Define Mortgage Solutions Rates, Fees & Info

PHOENIX, AZ

LEI: 549300S88V04SSPMA685

Tax ID: 83-0668619

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Mortgage Data

Review & Overview

Define Mortgage Solutions is a smaller mortgage company specializing in Cash Out Refi and Home Purchase loans. Define Mortgage Solutions has a high proportion of conventional loans. Their top markets by origination volume include: Phoenix, Prescott Valley, Payson, Flagstaff, and Show Low among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Define Mortgage Solutions has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Define Mortgage Solutions 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.66% 10/31/24
30 Year Conventional Refi 6.62% 10/31/24
30 Year Cash-out Refi 6.74% 10/31/24
15 Year Conventional Purchase 6.02% 10/31/24
15 Year Conventional Refi 6.25% 10/31/24
15 Year Cash-out Refi 6.25% 10/31/24
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.

Define Mortgage Solutions Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Define Mortgage Solutions. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

1,242

Origination Dollar Volume (All Markets)

$356,400,000

Awards

DEFINE MORTGAGE SOLUTIONS 30 Year Conventional Loans gold DEFINE MORTGAGE SOLUTIONS 30 Year Conventional Loans gold DEFINE MORTGAGE SOLUTIONS 30 Year Conventional Loans bronze
Show all (3) awards

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
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1,162 $338,130,000 $290,990 $5,657 4.21%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 19 $4,985,000 $262,368 $5,141 5.27%
Payson, AZ (FHA|USDA|VA) 24 $4,970,000 $207,083 $5,969 4.41%
FLAGSTAFF, AZ (FHA|USDA|VA) 10 $2,820,000 $282,000 $8,715 4.76%
Show Low, AZ (FHA|USDA|VA) 13 $2,645,000 $203,462 $6,020 4.27%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $880,000 $440,000 $8,002 5.56%
Outside of Metro Areas 4 $660,000 $165,000 $6,487 4.00%
TUCSON, AZ (FHA|USDA|VA) 4 $560,000 $140,000 $3,581 4.28%
YUMA, AZ (FHA|USDA|VA) 2 $500,000 $250,000 $5,556 5.56%
Safford, AZ (FHA|USDA|VA) 1 $155,000 $155,000 $7,091 3.00%
SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) 1 $95,000 $95,000 $4,920 5.50%
Define Mortgage Solutions's top markets include Phoenix, Prescott Valley, Payson, Flagstaff, and Show Low among others.

Their top states include:
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,242 $356,400,000 $286,957 $5,683 4.24%

    For 2022, Define Mortgage Solutions's most frequently originated type of loan was Conventional, with 1,242 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 646 $162,830,000 $252,059 $5,062 4.04%
    Home Purchase 413 $155,295,000 $376,017 $7,292 4.89%
    Refi 170 $35,860,000 $210,941 $4,204 3.46%
    Home Improvement 13 $2,415,000 $185,769 $4,047 3.19%

    For 2022, Define Mortgage Solutions's most frequently cited loan purpose was Cash Out Refi, with 646 originations. The 2nd most popular reason was Home Purchase, with 413 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 979 $304,315,000 $310,843 $5,995 4.44%
    15 Year 157 $31,475,000 $200,478 $4,506 3.39%
    20 Year 75 $14,805,000 $197,400 $4,744 3.80%
    10 Year 25 $4,335,000 $173,400 $3,766 3.20%
    Other 6 $1,470,000 $245,000 $4,625 3.42%

    For 2022, Define Mortgage Solutions's most frequently cited loan duration was 30 Year, with 979 originations. The 2nd most popular length was 15 Year, with 157 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 257 $94,505,000 $367,724
    $1k-2k 237 $54,715,000 $230,865
    $<1k 226 $76,370,000 $337,920
    $2k-3k 199 $47,695,000 $239,673
    $3k-4k 146 $36,510,000 $250,068
    $4k-5k 115 $34,585,000 $300,739

    Define Mortgage Solutions's average total fees were $5,995, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 257 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 533 $146,515,000 $274,887
    4-5% 240 $78,870,000 $328,625
    5-6% 201 $62,085,000 $308,881
    2.5-3% 128 $29,590,000 $231,172
    6-7% 90 $26,670,000 $296,333
    <2.5% 31 $6,475,000 $208,871
    7-8% 19 $6,195,000 $326,053

