1st Preference Mortgage Corp. Rates, Fees & Info

TOWSON, MD

LEI: 549300OO44FL6BHIUV48

Tax ID: 52-1720545

1.1 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

1st Preference Mortgage Corp. is a smaller mortgage company specializing in Home Purchase and Refi loans. 1st Preference Mortgage Corp. has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Atlanta, San Antonio, and California among others. 1st Preference 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. 1st Preference Mortgage Corp. is typically a high fee lendor.


Originations

651

Origination Dollar Volume (All Markets)

$207,275,000

Awards

1ST PREFERENCE MORTGAGE CORP. FHA Loans bronze
Show all (1) awards

Relative Rate

1st Preference Mortgage Corp.'s average 30 year fixed rate mortgage of loans were 3.15%.

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

This yields a difference of 0%.

Relative Fees

1st Preference Mortgage Corp.'s average total fees for a 30 year fixed rate mortgage are $8,671.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 254 $98,430,000 $387,520 $10,374 3.07%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 205 $60,215,000 $293,732 $7,241 3.09%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 29 $7,345,000 $253,276 $7,378 3.44%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 25 $5,875,000 $235,000 $9,487 3.36%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 11 $4,035,000 $366,818 $7,301 3.05%
YORK-HANOVER, PA (FHA|USDA|VA) 15 $2,835,000 $189,000 $7,481 3.23%
LANCASTER, PA (FHA|USDA|VA) 9 $2,495,000 $277,222 $8,745 3.15%
SALISBURY, MD-DE (FHA|USDA|VA) 9 $2,415,000 $268,333 $6,024 2.94%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 12 $2,290,000 $190,833 $7,557 3.29%
COLUMBIA, SC (FHA|USDA|VA) 12 $2,240,000 $186,667 $5,212 3.26%
Outside of Metro Areas 9 $2,065,000 $229,444 $6,688 3.17%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 7 $1,745,000 $249,286 $5,835 3.05%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $1,250,000 $625,000 $10,878 3.06%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $1,170,000 $292,500 $8,368 3.44%
Georgetown, SC (FHA|USDA|VA) 2 $1,090,000 $545,000 $6,790 3.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 3 $1,075,000 $358,333 $4,962 3.04%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,015,000 $338,333 $8,776 3.25%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 3 $785,000 $261,667 $10,811 3.04%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $770,000 $385,000 $7,410 3.13%
LEBANON, PA (FHA|USDA|VA) 3 $615,000 $205,000 $5,666 3.42%
GETTYSBURG, PA (FHA|USDA|VA) 3 $595,000 $198,333 $7,021 3.21%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $545,000 $545,000 $6,870 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $530,000 $265,000 $7,672 2.88%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 3 $525,000 $175,000 $7,057 3.79%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $465,000 $465,000 $17,043 2.50%
WACO, TX (FHA|USDA|VA) 3 $465,000 $155,000 $4,050 3.46%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $420,000 $210,000 $5,882 2.69%
Newberry, SC (FHA|USDA|VA) 2 $410,000 $205,000 $5,124 3.25%
Kerrville, TX (FHA|USDA|VA) 1 $325,000 $325,000 $8,961 2.75%
Easton, MD (FHA|USDA|VA) 1 $305,000 $305,000 $9,318 3.25%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $3,867 3.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $295,000 $295,000 $5,531 2.63%
LaGrange, GA-AL (FHA|USDA|VA) 1 $265,000 $265,000 $9,531 3.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $265,000 $265,000 $4,933 3.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $265,000 $265,000 $5,361 3.75%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $225,000 $225,000 $7,470 2.88%
READING, PA (FHA|USDA|VA) 1 $215,000 $215,000 $7,480 3.25%
RICHMOND, VA (FHA|USDA|VA) 1 $215,000 $215,000 $7,132 3.00%
Cambridge, MD (FHA|USDA|VA) 1 $215,000 $215,000 $2,172 2.63%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $205,000 $205,000 $7,249 3.25%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $185,000 $185,000 $5,847 2.50%
GREENVILLE, NC (FHA|USDA|VA) 1 $145,000 $145,000 $2,788 3.88%
DOVER, DE (FHA|USDA|VA) 1 $135,000 $135,000 $6,094 3.75%

1st Preference Mortgage Corp.'s top markets include Washington, Baltimore, Atlanta, San Antonio, and California among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 356 $112,660,000 $316,461 $7,187 3.14%
FHA 220 $66,970,000 $304,409 $10,337 3.17%
VA 57 $22,595,000 $396,404 $9,798 2.90%
USDA 18 $5,050,000 $280,556 $7,557 3.08%

