Mid-island Mortgage Corp. Rates, Fees & Info

WESTBURY, NY

LEI: 549300NZ2IPWRMLAYZ30

Tax ID: 11-2108436

2.3 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mid-island Mortgage Corp. is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Mid-island Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include New York, Boston, Washington, Poughkeepsie, and Worcester among others. Mid-island Mortgage Corp. 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. Mid-island Mortgage Corp. is typically a high fee lendor.


Originations

1,447

Origination Dollar Volume (All Markets)

$525,875,000

Awards

MID-ISLAND MORTGAGE CORP. 30 Year Conventional Loans gold MID-ISLAND MORTGAGE CORP. FHA Loans bronze MID-ISLAND MORTGAGE CORP. 30 Year Conventional Loans gold MID-ISLAND MORTGAGE CORP. FHA Loans bronze
Show all (4) awards

Relative Rate

Mid-island Mortgage Corp.'s average 30 year fixed rate mortgage of loans were 3.1%.

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

This yields a difference of -0.05%.

Relative Fees

Mid-island Mortgage Corp.'s average total fees for a 30 year fixed rate mortgage are $7,587.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 968 $373,630,000 $385,981 $8,010 3.02%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 176 $63,950,000 $363,352 $2,845 3.05%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 96 $34,700,000 $361,458 $7,497 2.98%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 23 $6,955,000 $302,391 $6,477 3.10%
WORCESTER, MA-CT (FHA|USDA|VA) 24 $6,590,000 $274,583 $2,750 3.04%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 12 $4,380,000 $365,000 $5,207 2.92%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 13 $3,815,000 $293,462 $6,995 3.29%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $3,215,000 $292,273 $7,439 3.11%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 11 $2,635,000 $239,545 $4,838 2.96%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 9 $2,155,000 $239,444 $6,203 3.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 6 $1,500,000 $250,000 $6,606 3.25%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 6 $1,480,000 $246,667 $3,146 3.21%
Outside of Metro Areas 7 $1,405,000 $200,714 $4,145 3.07%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $1,285,000 $257,000 $5,592 3.33%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $1,265,000 $421,667 $12,006 2.67%
SPRINGFIELD, MA (FHA|USDA|VA) 6 $1,160,000 $193,333 $3,050 3.17%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 6 $1,150,000 $191,667 $3,311 3.15%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $1,090,000 $272,500 $1,781 2.41%
KINGSTON, NY (FHA|USDA|VA) 4 $970,000 $242,500 $4,946 3.06%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $855,000 $285,000 $7,546 2.83%
RICHMOND, VA (FHA|USDA|VA) 3 $765,000 $255,000 $5,662 3.17%
ROCHESTER, NY (FHA|USDA|VA) 4 $660,000 $165,000 $2,764 2.91%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $640,000 $320,000 $12,145 2.79%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $620,000 $310,000 $4,217 3.19%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $600,000 $300,000 $6,480 3.38%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 2 $580,000 $290,000 $14,751 3.13%
GLENS FALLS, NY (FHA|USDA|VA) 3 $565,000 $188,333 $3,827 2.88%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $520,000 $260,000 $4,177 3.25%
UTICA-ROME, NY (FHA|USDA|VA) 2 $450,000 $225,000 $3,697 3.13%
COLUMBIA, SC (FHA|USDA|VA) 2 $440,000 $220,000 $7,156 2.94%
SYRACUSE, NY (FHA|USDA|VA) 3 $405,000 $135,000 $2,850 2.96%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 2 $380,000 $190,000 $7,455 2.94%
Auburn, NY (FHA|USDA|VA) 2 $380,000 $190,000 $3,317 2.88%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $370,000 $185,000 $6,782 3.69%
WINSTON-SALEM, NC (FHA|USDA|VA) 2 $360,000 $180,000 $3,810 2.75%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $325,000 $325,000 $7,590 2.50%
WINCHESTER, VA-WV (FHA|USDA|VA) 1 $325,000 $325,000 $8,685 2.25%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.63%
Lebanon, NH-VT (FHA|USDA|VA) 1 $285,000 $285,000 $2,056 3.38%
Keene, NH (FHA|USDA|VA) 2 $280,000 $140,000 $1,530 2.75%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $265,000 $265,000 $3,934 3.25%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $245,000 $245,000 $5,352 4.25%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $245,000 $245,000 $3,218 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $235,000 $235,000 $1,961 2.25%
Malone, NY (FHA|USDA|VA) 1 $195,000 $195,000 $4,401 3.13%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $165,000 $165,000 $9,935 3.13%
St. Marys, GA (FHA|USDA|VA) 1 $165,000 $165,000 $7,887 2.88%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $155,000 $155,000 $5,527 2.38%
Cortland, NY (FHA|USDA|VA) 1 $145,000 $145,000 $3,004 3.00%
ROANOKE, VA (FHA|USDA|VA) 1 $125,000 $125,000 $4,256 2.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.13%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $115,000 $115,000 $4,186 2.75%

Mid-island Mortgage Corp.'s top markets include New York, Boston, Washington, Poughkeepsie, and Worcester among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,110 $391,060,000 $352,306 $5,622 3.09%
FHA 288 $113,470,000 $393,993 $11,690 2.85%
VA 49 $21,345,000 $435,612 $8,698 2.63%

