Mid-island Mortgage Corp. Rates, Fees & Info
WESTBURY, NYLEI: 549300NZ2IPWRMLAYZ30
Tax ID: 11-2108436
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Mortgage Data
Review & Overview
Mid-island Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Mid-island Mortgage Corp. has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: New York, Boston, Washington, Providence, and Poughkeepsie among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)Mid-island Mortgage Corp. 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. Mid-island Mortgage Corp. is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.63% | 4/21/24 |
| 30 Year Conventional Refi | 6.59% | 4/21/24 |
| 30 Year Cash-out Refi | 6.80% | 4/21/24 |
| 30 Year FHA Purchase | 7.35% | 4/21/24 |
| 30 Year FHA Refi | 7.23% | 4/21/24 |
| 30 Year VA Purchase | 6.16% | 4/21/24 |
| 30 Year VA Refi | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 6.35% | 4/21/24 |
| 15 Year Conventional Refi | 6.07% | 4/21/24 |
| 15 Year Cash-out Refi | 6.07% | 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. | ||
Mid-island Mortgage Corp. Mortgage Calculator
Your Estimates
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This is not an official calculator from Mid-island Mortgage Corp.. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
654Origination Dollar Volume (All Markets)
$234,210,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 466 | $176,920,000 | $379,657 | $11,004 | 4.84% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 69 | $25,455,000 | $368,913 | $5,887 | 5.03% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 39 | $12,655,000 | $324,487 | $9,489 | 4.80% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 11 | $2,545,000 | $231,364 | $6,982 | 5.31% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 9 | $2,385,000 | $265,000 | $9,532 | 4.89% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 11 | $2,275,000 | $206,818 | $9,661 | 5.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $2,190,000 | $547,500 | $14,526 | 4.72% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $3,402 | 4.92% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $8,138 | 5.33% |
| ROCHESTER, NY (FHA|USDA|VA) | 6 | $930,000 | $155,000 | $6,183 | 4.58% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $5,035 | 4.96% |
| Outside of Metro Areas | 3 | $665,000 | $221,667 | $7,591 | 5.50% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $5,670 | 5.00% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $5,007 | 4.81% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $2,787 | 4.75% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,946 | 5.13% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $2,586 | 4.83% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,636 | 5.56% |
| SYRACUSE, NY (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,689 | 5.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $9,390 | 4.38% |
| RICHMOND, VA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $7,237 | 4.63% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $11,101 | 5.00% |
| KINGSTON, NY (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $6,709 | 4.50% |
| STATE COLLEGE, PA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $14,752 | 4.88% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $11,623 | 5.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $5,666 | 5.38% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $9,391 | 4.75% |
| Sunbury, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,953 | 5.00% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,478 | 5.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,107 | 5.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against MID-ISLAND MORTGAGE CORP. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 375 originations. Their 2nd most popular type was FHA, with 247 originations.
Loan Reason
For 2018, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 444 originations. The 2nd most popular reason was Cash Out Refi, with 123 originations.
Loan Duration/Length
For 2018, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 621 originations. The 2nd most popular length was 15 Year, with 20 originations.
Origination Fees/Closing Costs
Mid-island Mortgage Corp.'s average total fees were $10,170, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 245 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 410 | $145,190,000 | $354,122 |
| 5-6% | 208 | $77,960,000 | $374,808 |
| 3-4% | 28 | $8,210,000 | $293,214 |
| 6-7% | 8 | $2,850,000 | $356,250 |
During 2018, Mid-island Mortgage Corp.'s average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 410 originations.
Loan Sizing
2018 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 344 originations, totaling $105,290,000 in origination value.
Applicant Income
Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $75k-100k, with 146 originations.
Applicant Debt to Income Ratio
Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 50-60%, with 102 originations. The next most common DTI ratio? 30-36%, with 66 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.66%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination67.43%
Mid-island Mortgage Corp. 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 | 654 | $234,210,000 | $358,119 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 654 | $234,210,000 | $358,119 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MID-ISLAND MORTGAGE CORP. | FHA mortgage | Trouble during payment process | 1 | 50.0% |
| MID-ISLAND MORTGAGE CORP. | Other type of mortgage | Trouble during payment process | 1 | 50.0% |