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 32 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

    3,300

    Origination Dollar Volume (All Markets)

    $614,100,000
    Show all (27) 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) 2,003 $385,375,000 $192,399 $2,924 4.04%
    AKRON, OH (FHA|USDA|VA) 541 $104,545,000 $193,244 $2,900 4.04%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 168 $25,280,000 $150,476 $2,674 4.06%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 135 $19,685,000 $145,815 $2,519 4.24%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 56 $12,420,000 $221,786 $3,239 4.06%
    ANN ARBOR, MI (FHA|USDA|VA) 49 $11,305,000 $230,714 $2,958 4.06%
    Wooster, OH (FHA|USDA|VA) 65 $9,835,000 $151,308 $3,165 4.08%
    Adrian, MI (FHA|USDA|VA) 58 $8,490,000 $146,379 $2,755 4.17%
    TOLEDO, OH (FHA|USDA|VA) 39 $6,555,000 $168,077 $3,599 4.12%
    MONROE, MI (FHA|USDA|VA) 24 $4,250,000 $177,083 $3,768 4.09%
    COLUMBUS, OH (FHA|USDA|VA) 15 $4,155,000 $277,000 $2,272 4.05%
    Sandusky, OH (FHA|USDA|VA) 21 $3,745,000 $178,333 $2,604 3.90%
    New Philadelphia-Dover, OH (FHA|USDA|VA) 29 $3,615,000 $124,655 $2,032 4.37%
    Ashtabula, OH (FHA|USDA|VA) 19 $3,115,000 $163,947 $2,877 4.32%
    JACKSON, MI (FHA|USDA|VA) 20 $2,440,000 $122,000 $3,058 4.47%
    Salem, OH (FHA|USDA|VA) 16 $2,140,000 $133,750 $2,392 4.13%
    Ashland, OH (FHA|USDA|VA) 10 $1,370,000 $137,000 $3,505 4.18%
    Outside of Metro Areas 8 $1,240,000 $155,000 $3,285 4.00%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $700,000 $350,000 $3,003 3.81%
    Hillsdale, MI (FHA|USDA|VA) 4 $660,000 $165,000 $3,657 4.63%
    Norwalk, OH (FHA|USDA|VA) 3 $535,000 $178,333 $2,561 4.29%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 2 $510,000 $255,000 $8,411 4.06%
    FLINT, MI (FHA|USDA|VA) 2 $310,000 $155,000 $4,554 4.06%
    Defiance, OH (FHA|USDA|VA) 2 $300,000 $150,000 $2,121 4.13%
    DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $275,000 $275,000 $12,780 4.00%
    MANSFIELD, OH (FHA|USDA|VA) 1 $245,000 $245,000 $2,701 3.50%
    Findlay, OH (FHA|USDA|VA) 2 $220,000 $110,000 $1,430 4.50%
    Zanesville, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,507 3.88%
    WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,631 4.13%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $165,000 $165,000 $3,686 4.50%
    Tiffin, OH (FHA|USDA|VA) 1 $155,000 $155,000 $8,073 4.88%
    BATTLE CREEK, MI (FHA|USDA|VA) 1 $95,000 $95,000 $3,675 3.00%
    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.

    Bay Area Credit Union, Inc.
    Similarity Rank: 13
    Cleveland Selfreliance FCU
    Similarity Rank: 33
    JEEP COUNTRY
    Similarity Rank: 78
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 126
    BIRMINGHAM-BLOOMFIELD Credit Union
    Similarity Rank: 159
    Dort Financial Credit Union
    Similarity Rank: 222
    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 238
    Polish-American Federal Credit Union
    Similarity Rank: 297
    ADVANTAGE ONE Credit Union
    Similarity Rank: 320
    Community Star Credit Union
    Similarity Rank: 360

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,698 $523,900,000 $194,181 $2,573 4.00%
    FHA 461 $64,465,000 $139,837 $4,144 4.42%
    VA 98 $19,990,000 $203,980 $6,104 4.12%
    USDA 43 $5,745,000 $133,605 $3,490 4.21%

    For 2019, Home Mortgage Assured Corporation's most frequently originated type of loan was Conventional, with 2,698 originations. Their 2nd most popular type was FHA, with 461 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,105 $571,065,000 $183,918 $2,881 4.08%
    Refi 149 $34,025,000 $228,356 $3,132 3.66%
    Cash Out Refi 36 $7,620,000 $211,667 $4,266 3.97%
    Other 10 $1,390,000 $139,000 $3,494 4.43%

    For 2019, Home Mortgage Assured Corporation's most frequently cited loan purpose was Home Purchase, with 3,105 originations. The 2nd most popular reason was Refi, with 149 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,004 $557,720,000 $185,659 $2,911 4.11%
    15 Year 215 $40,465,000 $188,209 $2,881 3.47%
    20 Year 59 $12,075,000 $204,661 $2,897 3.80%
    Other 12 $2,180,000 $181,667 $2,670 3.89%
    10 Year 10 $1,660,000 $166,000 $3,225 3.48%

