Alpha Mortgage Corporation Rates, Fees & Info

Wilmington, NC

LEI: 549300QU641Z70NA3W22

Tax ID: 56-1579850

4.2 stars - out of 5 stars, based on 43 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Alpha Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. Alpha Mortgage Corporation has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Wilmington, Jacksonville, Myrtle Beach, Greensboro, and Morehead City among others. Alpha Mortgage Corporation 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. Alpha Mortgage Corporation is typically an average fee lendor.


Originations

1,834

Origination Dollar Volume (All Markets)

$430,830,000

Awards

Alpha Mortgage Corporation USDA Loans gold Alpha Mortgage Corporation USDA Loans gold
Show all (2) awards

Relative Rate

Alpha Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.25%.

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

This yields a difference of 0.1%.

Relative Fees

Alpha Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $5,259.

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
WILMINGTON, NC (FHA|USDA|VA) 560 $153,280,000 $273,714 $4,655 3.21%
JACKSONVILLE, NC (FHA|USDA|VA) 705 $144,275,000 $204,645 $5,709 3.28%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 312 $75,090,000 $240,673 $4,784 3.15%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 30 $7,490,000 $249,667 $5,800 3.13%
Outside of Metro Areas 34 $6,480,000 $190,588 $5,740 3.27%
Morehead City, NC (FHA|USDA|VA) 24 $5,880,000 $245,000 $6,876 3.24%
NEW BERN, NC (FHA|USDA|VA) 25 $4,615,000 $184,600 $5,048 3.31%
FAYETTEVILLE, NC (FHA|USDA|VA) 17 $4,545,000 $267,353 $4,945 3.26%
RALEIGH-CARY, NC (FHA|USDA|VA) 14 $3,950,000 $282,143 $4,102 3.17%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 18 $3,850,000 $213,889 $4,197 3.28%
WINSTON-SALEM, NC (FHA|USDA|VA) 18 $3,730,000 $207,222 $4,548 3.08%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 6 $2,420,000 $403,333 $4,830 3.04%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 6 $1,650,000 $275,000 $7,979 3.25%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 5 $1,215,000 $243,000 $6,677 3.15%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $1,100,000 $275,000 $3,474 3.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 3 $965,000 $321,667 $3,272 3.29%
Kinston, NC (FHA|USDA|VA) 5 $865,000 $173,000 $5,883 3.10%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $850,000 $212,500 $7,771 3.13%
GREENVILLE, NC (FHA|USDA|VA) 3 $755,000 $251,667 $6,513 3.13%
ASHEVILLE, NC (FHA|USDA|VA) 3 $715,000 $238,333 $4,573 3.42%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $600,000 $300,000 $3,257 3.19%
BURLINGTON, NC (FHA|USDA|VA) 3 $585,000 $195,000 $7,726 3.33%
Mount Airy, NC (FHA|USDA|VA) 3 $455,000 $151,667 $3,800 3.13%
Wilson, NC (FHA|USDA|VA) 3 $445,000 $148,333 $4,289 3.29%
Brevard, NC (FHA|USDA|VA) 2 $440,000 $220,000 $4,677 3.25%
Boone, NC (FHA|USDA|VA) 2 $420,000 $210,000 $3,228 3.38%
SPARTANBURG, SC (FHA|USDA|VA) 3 $405,000 $135,000 $4,799 3.71%
COLUMBIA, SC (FHA|USDA|VA) 2 $370,000 $185,000 $2,518 2.94%
Cullowhee, NC (FHA|USDA|VA) 2 $360,000 $180,000 $6,217 3.88%
FLORENCE, SC (FHA|USDA|VA) 1 $355,000 $355,000 $9,975 3.25%
Roanoke Rapids, NC (FHA|USDA|VA) 3 $345,000 $115,000 $5,791 3.71%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $305,000 $305,000 $5,647 2.75%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $295,000 $295,000 $0 3.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $225,000 $225,000 $4,320 2.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,313 3.00%
Marion, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,504 2.88%
Lumberton, NC (FHA|USDA|VA) 1 $185,000 $185,000 $1,908 3.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $175,000 $175,000 $2,824 3.88%
Martinsville, VA (FHA|USDA|VA) 1 $175,000 $175,000 $6,434 3.25%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $155,000 $155,000 $4,863 2.75%
Rockingham, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,473 3.25%
Laurinburg, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,451 3.13%
Sanford, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,772 2.88%

Alpha Mortgage Corporation's top markets include Wilmington, Jacksonville, Myrtle Beach, Greensboro, and Morehead City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 940 $230,000,000 $244,681 $3,795 3.27%
VA 535 $130,375,000 $243,692 $6,381 3.20%
FHA 217 $44,465,000 $204,908 $7,219 3.23%
USDA 142 $25,990,000 $183,028 $5,487 3.10%

For the 2021 period, Alpha Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 940 originations. Their 2nd most popular type is VA, with 535 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,500 $353,930,000 $235,953 $5,504 3.25%
Refi 205 $47,255,000 $230,512 $3,345 3.04%
Cash Out Refi 129 $29,645,000 $229,806 $4,173 3.31%

