Mclean Mortgage Corporation Rates, Fees & Info

FAIRFAX, VA

LEI: 549300T0I2M6IPLVEN24

Tax ID: 41-2259092

2020 Data | 2019 Data | 2018 Data


Overview

Mclean Mortgage Corporation is a mid-sized mortgage company specializing in Refi and Home Purchase loans. Mclean Mortgage Corporation has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Washington, Frederick, Charlotte, Salisbury, 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 an average fee lendor.


Originations

15,103

Origination Dollar Volume (All Markets)

$5,609,995,000

Relative Rate

Mclean Mortgage Corporation's average 30 year fixed rate mortgage was 3%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

This yields a difference of -0.36%.

Relative Fees

Mclean Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $5,008.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 12,009 $4,354,845,000 $362,632 $4,062 2.99%
VA 1,896 $938,880,000 $495,190 $7,301 2.73%
FHA 1,010 $273,550,000 $270,842 $8,685 3.09%
USDA 188 $42,720,000 $227,234 $6,054 2.97%

For the 2020 period, Mclean Mortgage Corporation's most frequently originated loan type was Conventional, with 12,009 originations. Their 2nd most popular type is VA, with 1,896 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 6,986 $2,665,120,000 $381,494 $3,609 2.93%
Home Purchase 6,843 $2,513,795,000 $367,353 $6,187 2.97%
Cash Out Refi 1,271 $430,005,000 $338,320 $3,934 3.09%
NA 2 $480,000 $240,000 $0 4.25%
Home Improvement 1 $595,000 $595,000 $23,593 2.88%

For the 2020, Mclean Mortgage Corporation's most frequently cited loan purpose was Refi, with 6,986 originations. The 2nd most popular reason was Home Purchase, with 6,843 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 13,331 $5,049,345,000 $378,767 $5,008 2.99%
15 Year 1,051 $310,665,000 $295,590 $3,220 2.58%
20 Year 371 $120,685,000 $325,296 $3,260 2.91%
Other 161 $52,625,000 $326,863 $3,442 2.95%
1 Year 96 $59,020,000 $614,792 $0 4.35%
10 Year 77 $11,655,000 $151,364 $1,902 1.64%
30+ year 16 $6,000,000 $375,000 $0 3.50%

For the 2020, Mclean Mortgage Corporation's most frequently cited loan length was 30 Year, with 13,331 originations. The 2nd most popular length was 15 Year, with 1,051 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 8,050 $2,675,550,000 $332,366
$<1k 2,891 $1,021,895,000 $353,475
$2k-3k 2,355 $1,014,895,000 $430,953
$3k-4k 660 $323,770,000 $490,561
$5k+ 508 $325,980,000 $641,693

