First Centennial Mortgage Corp.
AURORA, IL 60506LEI: 549300SELI3XCH3UZW80
Tax ID: 36-4176531
2019 Data | 2018 Data
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Overview
First Centennial Mortgage Corp. is a small mortgage company specializing in Home Purchase and Refi loans. First Centennial Mortgage Corp. 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 Chicago, Elgin, Los Angeles, Milwaukee, and Gary 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. First Centennial Mortgage Corp. is typically a medium-low fee lendor.Originations
6,816Origination Dollar Volume (All Markets)
$1,706,330,000Product Mix
| Loan Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Conventional | 4,857 | $1,301,835,000 | $268,033 |
| FHA | 1,522 | $300,110,000 | $197,181 |
| VA | 323 | $87,035,000 | $269,458 |
| USDA | 114 | $17,350,000 | $152,193 |
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 | 4,428 | $1,019,880,000 | $230,325 |
| Refi | 1,598 | $480,310,000 | $300,569 |
| Cash Out Refi | 790 | $206,140,000 | $260,937 |
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 |
|---|---|---|---|
| CHICAGO-NAPERVILLE-EVANSTON, IL | 2,480 | $606,800,000 | $244,677 |
| ELGIN, IL | 960 | $195,710,000 | $203,865 |
| LOS ANGELES-LONG BEACH-GLENDALE, CA | 178 | $111,720,000 | $627,640 |
| MILWAUKEE-WAUKESHA, WI | 402 | $91,320,000 | $227,164 |
| GARY, IN | 420 | $79,200,000 | $188,571 |
| DENVER-AURORA-LAKEWOOD, CO | 133 | $57,945,000 | $435,677 |
| LAKE COUNTY-KENOSHA COUNTY, IL-WI | 247 | $57,715,000 | $233,664 |
| ANAHEIM-SANTA ANA-IRVINE, CA | 98 | $55,730,000 | $568,673 |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA | 155 | $50,465,000 | $325,581 |
| Outside of Metro Areas | 290 | $48,420,000 | $166,966 |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA | 112 | $44,130,000 | $394,018 |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX | 138 | $33,890,000 | $245,580 |
| NORTH PORT-SARASOTA-BRADENTON, FL | 125 | $32,155,000 | $257,240 |
| CLEVELAND-ELYRIA, OH | 99 | $18,335,000 | $185,202 |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX | 55 | $16,915,000 | $307,545 |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI | 66 | $16,390,000 | $248,333 |
| MADISON, WI | 53 | $11,815,000 | $222,925 |
| OSHKOSH-NEENAH, WI | 69 | $10,955,000 | $158,768 |
| PHOENIX-MESA-CHANDLER, AZ | 40 | $10,500,000 | $262,500 |
| SAN ANTONIO-NEW BRAUNFELS, TX | 38 | $9,570,000 | $251,842 |
| RACINE, WI | 53 | $8,795,000 | $165,943 |
| MICHIGAN CITY-LA PORTE, IN | 44 | $8,250,000 | $187,500 |
| LONGVIEW, WA | 27 | $8,245,000 | $305,370 |
| FOND DU LAC, WI | 60 | $8,120,000 | $135,333 |
| ROCKFORD, IL | 46 | $6,840,000 | $148,696 |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA | 14 | $6,710,000 | $479,286 |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL | 27 | $6,275,000 | $232,407 |
| OXNARD-THOUSAND OAKS-VENTURA, CA | 10 | $4,950,000 | $495,000 |
| JANESVILLE-BELOIT, WI | 25 | $4,365,000 | $174,600 |
| SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA | 4 | $3,830,000 | $957,500 |
| WAUSAU-WESTON, WI | 25 | $3,695,000 | $147,800 |
| INDIANAPOLIS-CARMEL-ANDERSON, IN | 19 | $3,635,000 | $191,316 |
| PUNTA GORDA, FL | 20 | $3,500,000 | $175,000 |
| SEATTLE-BELLEVUE-KENT, WA | 7 | $3,305,000 | $472,143 |
| TACOMA-LAKEWOOD, WA | 10 | $3,180,000 | $318,000 |
| EUGENE-SPRINGFIELD, OR | 7 | $2,625,000 | $375,000 |