For the 2021, Alpha Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 1,500 originations. The 2nd most popular reason of loans were Refi, with 205 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,745 $412,035,000 $236,123 $5,259 3.25%
15 Year 68 $14,350,000 $211,029 $3,535 2.79%
20 Year 11 $2,405,000 $218,636 $3,595 2.97%
Other 7 $1,285,000 $183,571 $3,031 3.16%
30+ year 2 $610,000 $305,000 $6,781 5.25%
10 Year 1 $145,000 $145,000 $2,950 2.63%

For the 2021, Alpha Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 1,745 originations. The 2nd most popular length of loans were 15 Year, with 68 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,013 $234,505,000 $231,496
$<1k 450 $103,660,000 $230,356
$2k-3k 113 $26,265,000 $232,434
$3k-4k 97 $28,055,000 $289,227
$5k+ 32 $15,210,000 $475,313

$5,259 of loans were Alpha Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,013 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,074 $250,800,000 $233,520
2.5-3% 619 $150,305,000 $242,819
4-5% 103 $20,495,000 $198,981
<2.5% 35 $8,485,000 $242,429
5-6% 3 $745,000 $248,333

During 2021, Alpha Mortgage Corporation's average interest rate of loans were 3.25%, while their most frequently originated rate bucket of loans were 3-4%, with 1,074 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 908 $242,110,000 $266,641 $5,552 3.19%
$100k-200k 729 $114,015,000 $156,399 $4,464 3.25%
$400k-600k 100 $47,430,000 $474,300 $6,512 3.15%
$100,000 or less 72 $5,800,000 $80,556 $3,329 3.66%
$600k-1MM 20 $14,960,000 $748,000 $7,405 3.28%
$1MM+ 5 $6,515,000 $1,303,000 $15,707 3.35%

2021 saw Alpha Mortgage Corporation place emphasis on $200k-400k loans with 908 originations, totaling $242,110,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 566 $119,490,000 $211,113 $5,432 3.23%
$50k or less 445 $73,985,000 $166,258 $4,641 3.21%
$100k-150k 302 $82,440,000 $272,980 $5,158 3.25%
$75k-100k 296 $73,900,000 $249,662 $5,477 3.21%
$150k-250k 155 $50,405,000 $325,194 $5,063 3.28%
$250k+ 70 $30,610,000 $437,286 $5,709 3.25%

Alpha Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 566 originations. The second most popular income band? $50k or less, with 445 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 335 $82,565,000 $246,463 $5,127 3.21%
20-30% 320 $70,020,000 $218,813 $4,951 3.21%
50-60% 104 $26,800,000 $257,692 $7,303 3.18%
<20% 97 $21,425,000 $220,876 $3,986 3.12%
44% 88 $19,930,000 $226,477 $5,675 3.31%
42% 87 $19,775,000 $227,299 $5,097 3.30%
39% 77 $16,745,000 $217,468 $4,573 3.25%
38% 76 $17,400,000 $228,947 $5,040 3.19%
41% 74 $17,190,000 $232,297 $5,157 3.24%
40% 72 $16,450,000 $228,472 $4,613 3.22%
43% 68 $16,340,000 $240,294 $4,801 3.36%
48% 66 $15,890,000 $240,758 $5,463 3.27%
37% 62 $15,460,000 $249,355 $5,835 3.34%
45% 61 $13,955,000 $228,770 $5,299 3.37%
36% 61 $16,015,000 $262,541 $5,048 3.19%
49% 59 $15,805,000 $267,881 $5,801 3.18%
47% 55 $12,425,000 $225,909 $5,006 3.21%
46% 47 $11,595,000 $246,702 $5,571 3.34%
>60% 4 $1,330,000 $332,500 $4,691 3.13%

Alpha Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 335 originations. The next most common DTI ratio? 20-30%, with 320 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,462 $343,150,000 $234,713 $5,060 3.22%
Not provided 219 $54,935,000 $250,845 $5,665 3.25%
Black 105 $21,635,000 $206,048 $5,501 3.29%
Asian 27 $6,525,000 $241,667 $5,334 3.28%
American Indian 13 $2,845,000 $218,846 $6,158 3.31%
Native Hawaiian 4 $830,000 $207,500 $6,886 3.56%
Filipino 3 $595,000 $198,333 $6,418 3.25%
Other Asian 1 $315,000 $315,000 $4,641 3.50%

Approval Rates

Total approvals of all applications
99.95%

Alpha Mortgage 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
86.73%

Alpha Mortgage Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,834 $430,830,000 $234,913

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,834 $430,830,000 $234,913

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 62 $9,830,000 $158,548 $3,416 3.02%
40-60% 117 $26,395,000 $225,598 $3,369 3.07%
60-80% 418 $103,070,000 $246,579 $3,956 3.32%
80-100% 1,064 $245,710,000 $230,930 $5,107 3.23%
Over 100% 171 $45,615,000 $266,754 $9,648 3.17%
Under 20% 2 $210,000 $105,000 $3,582 2.94%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
ALPHA MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%