Home Mortgage Assured Corporation Rates, Fees & Info

MAYFIELD, OH

LEI: 549300PRYJTYVDHY7N91

Tax ID: 34-1632542

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Home Mortgage Assured Corporation is a smaller mortgage company specializing in Home Purchase loans. Home Mortgage Assured Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Cleveland, Akron, Canton, Youngstown, and Detroit among others. We have data for 25 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Home Mortgage Assured Corporation 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. Home Mortgage Assured Corporation 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 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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    Originations

    3,339

    Origination Dollar Volume (All Markets)

    $569,435,000
    Show all (36) awards

    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
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1,945 $343,665,000 $176,692 $2,997 4.58%
    AKRON, OH (FHA|USDA|VA) 575 $103,975,000 $180,826 $2,802 4.55%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 169 $24,085,000 $142,515 $2,666 4.56%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 182 $23,800,000 $130,769 $2,548 4.60%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 64 $13,240,000 $206,875 $3,586 4.58%
    ANN ARBOR, MI (FHA|USDA|VA) 47 $10,795,000 $229,681 $2,480 4.64%
    Wooster, OH (FHA|USDA|VA) 74 $9,760,000 $131,892 $2,748 4.66%
    Adrian, MI (FHA|USDA|VA) 60 $8,150,000 $135,833 $2,846 4.64%
    JACKSON, MI (FHA|USDA|VA) 64 $8,030,000 $125,469 $2,852 4.57%
    Sandusky, OH (FHA|USDA|VA) 20 $3,610,000 $180,500 $2,678 4.61%
    TOLEDO, OH (FHA|USDA|VA) 21 $3,215,000 $153,095 $2,834 4.70%
    MONROE, MI (FHA|USDA|VA) 20 $2,670,000 $133,500 $2,841 4.66%
    New Philadelphia-Dover, OH (FHA|USDA|VA) 18 $2,500,000 $138,889 $2,679 4.47%
    Salem, OH (FHA|USDA|VA) 16 $2,190,000 $136,875 $3,078 4.53%
    COLUMBUS, OH (FHA|USDA|VA) 9 $2,055,000 $228,333 $2,607 4.51%
    Ashtabula, OH (FHA|USDA|VA) 15 $1,755,000 $117,000 $1,881 4.71%
    Ashland, OH (FHA|USDA|VA) 10 $1,410,000 $141,000 $2,638 4.75%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 4 $1,010,000 $252,500 $3,619 4.22%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 7 $975,000 $139,286 $2,866 4.50%
    Norwalk, OH (FHA|USDA|VA) 6 $900,000 $150,000 $3,410 4.63%
    Outside of Metro Areas 6 $880,000 $146,667 $3,114 4.63%
    Hillsdale, MI (FHA|USDA|VA) 3 $315,000 $105,000 $2,270 4.38%
    Mount Vernon, OH (FHA|USDA|VA) 2 $210,000 $105,000 $3,160 5.00%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,602 5.00%
    MANSFIELD, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,948 6.00%
    Home Mortgage Assured Corporation's top markets include Cleveland, Akron, Canton, Youngstown, and Detroit among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    Cleveland Selfreliance FCU
    Similarity Rank: 15
    Polish-American Federal Credit Union
    Similarity Rank: 32
    Home Federal Savings and Loan Association of Niles
    Similarity Rank: 32
    FIRESTONE
    Similarity Rank: 32
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 48
    JEEP COUNTRY
    Similarity Rank: 52
    Dort Financial Credit Union
    Similarity Rank: 95
    St James Mortgage Corporation
    Similarity Rank: 120
    STARK FEDERAL CREDIT UNION
    Similarity Rank: 132
    TLC COMMUNITY Credit Union
    Similarity Rank: 143

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,574 $459,800,000 $178,632 $2,614 4.53%
    FHA 578 $76,640,000 $132,595 $3,675 4.79%
    VA 140 $26,890,000 $192,071 $5,146 4.64%
    USDA 47 $6,105,000 $129,894 $2,577 4.61%

    For 2018, Home Mortgage Assured Corporation's most frequently originated type of loan was Conventional, with 2,574 originations. Their 2nd most popular type was FHA, with 578 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,285 $559,535,000 $170,330 $2,894 4.58%
    Cash Out Refi 26 $5,180,000 $199,231 $3,192 4.47%
    Refi 23 $4,255,000 $185,000 $3,860 4.40%
    Other 5 $465,000 $93,000 $3,130 4.68%

    For 2018, Home Mortgage Assured Corporation's most frequently cited loan purpose was Home Purchase, with 3,285 originations. The 2nd most popular reason was Cash Out Refi, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,085 $526,005,000 $170,504 $2,905 4.62%
    15 Year 181 $30,065,000 $166,105 $2,840 4.00%
    20 Year 61 $11,395,000 $186,803 $2,741 4.33%
    10 Year 7 $735,000 $105,000 $3,330 4.09%
    Other 5 $1,235,000 $247,000 $5,376 4.43%