    For 2019, Home Mortgage Assured Corporation's most frequently cited loan duration was 30 Year, with 3,004 originations. The 2nd most popular length was 15 Year, with 215 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,712 $315,580,000 $184,334
    $<1k 1,369 $247,245,000 $180,603
    $2k-3k 170 $35,920,000 $211,294
    $3k-4k 26 $6,180,000 $237,692
    $4k-5k 14 $4,620,000 $330,000
    $5k+ 9 $4,555,000 $506,111

    Home Mortgage Assured Corporation's average total fees were $2,911, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,712 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,842 $369,690,000 $200,700
    4-5% 1,316 $225,240,000 $171,155
    5-6% 120 $14,660,000 $122,167
    2.5-3% 21 $4,395,000 $209,286
    6-7% 1 $115,000 $115,000

    During 2019, Home Mortgage Assured Corporation's average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 3-4%, with 1,842 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,595 $233,515,000 $146,404 $2,829 4.08%
    $200k-400k 1,048 $281,020,000 $268,149 $3,193 3.92%
    $100,000 or less 536 $41,990,000 $78,340 $2,531 4.31%
    $400k-600k 112 $50,970,000 $455,089 $2,943 3.92%
    $600k-1MM 8 $5,600,000 $700,000 $6,335 4.30%
    $1MM+ 1 $1,005,000 $1,005,000 $3,862 3.50%

    2019 saw Home Mortgage Assured Corporation place emphasis on $100k-200k loans with 1,595 originations, totaling $233,515,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 943 $144,235,000 $152,953 $2,857 4.10%
    $50k or less 712 $77,270,000 $108,525 $2,737 4.20%
    $100k-150k 601 $138,375,000 $230,241 $2,947 3.98%
    $75k-100k 575 $107,965,000 $187,765 $3,055 4.03%
    $150k-250k 350 $102,700,000 $293,429 $3,008 3.90%
    $250k+ 118 $43,260,000 $366,610 $3,182 3.98%

    Home Mortgage Assured Corporation lent most frequently to those with incomes in the $50k-75k range, with 943 originations. The second most popular income band? $50k or less, with 712 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 745 $138,675,000 $186,141 $2,766 4.00%
    30-36% 685 $126,855,000 $185,190 $2,879 4.05%
    <20% 206 $40,480,000 $196,505 $2,938 3.88%
    44% 140 $26,610,000 $190,071 $3,073 4.16%
    38% 136 $24,540,000 $180,441 $2,993 4.15%
    42% 132 $22,470,000 $170,227 $2,821 4.07%
    39% 129 $23,705,000 $183,760 $2,906 4.18%
    41% 129 $22,495,000 $174,380 $3,128 4.13%
    37% 119 $22,315,000 $187,521 $2,679 4.08%
    40% 116 $22,120,000 $190,690 $2,823 4.09%
    50-60% 116 $19,380,000 $167,069 $4,440 4.21%
    36% 115 $19,275,000 $167,609 $2,524 4.25%
    43% 106 $19,940,000 $188,113 $3,231 4.09%
    49% 95 $19,765,000 $208,053 $2,799 4.11%
    45% 92 $16,830,000 $182,935 $2,574 4.10%
    48% 79 $17,195,000 $217,658 $3,005 3.99%
    47% 76 $15,160,000 $199,474 $2,882 4.04%
    46% 74 $13,500,000 $182,432 $2,687 4.10%
    >60% 2 $490,000 $245,000 $2,169 3.88%

    Home Mortgage Assured Corporation lent most frequently to those with DTI ratios of 20-30%, with 745 originations. The next most common DTI ratio? 30-36%, with 685 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,039 $564,775,000 $185,842 $2,908 4.06%
    Black 114 $18,900,000 $165,789 $2,831 4.28%
    Asian 82 $18,370,000 $224,024 $2,882 3.86%
    Not provided 53 $10,145,000 $191,415 $3,116 4.02%
    Other Asian 5 $925,000 $185,000 $2,939 3.83%
    American Indian 3 $495,000 $165,000 $2,725 4.29%
    Native Hawaiian or Islander 2 $310,000 $155,000 $3,348 3.50%
    Asian Indian 1 $115,000 $115,000 $3,686 5.38%
    Other Pacific Islander 1 $65,000 $65,000 $3,312 4.88%

    Approval Rates

    Total approvals of all applications
    98.75%

    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
    82.64%

    Home Mortgage Assured Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,300 $614,100,000 $186,091

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 8 $940,000 $117,500
    Single Family (1-4 Units):Site-Built 3,292 $613,160,000 $186,258

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 45 $4,805,000 $106,778 $2,905 3.76%
    40-60% 136 $21,210,000 $155,956 $2,950 3.77%
    60-80% 722 $141,710,000 $196,274 $2,894 3.97%
    80-100% 2,356 $436,500,000 $185,272 $2,831 4.12%
    Over 100% 28 $6,750,000 $241,071 $10,070 4.07%
    Under 20% 2 $110,000 $55,000 $2,911 3.75%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Home American Mortgage Corp Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Home American Mortgage Corp FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
    Home American Mortgage Corp Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%