Atlantic Bay Mortgage Group Llc

VIRGINIA BEACH, VA 23452

LEI: 549300RWXUAFD1WAE410

Tax ID: 54-1822116

2019 Data | 2018 Data


Overview

Atlantic Bay Mortgage Group Llc is a small mortgage company specializing in Home Purchase loans. Atlantic Bay Mortgage Group Llc 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, Charlotte, Atlanta, Roanoke, and Wilmington among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Atlantic Bay Mortgage Group Llc is typically a low fee medium-low fee lendor.


Originations

17,736

Origination Dollar Volume (All Markets)

$3,940,840,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 10,773 $2,405,515,000 $223,291
FHA 3,072 $573,660,000 $186,738
VA 3,026 $830,870,000 $274,577
USDA 865 $130,795,000 $151,208

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 14,179 $3,021,905,000 $213,125
Refi 1,549 $441,635,000 $285,110
Cash Out Refi 2,008 $477,300,000 $237,699

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
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 5,335 $1,270,045,000 $238,059
CHARLOTTE-CONCORD-GASTONIA, NC-SC 1,695 $474,155,000 $279,737
Outside of Metro Areas 1,879 $321,975,000 $171,354
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 752 $221,720,000 $294,840
ROANOKE, VA 836 $161,730,000 $193,457
WILMINGTON, NC 437 $111,635,000 $255,458
GREENSBORO-HIGH POINT, NC 612 $108,640,000 $177,516
ASHEVILLE, NC 414 $101,020,000 $244,010
SALISBURY, MD-DE 285 $95,345,000 $334,544
WINSTON-SALEM, NC 530 $85,480,000 $161,283
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 417 $78,395,000 $187,998
HICKORY-LENOIR-MORGANTON, NC 467 $76,465,000 $163,737
RICHMOND, VA 310 $63,950,000 $206,290
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 201 $62,185,000 $309,378
LYNCHBURG, VA 292 $54,500,000 $186,644
GREENVILLE-ANDERSON, SC 234 $49,960,000 $213,504
CHARLESTON-NORTH CHARLESTON, SC 194 $48,740,000 $251,237
RALEIGH-CARY, NC 159 $48,285,000 $303,679
NEW BERN, NC 252 $44,500,000 $176,587
ORLANDO-KISSIMMEE-SANFORD, FL 160 $37,140,000 $232,125
BLACKSBURG-CHRISTIANSBURG, VA 206 $36,810,000 $178,689
AUGUSTA-RICHMOND COUNTY, GA-SC 170 $30,010,000 $176,529
GREENVILLE, NC 153 $24,005,000 $156,895
TAMPA-ST. PETERSBURG-CLEARWATER, FL 128 $23,920,000 $186,875
SALT LAKE CITY, UT 100 $19,850,000 $198,500
JACKSONVILLE, NC 84 $15,380,000 $183,095
KINGSPORT-BRISTOL, TN-VA 101 $14,445,000 $143,020
BOWLING GREEN, KY 67 $13,955,000 $208,284
LAKELAND-WINTER HAVEN, FL 81 $13,845,000 $170,926
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 67 $13,785,000 $205,746
CHARLOTTESVILLE, VA 50 $13,000,000 $260,000
CHATTANOOGA, TN-GA 79 $12,345,000 $156,266
INDIANAPOLIS-CARMEL-ANDERSON, IN 68 $12,140,000 $178,529
SPARTANBURG, SC 62 $12,080,000 $194,839
FAYETTEVILLE, NC 54 $11,810,000 $218,704
DURHAM-CHAPEL HILL, NC 39 $10,765,000 $276,026
HARRISONBURG, VA 38 $8,300,000 $218,421
BURLINGTON, NC 51 $7,855,000 $154,020
STAUNTON, VA 36 $7,650,000 $212,500
WARNER ROBINS, GA 47 $7,155,000 $152,234
COLUMBIA, SC 39 $6,975,000 $178,846
SAVANNAH, GA 30 $6,060,000 $202,000
ST. GEORGE, UT 27 $5,875,000 $217,593
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 24 $5,800,000 $241,667
JACKSONVILLE, FL 22 $5,070,000 $230,455
JOHNSON CITY, TN 34 $4,910,000 $144,412
FORT WAYNE, IN 25 $4,045,000 $161,800
MACON-BIBB COUNTY, GA 27 $3,945,000 $146,111
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 15 $3,705,000 $247,000
KNOXVILLE, TN 25 $3,635,000 $145,400
TALLAHASSEE, FL 16 $3,600,000 $225,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 11 $3,405,000 $309,545
ATHENS-CLARKE COUNTY, GA 12 $3,040,000 $253,333
WINCHESTER, VA-WV 14 $2,830,000 $202,143
LAKE COUNTY-KENOSHA COUNTY, IL-WI 13 $2,235,000 $171,923
