Teachers Mortgage Rates, Fees & Info

Hauppauge, NY

LEI: 549300R8VPSFM828B312

Tax ID: 11-1751016

5 stars - out of 5 stars, based on 64 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Teachers is a small mortgage company specializing in Cash Out Refi and Refi loans. Teachers has a high proportion of conventional loans. Their top markets include New York, Miami, Los Angeles, Myrtle Beach, and Tampa among others. Teachers 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. Teachers is typically an average fee lendor.


Originations

4,122

Origination Dollar Volume (All Markets)

$1,047,120,000

Awards

TEACHERS 30 Year Conventional Loans silver
Show all (1) awards

Relative Rate

Teachers's average 30 year fixed rate mortgage of loans were 3.08%.

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

This yields a difference of -0.07%.

Relative Fees

Teachers's average total fees for a 30 year fixed rate mortgage are $4,181.

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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3,941 $998,045,000 $253,247 $3,415 3.14%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 12 $5,740,000 $478,333 $5,428 3.05%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 6 $5,140,000 $856,667 $5,520 3.31%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 12 $2,090,000 $174,167 $3,509 3.02%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 9 $2,015,000 $223,889 $3,905 2.76%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 8 $2,010,000 $251,250 $3,581 3.14%
Outside of Metro Areas 11 $1,975,000 $179,545 $3,713 2.92%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 9 $1,935,000 $215,000 $4,136 2.93%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 6 $1,900,000 $316,667 $4,645 3.17%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 7 $1,765,000 $252,143 $4,214 2.89%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $1,570,000 $785,000 $3,864 2.81%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $1,425,000 $203,571 $3,660 2.84%
GLENS FALLS, NY (FHA|USDA|VA) 4 $1,360,000 $340,000 $3,597 2.88%
WILMINGTON, NC (FHA|USDA|VA) 4 $1,320,000 $330,000 $3,588 2.81%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,215,000 $243,000 $4,333 2.95%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 6 $1,140,000 $190,000 $4,680 2.92%
PORT ST. LUCIE, FL (FHA|USDA|VA) 6 $900,000 $150,000 $3,108 3.04%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 3 $845,000 $281,667 $3,724 3.04%
EAST STROUDSBURG, PA (FHA|USDA|VA) 5 $815,000 $163,000 $4,582 3.15%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 4 $760,000 $190,000 $3,426 3.00%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $735,000 $735,000 $5,828 2.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $680,000 $340,000 $4,926 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $665,000 $221,667 $4,218 2.71%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 1 $635,000 $635,000 $4,024 3.63%
ASHEVILLE, NC (FHA|USDA|VA) 1 $625,000 $625,000 $4,887 3.00%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $590,000 $295,000 $3,430 3.37%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $575,000 $575,000 $3,074 2.50%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 3 $565,000 $188,333 $3,817 3.16%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $520,000 $260,000 $3,711 2.50%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $455,000 $455,000 $3,579 2.88%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $445,000 $445,000 $4,782 2.88%
HOT SPRINGS, AR (FHA|USDA|VA) 1 $435,000 $435,000 $2,374 2.50%
RALEIGH-CARY, NC (FHA|USDA|VA) 2 $400,000 $200,000 $3,544 2.75%
Brevard, NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,735 2.75%
ROCHESTER, NY (FHA|USDA|VA) 3 $335,000 $111,667 $2,346 3.16%
Ogdensburg-Massena, NY (FHA|USDA|VA) 2 $310,000 $155,000 $2,826 2.50%
Newberry, SC (FHA|USDA|VA) 1 $305,000 $305,000 $2,924 2.38%
Mount Airy, NC (FHA|USDA|VA) 1 $305,000 $305,000 $4,129 3.00%
THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $0 3.49%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $265,000 $265,000 $2,283 4.00%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $265,000 $265,000 $5,236 3.38%
BINGHAMTON, NY (FHA|USDA|VA) 2 $260,000 $130,000 $4,678 3.06%
LANCASTER, PA (FHA|USDA|VA) 1 $225,000 $225,000 $655 2.13%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $225,000 $225,000 $4,124 3.25%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $220,000 $110,000 $4,374 3.12%
SPARTANBURG, SC (FHA|USDA|VA) 1 $215,000 $215,000 $3,649 2.88%
OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $1,677 3.88%
Corning, NY (FHA|USDA|VA) 2 $210,000 $105,000 $3,353 2.94%
KINGSTON, NY (FHA|USDA|VA) 1 $195,000 $195,000 $4,144 2.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,411 2.63%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,137 3.25%
ITHACA, NY (FHA|USDA|VA) 1 $165,000 $165,000 $2,981 2.63%
KNOXVILLE, TN (FHA|USDA|VA) 1 $165,000 $165,000 $3,415 2.38%
UTICA-ROME, NY (FHA|USDA|VA) 1 $165,000 $165,000 $3,576 2.50%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $155,000 $155,000 $4,469 2.75%
SYRACUSE, NY (FHA|USDA|VA) 1 $125,000 $125,000 $3,140 2.88%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $115,000 $115,000 $0 2.63%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $115,000 $115,000 $3,579 2.75%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 3.49%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $105,000 $105,000 $600 3.13%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.49%

Teachers's top markets include New York, Miami, Los Angeles, Myrtle Beach, and Tampa among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,122 $1,047,120,000 $254,032 $3,439 3.13%

For the 2021 period, Teachers's most frequently originated loan type of loans were Conventional, with 4,122 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 1,647 $450,745,000 $273,676 $3,327 3.12%
Refi 982 $282,490,000 $287,668 $3,668 2.82%
Other 917 $117,185,000 $127,792 $773 3.19%
Home Purchase 470 $186,630,000 $397,085 $4,368 2.92%
Home Improvement 106 $10,070,000 $95,000 $3,631 6.60%

