Prudential Multifamily Mortgage, Llc.

Newark, NJ 07102

LEI: 549300RDGRWJXEQOEC49

Tax ID: 54-1561741

2019 Data | 2018 Data


Overview

Prudential Multifamily Mortgage, Llc. is a small mortgage company specializing in Home Purchase and Cash Out Refi loans. Prudential Multifamily Mortgage, Llc. has a high proportion of conventional loans. Their top markets include San Diego, San Francisco, New York, Durham, and Anaheim among others. They have an above average approval rate for mortages when compared nationally -- and they have an average pick rate when compared to the same sample of other lendors. Prudential Multifamily Mortgage, Llc. is typically a lendor.


Originations

163

Origination Dollar Volume (All Markets)

$4,565,135,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 163 $4,565,135,000 $28,006,963

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 45 $1,520,085,000 $33,779,667
Home Improvement 1 $8,345,000 $8,345,000
Refi 10 $363,190,000 $36,319,000
Cash Out Refi 107 $2,673,515,000 $24,986,121

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 10 $681,930,000 $68,193,000
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 5 $425,885,000 $85,177,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 6 $390,230,000 $65,038,333
DURHAM-CHAPEL HILL, NC 1 $365,005,000 $365,005,000
ANAHEIM-SANTA ANA-IRVINE, CA 6 $284,250,000 $47,375,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 2 $232,380,000 $116,190,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 5 $166,745,000 $33,349,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 9 $164,385,000 $18,265,000
DALLAS-PLANO-IRVING, TX 9 $144,555,000 $16,061,667
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1 $137,305,000 $137,305,000
SEATTLE-BELLEVUE-KENT, WA 4 $130,630,000 $32,657,500
AUSTIN-ROUND ROCK-GEORGETOWN, TX 4 $126,950,000 $31,737,500
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 10 $120,980,000 $12,098,000
NEWARK, NJ-PA 3 $91,885,000 $30,628,333
SAN ANTONIO-NEW BRAUNFELS, TX 4 $80,580,000 $20,145,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 2 $66,200,000 $33,100,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 2 $61,870,000 $30,935,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $56,445,000 $56,445,000
PHILADELPHIA, PA 1 $48,535,000 $48,535,000
Outside of Metro Areas 7 $42,705,000 $6,100,714
FORT WORTH-ARLINGTON-GRAPEVINE, TX 2 $41,790,000 $20,895,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $30,115,000 $30,115,000
MODESTO, CA 2 $28,060,000 $14,030,000
WORCESTER, MA-CT 1 $26,325,000 $26,325,000
COLUMBUS, GA-AL 1 $25,505,000 $25,505,000
BUFFALO-CHEEKTOWAGA, NY 1 $25,205,000 $25,205,000
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 1 $24,805,000 $24,805,000
COLUMBIA, SC 1 $24,325,000 $24,325,000
BOSTON, MA 1 $22,885,000 $22,885,000
CHATTANOOGA, TN-GA 1 $20,995,000 $20,995,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $19,875,000 $19,875,000
OAKLAND-BERKELEY-LIVERMORE, CA 1 $19,175,000 $19,175,000
HINESVILLE, GA 1 $18,295,000 $18,295,000
DENVER-AURORA-LAKEWOOD, CO 2 $17,820,000 $8,910,000
CINCINNATI, OH-KY-IN 1 $16,125,000 $16,125,000
JACKSONVILLE, FL 1 $16,055,000 $16,055,000
MERCED, CA 3 $16,025,000 $5,341,667
SANTA CRUZ-WATSONVILLE, CA 1 $15,435,000 $15,435,000
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 1 $14,805,000 $14,805,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $14,695,000 $14,695,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 2 $14,640,000 $7,320,000
GARY, IN 2 $13,790,000 $6,895,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $12,355,000 $12,355,000
GULFPORT-BILOXI, MS 1 $11,965,000 $11,965,000
NEW BRUNSWICK-LAKEWOOD, NJ 1 $11,425,000 $11,425,000
MCALLEN-EDINBURG-MISSION, TX 2 $11,420,000 $5,710,000
FRESNO, CA 2 $11,040,000 $5,520,000
GOLDSBORO, NC 1 $10,995,000 $10,995,000
BOULDER, CO 1 $10,005,000 $10,005,000
GREENSBORO-HIGH POINT, NC 2 $9,920,000 $4,960,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $9,855,000 $9,855,000
MEMPHIS, TN-MS-AR 1 $9,665,000 $9,665,000
AKRON, OH 2 $9,520,000 $4,760,000
MADISON, WI 1 $9,485,000 $9,485,000
ORLANDO-KISSIMMEE-SANFORD, FL 1 $9,105,000 $9,105,000
PITTSBURGH, PA 1 $8,905,000 $8,905,000
AUBURN-OPELIKA, AL 1 $8,795,000 $8,795,000
LAFAYETTE-WEST LAFAYETTE, IN 2 $8,730,000 $4,365,000
OKLAHOMA CITY, OK 1 $8,605,000 $8,605,000
PHOENIX-MESA-CHANDLER, AZ 1 $8,345,000 $8,345,000
SPARTANBURG, SC 1 $8,325,000 $8,325,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 1 $7,785,000 $7,785,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $7,675,000 $7,675,000
KANSAS CITY, MO-KS 1 $7,675,000 $7,675,000
HUNTINGTON-ASHLAND, WV-KY-OH 1 $7,555,000 $7,555,000
WARREN-TROY-FARMINGTON HILLS, MI 1 $6,755,000 $6,755,000
BROWNSVILLE-HARLINGEN, TX 1 $6,585,000 $6,585,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $6,385,000 $6,385,000
COLUMBUS, OH 1 $5,935,000 $5,935,000
GRAND JUNCTION, CO 1 $5,265,000 $5,265,000
BOISE CITY, ID 1 $5,005,000 $5,005,000
LOGAN, UT-ID 1 $4,245,000 $4,245,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 1 $3,405,000 $3,405,000
SPRINGFIELD, MO 1 $3,305,000 $3,305,000
LAKE COUNTY-KENOSHA COUNTY, IL-WI 1 $3,225,000 $3,225,000
READING, PA 1 $2,915,000 $2,915,000
ST. LOUIS, MO-IL 1 $2,775,000 $2,775,000
KOKOMO, IN 1 $2,225,000 $2,225,000
HAGERSTOWN-MARTINSBURG, MD-WV 1 $1,765,000 $1,765,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 3 $214,185,000 $71,395,000
3-4% 82 $2,534,050,000 $30,903,049
4-5% 73 $1,801,295,000 $24,675,274
5-6% 5 $15,605,000 $3,121,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$Over $1MM 163 $4,565,135,000 $28,006,963

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 7 $582,185,000 $83,169,286
40-60% 48 $1,832,050,000 $38,167,708
60-80% 87 $1,762,925,000 $20,263,506
80-100% 11 $101,585,000 $9,235,000
Under 20% 10 $286,390,000 $28,639,000

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
Not applicable 163 $4,565,135,000 $28,006,963

Approval Rates

Total approvals of all applications
99.70%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
91.18%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 163 $4,565,135,000 $28,006,963

Origination Fees

Origination Fee Originations Total Value Average Loan

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 163 $4,565,135,000 $28,006,963