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 and Refi 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, Poughkeepsie, and Providence among others. We have data for 44 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
936Origination Dollar Volume (All Markets)
$338,280,000Awards
MID-ISLAND MORTGAGE CORP. - 2019
MID-ISLAND MORTGAGE CORP. is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 638 | $244,180,000 | $382,727 | $9,195 | 4.23% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 84 | $32,800,000 | $390,476 | $4,932 | 4.32% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 73 | $27,835,000 | $381,301 | $10,548 | 4.10% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 22 | $5,890,000 | $267,727 | $7,510 | 4.17% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 17 | $5,355,000 | $315,000 | $6,178 | 4.33% |
| RICHMOND, VA (FHA|USDA|VA) | 16 | $3,590,000 | $224,375 | $4,231 | 4.20% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 8 | $2,190,000 | $273,750 | $8,040 | 4.69% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 6 | $2,040,000 | $340,000 | $11,903 | 4.33% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $9,750 | 4.65% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 6 | $1,320,000 | $220,000 | $4,344 | 3.96% |
| Laconia, NH (FHA|USDA|VA) | 4 | $980,000 | $245,000 | $6,435 | 5.00% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 4 | $900,000 | $225,000 | $5,359 | 4.25% |
| ROCHESTER, NY (FHA|USDA|VA) | 5 | $885,000 | $177,000 | $2,938 | 4.10% |
| Outside of Metro Areas | 5 | $735,000 | $147,000 | $5,306 | 4.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $6,553 | 5.50% |
| SYRACUSE, NY (FHA|USDA|VA) | 4 | $670,000 | $167,500 | $2,464 | 3.81% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $4,656 | 4.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $3,292 | 4.37% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $5,754 | 3.25% |
| KINGSTON, NY (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,086 | 4.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,853 | 4.06% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,899 | 4.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,531 | 3.96% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,876 | 3.38% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $13,141 | 3.75% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,815 | 3.63% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,547 | 5.13% |
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $5,947 | 4.94% |
| DOVER, DE (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $12,367 | 3.38% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $9,829 | 3.88% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $10,815 | 4.25% |
| Auburn, NY (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,522 | 4.38% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,094 | 3.88% |
| Plattsburgh, NY (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $3,071 | 4.25% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,294 | 3.75% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,766 | 4.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,970 | 6.00% |
| Lock Haven, PA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,978 | 4.13% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $8,411 | 5.13% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,340 | 4.63% |
| BINGHAMTON, NY (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.63% |
| Cortland, NY (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,402 | 3.75% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $6,465 | 4.63% |
| Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $4,114 | 4.25% |
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 2019, Mid-island Mortgage Corp.'s most frequently originated type of loan was Conventional, with 489 originations. Their 2nd most popular type was FHA, with 395 originations.
Loan Reason
For 2019, Mid-island Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 473 originations. The 2nd most popular reason was Refi, with 276 originations.
Loan Duration/Length
For 2019, Mid-island Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 891 originations. The 2nd most popular length was 15 Year, with 22 originations.
Origination Fees/Closing Costs
Mid-island Mortgage Corp.'s average total fees were $8,664, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 506 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 434 | $158,690,000 | $365,645 |
| 3-4% | 413 | $146,505,000 | $354,734 |
| 5-6% | 86 | $32,280,000 | $375,349 |
| 6-7% | 3 | $805,000 | $268,333 |
During 2019, Mid-island Mortgage Corp.'s average interest rate for loans was 4.25%, while their most frequently originated rate bucket for loans was 4-5%, with 434 originations.
Loan Sizing
2019 saw Mid-island Mortgage Corp. place emphasis on $200k-400k loans with 487 originations, totaling $151,025,000 in origination value.
Applicant Income
Mid-island Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 283 originations. The second most popular income band? $50k or less, with 195 originations.
Applicant Debt to Income Ratio
Mid-island Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 114 originations. The next most common DTI ratio? 20-30%, with 112 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.16%
Mid-island Mortgage Corp. has an average approval rate.
Pick Rate
Approvals leading to origination77.56%
Mid-island Mortgage Corp. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 936 | $338,280,000 | $361,410 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 936 | $338,280,000 | $361,410 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MID-ISLAND MORTGAGE CORP. | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| MID-ISLAND MORTGAGE CORP. | FHA mortgage | Closing on a mortgage | 1 | 20.0% |
| MID-ISLAND MORTGAGE CORP. | FHA mortgage | Struggling to pay mortgage | 2 | 40.0% |
| MID-ISLAND MORTGAGE CORP. | FHA mortgage | Trouble during payment process | 1 | 20.0% |