Mclean Mortgage Corporation

Fairfax, VA 22030

LEI: 549300T0I2M6IPLVEN24

Tax ID: 41-2259092

2019 Data | 2018 Data


Overview

Mclean Mortgage Corporation is a small mortgage company specializing in Home Purchase and Refi loans. Mclean Mortgage Corporation 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 Washington, Frederick, Charlotte, Richmond, and Baltimore 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. Mclean Mortgage Corporation is typically a medium-low fee lendor.


Originations

5,992

Origination Dollar Volume (All Markets)

$2,241,660,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 4,398 $1,638,390,000 $372,531
FHA 666 $196,400,000 $294,895
VA 852 $388,050,000 $455,458
USDA 76 $18,820,000 $247,632

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 4,294 $1,547,510,000 $360,389
Home Improvement 5 $1,865,000 $373,000
Refi 1,310 $559,530,000 $427,122
Cash Out Refi 383 $132,755,000 $346,619

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
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 3,610 $1,568,570,000 $434,507
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 487 $199,415,000 $409,476
CHARLOTTE-CONCORD-GASTONIA, NC-SC 352 $87,730,000 $249,233
RICHMOND, VA 221 $50,445,000 $228,258
BALTIMORE-COLUMBIA-TOWSON, MD 145 $48,845,000 $336,862
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 205 $48,355,000 $235,878
Outside of Metro Areas 137 $31,865,000 $232,591
SALISBURY, MD-DE 114 $27,660,000 $242,632
WINCHESTER, VA-WV 99 $26,415,000 $266,818
LYNCHBURG, VA 114 $19,030,000 $166,930
HAGERSTOWN-MARTINSBURG, MD-WV 60 $14,640,000 $244,000
YORK-HANOVER, PA 58 $11,330,000 $195,345
GREENSBORO-HIGH POINT, NC 51 $11,215,000 $219,902
WINSTON-SALEM, NC 42 $9,920,000 $236,190
MIAMI-MIAMI BEACH-KENDALL, FL 19 $5,805,000 $305,526
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 19 $5,425,000 $285,526
CHARLOTTESVILLE, VA 14 $5,180,000 $370,000
RALEIGH-CARY, NC 14 $4,900,000 $350,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 15 $4,335,000 $289,000
NAPLES-MARCO ISLAND, FL 5 $4,055,000 $811,000
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 11 $3,595,000 $326,818
HICKORY-LENOIR-MORGANTON, NC 7 $3,175,000 $453,571
TAMPA-ST. PETERSBURG-CLEARWATER, FL 12 $3,120,000 $260,000
GETTYSBURG, PA 14 $2,960,000 $211,429
CHARLESTON-NORTH CHARLESTON, SC 7 $2,445,000 $349,286
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $2,090,000 $522,500
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 5 $2,055,000 $411,000
HARRISONBURG, VA 8 $1,990,000 $248,750
FAYETTEVILLE, NC 10 $1,960,000 $196,000
ROANOKE, VA 10 $1,910,000 $191,000
CAPE CORAL-FORT MYERS, FL 7 $1,895,000 $270,714
BURLINGTON, NC 6 $1,870,000 $311,667
BIRMINGHAM-HOOVER, AL 8 $1,830,000 $228,750
NORTH PORT-SARASOTA-BRADENTON, FL 7 $1,675,000 $239,286
PHILADELPHIA, PA 4 $1,430,000 $357,500
JACKSONVILLE, FL 5 $1,395,000 $279,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 4 $1,290,000 $322,500
WILMINGTON, DE-MD-NJ 4 $1,140,000 $285,000
ORLANDO-KISSIMMEE-SANFORD, FL 4 $1,120,000 $280,000
CALIFORNIA-LEXINGTON PARK, MD 4 $1,080,000 $270,000
DURHAM-CHAPEL HILL, NC 4 $1,080,000 $270,000
CHAMBERSBURG-WAYNESBORO, PA 5 $1,035,000 $207,000
WILMINGTON, NC 4 $990,000 $247,500
HILTON HEAD ISLAND-BLUFFTON, SC 3 $885,000 $295,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 2 $870,000 $435,000
DOVER, DE 3 $825,000 $275,000
BLACKSBURG-CHRISTIANSBURG, VA 3 $805,000 $268,333
MONTGOMERY, AL 3 $755,000 $251,667
GREENVILLE-ANDERSON, SC 2 $750,000 $375,000
PUNTA GORDA, FL 3 $745,000 $248,333
PORT ST. LUCIE, FL 3 $695,000 $231,667
GREENVILLE, NC 3 $635,000 $211,667
LANCASTER, PA 3 $615,000 $205,000
STAUNTON, VA 4 $560,000 $140,000
PITTSBURGH, PA 3 $525,000 $175,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $520,000 $260,000
HOMOSASSA SPRINGS, FL 1 $475,000 $475,000
SEBASTIAN-VERO BEACH, FL 2 $410,000 $205,000
COLUMBIA, SC 1 $405,000 $405,000
PENSACOLA-FERRY PASS-BRENT, FL 2 $380,000 $190,000
NEW BERN, NC 1 $335,000 $335,000
GAINESVILLE, FL 1 $325,000 $325,000
LAKELAND-WINTER HAVEN, FL 1 $275,000 $275,000
HARRISBURG-CARLISLE, PA 2 $260,000 $130,000
THE VILLAGES, FL 1 $245,000 $245,000
PANAMA CITY, FL 1 $245,000 $245,000
ROCKY MOUNT, NC 1 $195,000 $195,000
KINGSPORT-BRISTOL, TN-VA 1 $175,000 $175,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $145,000 $145,000
EAST STROUDSBURG, PA 1 $125,000 $125,000
ASHEVILLE, NC 1 $125,000 $125,000
SPARTANBURG, SC 1 $85,000 $85,000
CUMBERLAND, MD-WV 1 $5,000 $5,000

