1786 Mortgage Rates, Fees & Info

OGDEN, IL

LEI: 549300POCKENHFN8BN88

Tax ID: 37-0391060

5 stars - Updated: 11/11/24 - out of 5 stars, based on 18 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

1786 is a smaller mortgage company specializing in Home Purchase and Refi loans. 1786 has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Danville, Terre Haute, Charleston, and Lafayette among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)

1786 has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. 1786 is typically a low 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 relatively high 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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Originations

316

Origination Dollar Volume (All Markets)

$39,320,000

Awards

1786 30 Year Conventional Loans gold 1786 30 Year Conventional Loans silver 1786 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

1786's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

1786's average total fees/closing costs for a 30 year fixed rate mortgage were $2,838.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Outside of Metro Areas 153 $14,645,000 $95,719 $2,792 7.29%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 62 $12,970,000 $209,194 $1,997 7.39%
DANVILLE, IL (FHA|USDA|VA) 64 $6,450,000 $100,781 $1,658 7.02%
TERRE HAUTE, IN (FHA|USDA|VA) 12 $1,830,000 $152,500 $3,309 6.92%
Charleston-Mattoon, IL (FHA|USDA|VA) 15 $1,245,000 $83,000 $2,069 7.14%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 2 $590,000 $295,000 $1,785 7.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $395,000 $395,000 $2,580 6.60%
BLOOMINGTON, IL (FHA|USDA|VA) 2 $380,000 $190,000 $4,608 6.50%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $235,000 $235,000 $3,993 7.13%
OWENSBORO, KY (FHA|USDA|VA) 1 $185,000 $185,000 $6,947 6.50%
Crawfordsville, IN (FHA|USDA|VA) 1 $145,000 $145,000 $3,441 6.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $125,000 $125,000 $5,010 6.75%
DECATUR, IL (FHA|USDA|VA) 1 $125,000 $125,000 $1,891 6.75%
1786's top markets include Champaign, Danville, Terre Haute, Charleston, and Lafayette among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against 1786 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    1786
    Similarity Rank: 26
    Mortgage Research Center, LLC
    Similarity Rank: 1836
    FLAT BRANCH MORTGAGE, INC.
    Similarity Rank: 2187
    QUICKEN LOANS, LLC
    Similarity Rank: 2784
    CROSSCOUNTRY MORTGAGE, LLC
    Similarity Rank: 12540

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 306 $37,180,000 $121,503 $2,478 7.19%
    HELOC 10 $2,140,000 $214,000 n/a 7.95%

    For 2023, 1786's most frequently originated type of loan was Conventional, with 306 originations. Their 2nd most popular type was HELOC, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 172 $23,250,000 $135,174 $2,944 7.12%
    Refi 144 $16,070,000 $111,597 $2,001 7.34%

    For 2023, 1786's most frequently cited loan purpose was Home Purchase, with 172 originations. The 2nd most popular reason was Refi, with 144 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 127 $17,085,000 $134,528 $2,838 6.74%
    Other 70 $9,310,000 $133,000 $1,516 7.62%
    5 Year 42 $5,040,000 $120,000 $1,800 7.45%
    15 Year 26 $1,290,000 $49,615 $1,916 7.22%
    10 Year 17 $1,425,000 $83,824 $2,165 7.29%
    20 Year 16 $1,820,000 $113,750 $1,619 7.95%
    1 Year 14 $2,760,000 $197,143 $1,465 8.09%
    3 Year 4 $590,000 $147,500 $2,075 6.71%

    For 2023, 1786's most frequently cited loan duration was 30 Year, with 127 originations. The 2nd most popular length was Other, with 70 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 183 $20,255,000 $110,683
    $1k-2k 1 $85,000 $85,000

    1786's average total fees were $2,838, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 183 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 147 $18,965,000 $129,014
    7-8% 115 $14,665,000 $127,522
    Over 8% 39 $4,265,000 $109,359
    5-6% 14 $1,380,000 $98,571

    During 2023, 1786's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 147 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 182 $9,250,000 $50,824 $1,964 7.34%
    $100k-200k 89 $12,485,000 $140,281 $2,979 6.96%
    $200k-400k 29 $7,905,000 $272,586 $2,841 6.94%
    $400k-600k 9 $4,075,000 $452,778 $7,754 7.74%
    $600k-1MM 6 $4,600,000 $766,667 $0 8.03%
    $1MM+ 1 $1,005,000 $1,005,000 $0 6.95%

    2023 saw 1786 place emphasis on $100,000 or less loans with 182 originations, totaling $9,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 66 $5,810,000 $88,030 $2,285 6.88%
    $50k or less 47 $3,075,000 $65,426 $1,990 7.02%
    $100k-150k 45 $6,635,000 $147,444 $2,756 7.07%
    $75k-100k 34 $3,440,000 $101,176 $2,587 6.84%
    $150k-250k 18 $2,560,000 $142,222 $2,978 7.27%
    $250k+ 10 $2,330,000 $233,000 $4,184 6.97%

    1786 lent most frequently to those with incomes in the $50k-75k range, with 66 originations. The second most popular income band? $50k or less, with 47 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 49 $4,415,000 $90,102 $2,314 6.74%
    <20% 39 $3,525,000 $90,385 $2,477 6.76%
    30-36% 35 $4,405,000 $125,857 $2,404 6.80%
    40% 8 $1,030,000 $128,750 $2,356 6.78%
    47% 7 $835,000 $119,286 $3,281 6.68%
    36% 7 $815,000 $116,429 $2,531 7.05%
    50-60% 7 $885,000 $126,429 $3,007 7.50%
    38% 6 $810,000 $135,000 $2,028 6.81%
    41% 5 $765,000 $153,000 $2,265 6.83%
    43% 4 $310,000 $77,500 $2,998 6.74%
    39% 4 $380,000 $95,000 $3,326 7.56%
    45% 4 $800,000 $200,000 $2,663 7.03%
    46% 3 $255,000 $85,000 $1,642 7.08%
    44% 3 $345,000 $115,000 $2,327 7.33%
    >60% 2 $230,000 $115,000 $4,115 7.00%
    37% 2 $210,000 $105,000 $2,241 7.13%
    42% 2 $450,000 $225,000 $3,109 7.13%
    49% 2 $150,000 $75,000 $2,067 7.81%
    48% 1 $45,000 $45,000 $3,527 7.25%

    1786 lent most frequently to those with DTI ratios of 20-30%, with 49 originations. The next most common DTI ratio? <20%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 241 $27,355,000 $113,506 $2,482 7.07%
    Not applicable 71 $11,375,000 $160,211 $0 7.75%
    Asian 2 $400,000 $200,000 $1,940 6.75%
    Not provided 1 $125,000 $125,000 $1,317 7.25%
    Black 1 $65,000 $65,000 $3,989 7.38%

    Approval Rates

    Total approvals of all applications
    99.69%

    1786 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
    96.84%

    1786 has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    2458.0 1 $15,000 $15,000
    NA 315 $39,305,000 $124,778

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    316 $39,320,000 $124,430

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,175,000 $70,161 $2,093 7.33%
    40-60% 22 $3,860,000 $175,455 $2,795 6.74%
    60-80% 97 $12,475,000 $128,608 $2,617 6.99%
    80-100% 71 $10,685,000 $150,493 $2,653 6.80%
    Over 100% 3 $585,000 $195,000 $1,278 7.58%
    Under 20% 25 $885,000 $35,400 $1,832 7.35%