For the 2021 period, Mid-island Mortgage Corp.'s most frequently originated loan type of loans were Conventional, with 1,110 originations. Their 2nd most popular type is FHA, with 288 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 681 $234,655,000 $344,574 $6,397 2.86%
Cash Out Refi 447 $156,875,000 $350,951 $6,869 3.17%
Home Purchase 315 $132,805,000 $421,603 $8,278 3.17%
Home Improvement 3 $1,105,000 $368,333 $7,890 3.83%
Other 1 $435,000 $435,000 $13,755 3.13%

For the 2021, Mid-island Mortgage Corp.'s most frequently cited loan purpose of loans were Refi, with 681 originations. The 2nd most popular reason of loans were Cash Out Refi, with 447 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,157 $443,755,000 $383,539 $7,587 3.10%
15 Year 156 $42,980,000 $275,513 $4,198 2.57%
20 Year 73 $21,335,000 $292,260 $4,533 2.98%
Other 40 $12,900,000 $322,500 $5,890 2.93%
10 Year 21 $4,905,000 $233,571 $4,189 2.46%

For the 2021, Mid-island Mortgage Corp.'s most frequently cited loan length of loans were 30 Year, with 1,157 originations. The 2nd most popular length of loans were 15 Year, with 156 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 765 $268,475,000 $350,948
$5k+ 238 $106,310,000 $446,681
$3k-4k 169 $59,065,000 $349,497
$1k-2k 111 $34,675,000 $312,387
$2k-3k 101 $33,525,000 $331,931

$7,587 of loans were Mid-island Mortgage Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 765 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 625 $240,025,000 $384,040
2.5-3% 601 $209,905,000 $349,260
<2.5% 201 $68,135,000 $338,980
4-5% 20 $7,810,000 $390,500

During 2021, Mid-island Mortgage Corp.'s average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 3-4%, with 625 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 767 $232,895,000 $303,644 $5,851 3.01%
$400k-600k 450 $215,390,000 $478,644 $8,636 3.07%
$100k-200k 142 $22,110,000 $155,704 $3,834 2.94%
$600k-1MM 77 $54,565,000 $708,636 $15,040 3.11%
$100,000 or less 11 $915,000 $83,182 $2,960 2.78%

2021 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 767 originations, totaling $232,895,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 444 $167,640,000 $377,568 $7,118 3.07%
$150k-250k 291 $120,885,000 $415,412 $6,911 3.08%
$75k-100k 257 $82,675,000 $321,693 $6,985 3.11%
$50k-75k 141 $34,555,000 $245,071 $5,815 3.09%
$250k+ 63 $29,165,000 $462,937 $6,406 3.01%
$50k or less 30 $5,400,000 $180,000 $4,757 3.06%

Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 444 originations. The second most popular income band? $150k-250k, with 291 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 237 $74,125,000 $312,764 $4,928 3.00%
30-36% 221 $79,625,000 $360,294 $6,206 3.03%
42% 67 $25,915,000 $386,791 $6,542 3.22%
44% 57 $20,825,000 $365,351 $7,856 3.19%
41% 54 $20,970,000 $388,333 $7,562 3.10%
39% 54 $20,150,000 $373,148 $6,544 3.06%
40% 53 $19,425,000 $366,509 $6,318 3.05%
<20% 52 $14,880,000 $286,154 $4,531 2.87%
38% 52 $19,360,000 $372,308 $6,482 3.15%
43% 50 $19,120,000 $382,400 $6,145 3.19%
49% 50 $18,900,000 $378,000 $8,421 3.22%
48% 44 $14,890,000 $338,409 $6,499 3.07%
47% 44 $18,640,000 $423,636 $8,600 3.24%
36% 43 $15,415,000 $358,488 $6,241 3.01%
46% 41 $16,505,000 $402,561 $8,629 3.18%
45% 40 $15,080,000 $377,000 $10,449 3.08%
37% 36 $13,070,000 $363,056 $5,969 3.18%
50-60% 34 $14,970,000 $440,294 $18,238 3.06%
>60% 1 $405,000 $405,000 $3,394 2.75%

Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 237 originations. The next most common DTI ratio? 30-36%, with 221 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 806 $278,740,000 $345,831 $5,521 3.04%
Not provided 357 $133,365,000 $373,571 $7,946 2.98%
Black 218 $86,530,000 $396,927 $10,189 3.03%
Asian 59 $24,225,000 $410,593 $8,378 3.07%
Native Hawaiian 4 $1,860,000 $465,000 $13,485 3.04%
American Indian 2 $820,000 $410,000 $11,327 3.06%
Asian Indian 1 $335,000 $335,000 $7,228 2.50%

Approval Rates

Total approvals of all applications
92.68%

Mid-island Mortgage Corp. has an average approval rate.

Pick Rate

Approvals leading to origination
80.73%

Mid-island Mortgage Corp. has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,447 $525,875,000 $363,424

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,447 $525,875,000 $363,424

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 96 $20,970,000 $218,438 $4,267 2.79%
40-60% 299 $95,185,000 $318,344 $5,292 2.96%
60-80% 539 $203,215,000 $377,022 $6,623 3.16%
80-100% 273 $115,995,000 $424,890 $8,898 3.16%
Over 100% 10 $4,500,000 $450,000 $29,373 3.24%
Under 20% 11 $1,855,000 $168,636 $3,726 2.74%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MID-ISLAND MORTGAGE CORP. Conventional home mortgage Incorrect information on your report 1 20.0%
MID-ISLAND MORTGAGE CORP. Conventional home mortgage Trouble during payment process 3 60.0%
MID-ISLAND MORTGAGE CORP. Other type of mortgage Closing on a mortgage 1 20.0%