| GREELEY, CO | 7 | $2,605,000 | $372,143 |
| CAPE CORAL-FORT MYERS, FL | 10 | $2,400,000 | $240,000 |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA | 5 | $2,225,000 | $445,000 |
| DALLAS-PLANO-IRVING, TX | 6 | $2,070,000 | $345,000 |
| BOULDER, CO | 6 | $2,030,000 | $338,333 |
| APPLETON, WI | 13 | $2,025,000 | $155,769 |
| OAKLAND-BERKELEY-LIVERMORE, CA | 5 | $2,025,000 | $405,000 |
| ORLANDO-KISSIMMEE-SANFORD, FL | 8 | $1,980,000 | $247,500 |
| COLORADO SPRINGS, CO | 6 | $1,740,000 | $290,000 |
| LAKELAND-WINTER HAVEN, FL | 10 | $1,680,000 | $168,000 |
| FORT COLLINS, CO | 6 | $1,650,000 | $275,000 |
| ANN ARBOR, MI | 3 | $1,445,000 | $481,667 |
| MIAMI-MIAMI BEACH-KENDALL, FL | 3 | $1,425,000 | $475,000 |
| BLOOMINGTON, IL | 6 | $1,400,000 | $233,333 |
| SANTA CRUZ-WATSONVILLE, CA | 2 | $1,380,000 | $690,000 |
| COLLEGE STATION-BRYAN, TX | 5 | $1,375,000 | $275,000 |
| FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL | 6 | $1,360,000 | $226,667 |
| SHEBOYGAN, WI | 7 | $1,345,000 | $192,143 |
| NILES, MI | 7 | $1,275,000 | $182,143 |
| SANTA MARIA-SANTA BARBARA, CA | 2 | $1,160,000 | $580,000 |
| NAPLES-MARCO ISLAND, FL | 4 | $1,150,000 | $287,500 |
| BREMERTON-SILVERDALE-PORT ORCHARD, WA | 3 | $1,145,000 | $381,667 |
| CINCINNATI, OH-KY-IN | 5 | $1,115,000 | $223,000 |
| KANKAKEE, IL | 8 | $1,030,000 | $128,750 |
| CHAMPAIGN-URBANA, IL | 3 | $1,015,000 | $338,333 |
| KENNEWICK-RICHLAND, WA | 3 | $975,000 | $325,000 |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL | 7 | $905,000 | $129,286 |
| GREEN BAY, WI | 6 | $790,000 | $131,667 |
| AKRON, OH | 5 | $775,000 | $155,000 |
| PEORIA, IL | 5 | $735,000 | $147,000 |
| WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL | 2 | $730,000 | $365,000 |
| LA CROSSE-ONALASKA, WI-MN | 3 | $715,000 | $238,333 |
| SOUTH BEND-MISHAWAKA, IN-MI | 5 | $675,000 | $135,000 |
| BAKERSFIELD, CA | 4 | $650,000 | $162,500 |
| LAKE HAVASU CITY-KINGMAN, AZ | 3 | $635,000 | $211,667 |
| CORPUS CHRISTI, TX | 2 | $630,000 | $315,000 |
| SALEM, OR | 2 | $620,000 | $310,000 |
| PORT ST. LUCIE, FL | 3 | $595,000 | $198,333 |
| FORT WAYNE, IN | 3 | $565,000 | $188,333 |
| SAN LUIS OBISPO-PASO ROBLES, CA | 1 | $495,000 | $495,000 |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA | 1 | $485,000 | $485,000 |
| TALLAHASSEE, FL | 4 | $470,000 | $117,500 |
| SALINAS, CA | 1 | $405,000 | $405,000 |
| COLUMBUS, OH | 3 | $405,000 | $135,000 |
| LAFAYETTE-WEST LAFAYETTE, IN | 2 | $380,000 | $190,000 |
| GRAND JUNCTION, CO | 1 | $365,000 | $365,000 |
| PALM BAY-MELBOURNE-TITUSVILLE, FL | 3 | $365,000 | $121,667 |
| FLAGSTAFF, AZ | 1 | $365,000 | $365,000 |
| ROCHESTER, MN | 2 | $330,000 | $165,000 |
| STOCKTON, CA | 1 | $325,000 | $325,000 |
| JACKSONVILLE, FL | 3 | $315,000 | $105,000 |
| ST. LOUIS, MO-IL | 2 | $290,000 | $145,000 |
| WARREN-TROY-FARMINGTON HILLS, MI | 2 | $280,000 | $140,000 |
| SPRINGFIELD, IL | 2 | $280,000 | $140,000 |
| DAYTON-KETTERING, OH | 2 | $260,000 | $130,000 |
| PRESCOTT VALLEY-PRESCOTT, AZ | 1 | $255,000 | $255,000 |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA | 2 | $250,000 | $125,000 |
| GRAND RAPIDS-KENTWOOD, MI | 2 | $240,000 | $120,000 |
| THE VILLAGES, FL | 2 | $240,000 | $120,000 |
| FRESNO, CA | 1 | $235,000 | $235,000 |
| FORT WORTH-ARLINGTON-GRAPEVINE, TX | 1 | $225,000 | $225,000 |