    During 2022, Define Mortgage Solutions's average interest rate for loans was 4.44%, while their most frequently originated rate bucket for loans was 3-4%, with 533 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 629 $179,105,000 $284,746 $5,688 4.26%
    $100k-200k 331 $49,115,000 $148,384 $4,185 3.97%
    $400k-600k 136 $64,050,000 $470,956 $7,919 4.57%
    $100,000 or less 74 $5,570,000 $75,270 $3,493 4.35%
    $600k-1MM 61 $44,175,000 $724,180 $9,556 4.59%
    $1MM+ 11 $14,385,000 $1,307,727 $10,990 3.92%

    2022 saw Define Mortgage Solutions place emphasis on $200k-400k loans with 629 originations, totaling $179,105,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 312 $69,500,000 $222,756 $5,027 4.16%
    $100k-150k 256 $84,920,000 $331,719 $6,286 4.26%
    $75k-100k 248 $65,420,000 $263,790 $5,587 4.21%
    $50k or less 226 $34,900,000 $154,425 $4,349 4.10%
    $150k-250k 155 $71,125,000 $458,871 $7,479 4.55%
    $250k+ 45 $30,535,000 $678,556 $8,536 4.39%

    Define Mortgage Solutions lent most frequently to those with incomes in the $50k-75k range, with 312 originations. The second most popular income band? $100k-150k, with 256 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 275 $72,135,000 $262,309 $5,400 4.04%
    30-36% 254 $74,670,000 $293,976 $5,893 4.12%
    44% 77 $24,305,000 $315,649 $6,569 4.23%
    <20% 74 $16,250,000 $219,595 $4,926 3.95%
    41% 63 $18,765,000 $297,857 $5,389 4.44%
    42% 59 $16,685,000 $282,797 $5,329 4.38%
    39% 59 $18,755,000 $317,881 $5,521 4.23%
    40% 55 $18,865,000 $343,000 $5,352 4.41%
    48% 46 $12,870,000 $279,783 $5,651 4.30%
    36% 43 $12,225,000 $284,302 $6,675 4.10%
    43% 40 $11,870,000 $296,750 $5,634 4.67%
    38% 38 $13,020,000 $342,632 $6,238 4.43%
    37% 33 $9,785,000 $296,515 $5,421 4.25%
    49% 33 $9,725,000 $294,697 $6,029 4.88%
    46% 30 $8,890,000 $296,333 $6,509 4.79%
    45% 30 $8,540,000 $284,667 $5,502 4.30%
    47% 30 $8,490,000 $283,000 $5,792 4.79%
    >60% 2 $420,000 $210,000 $6,079 3.00%
    50-60% 1 $135,000 $135,000 $3,803 3.13%

    Define Mortgage Solutions lent most frequently to those with DTI ratios of 20-30%, with 275 originations. The next most common DTI ratio? 30-36%, with 254 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 908 $259,170,000 $285,430 $5,633 4.16%
    Not provided 229 $64,675,000 $282,424 $5,543 4.55%
    Asian 37 $14,265,000 $385,541 $6,605 4.55%
    Black 43 $11,605,000 $269,884 $6,422 4.20%
    American Indian 17 $4,075,000 $239,706 $6,494 3.48%
    Native Hawaiian or Islander 4 $1,670,000 $417,500 $7,386 4.31%
    Chinese 3 $725,000 $241,667 $4,438 3.58%
    Filipino 1 $215,000 $215,000 $2,093 3.25%

    Approval Rates

    Total approvals of all applications
    86.08%

    Define Mortgage Solutions has an average approval rate.

    Pick Rate

    Approvals leading to origination
    33.82%

    Define Mortgage Solutions has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,242 $356,400,000 $286,957

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    1,242 $356,400,000 $286,957

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 217 $31,715,000 $146,152 $3,972 3.99%
    40-60% 380 $93,420,000 $245,842 $4,816 3.96%
    60-80% 362 $117,860,000 $325,580 $6,603 4.34%
    80-100% 250 $110,400,000 $441,600 $7,324 4.71%
    Under 20% 33 $3,005,000 $91,061 $3,425 4.37%