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, Detroit, Ann Arbor, and Jackson among others. We have data for 14 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

    161

    Origination Dollar Volume (All Markets)

    $31,555,000

    Awards

    HOME MORTGAGE ASSURED CORPORATION 30 Year Conventional Loans silver
    Show all (1) 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) 106 $21,400,000 $201,887 $3,658 3.80%
    AKRON, OH (FHA|USDA|VA) 26 $5,190,000 $199,615 $3,749 3.73%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,200,000 $200,000 $4,032 3.75%
    ANN ARBOR, MI (FHA|USDA|VA) 4 $1,020,000 $255,000 $3,612 3.88%
    JACKSON, MI (FHA|USDA|VA) 5 $515,000 $103,000 $3,578 3.95%
    Adrian, MI (FHA|USDA|VA) 3 $495,000 $165,000 $2,656 3.92%
    Wooster, OH (FHA|USDA|VA) 2 $400,000 $200,000 $4,508 3.69%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $255,000 $255,000 $3,489 3.63%
    COLUMBUS, OH (FHA|USDA|VA) 1 $235,000 $235,000 $2,539 3.75%
    YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 3 $225,000 $75,000 $3,083 4.17%
    Salem, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,679 4.75%
    Sandusky, OH (FHA|USDA|VA) 1 $175,000 $175,000 $3,059 3.75%
    New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $135,000 $135,000 $3,055 3.75%
    MONROE, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,890 3.13%
    Home Mortgage Assured Corporation's top markets include Cleveland, Akron, Detroit, Ann Arbor, and Jackson 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.

    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 30
    Bay Area Credit Union, Inc.
    Similarity Rank: 39
    First Federal Savings and Loan Association of Delta
    Similarity Rank: 141
    Commodore Bank
    Similarity Rank: 153
    JEEP COUNTRY
    Similarity Rank: 272
    ADVANTAGE ONE Credit Union
    Similarity Rank: 287
    SECURITY CREDIT UNION
    Similarity Rank: 387
    Ohio Catholic Federal Credit Union
    Similarity Rank: 392
    Mechanics Bank
    Similarity Rank: 396
    St James Mortgage Corporation
    Similarity Rank: 408

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 134 $27,070,000 $202,015 $3,153 3.76%
    FHA 22 $3,500,000 $159,091 $6,366 3.97%
    VA 3 $575,000 $191,667 $5,549 4.33%
    USDA 2 $410,000 $205,000 $3,799 3.63%

    For 2020, Home Mortgage Assured Corporation's most frequently originated type of loan was Conventional, with 134 originations. Their 2nd most popular type was FHA, with 22 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 137 $26,365,000 $192,445 $3,740 3.80%
    Refi 19 $4,375,000 $230,263 $3,106 3.74%
    Cash Out Refi 5 $815,000 $163,000 $3,067 3.98%

    For 2020, Home Mortgage Assured Corporation's most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 141 $27,385,000 $194,220 $3,693 3.86%
    15 Year 15 $3,275,000 $218,333 $3,195 3.28%
    20 Year 3 $495,000 $165,000 $3,919 3.92%
    10 Year 2 $400,000 $200,000 $3,156 3.31%

    For 2020, Home Mortgage Assured Corporation's most frequently cited loan duration was 30 Year, with 141 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 100 $18,000,000 $180,000
    $<1k 36 $7,930,000 $220,278
    $2k-3k 22 $4,900,000 $222,727
    $3k-4k 2 $470,000 $235,000
    $5k+ 1 $255,000 $255,000

    Home Mortgage Assured Corporation's average total fees were $3,693, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 100 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 138 $28,490,000 $206,449
    4-5% 21 $2,915,000 $138,810
    5-6% 2 $150,000 $75,000

    During 2020, Home Mortgage Assured Corporation's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 3-4%, with 138 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 72 $10,620,000 $147,500 $3,576 3.78%
    $200k-400k 65 $17,615,000 $271,000 $3,858 3.73%
    $100,000 or less 20 $1,500,000 $75,000 $3,378 4.14%
    $400k-600k 4 $1,820,000 $455,000 $2,729 3.53%

    2020 saw Home Mortgage Assured Corporation place emphasis on $100k-200k loans with 72 originations, totaling $10,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 47 $8,395,000 $178,617 $4,011 3.83%
    $50k or less 29 $3,215,000 $110,862 $3,763 3.97%
    $75k-100k 28 $5,200,000 $185,714 $3,616 3.79%
    $100k-150k 26 $6,610,000 $254,231 $3,295 3.60%
    $150k-250k 26 $6,950,000 $267,308 $3,326 3.75%
    $250k+ 5 $1,185,000 $237,000 $3,136 3.83%

    Home Mortgage Assured Corporation lent most frequently to those with incomes in the $50k-75k range, with 47 originations. The second most popular income band? $50k or less, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 39 $7,295,000 $187,051 $3,567 3.76%
    30-36% 35 $6,555,000 $187,286 $3,318 3.79%
    41% 10 $2,260,000 $226,000 $4,451 3.81%
    43% 10 $1,990,000 $199,000 $4,472 3.88%
    <20% 8 $1,120,000 $140,000 $2,859 3.86%
    44% 7 $1,365,000 $195,000 $2,938 3.66%
    39% 6 $1,450,000 $241,667 $3,422 3.73%
    46% 6 $1,400,000 $233,333 $3,131 3.79%
    37% 6 $950,000 $158,333 $3,108 3.88%
    49% 6 $1,780,000 $296,667 $3,736 3.63%
    47% 5 $965,000 $193,000 $4,869 3.88%
    45% 5 $1,115,000 $223,000 $3,224 3.73%
    50-60% 4 $640,000 $160,000 $4,817 3.78%
    40% 4 $560,000 $140,000 $3,702 4.34%
    48% 3 $795,000 $265,000 $5,786 3.71%
    36% 3 $735,000 $245,000 $2,640 3.83%
    42% 2 $350,000 $175,000 $5,926 3.75%
    38% 2 $230,000 $115,000 $3,373 3.88%

    Home Mortgage Assured Corporation lent most frequently to those with DTI ratios of 20-30%, with 39 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 150 $29,110,000 $194,067 $3,655 3.80%
    Black 6 $1,350,000 $225,000 $4,214 3.94%
    Asian 3 $705,000 $235,000 $2,208 3.38%
    Asian Indian 1 $275,000 $275,000 $3,402 3.75%
    Not provided 1 $115,000 $115,000 $3,216 4.38%

    Approval Rates

    Total approvals of all applications
    98.35%

    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
    88.82%

    Home Mortgage Assured Corporation has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 161 $31,555,000 $195,994

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $210,000 $105,000
    Single Family (1-4 Units):Site-Built 159 $31,345,000 $197,138

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $255,000 $255,000 $3,401 3.75%
    40-60% 6 $1,260,000 $210,000 $2,720 3.73%
    60-80% 41 $7,735,000 $188,659 $3,403 3.74%
    80-100% 111 $21,905,000 $197,342 $3,761 3.82%
    Over 100% 1 $225,000 $225,000 $9,748 3.75%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Home American Mortgage Corp Conventional home mortgage Closing on a mortgage 3 50.0%
    Home American Mortgage Corp FHA mortgage Closing on a mortgage 1 16.7%
    Home American Mortgage Corp VA mortgage Closing on a mortgage 1 16.7%
    Home American Mortgage Corp VA mortgage Trouble during payment process 1 16.7%