New Fed Mortgage Corp. Rates, Fees & Info

DANVERS, MA

LEI: 549300TB3TMP4RV5T078

Tax ID: 04-3508773

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    New Fed Mortgage Corp. is a small mortgage company specializing in Refi, Home Purchase, and Cash Out Refi 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, Worcester, Manchester, Providence, and Washington among others. We have data for 59 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 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.

    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% 11/21/24
    30 Year Conventional Refi 6.29% 11/21/24
    30 Year Cash-out Refi 6.64% 11/21/24
    30 Year FHA Purchase 7.22% 11/21/24
    30 Year FHA Refi 6.96% 11/21/24
    30 Year VA Purchase 6.21% 11/21/24
    30 Year VA Refi 5.73% 11/21/24
    15 Year Conventional Purchase 5.54% 11/21/24
    15 Year Conventional Refi 5.57% 11/21/24
    15 Year Cash-out Refi 5.57% 11/21/24
    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

    4,541

    Origination Dollar Volume (All Markets)

    $1,727,125,000
    Show all (16) 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) 3,438 $1,350,210,000 $392,731 $4,067 2.86%
    WORCESTER, MA-CT (FHA|USDA|VA) 232 $80,310,000 $346,164 $3,594 2.76%
    MANCHESTER-NASHUA, NH (FHA|USDA|VA) 162 $51,380,000 $317,160 $4,168 2.90%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 142 $46,220,000 $325,493 $4,098 2.96%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 79 $32,055,000 $405,759 $2,457 2.49%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 81 $26,705,000 $329,691 $3,613 2.86%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 59 $23,255,000 $394,153 $2,455 2.54%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 51 $20,195,000 $395,980 $2,519 2.60%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 52 $19,960,000 $383,846 $3,429 2.64%
    Outside of Metro Areas 22 $7,220,000 $328,182 $3,025 2.76%
    SPRINGFIELD, MA (FHA|USDA|VA) 26 $7,140,000 $274,615 $3,744 2.79%
    PITTSBURGH, PA (FHA|USDA|VA) 20 $7,100,000 $355,000 $3,198 2.59%
    Concord, NH (FHA|USDA|VA) 21 $6,595,000 $314,048 $3,321 2.84%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 12 $4,580,000 $381,667 $3,778 2.85%
    Laconia, NH (FHA|USDA|VA) 14 $4,400,000 $314,286 $2,800 3.07%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 10 $3,800,000 $380,000 $1,611 2.61%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 12 $2,950,000 $245,833 $3,725 2.84%
    Vineyard Haven, MA (FHA|USDA|VA) 6 $2,830,000 $471,667 $3,035 2.87%
    Lebanon, NH-VT (FHA|USDA|VA) 9 $2,545,000 $282,778 $3,486 2.83%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 7 $2,285,000 $326,429 $5,576 2.79%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 7 $2,155,000 $307,857 $4,021 3.02%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 7 $2,125,000 $303,571 $3,944 2.91%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 4 $1,780,000 $445,000 $3,787 2.44%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 8 $1,760,000 $220,000 $4,408 2.95%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 5 $1,385,000 $277,000 $5,469 2.70%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 3 $1,165,000 $388,333 $2,014 2.29%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $1,095,000 $365,000 $2,235 2.67%
    RICHMOND, VA (FHA|USDA|VA) 3 $1,085,000 $361,667 $2,877 2.71%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $905,000 $301,667 $3,306 2.88%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 3 $885,000 $295,000 $8,892 2.83%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $735,000 $245,000 $6,684 3.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $710,000 $355,000 $7,791 3.44%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 2 $700,000 $350,000 $3,446 2.38%
    YORK-HANOVER, PA (FHA|USDA|VA) 2 $630,000 $315,000 $3,821 2.81%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 2 $550,000 $275,000 $7,243 2.75%
    Augusta-Waterville, ME (FHA|USDA|VA) 1 $545,000 $545,000 $3,940 2.50%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $540,000 $270,000 $2,508 2.88%
    Berlin, NH (FHA|USDA|VA) 2 $530,000 $265,000 $1,886 2.50%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 1 $505,000 $505,000 $4,122 2.38%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 2 $450,000 $225,000 $7,927 2.75%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $405,000 $405,000 $4,786 2.63%
    LANCASTER, PA (FHA|USDA|VA) 1 $395,000 $395,000 $4,006 2.50%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $370,000 $185,000 $2,649 2.62%
    WINCHESTER, VA-WV (FHA|USDA|VA) 1 $355,000 $355,000 $2,621 2.75%
    ROCKFORD, IL (FHA|USDA|VA) 1 $335,000 $335,000 $1,279 2.75%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $335,000 $335,000 $4,876 3.25%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $3,321 2.99%
    PITTSFIELD, MA (FHA|USDA|VA) 2 $300,000 $150,000 $3,335 2.81%
    Keene, NH (FHA|USDA|VA) 1 $275,000 $275,000 $8,467 2.88%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $275,000 $275,000 $2,346 3.38%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $275,000 $275,000 $2,031 3.00%
    LEBANON, PA (FHA|USDA|VA) 1 $265,000 $265,000 $2,409 3.13%
    SALISBURY, MD-DE (FHA|USDA|VA) 1 $235,000 $235,000 $1,595 3.25%
    GETTYSBURG, PA (FHA|USDA|VA) 1 $215,000 $215,000 $2,678 3.25%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $195,000 $195,000 $4,675 3.50%
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $185,000 $185,000 $4,785 3.13%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 1 $185,000 $185,000 $2,910 2.50%
    NEW BERN, NC (FHA|USDA|VA) 1 $135,000 $135,000 $4,059 3.13%
    OCALA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,040 2.38%
    New Fed Mortgage Corp.'s top markets include Boston, Worcester, Manchester, Providence, and Washington 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.