$5,008 was Mclean Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 8,050 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 8,305 $3,691,355,000 $444,474 $5,231 2.93%
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 1,025 $414,585,000 $404,473 $5,055 2.99%
CHARLOTTE-CONCORD-GASTONIA, NC-SC 910 $245,970,000 $270,297 $3,579 3.01%
SALISBURY, MD-DE 983 $243,035,000 $247,238 $3,821 3.05%
BALTIMORE-COLUMBIA-TOWSON, MD 453 $155,185,000 $342,572 $4,368 2.98%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 443 $130,395,000 $294,345 $4,618 2.98%
YORK-HANOVER, PA 612 $114,580,000 $187,222 $5,146 2.97%
RICHMOND, VA 415 $107,295,000 $258,542 $4,178 3.07%
Outside of Metro Areas 302 $90,140,000 $298,477 $4,234 2.97%
WINCHESTER, VA-WV 156 $43,460,000 $278,590 $4,908 3.00%
LYNCHBURG, VA 203 $39,705,000 $195,591 $3,460 3.12%
GREENSBORO-HIGH POINT, NC 162 $32,700,000 $201,852 $3,235 2.94%
WINSTON-SALEM, NC 136 $31,750,000 $233,456 $3,127 2.81%
HAGERSTOWN-MARTINSBURG, MD-WV 114 $31,150,000 $273,246 $4,526 2.94%
GETTYSBURG, PA 124 $25,060,000 $202,097 $5,463 3.08%
RALEIGH-CARY, NC 60 $17,090,000 $284,833 $2,972 2.80%
CHARLOTTESVILLE, VA 39 $11,905,000 $305,256 $3,247 2.89%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 39 $11,125,000 $285,256 $3,312 2.99%
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 25 $9,355,000 $374,200 $4,827 3.14%
HICKORY-LENOIR-MORGANTON, NC 27 $8,565,000 $317,222 $3,453 3.03%
DURHAM-CHAPEL HILL, NC 27 $8,045,000 $297,963 $3,781 2.87%
CHARLESTON-NORTH CHARLESTON, SC 21 $7,555,000 $359,762 $3,594 2.90%
CAPE CORAL-FORT MYERS, FL 25 $7,515,000 $300,600 $4,464 2.92%
TAMPA-ST. PETERSBURG-CLEARWATER, FL 28 $7,350,000 $262,500 $4,613 2.93%
HARRISBURG-CARLISLE, PA 42 $7,300,000 $173,810 $5,003 2.81%
MIAMI-MIAMI BEACH-KENDALL, FL 22 $7,040,000 $320,000 $4,623 3.19%
HILTON HEAD ISLAND-BLUFFTON, SC 19 $5,825,000 $306,579 $3,699 2.91%
LANCASTER, PA 26 $5,720,000 $220,000 $5,158 2.92%
NORTH PORT-SARASOTA-BRADENTON, FL 14 $5,240,000 $374,286 $4,595 3.22%
CALIFORNIA-LEXINGTON PARK, MD 14 $5,120,000 $365,714 $4,663 2.71%
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 16 $5,120,000 $320,000 $4,716 3.16%
DOVER, DE 22 $4,840,000 $220,000 $5,228 3.30%
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 13 $4,795,000 $368,846 $4,716 3.24%
ROANOKE, VA 19 $4,755,000 $250,263 $3,455 2.89%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 14 $4,720,000 $337,143 $4,132 3.12%
ORLANDO-KISSIMMEE-SANFORD, FL 12 $4,050,000 $337,500 $5,463 2.98%
BLACKSBURG-CHRISTIANSBURG, VA 12 $3,990,000 $332,500 $3,272 2.69%
WILMINGTON, DE-MD-NJ 14 $3,730,000 $266,429 $4,062 2.88%
WILMINGTON, NC 14 $3,650,000 $260,714 $4,033 3.30%
