Towne Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300RDO3TWTFEYC795
Tax ID: 20-8190898
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Mortgage Data
Review & Overview
Towne Mortgage is a smaller mortgage company specializing in Home Purchase and Refi 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 by origination volume include: Virginia Beach, Kill Devil Hills, Richmond, Elizabeth City, and Raleigh among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)Towne Mortgage has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Towne Mortgage is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.78% | 4/18/24 |
| 30 Year Conventional Refi | 6.51% | 4/18/24 |
| 30 Year Cash-out Refi | 6.76% | 4/18/24 |
| 30 Year FHA Purchase | 7.35% | 4/18/24 |
| 30 Year FHA Refi | 7.05% | 4/18/24 |
| 30 Year VA Purchase | 6.35% | 4/18/24 |
| 30 Year USDA Purchase | 6.89% | 4/18/24 |
| 15 Year Conventional Purchase | 6.16% | 4/18/24 |
| 15 Year Conventional Refi | 5.96% | 4/18/24 |
| 15 Year Cash-out Refi | 5.96% | 4/18/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Towne Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,276Origination Dollar Volume (All Markets)
$347,440,000Awards
Towne Mortgage - 2020
Towne Mortgage is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1,141 | $311,555,000 | $273,054 | $5,528 | 3.09% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 38 | $12,140,000 | $319,474 | $4,347 | 3.14% |
| RICHMOND, VA (FHA|USDA|VA) | 34 | $8,730,000 | $256,765 | $5,089 | 2.90% |
| Elizabeth City, NC (FHA|USDA|VA) | 21 | $4,505,000 | $214,524 | $4,991 | 3.11% |
| Outside of Metro Areas | 15 | $3,165,000 | $211,000 | $5,209 | 2.79% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 4 | $1,630,000 | $407,500 | $5,533 | 3.25% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 5 | $1,385,000 | $277,000 | $3,513 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $7,827 | 3.04% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $9,282 | 3.13% |
| LYNCHBURG, VA (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $3,178 | 2.94% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,494 | 2.88% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,237 | 3.63% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,689 | 2.88% |
| Boone, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,711 | 2.88% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,640 | 3.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,974 | 3.75% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,945 | 3.13% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,082 | 2.88% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,706 | 3.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,001 | 2.75% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,137 | 2.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Towne Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, Towne Mortgage's most frequently originated type of loan was Conventional, with 691 originations. Their 2nd most popular type was VA, with 401 originations.
Loan Reason
For 2020, Towne Mortgage's most frequently cited loan purpose was Home Purchase, with 963 originations. The 2nd most popular reason was Refi, with 246 originations.
Loan Duration/Length
For 2020, Towne Mortgage's most frequently cited loan duration was 30 Year, with 1,214 originations. The 2nd most popular length was 15 Year, with 35 originations.
Origination Fees/Closing Costs
Towne Mortgage's average total fees were $5,497, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 754 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 554 | $144,510,000 | $260,848 |
| 2.5-3% | 468 | $131,320,000 | $280,598 |
| <2.5% | 201 | $60,745,000 | $302,214 |
| 4-5% | 50 | $10,450,000 | $209,000 |
| 5-6% | 3 | $415,000 | $138,333 |
During 2020, Towne Mortgage's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 3-4%, with 554 originations.
Loan Sizing
2020 saw Towne Mortgage place emphasis on $200k-400k loans with 745 originations, totaling $214,155,000 in origination value.
Applicant Income
Towne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 305 originations. The second most popular income band? $100k-150k, with 259 originations.
Applicant Debt to Income Ratio
Towne Mortgage lent most frequently to those with DTI ratios of 30-36%, with 234 originations. The next most common DTI ratio? 20-30%, with 232 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.33%
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 origination83.46%
Towne Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,276 | $347,440,000 | $272,288 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $145,000 | $145,000 |
| Single Family (1-4 Units):Site-Built | 1,275 | $347,295,000 | $272,388 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TOWNE MORTGAGE COMPANY | Conventional home mortgage | Trouble during payment process | 2 | 100.0% |