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. Shelter Mortgage Company has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Palm Bay, Miami, Naples, Cape Coral, and Jacksonville among others. We have data for 7 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 an average 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
28Origination Dollar Volume (All Markets)
$10,710,000Top 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) | 22 | $8,520,000 | $387,273 | $9,884 | 6.47% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $27,614 | 4.88% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $4,641 | 5.99% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $22,924 | 5.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,134 | 6.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $13,788 | 5.50% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,172 | 6.75% |
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 |
|---|---|---|---|---|---|
| Conventional | 16 | $5,780,000 | $361,250 | $8,710 | 6.73% |
| VA | 7 | $3,395,000 | $485,000 | $13,494 | 5.32% |
| FHA | 5 | $1,535,000 | $307,000 | $13,348 | 6.43% |
For 2023, Shelter Mortgage Company's most frequently originated type of loan was Conventional, with 16 originations. Their 2nd most popular type was VA, with 7 originations.
Loan Reason
For 2023, Shelter Mortgage Company's most frequently cited loan purpose was Home Purchase, with 21 originations. The 2nd most popular reason was Other, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 25 | $8,605,000 | $344,200 | $9,949 | 6.56% |
| Other | 3 | $2,105,000 | $701,667 | $17,692 | 4.33% |
For 2023, Shelter Mortgage Company's most frequently cited loan duration was 30 Year, with 25 originations. The 2nd most popular length was Other, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 12 | $4,070,000 | $339,167 |
| $5k+ | 11 | $4,915,000 | $446,818 |
| $2k-3k | 2 | $700,000 | $350,000 |
| $4k-5k | 2 | $750,000 | $375,000 |
Shelter Mortgage Company's average total fees were $9,949, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 12 | $3,570,000 | $297,500 |
| 5-6% | 8 | $2,840,000 | $355,000 |
| 4-5% | 4 | $2,750,000 | $687,500 |
| Over 8% | 3 | $1,255,000 | $418,333 |
| 7-8% | 1 | $295,000 | $295,000 |
During 2023, Shelter Mortgage Company's average interest rate for loans was 6.56%, while their most frequently originated rate bucket for loans was 6-7%, with 12 originations.
Loan Sizing
2023 saw Shelter Mortgage Company place emphasis on $200k-400k loans with 16 originations, totaling $4,810,000 in origination value.
Applicant Income
Shelter Mortgage Company lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $250k+, with 6 originations.
Applicant Debt to Income Ratio
Shelter Mortgage Company lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
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 origination32.14%
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 | 28 | $10,710,000 | $382,500 |