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 Refi loans. First Source has a high proportion of conventional loans. Their top markets by origination volume include: Utica, Syracuse, Oneonta, Gloversville, and Rochester among others. We have data for 7 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 an above 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.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.27%	12/16/24
30 Year Conventional Purchase	6.75%	12/16/24
30 Year Conventional Refi	6.27%	12/16/24
30 Year Cash-out Refi	6.27%	12/16/24
15 Year Conventional Purchase	5.47%	12/16/24
15 Year Conventional Refi	5.56%	12/16/24
15 Year Cash-out Refi	5.56%	12/16/24
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

480

Origination Dollar Volume (All Markets)

$36,510,000

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)	457	$34,895,000	$76,357	$437	4.18%
SYRACUSE, NY (FHA\|USDA\|VA)	9	$755,000	$83,889	$462	5.07%
Oneonta, NY (FHA\|USDA\|VA)	5	$395,000	$79,000	$497	3.04%
Gloversville, NY (FHA\|USDA\|VA)	4	$250,000	$62,500	$507	3.93%
ROCHESTER, NY (FHA\|USDA\|VA)	1	$105,000	$105,000	$362	4.24%
Amsterdam, NY (FHA\|USDA\|VA)	3	$85,000	$28,333	$474	7.41%
Outside of Metro Areas	1	$25,000	$25,000	$427	6.99%

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

Their top states include:

New York (FHA|USDA|VA)

(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
Similarity Rank: 248

SEFCU SERVICES, LLC
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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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Berkshire Bank
Similarity Rank: 810

1ST PRIORITY MORTGAGE, INC.
Similarity Rank: 825

PARAGON HOME LOANS INC.
Similarity Rank: 896

Community Bank
Similarity Rank: 1034

OWNERSCHOICE FUNDING, INCORPORATED
Similarity Rank: 1206

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	385	$28,615,000	$74,325	$439	4.76%
HELOC	95	$7,895,000	$83,105	n/a	1.97%

For 2020, First Source's most frequently originated type of loan was Conventional, with 385 originations. Their 2nd most popular type was HELOC, with 95 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	239	$22,825,000	$95,502	$461	4.23%
Home Improvement	101	$4,495,000	$44,505	$418	4.10%
Other	97	$5,385,000	$55,515	$401	4.30%
Home Purchase	36	$3,110,000	$86,389	$408	4.00%
NA	7	$695,000	$99,286	$491	4.45%

For 2020, First Source's most frequently cited loan purpose was Refi, with 239 originations. The 2nd most popular reason was Home Improvement, with 101 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	169	$13,955,000	$82,574	$458	3.23%
Other	151	$10,575,000	$70,033	$430	4.67%
20 Year	74	$7,600,000	$102,703	$462	5.63%
10 Year	68	$3,700,000	$54,412	$421	4.11%
5 Year	16	$620,000	$38,750	$410	4.22%
3 Year	2	$60,000	$30,000	$482	2.74%

For 2020, First Source's most frequently cited loan duration was 15 Year, with 169 originations. The 2nd most popular length was Other, with 151 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	153	$12,515,000	$81,797
<2.5%	104	$8,430,000	$81,058
4-5%	101	$8,615,000	$85,297
5-6%	46	$2,540,000	$55,217
6-7%	25	$1,605,000	$64,200
Over 8%	20	$1,080,000	$54,000
7-8%	16	$870,000	$54,375
2.5-3%	14	$610,000	$43,571

During 2020, First Source's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 153 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	356	$16,990,000	$47,725	$427	4.31%
$100k-200k	100	$13,690,000	$136,900	$470	4.08%
$200k-400k	24	$5,830,000	$242,917	$484	3.19%

2020 saw First Source place emphasis on $100,000 or less loans with 356 originations, totaling $16,990,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	109	$7,095,000	$65,092	$443	4.20%
$100k-150k	105	$8,305,000	$79,095	$431	4.37%
$75k-100k	93	$6,865,000	$73,817	$444	4.36%
$50k or less	91	$5,335,000	$58,626	$448	3.99%
$150k-250k	59	$6,675,000	$113,136	$425	3.80%
$250k+	7	$905,000	$129,286	$362	4.20%

First Source lent most frequently to those with incomes in the $50k-75k range, with 109 originations. The second most popular income band? $100k-150k, with 105 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	99	$8,255,000	$83,384	$444	4.04%
30-36%	80	$6,570,000	$82,125	$436	4.32%
50-60%	52	$3,460,000	$66,538	$433	4.55%
>60%	42	$4,150,000	$98,810	$446	3.90%
<20%	41	$2,705,000	$65,976	$425	3.29%
42%	17	$1,475,000	$86,765	$450	3.71%
37%	15	$825,000	$55,000	$465	3.84%
44%	14	$1,170,000	$83,571	$458	3.79%
39%	14	$640,000	$45,714	$433	5.13%
38%	13	$605,000	$46,538	$405	4.45%
36%	12	$890,000	$74,167	$456	3.64%
40%	12	$1,000,000	$83,333	$398	4.82%
41%	12	$600,000	$50,000	$436	5.07%
46%	9	$455,000	$50,556	$413	5.10%
48%	8	$650,000	$81,250	$410	4.05%
43%	8	$460,000	$57,500	$479	4.27%
49%	7	$365,000	$52,143	$444	5.28%
45%	5	$575,000	$115,000	$478	4.49%
47%	4	$330,000	$82,500	$482	4.87%

First Source lent most frequently to those with DTI ratios of 20-30%, with 99 originations. The next most common DTI ratio? 30-36%, with 80 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	446	$34,100,000	$76,457	$437	4.17%
Not applicable	31	$2,295,000	$74,032	$480	4.83%
Asian	1	$65,000	$65,000	$471	4.74%
American Indian	1	$25,000	$25,000	$427	2.99%
Black	1	$25,000	$25,000	$427	2.49%

Approval Rates

Total approvals of all applications
98.26%

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
93.96%

First Source has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	480	$36,510,000	$76,063

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	10	$700,000	$70,000
Single Family (1-4 Units):Site-Built	470	$35,810,000	$76,191

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	152	$8,320,000	$54,737	$411	4.28%
40-60%	69	$5,995,000	$86,884	$445	3.96%
60-80%	98	$10,760,000	$109,796	$475	4.16%
80-100%	56	$8,400,000	$150,000	$490	4.49%
Under 20%	105	$3,035,000	$28,905	$408	4.15%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	3	20.0%
FIRST HORIZON BANK	Home equity loan or line of credit (HELOC)	Trouble during payment process	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Closing on a mortgage	2	13.3%
FIRST HORIZON BANK	Conventional home mortgage	Closing on a mortgage	1	6.7%
FIRST HORIZON BANK	Conventional home mortgage	Trouble during payment process	4	26.7%
FIRST HORIZON BANK	Other type of mortgage	Struggling to pay mortgage	1	6.7%
FIRST HORIZON BANK	Other type of mortgage	Trouble during payment process	2	13.3%
FIRST HORIZON BANK	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	6.7%