New Fed Mortgage Corp. Rates, Fees & Info

DANVERS, MA

LEI: 549300TB3TMP4RV5T078

Tax ID: 04-3508773

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Mortgage Data

Review & Overview

New Fed Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. New Fed 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 by origination volume include: Boston, Manchester, Worcester, Providence, and Portland among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

New Fed Mortgage Corp. 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. New Fed Mortgage Corp. is typically an average 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.52% 3/28/24
30 Year Conventional Refi 6.29% 3/28/24
30 Year Cash-out Refi 6.64% 3/28/24
30 Year FHA Purchase 7.22% 3/28/24
30 Year FHA Refi 6.96% 3/28/24
30 Year VA Purchase 6.21% 3/28/24
30 Year VA Refi 5.73% 3/28/24
15 Year Conventional Purchase 5.54% 3/28/24
15 Year Conventional Refi 5.57% 3/28/24
15 Year Cash-out Refi 5.57% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

New Fed Mortgage Corp. Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from New Fed Mortgage Corp.. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

702

Origination Dollar Volume (All Markets)

$231,440,000

Top Markets

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
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 609 $209,665,000 $344,278 $5,626 4.76%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 24 $6,630,000 $276,250 $5,321 4.65%
WORCESTER, MA-CT (FHA|USDA|VA) 26 $6,150,000 $236,538 $5,628 4.63%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 13 $2,615,000 $201,154 $4,264 4.90%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,250,000 $312,500 $4,906 4.75%
Outside of Metro Areas 6 $1,080,000 $180,000 $3,413 4.96%
Laconia, NH (FHA|USDA|VA) 4 $1,060,000 $265,000 $6,885 5.03%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $980,000 $245,000 $3,626 4.84%
Concord, NH (FHA|USDA|VA) 5 $965,000 $193,000 $5,469 4.73%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $290,000 $145,000 $3,653 4.94%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $275,000 $275,000 $8,821 4.50%
SPRINGFIELD, MA (FHA|USDA|VA) 1 $195,000 $195,000 $4,050 4.88%
Keene, NH (FHA|USDA|VA) 1 $115,000 $115,000 $3,333 4.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $115,000 $115,000 $3,342 5.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $55,000 $55,000 $2,938 4.50%
New Fed Mortgage Corp.'s top markets include Boston, Manchester, Worcester, Providence, and Portland among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Similar Lenders

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

    Westmoreland Federal Savings
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 529 $171,095,000 $323,431 $4,136 4.76%
    FHA 154 $53,080,000 $344,675 $10,099 4.72%
    VA 17 $6,765,000 $397,941 $8,084 4.75%
    USDA 2 $500,000 $250,000 $6,456 4.50%

    For 2018, New Fed Mortgage Corp.'s most frequently originated type of loan was Conventional, with 529 originations. Their 2nd most popular type was FHA, with 154 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 523 $172,455,000 $329,742 $5,917 4.74%
    Cash Out Refi 103 $35,145,000 $341,214 $5,006 4.87%
    Refi 54 $17,000,000 $314,815 $3,743 4.63%
    Home Improvement 22 $6,840,000 $310,909 $3,786 4.90%

    For 2018, New Fed Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 523 originations. The 2nd most popular reason was Cash Out Refi, with 103 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 638 $214,990,000 $336,975 $5,782 4.80%
    15 Year 26 $5,170,000 $198,846 $2,785 3.58%
    Other 22 $5,970,000 $271,364 $3,284 4.69%
    20 Year 11 $3,285,000 $298,636 $3,518 4.78%
    10 Year 5 $2,025,000 $405,000 $4,086 4.75%

    For 2018, New Fed Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 638 originations. The 2nd most popular length was 15 Year, with 26 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 630 $207,200,000 $328,889
    $2k-3k 42 $14,260,000 $339,524
    $<1k 8 $890,000 $111,250
    $3k-4k 8 $3,410,000 $426,250
    $5k+ 7 $3,085,000 $440,714
    $4k-5k 6 $2,100,000 $350,000