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% 22 $120,000 $5,455
2.5-3% 31 $13,435,000 $433,387
3-4% 3,685 $1,440,295,000 $390,853
4-5% 2,047 $716,495,000 $350,022
5-6% 162 $51,410,000 $317,346
6-7% 37 $18,155,000 $490,676
7-8% 4 $810,000 $202,500
Over 8% 4 $940,000 $235,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 211 $7,475,000 $35,427
$100k-200k 848 $134,910,000 $159,092
$200k-400k 2,575 $765,825,000 $297,408
$400k-600k 1,618 $783,090,000 $483,986
$600k-1000k 675 $468,185,000 $693,607
$Over $1MM 65 $82,175,000 $1,264,231

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% 97 $21,825,000 $225,000
40-60% 354 $111,850,000 $315,960
60-80% 1,548 $617,890,000 $399,154
80-100% 3,630 $1,388,110,000 $382,399
Over 100% 221 $98,335,000 $444,955
Under 20% 138 $2,250,000 $16,304

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 1,483 $571,415,000 $385,310
$150k-250k 1,289 $617,395,000 $478,972
$50k-75k 1,011 $238,715,000 $236,118
$50k-or less 441 $71,365,000 $161,825
$75k-100k 1,023 $318,125,000 $310,973
$Over $250k 537 $325,785,000 $606,676

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 4,232 $1,592,290,000 $376,250
Not provided 761 $287,185,000 $377,378
Black 536 $175,860,000 $328,097
Asian 371 $147,305,000 $397,049
Asian Indian 38 $17,060,000 $448,947
American Indian 27 $9,595,000 $355,370
Other Asian 10 $5,180,000 $518,000
Korean 5 $2,815,000 $563,000
Chinese 4 $1,680,000 $420,000
Native Hawaiian 3 $1,025,000 $341,667
Vietnamese 3 $905,000 $301,667
Filipino 1 $605,000 $605,000
Japanese 1 $155,000 $155,000

Approval Rates

Total approvals of all applications
98.51%

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
83.34%

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 5,992 $2,241,660,000 $374,109

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,184 $408,610,000 $345,110
$1k-2k 3,427 $1,219,255,000 $355,779
$2k-3k 718 $301,660,000 $420,139
$3k-4k 318 $139,730,000 $439,403
$5k+ 247 $150,765,000 $610,385

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 3 $295,000 $98,333
Single Family (1-4 Units):Site-Built 5,989 $2,241,365,000 $374,247