HILTON HEAD ISLAND-BLUFFTON, SC 7 $2,155,000 $307,857
CAPE CORAL-FORT MYERS, FL 11 $2,055,000 $186,818
WAUSAU-WESTON, WI 14 $1,980,000 $141,429
OGDEN-CLEARFIELD, UT 6 $1,810,000 $301,667
AUSTIN-ROUND ROCK-GEORGETOWN, TX 6 $1,800,000 $300,000
GAINESVILLE, GA 7 $1,755,000 $250,714
NORTH PORT-SARASOTA-BRADENTON, FL 8 $1,720,000 $215,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 10 $1,710,000 $171,000
WILMINGTON, DE-MD-NJ 7 $1,685,000 $240,714
DOVER, DE 8 $1,410,000 $176,250
CHICAGO-NAPERVILLE-EVANSTON, IL 5 $1,395,000 $279,000
BALTIMORE-COLUMBIA-TOWSON, MD 4 $1,340,000 $335,000
HAGERSTOWN-MARTINSBURG, MD-WV 6 $1,250,000 $208,333
JACKSON, MS 7 $1,245,000 $177,857
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 5 $1,235,000 $247,000
FLORENCE, SC 7 $1,205,000 $172,143
NEW BRUNSWICK-LAKEWOOD, NJ 4 $1,140,000 $285,000
ROCKY MOUNT, NC 8 $1,070,000 $133,750
THE VILLAGES, FL 3 $1,005,000 $335,000
MORRISTOWN, TN 9 $925,000 $102,778
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 5 $855,000 $171,000
PITTSBURGH, PA 7 $835,000 $119,286
MIAMI-MIAMI BEACH-KENDALL, FL 3 $805,000 $268,333
BECKLEY, WV 6 $770,000 $128,333
VALDOSTA, GA 5 $765,000 $153,000
BIRMINGHAM-HOOVER, AL 5 $755,000 $151,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 2 $690,000 $345,000
BRUNSWICK, GA 2 $650,000 $325,000
GOLDSBORO, NC 4 $590,000 $147,500
CLARKSVILLE, TN-KY 4 $590,000 $147,500
CINCINNATI, OH-KY-IN 2 $540,000 $270,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $485,000 $485,000
AKRON, OH 1 $455,000 $455,000
SUMTER, SC 3 $445,000 $148,333
MORGANTOWN, WV 2 $440,000 $220,000
COLUMBUS, GA-AL 2 $430,000 $215,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1 $395,000 $395,000
DETROIT-DEARBORN-LIVONIA, MI 1 $395,000 $395,000
GULFPORT-BILOXI, MS 2 $390,000 $195,000
MEMPHIS, TN-MS-AR 2 $390,000 $195,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 1 $385,000 $385,000
SAN ANTONIO-NEW BRAUNFELS, TX 2 $370,000 $185,000
CLEVELAND-ELYRIA, OH 2 $370,000 $185,000
GREEN BAY, WI 2 $360,000 $180,000
PORT ST. LUCIE, FL 2 $350,000 $175,000
PROVO-OREM, UT 1 $325,000 $325,000
HOMOSASSA SPRINGS, FL 2 $320,000 $160,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 1 $315,000 $315,000
MILWAUKEE-WAUKESHA, WI 2 $310,000 $155,000
JANESVILLE-BELOIT, WI 3 $295,000 $98,333
MANCHESTER-NASHUA, NH 1 $295,000 $295,000
PENSACOLA-FERRY PASS-BRENT, FL 1 $275,000 $275,000
PHILADELPHIA, PA 1 $255,000 $255,000
ANNISTON-OXFORD, AL 2 $250,000 $125,000
PANAMA CITY, FL 1 $245,000 $245,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $235,000 $235,000
LIMA, OH 1 $225,000 $225,000
ROCKFORD, IL 1 $225,000 $225,000
OSHKOSH-NEENAH, WI 2 $220,000 $110,000
CORPUS CHRISTI, TX 1 $205,000 $205,000
MANSFIELD, OH 2 $190,000 $95,000
HUNTSVILLE, AL 2 $190,000 $95,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1 $185,000 $185,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $175,000 $175,000
COLUMBUS, IN 1 $175,000 $175,000
PUNTA GORDA, FL 1 $175,000 $175,000
DALTON, GA 2 $170,000 $85,000
HUNTINGTON-ASHLAND, WV-KY-OH 1 $165,000 $165,000
BLOOMINGTON, IN 1 $165,000 $165,000
TERRE HAUTE, IN 1 $155,000 $155,000
HINESVILLE, GA 1 $155,000 $155,000
APPLETON, WI 1 $155,000 $155,000
RACINE, WI 1 $145,000 $145,000
WACO, TX 1 $135,000 $135,000
SEBRING-AVON PARK, FL 2 $130,000 $65,000
CALIFORNIA-LEXINGTON PARK, MD 1 $125,000 $125,000
SEBASTIAN-VERO BEACH, FL 1 $125,000 $125,000
AUBURN-OPELIKA, AL 1 $115,000 $115,000
DALLAS-PLANO-IRVING, TX 1 $105,000 $105,000
PARKERSBURG-VIENNA, WV 1 $105,000 $105,000
TOLEDO, OH 1 $95,000 $95,000
OCALA, FL 1 $75,000 $75,000
NEWARK, NJ-PA 1 $75,000 $75,000
FLORENCE-MUSCLE SHOALS, AL 1 $65,000 $65,000

