New Fed Mortgage Corp. Rates, Fees & Info
DANVERS, MALEI: 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. Their top markets by origination volume include: Boston, Worcester, Manchester, Providence, and Washington among others. We have data for 58 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.52% | 4/28/24 |
| 30 Year Conventional Refi | 6.29% | 4/28/24 |
| 30 Year Cash-out Refi | 6.64% | 4/28/24 |
| 30 Year FHA Purchase | 7.22% | 4/28/24 |
| 30 Year FHA Refi | 6.96% | 4/28/24 |
| 30 Year VA Purchase | 6.21% | 4/28/24 |
| 30 Year VA Refi | 5.73% | 4/28/24 |
| 15 Year Conventional Purchase | 5.54% | 4/28/24 |
| 15 Year Conventional Refi | 5.57% | 4/28/24 |
| 15 Year Cash-out Refi | 5.57% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
1,161Origination Dollar Volume (All Markets)
$463,305,000Top 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) | 801 | $345,165,000 | $430,918 | $7,002 | 4.59% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 56 | $20,000,000 | $357,143 | $6,312 | 4.46% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 54 | $18,560,000 | $343,704 | $6,024 | 4.86% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 45 | $17,125,000 | $380,556 | $7,954 | 4.79% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 13 | $4,795,000 | $368,846 | $2,407 | 3.06% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 11 | $4,405,000 | $400,455 | $2,427 | 3.22% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 16 | $4,370,000 | $273,125 | $6,276 | 4.17% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 10 | $3,640,000 | $364,000 | $4,398 | 5.16% |
| Concord, NH (FHA|USDA|VA) | 9 | $3,335,000 | $370,556 | $4,371 | 3.86% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 11 | $3,235,000 | $294,091 | $5,750 | 4.83% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 9 | $2,925,000 | $325,000 | $6,841 | 5.44% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 9 | $2,435,000 | $270,556 | $5,379 | 3.57% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 5 | $2,175,000 | $435,000 | $7,341 | 6.07% |
| Lebanon, NH-VT (FHA|USDA|VA) | 8 | $1,820,000 | $227,500 | $3,878 | 4.04% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 6 | $1,770,000 | $295,000 | $4,796 | 5.19% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $6,367 | 4.63% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 5 | $1,505,000 | $301,000 | $8,956 | 5.30% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 6 | $1,500,000 | $250,000 | $10,680 | 4.67% |
| Laconia, NH (FHA|USDA|VA) | 5 | $1,445,000 | $289,000 | $6,469 | 5.37% |
| ASHEVILLE, NC (FHA|USDA|VA) | 5 | $1,345,000 | $269,000 | $9,045 | 6.13% |
| Outside of Metro Areas | 6 | $1,330,000 | $221,667 | $4,673 | 5.65% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 5 | $1,325,000 | $265,000 | $5,941 | 6.33% |
| MADISON, WI (FHA|USDA|VA) | 3 | $1,245,000 | $415,000 | $4,052 | 5.41% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 4 | $1,160,000 | $290,000 | $4,621 | 4.16% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 5 | $1,155,000 | $231,000 | $9,746 | 5.43% |
| PITTSBURGH, PA (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $2,985 | 2.58% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $890,000 | $445,000 | $5,055 | 4.56% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 4 | $820,000 | $205,000 | $2,884 | 3.94% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $6,012 | 2.50% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $4,020 | 5.06% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $6,510 | 6.68% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $5,011 | 3.19% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $4,451 | 4.38% |
| Keene, NH (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $3,829 | 4.68% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $6,529 | 5.06% |
| PITTSFIELD, MA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,336 | 3.49% |
| Berlin, NH (FHA|USDA|VA) | 3 | $485,000 | $161,667 | $5,311 | 5.13% |
| Lake City, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $11,850 | 4.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,161 | 5.13% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $8,959 | 6.13% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $4,736 | 3.25% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $6,807 | 5.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $8,277 | 3.25% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,786 | 4.49% |
| LANCASTER, PA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,207 | 3.13% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,048 | 4.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,585 | 5.99% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $9,124 | 5.63% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,905 | 4.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,756 | 5.99% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,988 | 3.25% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,922 | 7.13% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,997 | 2.25% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,221 | 5.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $10,998 | 5.75% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,925 | 3.25% |
| Laurinburg, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,723 | 5.63% |
| SPARTANBURG, SC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,337 | 6.50% |
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 | 929 | $355,375,000 | $382,535 | $5,014 | 4.56% |
| FHA | 195 | $92,855,000 | $476,179 | $14,029 | 4.85% |
| VA | 37 | $15,075,000 | $407,432 | $9,339 | 4.39% |
For 2022, New Fed Mortgage Corp.'s most frequently originated type of loan was Conventional, with 929 originations. Their 2nd most popular type was FHA, with 195 originations.
Loan Reason
For 2022, New Fed Mortgage Corp.'s most frequently cited loan purpose was Home Purchase, with 755 originations. The 2nd most popular reason was Cash Out Refi, with 206 originations.
Loan Duration/Length
For 2022, New Fed Mortgage Corp.'s most frequently cited loan duration was 30 Year, with 1,048 originations. The 2nd most popular length was 15 Year, with 68 originations.
Origination Fees/Closing Costs
New Fed Mortgage Corp.'s average total fees were $7,068, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 589 originations.
Interest Rates
During 2022, New Fed Mortgage Corp.'s average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 5-6%, with 318 originations.
Loan Sizing
2022 saw New Fed Mortgage Corp. place emphasis on $200k-400k loans with 485 originations, totaling $147,805,000 in origination value.
Applicant Income
New Fed Mortgage Corp. lent most frequently to those with incomes in the $100k-150k range, with 399 originations. The second most popular income band? $150k-250k, with 240 originations.
Applicant Debt to Income Ratio
New Fed Mortgage Corp. lent most frequently to those with DTI ratios of 30-36%, with 161 originations. The next most common DTI ratio? 20-30%, with 143 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.39%
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 origination82.08%
New Fed Mortgage Corp. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,161 | $463,305,000 | $399,057 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Novad Management Consulting LLC | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| Novad Management Consulting LLC | FHA mortgage | Closing on a mortgage | 1 | 20.0% |
| Novad Management Consulting LLC | Reverse mortgage | Struggling to pay mortgage | 2 | 40.0% |
| Novad Management Consulting LLC | Reverse mortgage | Trouble during payment process | 1 | 20.0% |