    First Savings Bank of Hegewisch
    Similarity Rank: 45
    SOMERSET
    Similarity Rank: 87
    N C P D Federal Credit Union
    Similarity Rank: 102
    INFINITY Federal Credit Union
    Similarity Rank: 136
    Liberty Bank for Savings
    Similarity Rank: 153
    Homestar Mortgage, Inc.
    Similarity Rank: 156
    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 167
    POLISH NATIONAL
    Similarity Rank: 192
    TRI BORO
    Similarity Rank: 208
    CASCO
    Similarity Rank: 226

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,105 $1,529,165,000 $372,513 $3,142 2.85%
    FHA 360 $163,860,000 $455,167 $12,289 2.85%
    VA 76 $34,100,000 $448,684 $7,670 2.53%

    For 2021, New Fed Mortgage Corp.'s most frequently originated type of loan was Conventional, with 4,105 originations. Their 2nd most popular type was FHA, with 360 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 2,371 $870,965,000 $367,341 $2,870 2.71%
    Home Purchase 1,030 $435,250,000 $422,573 $6,621 3.00%
    Cash Out Refi 1,002 $364,770,000 $364,042 $3,910 3.01%
    Home Improvement 137 $55,635,000 $406,095 $2,633 2.76%
    Other 1 $505,000 $505,000 $0 2.88%

    For 2021, New Fed Mortgage Corp.'s most frequently cited loan purpose was Refi, with 2,371 originations. The 2nd most popular reason was Home Purchase, with 1,030 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,294 $1,296,350,000 $393,549 $4,467 2.96%
    15 Year 563 $191,415,000 $339,991 $2,403 2.29%
    20 Year 326 $113,050,000 $346,779 $2,490 2.67%
    Other 313 $112,675,000 $359,984 $2,961 2.86%
    10 Year 45 $13,635,000 $303,000 $2,156 2.20%

    For 2021, New Fed Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 3,294 originations. The 2nd most popular length was 15 Year, with 563 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,789 $1,027,075,000 $368,259
    $<1k 1,356 $534,810,000 $394,403
    $2k-3k 180 $71,780,000 $398,778
    $5k+ 98 $44,570,000 $454,796
    $3k-4k 80 $31,410,000 $392,625
    $4k-5k 38 $17,480,000 $460,000

    New Fed Mortgage Corp.'s average total fees were $4,467, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,789 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 2,224 $834,100,000 $375,045
    3-4% 1,185 $455,435,000 $384,333
    <2.5% 1,104 $425,580,000 $385,489
    4-5% 28 $12,010,000 $428,929

    During 2021, New Fed Mortgage Corp.'s average interest rate for loans was 2.96%, while their most frequently originated rate bucket for loans was 2.5-3%, with 2,224 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 2,337 $732,725,000 $313,532 $3,413 2.85%
    $400k-600k 1,623 $774,375,000 $477,126 $4,232 2.81%
    $100k-200k 321 $52,115,000 $162,352 $3,013 2.88%
    $600k-1MM 242 $163,630,000 $676,157 $8,231 3.03%
    $100,000 or less 15 $935,000 $62,333 $1,946 2.36%
    $1MM+ 3 $3,345,000 $1,115,000 $24,563 3.08%

