Mclean Mortgage Corporation Rates, Fees & Info

FAIRFAX, VA

LEI: 549300T0I2M6IPLVEN24

Tax ID: 41-2259092

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mclean Mortgage Corporation is a small mortgage company specializing in Home Purchase 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 by origination volume include: Washington, Charlotte, Virginia Beach, Baltimore, and Richmond among others. We have data for 67 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mclean Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mclean Mortgage Corporation is typically a low 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.

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    Originations

    4,229

    Origination Dollar Volume (All Markets)

    $1,534,055,000
    Show all (12) awards

    Top Markets

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    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
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 3,005 $1,245,965,000 $414,631 $6,496 4.58%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 172 $44,960,000 $261,395 $3,944 4.64%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 202 $44,290,000 $219,257 $4,769 4.82%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 116 $43,770,000 $377,328 $6,654 4.63%
    RICHMOND, VA (FHA|USDA|VA) 166 $33,830,000 $203,795 $4,114 4.75%
    Outside of Metro Areas 110 $22,700,000 $206,364 $4,500 4.72%
    WINCHESTER, VA-WV (FHA|USDA|VA) 66 $16,290,000 $246,818 $4,973 4.77%
    HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 66 $13,720,000 $207,879 $5,597 4.63%
    LYNCHBURG, VA (FHA|USDA|VA) 81 $13,225,000 $163,272 $3,753 4.68%
    GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 40 $7,650,000 $191,250 $3,648 4.67%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 13 $3,955,000 $304,231 $7,401 4.58%
    WINSTON-SALEM, NC (FHA|USDA|VA) 24 $3,870,000 $161,250 $3,370 4.72%
    SALISBURY, MD-DE (FHA|USDA|VA) 11 $2,795,000 $254,091 $5,374 4.74%
    Easton, MD (FHA|USDA|VA) 8 $2,660,000 $332,500 $6,766 4.72%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 9 $2,455,000 $272,778 $4,104 4.62%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $2,380,000 $396,667 $4,940 4.63%
    CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 8 $1,840,000 $230,000 $7,044 4.66%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 7 $1,615,000 $230,714 $3,274 4.50%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 11 $1,575,000 $143,182 $4,093 4.90%
    RALEIGH-CARY, NC (FHA|USDA|VA) 5 $1,535,000 $307,000 $6,070 5.05%
    BURLINGTON, NC (FHA|USDA|VA) 8 $1,500,000 $187,500 $4,850 4.55%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 4 $1,490,000 $372,500 $6,340 4.34%
    CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 4 $1,320,000 $330,000 $4,822 4.69%
    ROANOKE, VA (FHA|USDA|VA) 11 $1,265,000 $115,000 $3,118 4.82%
    FAYETTEVILLE, NC (FHA|USDA|VA) 8 $1,200,000 $150,000 $4,607 4.56%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,040,000 $260,000 $6,786 4.41%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $885,000 $295,000 $4,895 4.38%
    WILMINGTON, NC (FHA|USDA|VA) 3 $885,000 $295,000 $6,455 4.46%
    Sanford, NC (FHA|USDA|VA) 3 $705,000 $235,000 $6,749 4.38%
    HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $680,000 $340,000 $4,776 4.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $670,000 $335,000 $4,431 4.81%
    STAUNTON, VA (FHA|USDA|VA) 4 $650,000 $162,500 $3,566 4.69%
    PITTSBURGH, PA (FHA|USDA|VA) 2 $640,000 $320,000 $5,210 4.38%
    HARRISONBURG, VA (FHA|USDA|VA) 2 $610,000 $305,000 $4,379 5.13%
    ASHEVILLE, NC (FHA|USDA|VA) 2 $570,000 $285,000 $3,794 4.63%
    CHARLESTON, WV (FHA|USDA|VA) 2 $510,000 $255,000 $3,815 4.81%
    Roanoke Rapids, NC (FHA|USDA|VA) 1 $485,000 $485,000 $5,982 5.13%
    HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $455,000 $455,000 $5,501 4.00%
    Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $450,000 $225,000 $5,181 4.56%
    KNOXVILLE, TN (FHA|USDA|VA) 3 $445,000 $148,333 $2,947 4.75%
    Key West, FL (FHA|USDA|VA) 1 $425,000 $425,000 $11,662 4.25%
    Kill Devil Hills, NC (FHA|USDA|VA) 2 $390,000 $195,000 $2,951 4.38%
    North Wilkesboro, NC (FHA|USDA|VA) 2 $390,000 $195,000 $5,810 4.44%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $375,000 $375,000 $8,794 4.50%
    Danville, VA (FHA|USDA|VA) 2 $360,000 $180,000 $6,129 5.00%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 2 $360,000 $180,000 $6,608 4.88%
    Somerset, PA (FHA|USDA|VA) 1 $355,000 $355,000 $5,723 4.63%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,227 4.75%
    Morehead City, NC (FHA|USDA|VA) 1 $265,000 $265,000 $8,985 4.50%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $265,000 $265,000 $5,742 4.38%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $260,000 $130,000 $3,167 4.94%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $255,000 $255,000 $4,736 4.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,371 4.75%
    ROCKY MOUNT, NC (FHA|USDA|VA) 1 $235,000 $235,000 $7,154 4.50%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $225,000 $225,000 $7,854 5.00%
    LANCASTER, PA (FHA|USDA|VA) 1 $215,000 $215,000 $6,561 4.88%
    CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $185,000 $185,000 $4,381 4.50%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $185,000 $185,000 $2,542 4.75%
    DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $155,000 $155,000 $2,520 4.38%
    BECKLEY, WV (FHA|USDA|VA) 1 $145,000 $145,000 $6,361 4.75%
    NEW BERN, NC (FHA|USDA|VA) 1 $145,000 $145,000 $3,041 3.88%
    Fairmont, WV (FHA|USDA|VA) 1 $145,000 $145,000 $5,909 4.13%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $135,000 $135,000 $5,248 5.13%
    KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 1 $135,000 $135,000 $3,512 4.25%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,882 4.50%
    YORK-HANOVER, PA (FHA|USDA|VA) 1 $135,000 $135,000 $5,677 4.88%
    Albemarle, NC (FHA|USDA|VA) 1 $115,000 $115,000 $5,508 5.00%
    Mclean Mortgage Corporation's top markets include Washington, Charlotte, Virginia Beach, Baltimore, and Richmond among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against MCLEAN MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,899 $1,080,675,000 $372,775 $5,050 4.68%
    FHA 632 $174,480,000 $276,076 $8,490 4.55%
    VA 606 $257,270,000 $424,538 $7,791 4.43%
    USDA 92 $21,630,000 $235,109 $6,001 4.42%

