Embark Mortgage Rates, Fees & Info

Great Falls, MT

LEI: 549300QXTT2NBSRNYO73

Tax ID: 81-0247002

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Embark is a smaller mortgage company specializing in Refi loans. Embark has a high proportion of conventional loans. Their top two markets are Great Falls and Missoula .

    Embark has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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    Originations

    66

    Origination Dollar Volume (All Markets)

    $6,200,000

    Top 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
    GREAT FALLS, MT (FHA|USDA|VA) 57 $5,455,000 $95,702 $0 4.40%
    Outside of Metro Areas 8 $580,000 $72,500 $0 3.83%
    MISSOULA, MT (FHA|USDA|VA) 1 $165,000 $165,000 $0 2.49%
    Embark's top markets include Great Falls and Missoula among others.

    Their top states include:
  • Montana (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $6,195,000 $95,308 $0 4.30%
    HELOC 1 $5,000 $5,000 n/a 0.00%

    For 2020, Embark's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 29 $3,985,000 $137,414 $0 2.75%
    Home Improvement 19 $925,000 $48,684 $0 5.49%
    Cash Out Refi 9 $495,000 $55,000 $0 5.66%
    Home Purchase 8 $440,000 $55,000 $0 6.24%
    NA 1 $355,000 $355,000 $0 2.49%

    For 2020, Embark's most frequently cited loan purpose was Refi, with 29 originations. The 2nd most popular reason was Home Improvement, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 38 $4,940,000 $130,000 $0 4.05%
    10 Year 16 $860,000 $53,750 $0 4.57%
    Other 7 $285,000 $40,714 $0 5.25%
    5 Year 5 $115,000 $23,000 $0 4.25%

    For 2020, Embark's most frequently cited loan duration was 15 Year, with 38 originations. The 2nd most popular length was 10 Year, with 16 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 29 $1,425,000 $49,138
    $1k-2k 14 $1,020,000 $72,857
    $2k-3k 9 $1,285,000 $142,778
    $3k-4k 2 $530,000 $265,000

    Embark's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 25 $3,815,000 $152,600
    5-6% 17 $975,000 $57,353
    6-7% 10 $390,000 $39,000
    4-5% 6 $380,000 $63,333
    2.5-3% 3 $315,000 $105,000
    7-8% 2 $100,000 $50,000
    3-4% 1 $105,000 $105,000

    During 2020, Embark's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was <2.5%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 39 $1,655,000 $42,436 $0 5.29%
    $100k-200k 18 $2,240,000 $124,444 $0 2.79%
    $200k-400k 9 $2,305,000 $256,111 $0 2.99%

    2020 saw Embark place emphasis on $100,000 or less loans with 39 originations, totaling $1,655,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 22 $1,890,000 $85,909 $0 4.52%
    $50k-75k 14 $1,280,000 $91,429 $0 3.77%
    $75k-100k 14 $1,050,000 $75,000 $0 4.39%
    $50k or less 9 $525,000 $58,333 $0 4.82%
    $150k-250k 5 $1,325,000 $265,000 $0 2.89%
    $250k+ 2 $130,000 $65,000 $0 6.00%

    Embark lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $50k-75k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 27 $2,615,000 $96,852 $0 4.59%
    30-36% 9 $1,045,000 $116,111 $0 3.48%
    <20% 9 $595,000 $66,111 $0 4.10%
    38% 5 $215,000 $43,000 $0 5.38%
    >60% 3 $685,000 $228,333 $0 3.41%
    40% 3 $335,000 $111,667 $0 3.66%
    42% 3 $205,000 $68,333 $0 3.79%
    45% 2 $60,000 $30,000 $0 6.00%
    49% 2 $360,000 $180,000 $0 2.49%
    36% 1 $25,000 $25,000 $0 4.25%
    44% 1 $25,000 $25,000 $0 4.25%
    39% 1 $35,000 $35,000 $0 6.00%

    Embark lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 63 $5,985,000 $95,000 $0 4.29%
    Not provided 2 $200,000 $100,000 $0 4.84%
    American Indian 1 $15,000 $15,000 $0 4.25%

    Approval Rates

    Total approvals of all applications
    68.03%

    Embark has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    48.48%

    Embark 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 66 $6,200,000 $93,939

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 9 $565,000 $62,778
    Single Family (1-4 Units):Site-Built 57 $5,635,000 $98,860

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $650,000 $65,000 $0 4.12%
    40-60% 12 $1,660,000 $138,333 $0 2.98%
    60-80% 16 $2,400,000 $150,000 $0 3.88%
    80-100% 6 $710,000 $118,333 $0 3.87%
    Over 100% 1 $45,000 $45,000 $0 6.75%
    Under 20% 20 $670,000 $33,500 $0 5.35%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    EMBRACE HOME LOANS Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 60.0%
    EMBRACE HOME LOANS FHA mortgage Closing on a mortgage 1 20.0%
    EMBRACE HOME LOANS VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%