    For 2018, Home Mortgage Assured Corporation's most frequently cited loan duration was 30 Year, with 3,085 originations. The 2nd most popular length was 15 Year, with 181 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,896 $310,770,000 $163,908
    $1k-2k 1,255 $217,275,000 $173,127
    $2k-3k 140 $28,770,000 $205,500
    $3k-4k 21 $4,745,000 $225,952
    $5k+ 16 $5,040,000 $315,000
    $4k-5k 11 $2,835,000 $257,727

    Home Mortgage Assured Corporation's average total fees were $2,905, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,896 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,662 $463,020,000 $173,937
    3-4% 351 $64,005,000 $182,350
    5-6% 321 $41,925,000 $130,607
    6-7% 5 $485,000 $97,000

    During 2018, Home Mortgage Assured Corporation's average interest rate for loans was 4.62%, while their most frequently originated rate bucket for loans was 4-5%, with 2,662 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,758 $253,460,000 $144,175 $2,744 4.58%
    $200k-400k 859 $225,555,000 $262,579 $3,535 4.51%
    $100,000 or less 635 $48,325,000 $76,102 $2,296 4.68%
    $400k-600k 76 $34,330,000 $451,711 $4,352 4.49%
    $600k-1MM 10 $6,760,000 $676,000 $3,944 4.41%
    $1MM+ 1 $1,005,000 $1,005,000 $5,834 4.25%

    2018 saw Home Mortgage Assured Corporation place emphasis on $100k-200k loans with 1,758 originations, totaling $253,460,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 993 $145,515,000 $146,541 $2,839 4.61%
    $50k or less 851 $90,375,000 $106,199 $2,511 4.66%
    $75k-100k 566 $102,510,000 $181,113 $3,033 4.53%
    $100k-150k 547 $118,575,000 $216,773 $3,175 4.53%
    $150k-250k 274 $76,010,000 $277,409 $3,326 4.49%
    $250k+ 108 $36,450,000 $337,500 $3,455 4.48%

    Home Mortgage Assured Corporation lent most frequently to those with incomes in the $50k-75k range, with 993 originations. The second most popular income band? $50k or less, with 851 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 750 $128,540,000 $171,387 $2,817 4.49%
    30-36% 592 $101,780,000 $171,926 $2,849 4.59%
    <20% 196 $32,760,000 $167,143 $2,691 4.52%
    50-60% 157 $25,435,000 $162,006 $4,166 4.68%
    43% 149 $25,425,000 $170,638 $3,100 4.60%
    41% 139 $22,525,000 $162,050 $2,771 4.58%
    42% 135 $23,785,000 $176,185 $2,882 4.60%
    39% 129 $22,475,000 $174,225 $2,723 4.64%
    44% 124 $19,600,000 $158,065 $2,877 4.68%
    36% 119 $19,265,000 $161,891 $2,715 4.58%
    49% 115 $20,265,000 $176,217 $2,846 4.59%
    37% 114 $19,700,000 $172,807 $2,838 4.51%
    40% 106 $17,760,000 $167,547 $2,686 4.65%
    45% 103 $17,645,000 $171,311 $2,924 4.66%
    38% 103 $17,605,000 $170,922 $2,933 4.61%
    48% 99 $15,645,000 $158,030 $2,849 4.68%
    47% 95 $15,685,000 $165,105 $2,871 4.61%
    46% 83 $14,565,000 $175,482 $2,890 4.59%
    >60% 5 $855,000 $171,000 $2,184 4.73%

    Home Mortgage Assured Corporation lent most frequently to those with DTI ratios of 20-30%, with 750 originations. The next most common DTI ratio? 30-36%, with 592 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,075 $527,245,000 $171,462 $2,910 4.58%
    Black 118 $16,970,000 $143,814 $2,517 4.68%
    Asian 78 $14,860,000 $190,513 $3,044 4.54%
    Not provided 51 $7,655,000 $150,098 $3,210 4.59%
    American Indian 8 $1,030,000 $128,750 $2,702 4.88%
    Asian Indian 5 $995,000 $199,000 $3,845 4.38%
    Other Asian 3 $515,000 $171,667 $2,649 4.63%
    Other Pacific Islander 1 $165,000 $165,000 $640 4.50%

    Approval Rates

    Total approvals of all applications
    99.15%

    Home Mortgage Assured Corporation 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
    81.16%

    Home Mortgage Assured Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,339 $569,435,000 $170,541

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $1,075,000 $119,444
    Single Family (1-4 Units):Site-Built 3,330 $568,360,000 $170,679

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 37 $3,735,000 $100,946 $2,709 4.36%
    40-60% 104 $15,660,000 $150,577 $3,031 4.36%
    60-80% 696 $125,980,000 $181,006 $2,941 4.52%
    80-100% 2,440 $407,560,000 $167,033 $2,799 4.61%
    Over 100% 36 $8,510,000 $236,389 $8,492 4.63%
    Under 20% 1 $35,000 $35,000 $2,928 4.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Home American Mortgage Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    Home American Mortgage Corp Conventional home mortgage Closing on a mortgage 3 60.0%
    Home American Mortgage Corp VA mortgage Closing on a mortgage 1 20.0%