First Centennial Mortgage Corp.

AURORA, IL 60506

LEI: 549300SELI3XCH3UZW80

Tax ID: 36-4176531

2019 Data | 2018 Data


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

6,816

Origination Dollar Volume (All Markets)

$1,706,330,000

Product 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 applications
93.96%

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 origination
76.45%

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