Towne Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300RDO3TWTFEYC795
Tax ID: 20-8190898
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,192Origination Dollar Volume (All Markets)
$344,660,000Awards
Towne Mortgage - 2021
Towne Mortgage is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications96.63%
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 origination85.14%
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% |
