Center City Mortgage And Investments Rates, Fees & Info

NEW PHILADELPHIA, PA

LEI: 549300QXJAPKTQHC4S45

Tax ID: 83-1560419

4.9 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Center City Mortgage And Investments is a smaller mortgage company specializing in Home Purchase loans. Center City Mortgage And Investments has a high proportion of conventional loans. Their top markets include Philadelphia, Atlantic City, Ocean City, New York, and Reading among others. Center City Mortgage And Investments 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. Center City Mortgage And Investments is typically an average fee lendor.


Originations

630

Origination Dollar Volume (All Markets)

$207,140,000

Relative Rate

Center City Mortgage And Investments 's average 30 year fixed rate mortgage of loans were 3.06%.

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

This yields a difference of -0.09%.

Relative Fees

Center City Mortgage And Investments 's average total fees for a 30 year fixed rate mortgage are $5,095.

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
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 598 $197,050,000 $329,515 $5,013 3.02%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 6 $3,450,000 $575,000 $6,265 2.65%
OCEAN CITY, NJ (FHA|USDA|VA) 6 $1,990,000 $331,667 $4,133 2.75%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 5 $1,105,000 $221,000 $3,432 3.02%
READING, PA (FHA|USDA|VA) 3 $855,000 $285,000 $3,929 3.08%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $800,000 $200,000 $4,708 3.09%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $690,000 $345,000 $4,414 3.06%
SALISBURY, MD-DE (FHA|USDA|VA) 2 $390,000 $195,000 $5,098 3.19%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $365,000 $365,000 $6,890 2.75%
DOVER, DE (FHA|USDA|VA) 1 $255,000 $255,000 $6,396 3.63%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $135,000 $135,000 $3,704 3.25%
JOHNSTOWN, PA (FHA|USDA|VA) 1 $55,000 $55,000 $3,025 3.38%

Center City Mortgage And Investments 's top markets include Philadelphia, Atlantic City, Ocean City, New York, and Reading among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 630 $207,140,000 $328,794 $4,995 3.01%

For the 2021 period, Center City Mortgage And Investments 's most frequently originated loan type of loans were Conventional, with 630 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 464 $162,260,000 $349,698 $5,144 3.00%
Refi 93 $27,235,000 $292,849 $4,285 2.84%
Cash Out Refi 73 $17,645,000 $241,712 $4,953 3.33%

For the 2021, Center City Mortgage And Investments 's most frequently cited loan purpose of loans were Home Purchase, with 464 originations. The 2nd most popular reason of loans were Refi, with 93 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 569 $190,865,000 $335,439 $5,095 3.06%
15 Year 44 $12,880,000 $292,727 $4,132 2.47%
20 Year 12 $2,750,000 $229,167 $4,036 2.92%
10 Year 3 $365,000 $121,667 $3,335 2.42%
Other 2 $280,000 $140,000 $3,964 2.88%

For the 2021, Center City Mortgage And Investments 's most frequently cited loan length of loans were 30 Year, with 569 originations. The 2nd most popular length of loans were 15 Year, with 44 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 298 $92,670,000 $310,973
$<1k 220 $74,880,000 $340,364
$2k-3k 49 $17,595,000 $359,082
$3k-4k 41 $12,075,000 $294,512
$5k+ 22 $9,920,000 $450,909

$5,095 of loans were Center City Mortgage And Investments 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 298 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 365 $124,725,000 $341,712
3-4% 201 $66,675,000 $331,716
<2.5% 48 $12,910,000 $268,958
4-5% 16 $2,830,000 $176,875

During 2021, Center City Mortgage And Investments 's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 365 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 355 $101,885,000 $287,000 $4,710 2.98%
$400k-600k 119 $56,545,000 $475,168 $5,771 2.97%
$100k-200k 109 $17,505,000 $160,596 $4,092 3.14%
$600k-1MM 36 $27,210,000 $755,833 $7,746 3.01%
$100,000 or less 9 $715,000 $79,444 $3,508 3.36%
$1MM+ 2 $3,280,000 $1,640,000 $14,222 2.88%

2021 saw Center City Mortgage And Investments place emphasis on $200k-400k loans with 355 originations, totaling $101,885,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 173 $56,455,000 $326,329 $4,904 3.00%
$150k-250k 142 $55,820,000 $393,099 $5,360 3.00%
$50k-75k 111 $27,165,000 $244,730 $4,412 2.96%
$75k-100k 106 $28,820,000 $271,887 $4,594 3.04%
$250k+ 55 $30,725,000 $558,636 $7,099 3.13%
$50k or less 43 $8,155,000 $189,651 $3,986 2.98%

Center City Mortgage And Investments lent most frequently to those with incomes in the $100k-150k range, with 173 originations. The second most popular income band? $150k-250k, with 142 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 172 $58,480,000 $340,000 $5,147 2.95%
30-36% 124 $43,110,000 $347,661 $5,218 3.12%
<20% 87 $28,745,000 $330,402 $4,717 2.89%
44% 27 $7,125,000 $263,889 $4,335 2.96%
43% 24 $7,150,000 $297,917 $4,660 3.06%
37% 23 $8,325,000 $361,957 $5,293 3.15%
42% 22 $8,200,000 $372,727 $5,477 2.92%
39% 21 $6,065,000 $288,810 $5,140 3.18%
40% 19 $6,145,000 $323,421 $4,759 2.89%
49% 18 $5,310,000 $295,000 $5,115 3.03%
36% 18 $5,610,000 $311,667 $4,780 3.24%
41% 17 $4,885,000 $287,353 $4,216 2.87%
45% 12 $3,630,000 $302,500 $4,761 3.06%
46% 12 $4,020,000 $335,000 $5,348 3.04%
38% 12 $4,690,000 $390,833 $5,113 2.98%
47% 11 $3,015,000 $274,091 $4,611 3.16%
48% 11 $2,635,000 $239,545 $4,573 3.12%

Center City Mortgage And Investments lent most frequently to those with DTI ratios of 20-30%, with 172 originations. The next most common DTI ratio? 30-36%, with 124 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 418 $138,410,000 $331,124 $4,873 2.99%
Not provided 98 $32,960,000 $336,327 $5,000 2.96%
Asian 65 $20,795,000 $319,923 $5,837 3.21%
Black 45 $13,625,000 $302,778 $4,927 3.06%
Korean 1 $645,000 $645,000 $7,221 2.99%
American Indian 2 $380,000 $190,000 $3,304 2.50%
Asian Indian 1 $325,000 $325,000 $4,850 3.00%

Approval Rates

Total approvals of all applications
97.60%

Center City Mortgage And Investments 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
56.23%

Center City Mortgage And Investments 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 630 $207,140,000 $328,794

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
630 $207,140,000 $328,794

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 21 $3,975,000 $189,286 $3,652 2.66%
40-60% 45 $13,145,000 $292,111 $4,661 2.85%
60-80% 190 $60,550,000 $318,684 $5,172 3.13%
80-100% 374 $129,470,000 $346,176 $5,022 2.99%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
CENTURY MORTGAGE COMPANY VA mortgage Trouble during payment process 1 100.0%