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% 378 $2,670,000 $7,063
2.5-3% 115 $33,325,000 $289,783
3-4% 8,335 $2,098,305,000 $251,746
4-5% 7,604 $1,597,750,000 $210,120
5-6% 1,183 $187,575,000 $158,559
6-7% 102 $15,300,000 $150,000
7-8% 10 $3,380,000 $338,000
Over 8% 9 $2,535,000 $281,667

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 2,137 $110,145,000 $51,542
$100k-200k 6,792 $1,038,500,000 $152,900
$200k-400k 7,266 $1,996,060,000 $274,712
$400k-600k 1,300 $596,890,000 $459,146
$600k-1000k 206 $152,880,000 $742,136
$Over $1MM 35 $46,365,000 $1,324,714

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% 274 $39,000,000 $142,336
40-60% 894 $189,460,000 $211,924
60-80% 3,515 $886,225,000 $252,127
80-100% 11,068 $2,472,740,000 $223,413
Over 100% 826 $235,380,000 $284,964
Under 20% 794 $7,150,000 $9,005

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
$100k-150k 2,963 $836,255,000 $282,233
$150k-250k 1,639 $571,625,000 $348,764
$50k-75k 5,084 $922,750,000 $181,501
$50k-or less 4,169 $531,815,000 $127,564
$75k-100k 2,869 $660,295,000 $230,148
$Over $250k 633 $303,475,000 $479,423

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 13,768 $3,099,130,000 $225,097
Black 2,128 $396,420,000 $186,288
Not provided 1,261 $312,335,000 $247,688
Asian 417 $98,845,000 $237,038
American Indian 98 $19,560,000 $199,592
Asian Indian 13 $4,535,000 $348,846
Native Hawaiian 20 $3,430,000 $171,500
Other Asian 10 $2,150,000 $215,000
Filipino 8 $1,390,000 $173,750
Other Pacific Islander 6 $1,230,000 $205,000
Chinese 3 $765,000 $255,000
Vietnamese 2 $520,000 $260,000
1 $355,000 $355,000
Korean 1 $175,000 $175,000

Approval Rates

Total approvals of all applications
96.53%

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
77.28%

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 17,736 $3,940,840,000 $222,194

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 10,068 $2,287,700,000 $227,225
$1k-2k 4,218 $826,880,000 $196,036
$2k-3k 1,633 $379,125,000 $232,165
$3k-4k 903 $248,335,000 $275,011
$5k+ 262 $104,670,000 $399,504

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
Single Family (1-4 Units):Manufactured 109 $14,015,000 $128,578
Single Family (1-4 Units):Site-Built 17,627 $3,926,825,000 $222,773