Towne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300RDO3TWTFEYC795

Tax ID: 20-8190898

4 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Towne Mortgage is a smaller mortgage company specializing in Home Purchase loans. Towne Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Virginia Beach, Kill Devil Hills, Richmond, Charlottesville, and Elizabeth City among others. Towne Mortgage 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. Towne Mortgage is typically a high fee lendor.


Originations

1,192

Origination Dollar Volume (All Markets)

$344,660,000

Awards

Towne Mortgage  FHA Loans silver
Show all (1) awards

Relative Rate

Towne Mortgage 's average 30 year fixed rate mortgage of loans were 3.05%.

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

Towne Mortgage 's average total fees for a 30 year fixed rate mortgage are $6,023.

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1,016 $293,520,000 $288,898 $6,074 2.99%
Kill Devil Hills, NC (FHA|USDA|VA) 45 $17,115,000 $380,333 $5,723 3.25%
RICHMOND, VA (FHA|USDA|VA) 40 $10,040,000 $251,000 $5,368 3.12%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 25 $8,695,000 $347,800 $4,834 3.23%
Elizabeth City, NC (FHA|USDA|VA) 25 $5,135,000 $205,400 $5,892 3.07%
Outside of Metro Areas 21 $4,955,000 $235,952 $4,540 3.15%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 4 $1,540,000 $385,000 $5,861 3.25%
JACKSONVILLE, NC (FHA|USDA|VA) 2 $710,000 $355,000 $16,113 2.50%
STAUNTON, VA (FHA|USDA|VA) 3 $485,000 $161,667 $3,185 3.71%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $460,000 $230,000 $3,780 3.38%
ASHEVILLE, NC (FHA|USDA|VA) 1 $415,000 $415,000 $3,829 2.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $365,000 $365,000 $7,002 3.50%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $325,000 $325,000 $12,696 2.88%
GREENVILLE, NC (FHA|USDA|VA) 2 $260,000 $130,000 $4,996 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $2,885 3.25%
WILMINGTON, NC (FHA|USDA|VA) 1 $175,000 $175,000 $2,464 3.25%
FAYETTEVILLE, NC (FHA|USDA|VA) 1 $125,000 $125,000 $4,668 3.25%
Danville, VA (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.75%

Towne Mortgage 's top markets include Virginia Beach, Kill Devil Hills, Richmond, Charlottesville, and Elizabeth City among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 704 $195,820,000 $278,153 $4,407 3.18%
VA 297 $102,805,000 $346,145 $8,271 2.67%
FHA 165 $40,155,000 $243,364 $8,023 2.96%
USDA 26 $5,880,000 $226,154 $5,490 2.83%

For the 2021 period, Towne Mortgage 's most frequently originated loan type of loans were Conventional, with 704 originations. Their 2nd most popular type is VA, with 297 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 975 $284,175,000 $291,462 $6,416 3.02%
Cash Out Refi 138 $35,880,000 $260,000 $4,174 3.13%
Refi 75 $24,005,000 $320,067 $4,513 2.78%
Other 3 $475,000 $158,333 $5,533 3.25%
Home Improvement 1 $125,000 $125,000 $2,083 3.13%

For the 2021, Towne Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 975 originations. The 2nd most popular reason of loans were Cash Out Refi, with 138 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,139 $331,315,000 $290,882 $6,023 3.05%
15 Year 33 $8,705,000 $263,788 $4,086 2.63%
5 Year 11 $165,000 $15,000 $0 0.00%
30+ year 5 $3,695,000 $739,000 $12,914 3.82%
20 Year 3 $665,000 $221,667 $4,209 3.21%
10 Year 1 $115,000 $115,000 $2,847 2.50%

For the 2021, Towne Mortgage 's most frequently cited loan length of loans were 30 Year, with 1,139 originations. The 2nd most popular length of loans were 15 Year, with 33 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 668 $186,010,000 $278,458
$1k-2k 256 $64,230,000 $250,898
$2k-3k 101 $32,845,000 $325,198
$3k-4k 81 $31,335,000 $386,852
$5k+ 32 $21,210,000 $662,813

