Shelter Mortgage Company Rates, Fees & Info

SPRINGFIELD, IL

LEI: 549300PTX8QF0BPQ5U19

Tax ID: 39-1856165

3.2 stars - out of 5 stars, based on 29 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Shelter Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. Shelter Mortgage Company 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 Port St. Lucie, Palm Bay, Sebastian, Deltona, and Lakeland among others. Shelter Mortgage Company 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. Shelter Mortgage Company is typically a high fee lendor.


Originations

855

Origination Dollar Volume (All Markets)

$218,265,000

Awards

SHELTER MORTGAGE COMPANY  30 Year Conventional Loans bronze SHELTER MORTGAGE COMPANY  FHA Loans bronze SHELTER MORTGAGE COMPANY  30 Year Conventional Loans silver SHELTER MORTGAGE COMPANY  30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Shelter Mortgage Company 's average 30 year fixed rate mortgage of loans were 3.17%.

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

This yields a difference of 0.02%.

Relative Fees

Shelter Mortgage Company 's average total fees for a 30 year fixed rate mortgage are $6,474.

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
PORT ST. LUCIE, FL (FHA|USDA|VA) 387 $97,235,000 $251,253 $7,053 3.19%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 298 $83,690,000 $280,839 $6,468 3.17%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 39 $8,425,000 $216,026 $4,682 3.11%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 37 $8,065,000 $217,973 $6,144 2.98%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 35 $6,545,000 $187,000 $6,319 3.18%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 11 $2,935,000 $266,818 $6,173 3.01%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $1,740,000 $290,000 $6,445 3.04%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $1,625,000 $232,143 $4,652 3.14%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 5 $1,335,000 $267,000 $7,547 3.18%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $1,280,000 $213,333 $8,527 2.81%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $1,255,000 $251,000 $5,521 3.30%
OCALA, FL (FHA|USDA|VA) 5 $1,155,000 $231,000 $6,617 3.25%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 5 $1,085,000 $217,000 $3,833 3.03%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $580,000 $290,000 $8,419 3.25%
Outside of Metro Areas 3 $435,000 $145,000 $5,015 3.42%
Arcadia, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,900 3.13%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $205,000 $205,000 $7,507 2.88%
Alexander City, AL (FHA|USDA|VA) 1 $195,000 $195,000 $2,218 2.88%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $135,000 $135,000 $4,569 4.50%

Shelter Mortgage Company 's top markets include Port St. Lucie, Palm Bay, Sebastian, Deltona, and Lakeland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 414 $100,010,000 $241,570 $4,353 3.19%
FHA 339 $83,935,000 $247,596 $8,755 3.17%
VA 101 $34,135,000 $337,970 $8,632 3.02%
USDA 1 $185,000 $185,000 $5,121 3.13%

For the 2021 period, Shelter Mortgage Company 's most frequently originated loan type of loans were Conventional, with 414 originations. Their 2nd most popular type is FHA, with 339 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 777 $191,135,000 $245,991 $6,490 3.16%
Refi 36 $9,690,000 $269,167 $3,496 3.04%
Cash Out Refi 23 $7,455,000 $324,130 $7,520 3.30%
Other 19 $9,985,000 $525,526 $16,093 3.09%

For the 2021, Shelter Mortgage Company 's most frequently cited loan purpose of loans were Home Purchase, with 777 originations. The 2nd most popular reason of loans were Refi, with 36 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 818 $204,930,000 $250,526 $6,474 3.17%
Other 17 $9,135,000 $537,353 $16,652 3.04%
15 Year 13 $2,585,000 $198,846 $3,299 2.65%
20 Year 7 $1,615,000 $230,714 $3,567 2.99%

For the 2021, Shelter Mortgage Company 's most frequently cited loan length of loans were 30 Year, with 818 originations. The 2nd most popular length of loans were Other, with 17 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 447 $110,025,000 $246,141
$1k-2k 259 $65,945,000 $254,614
$2k-3k 60 $13,990,000 $233,167
$3k-4k 60 $14,990,000 $249,833
$5k+ 29 $13,315,000 $459,138

