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 Home Purchase and Cash Out Refi loans. Centric has a high proportion of conventional loans. Their top markets by origination volume include: Monroe, Ruston, and Shreveport 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. Centric 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.17% | 12/16/24 |
| 30 Year Conventional Refi | 7.51% | 12/16/24 |
| 30 Year Cash-out Refi | 7.56% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 6.27% | 12/16/24 |
| 30 Year USDA Purchase | 6.27% | 12/16/24 |
| 15 Year Conventional Purchase | 9.33% | 12/16/24 |
| 15 Year Conventional Refi | 6.82% | 12/16/24 |
| 15 Year Cash-out Refi | 6.82% | 12/16/24 |
| 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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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
57Origination Dollar Volume (All Markets)
$7,305,000Top 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 |
|---|---|---|---|---|---|
| MONROE, LA (FHA|USDA|VA) | 40 | $5,340,000 | $133,500 | $3,609 | 4.45% |
| Outside of Metro Areas | 10 | $1,170,000 | $117,000 | $3,771 | 4.50% |
| Ruston, LA (FHA|USDA|VA) | 6 | $680,000 | $113,333 | $4,015 | 5.52% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,780 | 4.00% |
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 | 57 | $7,305,000 | $128,158 | $3,671 | 4.56% |
For 2020, Centric's most frequently originated type of loan was Conventional, with 57 originations.
Loan Reason
For 2020, Centric's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
For 2020, Centric's most frequently cited loan duration was 15 Year, with 32 originations. The 2nd most popular length was 30 Year, with 16 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 21 | $2,685,000 | $127,857 |
| $<1k | 20 | $1,470,000 | $73,500 |
| $2k-3k | 7 | $1,495,000 | $213,571 |
| $3k-4k | 4 | $1,290,000 | $322,500 |
Centric's average total fees were $4,335, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 21 originations.
Interest Rates
During 2020, Centric's average interest rate for loans was 3.95%, while their most frequently originated rate bucket for loans was 3-4%, with 34 originations.
Loan Sizing
2020 saw Centric place emphasis on $100,000 or less loans with 24 originations, totaling $1,330,000 in origination value.
Applicant Income
Centric lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 17 originations.
Applicant Debt to Income Ratio
Centric lent most frequently to those with DTI ratios of 30-36%, with 13 originations. The next most common DTI ratio? 20-30%, with 12 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 41 | $5,325,000 | $129,878 | $3,626 | 4.58% |
| Black | 16 | $1,980,000 | $123,750 | $3,784 | 4.52% |
Approval Rates
Total approvals of all applications51.92%
Centric has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination14.04%
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 |
|---|---|---|---|
| 780.0 | 1 | $155,000 | $155,000 |
| NA | 56 | $7,150,000 | $127,679 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 7 | $425,000 | $60,714 |
| Single Family (1-4 Units):Site-Built | 50 | $6,880,000 | $137,600 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 2 | 50.0% |
| CENTERSTATE BANK CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 25.0% |