,000	$28,333	$337	3.57%

For 2018, First Source's most frequently cited loan duration was 15 Year, with 249 originations. The 2nd most popular length was Other, with 239 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	281	$20,645,000	$73,470
4-5%	174	$17,030,000	$97,874
<2.5%	101	$8,275,000	$81,931
5-6%	75	$6,435,000	$85,800
Over 8%	70	$4,100,000	$58,571
6-7%	46	$2,610,000	$56,739
2.5-3%	28	$1,420,000	$50,714
7-8%	21	$1,175,000	$55,952

During 2018, First Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 281 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	604	$29,760,000	$49,272	$382	4.86%
$100k-200k	175	$23,645,000	$135,114	$395	4.35%
$200k-400k	30	$7,470,000	$249,000	$399	4.68%
$400k-600k	5	$2,385,000	$477,000	$392	2.93%

2018 saw First Source place emphasis on $100,000 or less loans with 604 originations, totaling $29,760,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	230	$15,680,000	$68,174	$414	4.97%
$50k or less	175	$9,395,000	$53,686	$374	4.82%
$100k-150k	147	$12,135,000	$82,551	$376	4.59%
$75k-100k	141	$11,315,000	$80,248	$379	4.74%
$150k-250k	71	$9,485,000	$133,592	$362	3.94%
$250k+	10	$1,020,000	$102,000	$373	4.57%

First Source lent most frequently to those with incomes in the $50k-75k range, with 230 originations. The second most popular income band? $50k or less, with 175 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	190	$13,650,000	$71,842	$378	4.29%
<20%	122	$9,330,000	$76,475	$360	3.96%
>60%	112	$9,330,000	$83,304	$438	5.14%
30-36%	112	$8,220,000	$73,393	$389	4.92%
50-60%	84	$7,230,000	$86,071	$378	4.81%
45%	18	$1,240,000	$68,889	$370	5.89%
40%	18	$1,040,000	$57,778	$377	5.80%
46%	18	$1,550,000	$86,111	$410	5.24%
39%	17	$1,355,000	$79,706	$373	4.28%
38%	17	$1,615,000	$95,000	$384	4.15%
44%	15	$865,000	$57,667	$381	5.31%
36%	13	$1,255,000	$96,538	$428	4.53%
43%	13	$775,000	$59,615	$355	5.39%
48%	13	$765,000	$58,846	$399	6.87%
37%	13	$1,645,000	$126,538	$337	4.26%
42%	12	$1,320,000	$110,000	$359	5.24%
41%	10	$740,000	$74,000	$419	5.19%
49%	8	$570,000	$71,250	$364	8.56%
47%	6	$390,000	$65,000	$419	3.95%

First Source lent most frequently to those with DTI ratios of 20-30%, with 190 originations. The next most common DTI ratio? <20%, with 122 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	791	$61,655,000	$77,946	$386	4.73%
Not applicable	9	$805,000	$89,444	$0	5.78%
Not provided	5	$225,000	$45,000	$410	3.87%
Asian	3	$195,000	$65,000	$337	4.24%
American Indian	2	$140,000	$70,000	$0	5.99%
Black	3	$135,000	$45,000	$337	3.74%
Other Asian	1	$105,000	$105,000	$0	5.24%

Approval Rates

Total approvals of all applications
96.19%

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
66.71%

First Source has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	814	$63,260,000	$77,715

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	27	$1,095,000	$40,556
Single Family (1-4 Units):Site-Built	787	$62,165,000	$78,990

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	196	$9,610,000	$49,031	$389	4.82%
40-60%	125	$9,315,000	$74,520	$390	4.26%
60-80%	225	$26,775,000	$119,000	$399	4.73%
80-100%	106	$12,290,000	$115,943	$402	5.22%
Over 100%	3	$245,000	$81,667	$446	9.91%
Under 20%	145	$4,035,000	$27,828	$345	4.38%

Complaints

Bank Name	Product	Issue	2018 CPFB Complaints	% of Total Issues
FIRSTBANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	33.3%
FIRSTBANK	Other type of mortgage	Trouble during payment process	1	33.3%
FIRSTBANK	Conventional home mortgage	Closing on a mortgage	1	33.3%