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 Refi and Home Purchase loans. New Fed Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Boston, Manchester, Worcester, Washington, and Providence among others. We have data for 41 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

2,421

Origination Dollar Volume (All Markets)

$858,825,000
Show all (13) awards

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) 1,856 $685,720,000 $369,461 $4,798 4.04%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 105 $30,495,000 $290,429 $4,050 3.98%
WORCESTER, MA-CT (FHA|USDA|VA) 94 $29,380,000 $312,553 $3,293 3.86%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 48 $16,860,000 $351,250 $2,455 3.49%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 57 $16,815,000 $295,000 $4,798 4.02%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 38 $12,210,000 $321,316 $3,630 3.96%
PITTSBURGH, PA (FHA|USDA|VA) 33 $10,915,000 $330,758 $2,729 3.35%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 30 $10,830,000 $361,000 $2,061 3.37%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 24 $8,100,000 $337,500 $2,032 3.57%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 23 $6,685,000 $290,652 $2,330 3.74%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 18 $6,320,000 $351,111 $2,912 3.53%
Laconia, NH (FHA|USDA|VA) 16 $3,740,000 $233,750 $2,951 4.25%
Concord, NH (FHA|USDA|VA) 11 $2,775,000 $252,273 $3,607 3.81%
Outside of Metro Areas 5 $1,965,000 $393,000 $2,712 3.82%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $1,790,000 $223,750 $3,072 4.09%
SPRINGFIELD, MA (FHA|USDA|VA) 8 $1,570,000 $196,250 $4,745 4.42%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 6 $1,560,000 $260,000 $2,682 3.83%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 3 $1,215,000 $405,000 $3,535 3.92%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 4 $1,090,000 $272,500 $4,019 4.40%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,080,000 $270,000 $2,448 4.06%
Lebanon, NH-VT (FHA|USDA|VA) 4 $850,000 $212,500 $3,826 4.31%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $770,000 $385,000 $1,733 3.25%
LANCASTER, PA (FHA|USDA|VA) 3 $565,000 $188,333 $3,996 3.79%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $560,000 $280,000 $2,297 3.63%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $475,000 $475,000 $3,773 3.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $425,000 $425,000 $3,258 3.63%
Vineyard Haven, MA (FHA|USDA|VA) 1 $405,000 $405,000 $3,395 3.50%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $375,000 $375,000 $1,901 3.13%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $355,000 $355,000 $2,331 3.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $340,000 $170,000 $2,735 4.38%
PANAMA CITY, FL (FHA|USDA|VA) 1 $325,000 $325,000 $2,457 3.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $320,000 $160,000 $2,847 4.63%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $315,000 $315,000 $2,033 3.25%
Berlin, NH (FHA|USDA|VA) 1 $305,000 $305,000 $3,697 4.00%
RICHMOND, VA (FHA|USDA|VA) 1 $285,000 $285,000 $3,339 4.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $265,000 $265,000 $2,356 4.50%
OCALA, FL (FHA|USDA|VA) 1 $195,000 $195,000 $4,050 4.63%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $165,000 $165,000 $3,752 5.00%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $155,000 $155,000 $2,458 4.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $135,000 $135,000 $1,882 4.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $125,000 $125,000 $4,337 4.88%
New Fed Mortgage Corp.'s top markets include Boston, Manchester, Worcester, Washington, and Providence among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • New Jersey (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,022 $706,460,000 $349,387 $3,323 3.99%
    FHA 349 $132,575,000 $379,871 $10,620 4.07%
    VA 50 $19,790,000 $395,800 $7,161 3.67%

    For 2019, New Fed Mortgage Corp.'s most frequently originated type of loan was Conventional, with 2,022 originations. Their 2nd most popular type was FHA, with 349 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 1,228 $442,590,000 $360,415 $3,497 3.82%
    Home Purchase 841 $295,435,000 $351,290 $6,070 4.17%
    Cash Out Refi 278 $95,600,000 $343,885 $4,249 4.23%
    Home Improvement 74 $25,200,000 $340,541 $2,812 3.91%

    For 2019, New Fed Mortgage Corp.'s most frequently cited loan purpose was Refi, with 1,228 originations. The 2nd most popular reason was Home Purchase, with 841 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,936 $697,370,000 $360,212 $4,885 4.09%
    15 Year 208 $65,870,000 $316,683 $2,460 3.25%
    Other 166 $58,920,000 $354,940 $2,995 3.94%
    20 Year 101 $33,925,000 $335,891 $3,009 3.72%
    10 Year 10 $2,740,000 $274,000 $1,691 3.00%