FAYETTEVILLE, NC 14 $3,350,000 $239,286 $5,213 2.77%
PHILADELPHIA, PA 9 $3,235,000 $359,444 $4,531 2.97%
NAPLES-MARCO ISLAND, FL 7 $3,035,000 $433,571 $4,845 3.05%
CHAMBERSBURG-WAYNESBORO, PA 15 $2,965,000 $197,667 $5,603 3.26%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 9 $2,645,000 $293,889 $4,043 2.85%
BIRMINGHAM-HOOVER, AL 12 $2,630,000 $219,167 $3,662 2.92%
JACKSONVILLE, FL 9 $2,565,000 $285,000 $4,706 3.18%
PALM BAY-MELBOURNE-TITUSVILLE, FL 8 $2,530,000 $316,250 $3,849 2.98%
KNOXVILLE, TN 7 $2,515,000 $359,286 $3,895 2.80%
HARRISONBURG, VA 7 $2,375,000 $339,286 $3,659 2.93%
BURLINGTON, NC 8 $2,020,000 $252,500 $2,836 3.17%
ASHEVILLE, NC 6 $1,660,000 $276,667 $3,208 3.10%
PITTSBURGH, PA 6 $1,580,000 $263,333 $4,163 2.98%
PORT ST. LUCIE, FL 6 $1,390,000 $231,667 $4,836 3.65%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 4 $1,350,000 $337,500 $3,883 3.19%
PUNTA GORDA, FL 4 $900,000 $225,000 $4,492 2.78%
JACKSONVILLE, NC 5 $875,000 $175,000 $3,079 2.87%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 4 $800,000 $200,000 $3,730 2.91%
SEBASTIAN-VERO BEACH, FL 3 $775,000 $258,333 $4,792 2.83%
GREENVILLE-ANDERSON, SC 3 $765,000 $255,000 $3,856 3.46%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 2 $560,000 $280,000 $4,718 3.50%
BLOOMSBURG-BERWICK, PA 2 $550,000 $275,000 $3,945 2.87%
READING, PA 3 $545,000 $181,667 $5,126 3.71%
PANAMA CITY, FL 2 $520,000 $260,000 $4,707 3.44%
EAST STROUDSBURG, PA 3 $495,000 $165,000 $4,828 3.50%
THE VILLAGES, FL 2 $490,000 $245,000 $3,885 2.63%
LEBANON, PA 2 $460,000 $230,000 $4,569 3.06%
STAUNTON, VA 3 $455,000 $151,667 $2,811 3.63%
MORGANTOWN, WV 3 $435,000 $145,000 $3,458 2.71%
CHARLESTON, WV 2 $430,000 $215,000 $5,723 3.44%
CLEVELAND, TN 1 $425,000 $425,000 $3,583 3.50%
COLUMBIA, SC 3 $415,000 $138,333 $3,152 2.63%
Outside of Metro Areas 2 $380,000 $190,000 $4,128 2.50%
MEMPHIS, TN-MS-AR 1 $365,000 $365,000 $3,330 2.38%
SCRANTON--WILKES-BARRE, PA 2 $340,000 $170,000 $3,530 3.31%
NEW BERN, NC 1 $335,000 $335,000 $2,739 2.50%
KINGSPORT-BRISTOL, TN-VA 2 $300,000 $150,000 $2,823 2.69%
LAKELAND-WINTER HAVEN, FL 1 $285,000 $285,000 $3,558 3.50%
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $265,000 $265,000 $3,267 3.38%
ERIE, PA 2 $260,000 $130,000 $3,940 2.56%
HUNTSVILLE, AL 1 $225,000 $225,000 $7,848 3.38%
WILLIAMSPORT, PA 1 $185,000 $185,000 $3,081 2.63%
CHATTANOOGA, TN-GA 1 $175,000 $175,000 $2,484 3.25%
CLARKSVILLE, TN-KY 1 $125,000 $125,000 $1,848 2.75%
PENSACOLA-FERRY PASS-BRENT, FL 1 $105,000 $105,000 $2,984 2.75%
GREENVILLE, NC 1 $65,000 $65,000 $2,712 2.88%
JOHNSTOWN, PA 1 $55,000 $55,000 $2,840 3.13%
CUMBERLAND, MD-WV 3 $25,000 $8,333 $0 0.00%