For the 2021, Teachers's most frequently cited loan purpose of loans were Cash Out Refi, with 1,647 originations. The 2nd most popular reason of loans were Refi, with 982 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,435 $530,015,000 $369,348 $4,181 3.08%
15 Year 1,249 $269,925,000 $216,113 $3,562 2.78%
20 Year 571 $139,135,000 $243,669 $2,617 3.19%
10 Year 513 $73,095,000 $142,485 $1,797 3.30%
Other 307 $32,535,000 $105,977 $1,371 4.29%
5 Year 47 $2,415,000 $51,383 $257 3.91%

For the 2021, Teachers's most frequently cited loan length of loans were 30 Year, with 1,435 originations. The 2nd most popular length of loans were 15 Year, with 1,249 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,628 $842,590,000 $320,620
$<1k 525 $55,905,000 $106,486
$3k-4k 34 $12,430,000 $365,588
$5k+ 34 $19,940,000 $586,471
$2k-3k 15 $5,415,000 $361,000

$4,181 of loans were Teachers's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,628 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,063 $529,785,000 $256,803
<2.5% 842 $201,050,000 $238,777
3-4% 774 $278,090,000 $359,289
4-5% 232 $23,810,000 $102,629
5-6% 126 $11,250,000 $89,286
7-8% 78 $2,460,000 $31,538
6-7% 7 $675,000 $96,429

During 2021, Teachers's average interest rate of loans were 3.08%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,063 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,680 $485,990,000 $289,280 $3,781 2.87%
$100k-200k 938 $131,310,000 $139,989 $2,945 2.97%
$100,000 or less 826 $45,700,000 $55,327 $866 3.97%
$400k-600k 540 $254,330,000 $470,981 $4,346 2.93%
$600k-1MM 96 $71,340,000 $743,125 $5,214 3.16%
$1MM+ 42 $58,450,000 $1,391,667 $8,051 3.14%

2021 saw Teachers place emphasis on $200k-400k loans with 1,680 originations, totaling $485,990,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,234 $295,680,000 $239,611 $3,328 3.16%
$150k-250k 1,149 $317,725,000 $276,523 $3,467 3.14%
$75k-100k 592 $125,230,000 $211,537 $3,327 3.16%
$50k-75k 460 $85,020,000 $184,826 $3,275 3.12%
$250k+ 453 $172,815,000 $381,490 $4,217 3.07%
$50k or less 164 $27,560,000 $168,049 $3,160 3.11%

Teachers lent most frequently to those with incomes in the $100k-150k range, with 1,234 originations. The second most popular income band? $150k-250k, with 1,149 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 877 $226,645,000 $258,432 $3,555 3.01%
30-36% 642 $169,130,000 $263,442 $3,511 3.02%
>60% 361 $81,525,000 $225,831 $2,525 3.34%
<20% 358 $86,470,000 $241,536 $3,619 3.02%
50-60% 347 $65,265,000 $188,084 $2,586 3.49%
42% 131 $36,045,000 $275,153 $3,488 3.22%
41% 126 $32,290,000 $256,270 $3,317 3.25%
37% 117 $28,675,000 $245,085 $3,320 3.16%
44% 117 $35,455,000 $303,034 $3,975 3.02%
40% 114 $32,500,000 $285,088 $3,947 3.05%
43% 114 $31,790,000 $278,860 $3,314 3.16%
36% 114 $27,380,000 $240,175 $3,465 3.11%
39% 112 $29,020,000 $259,107 $3,621 2.98%
38% 108 $27,030,000 $250,278 $3,547 3.22%
46% 101 $30,645,000 $303,416 $3,535 3.26%
47% 100 $26,060,000 $260,600 $3,490 3.04%
49% 96 $27,680,000 $288,333 $3,975 3.07%
45% 90 $22,910,000 $254,556 $3,601 3.33%
48% 84 $22,880,000 $272,381 $3,582 3.08%

Teachers lent most frequently to those with DTI ratios of 20-30%, with 877 originations. The next most common DTI ratio? 30-36%, with 642 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,233 $811,675,000 $251,059 $3,395 3.05%
Not provided 418 $94,090,000 $225,096 $3,284 3.81%
Asian 195 $71,065,000 $364,436 $4,216 3.01%
Black 167 $35,545,000 $212,844 $3,341 3.23%
Asian Indian 39 $13,825,000 $354,487 $3,934 2.78%
Not applicable 7 $5,925,000 $846,429 $0 3.12%
American Indian 18 $4,190,000 $232,778 $3,647 3.23%
Other Asian 19 $3,705,000 $195,000 $3,538 2.82%
Chinese 8 $2,260,000 $282,500 $4,133 2.96%
Native Hawaiian 5 $1,425,000 $285,000 $2,599 3.30%
Filipino 4 $1,360,000 $340,000 $5,498 2.94%
Japanese 4 $980,000 $245,000 $5,755 2.59%
Other Pacific Islander 3 $725,000 $241,667 $3,611 3.33%
Korean 2 $350,000 $175,000 $3,744 2.62%

Approval Rates

Total approvals of all applications
95.38%

Teachers 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
82.54%

Teachers has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
0.0 77 $2,295,000 $29,805
NA 4,045 $1,044,825,000 $258,300

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,122 $1,047,120,000 $254,032

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 745 $144,215,000 $193,577 $3,107 2.93%
40-60% 975 $290,775,000 $298,231 $3,803 2.75%
60-80% 1,142 $421,230,000 $368,853 $4,091 2.99%
80-100% 259 $116,825,000 $451,062 $4,368 3.05%
Under 20% 1,001 $74,075,000 $74,001 $731 3.84%