    For 2019, New Fed Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 1,936 originations. The 2nd most popular length was 15 Year, with 208 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,709 $604,455,000 $353,689
    $<1k 556 $197,460,000 $355,144
    $2k-3k 95 $34,455,000 $362,684
    $5k+ 28 $11,130,000 $397,500
    $3k-4k 24 $7,980,000 $332,500
    $4k-5k 9 $3,345,000 $371,667

    New Fed Mortgage Corp.'s average total fees were $4,885, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,709 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 1,428 $511,150,000 $357,948
    4-5% 806 $282,460,000 $350,447
    5-6% 103 $35,635,000 $345,971
    2.5-3% 74 $27,800,000 $375,676
    6-7% 6 $1,730,000 $288,333
    <2.5% 4 $50,000 $12,500

    During 2019, New Fed Mortgage Corp.'s average interest rate for loans was 4.09%, while their most frequently originated rate bucket for loans was 3-4%, with 1,428 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,352 $421,710,000 $311,916 $4,068 3.96%
    $400k-600k 782 $361,140,000 $461,816 $5,244 3.97%
    $100k-200k 213 $34,955,000 $164,108 $3,416 4.21%
    $600k-1MM 56 $37,190,000 $664,107 $7,331 4.23%
    $100,000 or less 16 $1,110,000 $69,375 $2,389 3.60%
    $1MM+ 2 $2,720,000 $1,360,000 $4,579 4.81%

    2019 saw New Fed Mortgage Corp. place emphasis on $200k-400k loans with 1,352 originations, totaling $421,710,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 811 $304,335,000 $375,259 $4,127 3.96%
    $75k-100k 500 $168,040,000 $336,080 $5,193 4.06%
    $150k-250k 489 $197,975,000 $404,857 $3,693 3.90%
    $50k-75k 379 $102,615,000 $270,752 $4,902 4.07%
    $50k or less 133 $39,085,000 $293,872 $6,171 4.00%
    $250k+ 107 $45,965,000 $429,579 $3,304 4.02%

    New Fed Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 811 originations. The second most popular income band? $75k-100k, with 500 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 413 $148,275,000 $359,019 $3,565 3.92%
    20-30% 411 $143,945,000 $350,231 $3,008 3.79%
    50-60% 149 $56,155,000 $376,879 $10,591 4.07%
    44% 139 $49,555,000 $356,511 $4,576 4.23%
    42% 132 $47,090,000 $356,742 $4,306 4.22%
    40% 121 $42,045,000 $347,479 $4,013 4.04%
    43% 113 $38,035,000 $336,593 $4,256 4.11%
    41% 101 $36,125,000 $357,673 $3,655 4.02%
    49% 100 $35,830,000 $358,300 $4,747 4.19%
    45% 89 $28,435,000 $319,494 $4,795 4.18%
    37% 83 $28,845,000 $347,530 $3,539 3.89%
    48% 76 $26,590,000 $349,868 $5,666 4.13%
    47% 76 $28,430,000 $374,079 $5,506 4.07%
    38% 75 $24,985,000 $333,133 $4,038 4.06%
    36% 71 $25,325,000 $356,690 $3,800 3.93%
    46% 69 $25,275,000 $366,304 $5,246 4.02%
    39% 68 $24,750,000 $363,971 $3,803 4.04%
    <20% 66 $21,280,000 $322,424 $2,454 3.61%
    >60% 4 $1,550,000 $387,500 $7,449 4.18%

    New Fed Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 413 originations. The next most common DTI ratio? 20-30%, with 411 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,815 $643,805,000 $354,713 $4,704 4.04%
    Not provided 343 $123,655,000 $360,510 $3,595 3.88%
    Asian 163 $55,595,000 $341,074 $2,757 3.62%
    Black 83 $29,715,000 $358,012 $6,417 4.10%
    Asian Indian 10 $3,460,000 $346,000 $2,023 3.41%
    Other Asian 3 $1,115,000 $371,667 $2,636 3.79%
    American Indian 2 $840,000 $420,000 $1,518 3.63%
    Chinese 1 $325,000 $325,000 $1,817 3.75%
    Korean 1 $315,000 $315,000 $1,666 3.63%

    Approval Rates

    Total approvals of all applications
    96.32%

    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
    86.74%

    New Fed Mortgage Corp. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,421 $858,825,000 $354,740

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,421 $858,825,000 $354,740

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 64 $16,000,000 $250,000 $2,885 3.72%
    40-60% 335 $102,565,000 $306,164 $2,916 3.78%
    60-80% 1,055 $383,015,000 $363,047 $3,224 4.00%
    80-100% 952 $353,840,000 $371,681 $6,453 4.08%
    Over 100% 5 $1,855,000 $371,000 $13,870 3.78%
    Under 20% 10 $1,550,000 $155,000 $1,291 2.61%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    NewFed Mortgage Corp Conventional home mortgage Closing on a mortgage 1 100.0%