    New Fed Mortgage Corp.'s average total fees were $5,782, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 630 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 503 $168,255,000 $334,503
    5-6% 140 $46,550,000 $332,500
    3-4% 46 $13,750,000 $298,913
    6-7% 7 $2,605,000 $372,143
    <2.5% 5 $35,000 $7,000
    Over 8% 1 $245,000 $245,000

    During 2018, New Fed Mortgage Corp.'s average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 503 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 394 $119,980,000 $304,518 $5,643 4.77%
    $400k-600k 188 $87,690,000 $466,436 $6,248 4.80%
    $100k-200k 92 $14,380,000 $156,304 $3,794 4.74%
    $100,000 or less 15 $875,000 $58,333 $2,395 3.67%
    $600k-1MM 13 $8,515,000 $655,000 $8,682 4.86%

    2018 saw New Fed Mortgage Corp. place emphasis on $200k-400k loans with 394 originations, totaling $119,980,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 183 $66,935,000 $365,765 $5,600 4.82%
    $75k-100k 171 $54,385,000 $318,041 $5,754 4.69%
    $50k-75k 154 $42,960,000 $278,961 $5,732 4.76%
    $150k-250k 99 $40,895,000 $413,081 $4,627 4.81%
    $50k or less 69 $16,295,000 $236,159 $6,234 4.62%
    $250k+ 25 $9,735,000 $389,400 $4,378 4.80%

    New Fed Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 183 originations. The second most popular income band? $75k-100k, with 171 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 87 $28,485,000 $327,414 $4,643 4.69%
    50-60% 76 $27,410,000 $360,658 $9,517 4.74%
    49% 69 $24,055,000 $348,623 $5,752 4.84%
    20-30% 62 $19,850,000 $320,161 $4,444 4.72%
    44% 43 $13,665,000 $317,791 $4,663 4.96%
    >60% 42 $14,750,000 $351,190 $8,131 4.71%
    48% 40 $12,240,000 $306,000 $4,864 4.98%
    46% 35 $11,495,000 $328,429 $4,777 4.77%
    42% 32 $11,060,000 $345,625 $5,302 4.69%
    47% 32 $10,960,000 $342,500 $5,302 4.77%
    43% 28 $9,400,000 $335,714 $4,314 4.52%
    45% 27 $9,845,000 $364,630 $6,095 4.75%
    40% 25 $7,345,000 $293,800 $4,574 4.69%
    41% 22 $6,040,000 $274,545 $4,661 4.81%
    37% 19 $5,845,000 $307,632 $4,349 5.03%
    38% 18 $5,850,000 $325,000 $4,774 4.63%
    <20% 15 $3,715,000 $247,667 $3,710 4.58%
    39% 15 $5,145,000 $343,000 $4,235 4.78%
    36% 14 $4,050,000 $289,286 $4,061 4.36%

    New Fed Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 87 originations. The next most common DTI ratio? 50-60%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 591 $194,755,000 $329,535 $5,476 4.75%
    Not provided 69 $22,285,000 $322,971 $5,882 4.78%
    Black 25 $8,865,000 $354,600 $6,735 4.83%
    Asian 17 $5,535,000 $325,588 $4,958 4.74%

    Approval Rates

    Total approvals of all applications
    95.38%

    New Fed Mortgage Corp. 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
    82.91%

    New Fed Mortgage Corp. has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 702 $231,440,000 $329,687

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 702 $231,440,000 $329,687

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $4,545,000 $197,609 $3,443 4.72%
    40-60% 72 $20,980,000 $291,389 $3,541 4.56%
    60-80% 221 $75,705,000 $342,557 $4,241 4.89%
    80-100% 373 $127,595,000 $342,078 $6,798 4.77%
    Over 100% 7 $2,445,000 $349,286 $12,326 4.70%
    Under 20% 6 $170,000 $28,333 $530 1.42%