| KILLEEN-TEMPLE, TX | 1 | $225,000 | $225,000 |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL | 1 | $215,000 | $215,000 |
| COLUMBUS, IN | 1 | $215,000 | $215,000 |
| PENSACOLA-FERRY PASS-BRENT, FL | 2 | $210,000 | $105,000 |
| BLOOMINGTON, IN | 1 | $195,000 | $195,000 |
| OCALA, FL | 1 | $185,000 | $185,000 |
| SEBASTIAN-VERO BEACH, FL | 1 | $175,000 | $175,000 |
| TOLEDO, OH | 1 | $175,000 | $175,000 |
| BROWNSVILLE-HARLINGEN, TX | 1 | $175,000 | $175,000 |
| JACKSON, MI | 1 | $165,000 | $165,000 |
| AMARILLO, TX | 1 | $165,000 | $165,000 |
| GRANTS PASS, OR | 1 | $135,000 | $135,000 |
| LUBBOCK, TX | 1 | $135,000 | $135,000 |
| CARBONDALE-MARION, IL | 1 | $135,000 | $135,000 |
| DANVILLE, IL | 1 | $105,000 | $105,000 |
| SAN ANGELO, TX | 1 | $95,000 | $95,000 |
| YORK-HANOVER, PA | 1 | $95,000 | $95,000 |
| DECATUR, IL | 1 | $85,000 | $85,000 |
| PITTSBURGH, PA | 1 | $75,000 | $75,000 |
| WICHITA FALLS, TX | 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 |
|---|---|---|---|
| 2.5-3% | 21 | $5,955,000 | $283,571 |
| 3-4% | 3,181 | $847,255,000 | $266,349 |
| 4-5% | 3,034 | $735,380,000 | $242,380 |
| 5-6% | 571 | $115,975,000 | $203,109 |
| 6-7% | 5 | $1,105,000 | $221,000 |
| 7-8% | 3 | $555,000 | $185,000 |
| Over 8% | 1 | $105,000 | $105,000 |
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan |
|---|---|---|---|
| $100,000 or less | 404 | $32,020,000 | $79,257 |
| $100k-200k | 2,670 | $409,850,000 | $153,502 |
| $200k-400k | 2,951 | $810,105,000 | $274,519 |
| $400k-600k | 584 | $271,410,000 | $464,743 |
| $600k-1000k | 160 | $116,950,000 | $730,938 |
| $Over $1MM | 47 | $65,995,000 | $1,404,149 |
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% | 138 | $28,120,000 | $203,768 |
| 40-60% | 448 | $119,080,000 | $265,804 |
| 60-80% | 2,054 | $593,500,000 | $288,948 |
| 80-100% | 4,094 | $942,480,000 | $230,210 |
| Over 100% | 67 | $20,055,000 | $299,328 |
| Under 20% | 15 | $3,095,000 | $206,333 |
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 | 1,422 | $403,090,000 | $283,467 |
| $150k-250k | 831 | $308,275,000 | $370,969 |
| $50k-75k | 1,760 | $331,170,000 | $188,165 |
| $50k-or less | 1,174 | $172,390,000 | $146,840 |
| $75k-100k | 1,302 | $304,170,000 | $233,618 |
| $Over $250k | 326 | $187,040,000 | $573,742 |
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan |
|---|---|---|---|
| White | 6,065 | $1,509,675,000 | $248,916 |
| Asian | 268 | $75,570,000 | $281,978 |
| Black | 307 | $63,135,000 | $205,651 |
| Not provided | 140 | $48,030,000 | $343,071 |
| American Indian | 24 | $5,580,000 | $232,500 |
| Native Hawaiian | 8 | $2,950,000 | $368,750 |
| Japanese | 2 | $740,000 | $370,000 |
| Asian Indian | 1 | $475,000 | $475,000 |
| Other Asian | 1 | $175,000 | $175,000 |
Approval Rates
Total approvals of all applications93.96%
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 origination76.45%
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 | 6,816 | $1,706,330,000 | $250,342 |
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 298 | $76,860,000 | $257,919 |
| $1k-2k | 5,804 | $1,429,950,000 | $246,373 |
| $2k-3k | 447 | $105,585,000 | $236,208 |
| $3k-4k | 202 | $61,940,000 | $306,634 |
| $5k+ | 64 | $31,720,000 | $495,625 |
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 | 46 | $7,520,000 | $163,478 |
| Single Family (1-4 Units):Site-Built | 6,770 | $1,698,810,000 | $250,932 |