    2021 saw New Fed Mortgage Corp. place emphasis on $200k-400k loans with 2,337 originations, totaling $732,725,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,477 $581,895,000 $393,971 $3,826 2.85%
    $150k-250k 1,131 $473,125,000 $418,324 $3,252 2.76%
    $75k-100k 861 $314,105,000 $364,814 $4,691 2.93%
    $50k-75k 596 $171,960,000 $288,523 $4,463 2.93%
    $250k+ 300 $134,180,000 $447,267 $3,122 2.71%
    $50k or less 176 $51,860,000 $294,659 $5,353 2.80%

    New Fed Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 1,477 originations. The second most popular income band? $150k-250k, with 1,131 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 979 $365,705,000 $373,550 $2,933 2.74%
    30-36% 829 $310,005,000 $373,951 $3,207 2.83%
    <20% 337 $118,795,000 $352,507 $2,581 2.68%
    44% 196 $75,010,000 $382,704 $4,167 3.00%
    42% 194 $72,430,000 $373,351 $4,168 2.92%
    40% 186 $68,270,000 $367,043 $3,700 2.88%
    43% 171 $66,905,000 $391,257 $4,169 2.99%
    37% 169 $64,035,000 $378,905 $3,764 2.88%
    50-60% 168 $79,230,000 $471,607 $12,250 2.85%
    38% 167 $64,445,000 $385,898 $3,503 2.85%
    36% 160 $61,580,000 $384,875 $3,535 2.92%
    39% 158 $58,160,000 $368,101 $3,991 2.94%
    41% 149 $56,865,000 $381,644 $3,825 2.91%
    45% 133 $51,845,000 $389,812 $4,742 2.97%
    49% 131 $50,835,000 $388,053 $4,886 2.91%
    46% 125 $49,245,000 $393,960 $4,527 2.97%
    48% 108 $41,930,000 $388,241 $4,789 2.97%
    47% 106 $41,470,000 $391,226 $4,932 2.90%
    >60% 2 $750,000 $375,000 $2,722 2.94%

    New Fed Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 979 originations. The next most common DTI ratio? 30-36%, with 829 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,375 $1,264,835,000 $374,766 $4,006 2.87%
    Not provided 618 $239,850,000 $388,107 $4,064 2.84%
    Asian 401 $163,545,000 $407,843 $2,577 2.57%
    Black 133 $52,795,000 $396,955 $5,925 3.00%
    American Indian 10 $4,320,000 $432,000 $3,572 2.91%
    Asian Indian 2 $750,000 $375,000 $1,903 3.06%
    Other Asian 1 $715,000 $715,000 $3,896 3.75%
    Other Pacific Islander 1 $315,000 $315,000 $9,511 2.38%

    Approval Rates

    Total approvals of all applications
    97.56%

    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
    88.20%

    New Fed Mortgage Corp. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 4,541 $1,727,125,000 $380,340

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    4,541 $1,727,125,000 $380,340

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 294 $82,950,000 $282,143 $2,719 2.67%
    40-60% 1,271 $439,925,000 $346,125 $2,759 2.71%
    60-80% 1,950 $769,130,000 $394,426 $3,299 2.91%
    80-100% 1,001 $428,635,000 $428,207 $6,959 2.94%
    Over 100% 8 $4,490,000 $561,250 $20,543 2.81%
    Under 20% 17 $1,995,000 $117,353 $2,026 2.23%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Novad Management Consulting LLC Conventional home mortgage Trouble during payment process 1 0.9%
    Novad Management Consulting LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 9 7.7%
    Novad Management Consulting LLC FHA mortgage Closing on a mortgage 11 9.4%
    Novad Management Consulting LLC FHA mortgage Struggling to pay mortgage 3 2.6%
    Novad Management Consulting LLC FHA mortgage Trouble during payment process 7 6.0%
    Novad Management Consulting LLC Other type of mortgage Closing on a mortgage 2 1.7%
    Novad Management Consulting LLC Other type of mortgage Incorrect information on your report 1 0.9%
    Novad Management Consulting LLC Other type of mortgage Struggling to pay mortgage 1 0.9%
    Novad Management Consulting LLC Other type of mortgage Trouble during payment process 5 4.3%
    Novad Management Consulting LLC Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 7 6.0%
    Novad Management Consulting LLC Reverse mortgage Closing on a mortgage 17 14.5%
    Novad Management Consulting LLC Reverse mortgage Struggling to pay mortgage 10 8.5%
    Novad Management Consulting LLC Reverse mortgage Trouble during payment process 43 36.8%