$6,474 of loans were Shelter Mortgage Company 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 447 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 465 $118,615,000 $255,086
2.5-3% 344 $86,820,000 $252,384
<2.5% 27 $7,365,000 $272,778
4-5% 18 $4,720,000 $262,222
5-6% 1 $745,000 $745,000

During 2021, Shelter Mortgage Company 's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 3-4%, with 465 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 646 $169,390,000 $262,214 $6,816 3.16%
$100k-200k 167 $28,215,000 $168,952 $4,587 3.16%
$400k-600k 19 $8,855,000 $466,053 $9,154 3.10%
$600k-1MM 14 $10,210,000 $729,286 $18,657 3.23%
$100,000 or less 8 $590,000 $73,750 $3,472 3.13%
$1MM+ 1 $1,005,000 $1,005,000 $14,909 2.75%

2021 saw Shelter Mortgage Company place emphasis on $200k-400k loans with 646 originations, totaling $169,390,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 322 $76,460,000 $237,453 $6,409 3.15%
$75k-100k 193 $49,975,000 $258,938 $6,752 3.19%
$50k or less 143 $28,645,000 $200,315 $6,180 3.10%
$100k-150k 131 $37,015,000 $282,557 $6,319 3.17%
$150k-250k 51 $19,545,000 $383,235 $9,044 3.27%
$250k+ 12 $5,720,000 $476,667 $8,105 3.40%

Shelter Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 322 originations. The second most popular income band? $75k-100k, with 193 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 122 $32,920,000 $269,836 $6,511 3.15%
50-60% 120 $32,420,000 $270,167 $8,981 3.13%
20-30% 103 $26,775,000 $259,951 $5,558 3.12%
44% 51 $11,815,000 $231,667 $6,356 3.15%
42% 40 $10,020,000 $250,500 $6,238 3.15%
43% 38 $10,580,000 $278,421 $7,738 3.19%
47% 37 $9,105,000 $246,081 $6,691 3.18%
38% 37 $8,715,000 $235,541 $5,967 3.25%
49% 36 $8,620,000 $239,444 $5,829 3.15%
36% 33 $7,965,000 $241,364 $5,743 3.13%
41% 33 $8,055,000 $244,091 $6,732 3.22%
48% 33 $9,875,000 $299,242 $7,953 3.28%
46% 32 $7,910,000 $247,188 $6,533 3.17%
<20% 30 $6,880,000 $229,333 $4,220 3.04%
39% 29 $7,395,000 $255,000 $5,149 3.28%
40% 28 $6,660,000 $237,857 $6,559 3.22%
37% 27 $6,065,000 $224,630 $5,627 3.17%
45% 25 $6,105,000 $244,200 $6,295 3.21%

Shelter Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 122 originations. The next most common DTI ratio? 50-60%, with 120 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 496 $127,450,000 $256,956 $6,273 3.14%
Not provided 194 $46,760,000 $241,031 $6,637 3.20%
Black 146 $38,590,000 $264,315 $7,421 3.19%
Asian 12 $3,920,000 $326,667 $9,302 3.18%
American Indian 5 $1,135,000 $227,000 $7,785 3.00%
Native Hawaiian 2 $410,000 $205,000 $6,931 2.99%

Approval Rates

Total approvals of all applications
99.53%

Shelter Mortgage Company 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
63.48%

Shelter Mortgage Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 855 $218,265,000 $255,281

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
855 $218,265,000 $255,281

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 13 $1,385,000 $106,538 $3,105 2.98%
40-60% 41 $7,045,000 $171,829 $4,144 3.00%
60-80% 121 $30,775,000 $254,339 $4,855 3.18%
80-100% 659 $172,445,000 $261,677 $6,951 3.18%
Over 100% 20 $6,540,000 $327,000 $13,219 2.97%
Under 20% 1 $75,000 $75,000 $3,955 2.99%