$6,023 of loans were Towne Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 668 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 512 $133,250,000 $260,254
2.5-3% 506 $162,980,000 $322,095
<2.5% 144 $43,260,000 $300,417
4-5% 30 $5,170,000 $172,333

During 2021, Towne Mortgage 's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 3-4%, with 512 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 614 $177,820,000 $289,609 $6,006 2.98%
$100k-200k 272 $44,250,000 $162,684 $3,816 3.20%
$400k-600k 188 $89,450,000 $475,798 $7,512 2.89%
$100,000 or less 81 $2,435,000 $30,062 $2,636 2.94%
$600k-1MM 31 $22,045,000 $711,129 $9,954 3.13%
$1MM+ 6 $8,660,000 $1,443,333 $15,901 3.14%

2021 saw Towne Mortgage place emphasis on $200k-400k loans with 614 originations, totaling $177,820,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 316 $69,780,000 $220,823 $5,652 2.98%
$100k-150k 232 $77,210,000 $332,802 $5,984 3.01%
$75k-100k 226 $66,050,000 $292,257 $6,660 3.02%
$150k-250k 158 $64,870,000 $410,570 $6,756 3.10%
$50k or less 157 $22,615,000 $144,045 $4,463 3.04%
$250k+ 48 $29,080,000 $605,833 $7,030 3.28%

Towne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 316 originations. The second most popular income band? $100k-150k, with 232 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 235 $72,765,000 $309,638 $5,276 3.04%
30-36% 231 $65,125,000 $281,926 $5,453 3.09%
<20% 58 $20,040,000 $345,517 $5,097 3.09%
43% 57 $13,555,000 $237,807 $8,286 3.12%
40% 55 $13,185,000 $239,727 $5,684 3.11%
38% 53 $13,535,000 $255,377 $5,302 2.99%
39% 50 $14,620,000 $292,400 $6,065 3.01%
41% 45 $13,015,000 $289,222 $6,231 2.93%
50-60% 42 $13,300,000 $316,667 $8,438 2.66%
37% 42 $12,960,000 $308,571 $5,621 2.92%
42% 42 $10,750,000 $255,952 $6,319 3.28%
44% 42 $10,220,000 $243,333 $5,561 3.18%
48% 39 $11,895,000 $305,000 $7,383 2.80%
49% 39 $11,755,000 $301,410 $8,827 3.02%
36% 39 $11,715,000 $300,385 $6,231 2.98%
45% 29 $6,865,000 $236,724 $6,355 3.01%
47% 27 $9,415,000 $348,704 $7,787 2.96%
46% 25 $8,325,000 $333,000 $6,717 3.09%

Towne Mortgage lent most frequently to those with DTI ratios of 20-30%, with 235 originations. The next most common DTI ratio? 30-36%, with 231 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 774 $229,140,000 $296,047 $5,722 3.00%
Not provided 309 $88,195,000 $285,421 $6,404 3.05%
Black 75 $18,735,000 $249,800 $7,711 3.03%
Asian 29 $7,595,000 $261,897 $5,519 3.16%
American Indian 3 $675,000 $225,000 $4,067 1.67%
Native Hawaiian 2 $320,000 $160,000 $4,002 2.88%

Approval Rates

Total approvals of all applications
96.63%

Towne Mortgage 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
85.14%

Towne Mortgage has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,192 $344,660,000 $289,144

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,192 $344,660,000 $289,144

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 18 $4,390,000 $243,889 $4,170 2.88%
40-60% 73 $17,115,000 $234,452 $3,663 3.04%
60-80% 254 $78,990,000 $310,984 $4,495 3.23%
80-100% 682 $206,030,000 $302,097 $5,796 3.01%
Over 100% 98 $35,640,000 $363,673 $12,482 2.74%
Under 20% 59 $655,000 $11,102 $3,081 2.70%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
TOWNE MORTGAGE COMPANY Conventional home mortgage Struggling to pay mortgage 1 20.0%
TOWNE MORTGAGE COMPANY Conventional home mortgage Trouble during payment process 3 60.0%
TOWNE MORTGAGE COMPANY FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 20.0%