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% | 12/16/24 |
| 30 Year Conventional Refi | 6.59% | 12/16/24 |
| 30 Year Cash-out Refi | 6.80% | 12/16/24 |
| 30 Year FHA Purchase | 7.35% | 12/16/24 |
| 30 Year FHA Refi | 7.23% | 12/16/24 |
| 30 Year VA Purchase | 6.16% | 12/16/24 |
| 30 Year VA Refi | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 6.35% | 12/16/24 |
| 15 Year Conventional Refi | 6.07% | 12/16/24 |
| 15 Year Cash-out Refi | 6.07% | 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. | ||
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™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
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% |