Centric Mortgage Rates, Fees & Info

West Monroe, LA

LEI: 549300TCR1BZRVOO2A49

Tax ID: 72-0488612

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top two markets are Monroe and Ruston .

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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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.

Centric Mortgage Calculator

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This is not an official calculator from Centric. 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

142

Origination Dollar Volume (All Markets)

$22,920,000

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
MONROE, LA (FHA\|USDA\|VA)	96	$15,330,000	$159,688	$3,610	3.94%
Ruston, LA (FHA\|USDA\|VA)	27	$4,775,000	$176,852	$4,288	4.66%
Outside of Metro Areas	19	$2,815,000	$148,158	$3,600	4.68%

Centric's top markets include Monroe and Ruston among others.

Their top states include:

Louisiana (FHA|USDA|VA)

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.

CENTRIC
Similarity Rank: 144

STANDARD MORTGAGE CORPORATION
Similarity Rank: 256

Century Next Bank
Similarity Rank: 459

Cross Keys Bank
Similarity Rank: 702

Eagle Bank and Trust Company
Similarity Rank: 3956

First Horizon Bank
Similarity Rank: 6318

GMFS LLC
Similarity Rank: 6468

Origin Bank
Similarity Rank: 6656

CRESCENT MORTGAGE COMPANY
Similarity Rank: 7981

NEW DAY FINANCIAL, LLC
Similarity Rank: 10491

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	140	$22,500,000	$160,714	$3,706	4.18%
FHA	1	$335,000	$335,000	$7,170	4.00%
USDA	1	$85,000	$85,000	$3,272	4.00%

For 2021, Centric's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was FHA, with 1 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	87	$14,135,000	$162,471	$4,107	4.45%
Cash Out Refi	36	$5,510,000	$153,056	$3,286	3.49%
Refi	18	$3,200,000	$177,778	$3,009	4.24%
Home Improvement	1	$75,000	$75,000	$3,130	4.31%

For 2021, Centric's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	79	$14,365,000	$181,835	$4,066	3.89%
15 Year	25	$3,685,000	$147,400	$3,463	3.66%
Other	14	$2,690,000	$192,143	$2,641	4.69%
20 Year	12	$1,660,000	$138,333	$3,106	4.37%
10 Year	11	$495,000	$45,000	$2,099	6.63%
5 Year	1	$25,000	$25,000	$813	2.50%

For 2021, Centric's most frequently cited loan duration was 30 Year, with 79 originations. The 2nd most popular length was 15 Year, with 25 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	51	$7,575,000	$148,529
$1k-2k	46	$5,950,000	$129,348
$2k-3k	21	$4,435,000	$211,190
$3k-4k	3	$1,175,000	$391,667
$4k-5k	3	$1,175,000	$391,667

Centric's average total fees were $4,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 51 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	87	$15,795,000	$181,552
5-6%	16	$1,220,000	$76,250
<2.5%	10	$1,760,000	$176,000
4-5%	9	$1,495,000	$166,111
2.5-3%	9	$1,895,000	$210,556
7-8%	5	$255,000	$51,000
6-7%	3	$285,000	$95,000
Over 8%	2	$70,000	$35,000

During 2021, Centric's average interest rate for loans was 3.89%, while their most frequently originated rate bucket for loans was 3-4%, with 87 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	65	$9,685,000	$149,000	$3,727	3.93%
$100,000 or less	42	$2,650,000	$63,095	$2,794	5.04%
$200k-400k	30	$8,130,000	$271,000	$4,514	3.67%
$400k-600k	4	$1,790,000	$447,500	$4,635	2.84%
$600k-1MM	1	$665,000	$665,000	$0	4.00%

2021 saw Centric place emphasis on $100k-200k loans with 65 originations, totaling $9,685,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	48	$6,830,000	$142,292	$3,865	4.39%
$50k or less	43	$5,285,000	$122,907	$3,355	4.38%
$75k-100k	23	$4,395,000	$191,087	$4,098	3.70%
$100k-150k	15	$2,205,000	$147,000	$3,432	4.20%
$150k-250k	6	$1,440,000	$240,000	$3,976	3.75%
$250k+	4	$2,050,000	$512,500	$5,016	3.06%

Centric lent most frequently to those with incomes in the $50k-75k range, with 48 originations. The second most popular income band? $50k or less, with 43 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	32	$4,990,000	$155,938	$3,902	4.08%
20-30%	31	$4,045,000	$130,484	$3,567	4.41%
<20%	9	$1,305,000	$145,000	$2,795	4.04%
41%	7	$1,175,000	$167,857	$4,700	4.66%
37%	6	$1,060,000	$176,667	$3,688	3.98%
38%	6	$870,000	$145,000	$3,827	4.63%
43%	5	$835,000	$167,000	$4,138	3.70%
36%	5	$935,000	$187,000	$3,924	3.63%
42%	4	$550,000	$137,500	$3,721	3.88%
40%	4	$790,000	$197,500	$5,433	4.41%
48%	3	$455,000	$151,667	$3,830	3.92%
44%	3	$315,000	$105,000	$3,709	4.92%
45%	3	$415,000	$138,333	$3,799	3.94%
>60%	3	$455,000	$151,667	$3,130	2.96%
47%	2	$280,000	$140,000	$3,075	4.88%
49%	2	$360,000	$180,000	$3,114	4.00%
46%	1	$215,000	$215,000	$4,841	4.00%
50-60%	1	$125,000	$125,000	$3,839	4.00%
39%	1	$235,000	$235,000	$5,431	4.00%

Centric lent most frequently to those with DTI ratios of 30-36%, with 32 originations. The next most common DTI ratio? 20-30%, with 31 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	92	$14,520,000	$157,826	$3,659	4.11%
Black	39	$5,935,000	$152,179	$3,966	4.29%
Not applicable	7	$1,735,000	$247,857	$0	4.68%
Other Asian	1	$385,000	$385,000	$3,898	3.13%
American Indian	2	$260,000	$130,000	$2,798	4.38%
Native Hawaiian or Islander	1	$85,000	$85,000	$2,858	3.00%

Approval Rates

Total approvals of all applications
65.78%

Centric has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
33.80%

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	142	$22,920,000	$161,408

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	142	$22,920,000	$161,408

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	4	$310,000	$77,500	$2,331	3.56%
40-60%	7	$895,000	$127,857	$2,535	4.17%
60-80%	42	$7,960,000	$189,524	$3,448	3.65%
80-100%	80	$12,380,000	$154,750	$4,119	4.38%
Over 100%	2	$560,000	$280,000	$0	4.38%
Under 20%	2	$70,000	$35,000	$784	3.63%

Complaints

Bank Name	Product	Issue	2021 CPFB Complaints	% of Total Issues
Central Mortgage Funding, LLC	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%