Partnership Financial Mortgage Rates, Fees & Info
Morton Grove, ILLEI: 549300Q2D3BVMIW11R02
Tax ID: 36-6070077
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Mortgage Data
Review & Overview
Partnership Financial is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Partnership Financial has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Vineyard Haven, Nashville, Denver, and Whitewater among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Partnership Financial 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. Partnership Financial 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.64% | 12/16/24 |
| 30 Year Conventional Refi | 6.27% | 12/16/24 |
| 30 Year Cash-out Refi | 6.56% | 12/16/24 |
| 15 Year Conventional Purchase | 6.37% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Partnership Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
146Origination Dollar Volume (All Markets)
$32,830,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 136 | $30,810,000 | $226,544 | $2,919 | 2.93% |
| Outside of Metro Areas | 2 | $460,000 | $230,000 | $2,511 | 2.88% |
| Vineyard Haven, MA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,175 | 4.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,977 | 2.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,081 | 3.50% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,378 | 2.63% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,226 | 2.88% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,757 | 3.63% |
| MADISON, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,500 | 2.13% |
| NILES, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,310 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against PARTNERSHIP FINANCIAL 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 | 146 | $32,830,000 | $224,863 | $2,914 | 2.94% |
For 2021, Partnership Financial's most frequently originated type of loan was Conventional, with 146 originations.
Loan Reason
For 2021, Partnership Financial's most frequently cited loan purpose was Refi, with 60 originations. The 2nd most popular reason was Cash Out Refi, with 55 originations.
Loan Duration/Length
For 2021, Partnership Financial's most frequently cited loan duration was 30 Year, with 84 originations. The 2nd most popular length was 15 Year, with 37 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 143 | $32,345,000 | $226,189 |
| $<1k | 1 | $135,000 | $135,000 |
| $2k-3k | 1 | $75,000 | $75,000 |
| $4k-5k | 1 | $275,000 | $275,000 |
Partnership Financial's average total fees were $3,276, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 143 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 68 | $15,500,000 | $227,941 |
| 3-4% | 59 | $13,475,000 | $228,390 |
| <2.5% | 18 | $3,480,000 | $193,333 |
| 4-5% | 1 | $375,000 | $375,000 |
During 2021, Partnership Financial's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 68 originations.
Loan Sizing
2021 saw Partnership Financial place emphasis on $200k-400k loans with 75 originations, totaling $19,985,000 in origination value.
Applicant Income
Partnership Financial lent most frequently to those with incomes in the $75k-100k range, with 37 originations. The second most popular income band? $150k-250k, with 32 originations.
Applicant Debt to Income Ratio
Partnership Financial lent most frequently to those with DTI ratios of 20-30%, with 41 originations. The next most common DTI ratio? 30-36%, with 35 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.13%
Partnership Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination86.99%
Partnership Financial has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 146 | $32,830,000 | $224,863 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Partners for Payment Relief | Other type of mortgage | Trouble during payment process | 1 | 100.0% |