    For 2018, Mclean Mortgage Corporation's most frequently originated type of loan was Conventional, with 2,899 originations. Their 2nd most popular type was FHA, with 632 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,842 $1,407,270,000 $366,286 $6,114 4.62%
    Refi 180 $63,990,000 $355,500 $4,426 4.48%
    Cash Out Refi 180 $52,900,000 $293,889 $4,889 4.75%
    Home Improvement 27 $9,895,000 $366,481 $4,486 4.47%

    For 2018, Mclean Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,842 originations. The 2nd most popular reason was Refi, with 180 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,076 $1,492,890,000 $366,263 $6,060 4.63%
    15 Year 115 $28,325,000 $246,304 $3,787 4.10%
    20 Year 29 $9,895,000 $341,207 $4,440 4.30%
    10 Year 5 $1,115,000 $223,000 $3,346 4.45%
    Other 4 $1,830,000 $457,500 $3,874 4.41%

    For 2018, Mclean Mortgage Corporation's most frequently cited loan duration was 30 Year, with 4,076 originations. The 2nd most popular length was 15 Year, with 115 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,551 $898,935,000 $352,385
    $<1k 939 $311,225,000 $331,443
    $2k-3k 312 $116,360,000 $372,949
    $5k+ 177 $95,425,000 $539,124
    $3k-4k 163 $71,325,000 $437,577
    $4k-5k 84 $39,790,000 $473,690

    Mclean Mortgage Corporation's average total fees were $6,060, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,551 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 3,475 $1,299,635,000 $373,996
    5-6% 431 $113,705,000 $263,817
    3-4% 307 $118,815,000 $387,020
    7-8% 2 $1,480,000 $740,000
    <2.5% 1 $5,000 $5,000
    6-7% 1 $345,000 $345,000