Mclean Mortgage Corporation's top markets include Washington, Frederick, Charlotte, Salisbury, and Baltimore among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 7,155 $2,728,995,000 $381,411
3-4% 5,081 $1,813,455,000 $356,909
<2.5% 2,522 $946,880,000 $375,448
4-5% 320 $108,950,000 $340,469
5-6% 22 $10,950,000 $497,727
6-7% 1 $155,000 $155,000
7-8% 1 $605,000 $605,000

During 2020, Mclean Mortgage Corporation's average interest rate was 3.00%, while their most frequently originated rate bucket was 2.5-3%, with 7,155 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 6,676 $1,991,520,000 $298,310 $4,172 2.95%
$400k-600k 4,285 $2,064,815,000 $481,870 $5,267 2.92%
$100k-200k 2,198 $349,420,000 $158,972 $3,627 3.09%
$600k-1MM 1,450 $1,026,420,000 $707,876 $8,296 3.01%
$100,000 or less 365 $17,135,000 $46,945 $1,749 2.69%
$1MM+ 129 $160,685,000 $1,245,620 $13,540 3.08%

2020 saw Mclean Mortgage Corporation place emphasis on $200k-400k loans with 6,676 originations, totaling $1,991,520,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 3,954 $1,481,740,000 $374,745 $5,091 2.97%
$150k-250k 3,590 $1,623,770,000 $452,304 $5,020 2.99%
$75k-100k 2,234 $682,850,000 $305,662 $4,807 2.97%
$50k-75k 2,053 $486,035,000 $236,744 $4,344 2.98%
$250k+ 1,449 $789,955,000 $545,173 $5,350 3.02%
$50k or less 1,058 $184,100,000 $174,008 $3,985 2.95%

Mclean Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 3,954 originations. The second most popular income band? $150k-250k, with 3,590 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 3,840 $1,432,770,000 $373,117 $4,284 2.95%
30-36% 2,727 $993,265,000 $364,234 $4,778 2.98%
<20% 1,573 $572,225,000 $363,779 $3,737 2.92%
37% 502 $179,470,000 $357,510 $5,083 3.02%
38% 489 $179,775,000 $367,638 $4,777 2.98%
39% 489 $173,785,000 $355,389 $5,171 2.97%
43% 480 $170,360,000 $354,917 $5,122 3.06%
50-60% 479 $192,085,000 $401,013 $9,725 2.93%
44% 477 $164,865,000 $345,629 $5,425 3.06%
40% 466 $167,560,000 $359,571 $5,065 3.05%
42% 463 $167,275,000 $361,285 $5,364 3.00%
36% 460 $169,220,000 $367,870 $4,743 3.00%
41% 451 $160,755,000 $356,441 $5,016 3.02%
45% 329 $117,835,000 $358,161 $5,077 3.06%
47% 276 $100,750,000 $365,036 $5,436 2.99%
49% 262 $92,680,000 $353,740 $5,424 3.00%
48% 249 $89,245,000 $358,414 $5,547 3.04%
46% 245 $86,305,000 $352,265 $5,879 3.01%
>60% 38 $19,680,000 $517,895 $10,184 2.89%

Mclean Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 3,840 originations. The next most common DTI ratio? 30-36%, with 2,727 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 11,074 $4,102,860,000 $370,495 $4,758 2.97%
Not provided 1,748 $664,230,000 $379,994 $4,861 2.95%
Asian 1,067 $421,795,000 $395,309 $4,481 2.91%
Black 919 $301,975,000 $328,591 $5,646 2.95%
Asian Indian 104 $42,880,000 $412,308 $4,074 2.92%
American Indian 65 $27,355,000 $420,846 $5,445 2.91%
Other Asian 56 $22,240,000 $397,143 $5,515 2.88%
Native Hawaiian 22 $9,030,000 $410,455 $5,312 2.94%
Chinese 13 $5,135,000 $395,000 $4,910 2.89%
Filipino 11 $4,625,000 $420,455 $6,283 2.91%
Korean 10 $3,880,000 $388,000 $3,977 2.81%
Vietnamese 10 $2,880,000 $288,000 $3,340 2.84%
Native Hawiian 1 $525,000 $525,000 $9,708 2.50%
Other Pacific Islander 2 $350,000 $175,000 $4,299 3.75%
Guamanian 1 $235,000 $235,000 $5,576 2.38%

Approval Rates

Total approvals of all applications
98.66%

Mclean Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
86.17%

Mclean Mortgage Corporation has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 15,103 $5,609,995,000 $371,449

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 15 $2,625,000 $175,000
Single Family (1-4 Units):Site-Built 15,088 $5,607,370,000 $371,644

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 396 $94,200,000 $237,879 $3,159 2.80%
40-60% 1,990 $667,540,000 $335,447 $3,295 2.82%
60-80% 5,329 $2,066,065,000 $387,702 $3,855 3.00%
80-100% 6,782 $2,567,350,000 $378,554 $5,512 3.02%
Over 100% 418 $210,400,000 $503,349 $16,246 2.82%
Under 20% 187 $3,965,000 $21,203 $341 2.05%