For the 2021 period, 1st Preference Mortgage Corp.'s most frequently originated loan type of loans were Conventional, with 356 originations. Their 2nd most popular type is FHA, with 220 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 362 $119,940,000 $331,326 $9,164 3.24%
Refi 181 $55,725,000 $307,873 $7,087 2.89%
Cash Out Refi 108 $31,610,000 $292,685 $8,646 3.17%

For the 2021, 1st Preference Mortgage Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 362 originations. The 2nd most popular reason of loans were Refi, with 181 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 612 $197,060,000 $321,993 $8,671 3.15%
15 Year 26 $6,880,000 $264,615 $5,826 2.61%
20 Year 10 $2,520,000 $252,000 $5,159 2.95%
Other 2 $550,000 $275,000 $6,788 3.00%
10 Year 1 $265,000 $265,000 $0 3.25%

For the 2021, 1st Preference Mortgage Corp.'s most frequently cited loan length of loans were 30 Year, with 612 originations. The 2nd most popular length of loans were 15 Year, with 26 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 207 $56,105,000 $271,039
$5k+ 171 $68,655,000 $401,491
$1k-2k 103 $33,175,000 $322,087
$2k-3k 56 $13,200,000 $235,714
$<1k 45 $13,445,000 $298,778

$8,671 of loans were 1st Preference Mortgage Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 207 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 300 $91,790,000 $305,967
2.5-3% 282 $93,680,000 $332,199
<2.5% 47 $15,435,000 $328,404
4-5% 22 $6,370,000 $289,545

During 2021, 1st Preference Mortgage Corp.'s average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 300 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 383 $111,055,000 $289,961 $7,940 3.06%
$400k-600k 126 $60,130,000 $477,222 $10,792 3.08%
$100k-200k 116 $19,090,000 $164,569 $6,042 3.36%
$600k-1MM 23 $16,795,000 $730,217 $18,306 3.24%
$100,000 or less 3 $205,000 $68,333 $1,922 4.33%

2021 saw 1st Preference Mortgage Corp. place emphasis on $200k-400k loans with 383 originations, totaling $111,055,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 163 $59,105,000 $362,607 $9,251 3.12%
$75k-100k 153 $45,445,000 $297,026 $8,340 3.11%
$50k-75k 150 $38,030,000 $253,533 $7,577 3.21%
$50k or less 83 $18,525,000 $223,193 $6,563 3.07%
$150k-250k 81 $35,285,000 $435,617 $10,595 3.07%
$250k+ 21 $10,885,000 $518,333 $9,968 3.23%

1st Preference Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 163 originations. The second most popular income band? $75k-100k, with 153 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 117 $37,335,000 $319,103 $8,469 3.14%
20-30% 103 $30,745,000 $298,495 $7,497 3.08%
50-60% 47 $17,425,000 $370,745 $9,806 3.13%
<20% 31 $9,625,000 $310,484 $6,834 3.12%
45% 29 $8,925,000 $307,759 $9,709 3.12%
44% 29 $9,665,000 $333,276 $10,032 3.34%
39% 28 $7,930,000 $283,214 $7,526 3.09%
41% 28 $9,630,000 $343,929 $9,804 3.16%
36% 26 $8,500,000 $326,923 $7,557 3.17%
42% 25 $7,455,000 $298,200 $9,505 3.14%
40% 24 $7,680,000 $320,000 $8,097 3.17%
43% 21 $7,135,000 $339,762 $8,416 3.22%
48% 21 $6,535,000 $311,190 $8,550 3.38%
38% 21 $6,855,000 $326,429 $9,558 2.99%
47% 18 $5,770,000 $320,556 $9,813 3.17%
46% 18 $6,650,000 $369,444 $10,357 3.07%
37% 17 $5,055,000 $297,353 $6,984 3.27%
49% 15 $4,575,000 $305,000 $9,967 3.26%
>60% 1 $385,000 $385,000 $7,057 2.88%

1st Preference Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 117 originations. The next most common DTI ratio? 20-30%, with 103 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 367 $106,645,000 $290,586 $7,549 3.08%
Black 224 $80,360,000 $358,750 $9,916 3.16%
Not provided 56 $19,110,000 $341,250 $8,726 3.31%
Asian 4 $1,160,000 $290,000 $12,473 3.16%

Approval Rates

Total approvals of all applications
96.63%

1st Preference Mortgage Corp. 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
88.12%

1st Preference Mortgage Corp. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 651 $207,275,000 $318,395

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
651 $207,275,000 $318,395

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 6 $1,210,000 $201,667 $5,398 2.88%
40-60% 44 $12,320,000 $280,000 $6,814 2.95%
60-80% 188 $59,310,000 $315,479 $7,764 3.08%
80-100% 380 $121,240,000 $319,053 $8,575 3.16%
Over 100% 31 $13,085,000 $422,097 $15,441 3.20%
Under 20% 2 $110,000 $55,000 $355 4.13%