    During 2018, Mclean Mortgage Corporation's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 3,475 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,852 $551,850,000 $297,975 $5,598 4.60%
    $400k-600k 1,093 $527,055,000 $482,210 $7,343 4.56%
    $100k-200k 665 $105,575,000 $158,759 $3,939 4.70%
    $600k-1MM 420 $290,830,000 $692,452 $8,509 4.60%
    $100,000 or less 156 $6,490,000 $41,603 $1,611 5.00%
    $1MM+ 43 $52,255,000 $1,215,233 $10,135 4.45%

    2018 saw Mclean Mortgage Corporation place emphasis on $200k-400k loans with 1,852 originations, totaling $551,850,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,111 $432,145,000 $388,969 $6,517 4.58%
    $150k-250k 848 $408,320,000 $481,509 $6,843 4.61%
    $75k-100k 791 $244,505,000 $309,109 $5,790 4.63%
    $50k-75k 768 $181,560,000 $236,406 $5,114 4.65%
    $50k or less 372 $60,970,000 $163,898 $4,113 4.71%
    $250k+ 315 $198,275,000 $629,444 $6,723 4.60%

    Mclean Mortgage Corporation lent most frequently to those with incomes in the $100k-150k range, with 1,111 originations. The second most popular income band? $150k-250k, with 848 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 713 $260,155,000 $364,874 $5,543 4.61%
    20-30% 677 $246,165,000 $363,612 $5,368 4.57%
    50-60% 325 $122,925,000 $378,231 $8,779 4.47%
    42% 214 $82,150,000 $383,879 $5,474 4.72%
    44% 212 $68,760,000 $324,340 $5,844 4.71%
    38% 182 $70,970,000 $389,945 $6,503 4.60%
    49% 178 $64,350,000 $361,517 $6,274 4.68%
    43% 176 $61,000,000 $346,591 $5,571 4.68%
    39% 172 $59,910,000 $348,314 $5,612 4.68%
    40% 169 $63,845,000 $377,781 $5,800 4.65%
    41% 160 $58,150,000 $363,438 $5,651 4.70%
    48% 158 $52,930,000 $335,000 $6,479 4.65%
    <20% 146 $45,050,000 $308,562 $4,573 4.56%
    37% 137 $49,655,000 $362,445 $5,435 4.68%
    47% 136 $47,510,000 $349,338 $6,564 4.58%
    36% 133 $48,635,000 $365,677 $5,563 4.60%
    46% 126 $48,920,000 $388,254 $6,507 4.62%
    45% 122 $46,010,000 $377,131 $6,249 4.58%
    >60% 84 $33,470,000 $398,452 $7,390 4.66%

    Mclean Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 713 originations. The next most common DTI ratio? 20-30%, with 677 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,918 $1,047,610,000 $359,016 $5,840 4.61%
    Not provided 532 $215,230,000 $404,568 $6,406 4.62%
    Black 408 $129,920,000 $318,431 $6,412 4.70%
    Asian 329 $125,805,000 $382,386 $5,949 4.56%
    Asian Indian 11 $4,775,000 $434,091 $6,424 4.73%
    American Indian 13 $4,115,000 $316,538 $4,999 4.68%
    Other Asian 7 $2,905,000 $415,000 $8,341 4.54%
    Native Hawaiian or Islander 6 $1,440,000 $240,000 $3,958 4.73%
    Not applicable 2 $760,000 $380,000 $9,736 4.63%
    Korean 1 $585,000 $585,000 $17,246 4.88%
    Other Pacific Islander 1 $515,000 $515,000 $13,220 4.25%
    Native Hawaiian 1 $395,000 $395,000 $5,139 4.63%

    Approval Rates

    Total approvals of all applications
    98.53%

    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
    81.04%

    Mclean Mortgage Corporation has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,229 $1,534,055,000 $362,747

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $175,000 $175,000
    Single Family (1-4 Units):Site-Built 4,228 $1,533,880,000 $362,791

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 71 $13,885,000 $195,563 $3,499 4.50%
    40-60% 225 $67,265,000 $298,956 $4,353 4.48%
    60-80% 932 $371,420,000 $398,519 $4,888 4.64%
    80-100% 2,695 $986,485,000 $366,043 $6,206 4.64%
    Over 100% 210 $89,500,000 $426,190 $12,619 4.41%
    Under 20% 87 $1,605,000 $18,448 $456 4.86%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MCLEAN MORTGAGE CORPORATION VA mortgage Closing on a mortgage 1 100.0%