Centric Mortgage Rates, Fees & Info
West Monroe, LALEI: 549300TCR1BZRVOO2A49
Tax ID: 72-0488612
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Mortgage Data
Review & Overview
Centric is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Centric has a high proportion of conventional loans. Their top markets by origination volume include: Monroe, Ruston, and Opelousas among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Centric has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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 | 7.17% | 4/28/24 |
| 30 Year Conventional Refi | 7.51% | 4/28/24 |
| 30 Year Cash-out Refi | 7.56% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 9.33% | 4/28/24 |
| 15 Year Conventional Refi | 6.82% | 4/28/24 |
| 15 Year Cash-out Refi | 6.82% | 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. | ||
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Originations
54Origination Dollar Volume (All Markets)
$5,360,000Top 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 |
|---|---|---|---|---|---|
| MONROE, LA (FHA|USDA|VA) | 43 | $3,985,000 | $92,674 | $2,677 | 5.90% |
| Ruston, LA (FHA|USDA|VA) | 5 | $1,085,000 | $217,000 | $3,902 | 6.15% |
| Outside of Metro Areas | 5 | $245,000 | $49,000 | $2,365 | 5.95% |
| Opelousas, LA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,841 | 4.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against CENTRIC 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 | 54 | $5,360,000 | $99,259 | $2,763 | 5.90% |
For 2019, Centric's most frequently originated type of loan was Conventional, with 54 originations.
Loan Reason
For 2019, Centric's most frequently cited loan purpose was Cash Out Refi, with 24 originations. The 2nd most popular reason was Home Purchase, with 17 originations.
Loan Duration/Length
For 2019, Centric's most frequently cited loan duration was 15 Year, with 33 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 25 | $1,575,000 | $63,000 |
| $1k-2k | 19 | $2,245,000 | $118,158 |
| $2k-3k | 3 | $625,000 | $208,333 |
| $3k-4k | 1 | $625,000 | $625,000 |
Centric's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 24 | $3,420,000 | $142,500 |
| 5-6% | 8 | $750,000 | $93,750 |
| 6-7% | 7 | $535,000 | $76,429 |
| Over 8% | 7 | $345,000 | $49,286 |
| 7-8% | 6 | $230,000 | $38,333 |
| 3-4% | 2 | $80,000 | $40,000 |
During 2019, Centric's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 24 originations.
Loan Sizing
2019 saw Centric place emphasis on $100,000 or less loans with 34 originations, totaling $1,760,000 in origination value.
Applicant Income
Centric lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
Centric lent most frequently to those with DTI ratios of 30-36%, with 14 originations. The next most common DTI ratio? 20-30%, with 14 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 48 | $4,870,000 | $101,458 | $2,743 | 5.87% |
| Black | 6 | $490,000 | $81,667 | $2,903 | 6.13% |
Approval Rates
Total approvals of all applications59.38%
Centric has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination62.96%
Centric has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 54 | $5,360,000 | $99,259 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 14 | $800,000 | $57,143 |
| Single Family (1-4 Units):Site-Built | 40 | $4,560,000 | $114,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CENTERSTATE BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |