Shelter Mortgage Company Rates, Fees & Info
SPRINGFIELD, ILLEI: 549300PTX8QF0BPQ5U19
Tax ID: 39-1856165
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Mortgage Data
Review & Overview
Shelter Mortgage Company is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Shelter Mortgage Company has an average proportion of conventional loans. Their top markets by origination volume include: Palm Bay, Port St. Lucie, and North Port among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Shelter Mortgage Company 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. Shelter Mortgage Company 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.
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Originations
14Origination Dollar Volume (All Markets)
$1,720,000Top 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 |
|---|---|---|---|---|---|
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 10 | $1,450,000 | $145,000 | $7,629 | 5.18% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $4,303 | 2.75% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $3,299 | 2.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against SHELTER MORTGAGE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 10 | $1,450,000 | $145,000 | $8,009 | 5.13% |
| Conventional | 4 | $270,000 | $67,500 | $2,851 | 2.69% |
For 2019, Shelter Mortgage Company's most frequently originated type of loan was FHA, with 10 originations. Their 2nd most popular type was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 14 | $1,720,000 | $122,857 | $6,535 | 4.43% |
For 2019, Shelter Mortgage Company's most frequently cited loan purpose was Home Purchase, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 14 | $1,720,000 | $122,857 | $6,535 | 4.43% |
For 2019, Shelter Mortgage Company's most frequently cited loan duration was 30 Year, with 14 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 11 | $1,565,000 | $142,273 |
| $<1k | 2 | $10,000 | $5,000 |
| $3k-4k | 1 | $145,000 | $145,000 |
Shelter Mortgage Company's average total fees were $6,535, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 11 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $1,585,000 | $144,091 |
| <2.5% | 2 | $10,000 | $5,000 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2019, Shelter Mortgage Company's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 12 | $1,710,000 | $142,500 | $7,624 | 5.17% |
| $100,000 or less | 2 | $10,000 | $5,000 | $0 | 0.00% |
2019 saw Shelter Mortgage Company place emphasis on $100k-200k loans with 12 originations, totaling $1,710,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 8 | $890,000 | $111,250 | $6,091 | 3.84% |
| $50k or less | 6 | $830,000 | $138,333 | $7,128 | 5.21% |
Shelter Mortgage Company lent most frequently to those with incomes in the $50k-75k range, with 8 originations. The second most popular income band? $50k or less, with 6 originations.
Applicant Debt to Income Ratio
Shelter Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 5 originations. The next most common DTI ratio? 43%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $1,580,000 | $131,667 | $6,907 | 4.71% |
| Black | 2 | $140,000 | $70,000 | $4,303 | 2.75% |
Approval Rates
Total approvals of all applications99.58%
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-1,092.86%
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 | 14 | $1,720,000 | $122,857 |