Conway Financial Services Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300TJCGICP5CDWM63

Tax ID: 81-2244977

5 stars - out of 5 stars, based on 16 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Conway Financial Services is a smaller mortgage company specializing in Home Purchase loans. Conway Financial Services has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Boston, Providence, Barnstable Town, Worcester, and Springfield among others. Conway Financial Services has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Conway Financial Services is typically an average fee lendor.


Originations

261

Origination Dollar Volume (All Markets)

$97,845,000

Awards

CONWAY FINANCIAL SERVICES  30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Conway Financial Services 's average 30 year fixed rate mortgage of loans were 3.15%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0%.

Relative Fees

Conway Financial Services 's average total fees for a 30 year fixed rate mortgage are $4,589.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 184 $74,070,000 $402,554 $4,578 3.10%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 51 $14,535,000 $285,000 $4,046 3.13%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 19 $7,265,000 $382,368 $3,997 3.04%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $1,310,000 $327,500 $3,838 3.40%
SPRINGFIELD, MA (FHA|USDA|VA) 3 $665,000 $221,667 $4,984 3.29%

Conway Financial Services 's top markets include Boston, Providence, Barnstable Town, Worcester, and Springfield among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 231 $86,355,000 $373,831 $3,707 3.10%
FHA 17 $5,865,000 $345,000 $9,954 3.25%
VA 10 $4,580,000 $458,000 $10,728 3.17%
USDA 3 $1,045,000 $348,333 $7,343 3.13%

For the 2021 period, Conway Financial Services 's most frequently originated loan type of loans were Conventional, with 231 originations. Their 2nd most popular type is FHA, with 17 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 182 $71,370,000 $392,143 $5,004 3.13%
Refi 57 $19,475,000 $341,667 $3,052 3.06%
Cash Out Refi 22 $7,000,000 $318,182 $3,190 3.10%

For the 2021, Conway Financial Services 's most frequently cited loan purpose of loans were Home Purchase, with 182 originations. The 2nd most popular reason of loans were Refi, with 57 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 235 $90,795,000 $386,362 $4,589 3.15%
15 Year 13 $3,425,000 $263,462 $2,887 2.63%
20 Year 7 $2,275,000 $325,000 $3,220 2.98%
Other 6 $1,350,000 $225,000 $2,713 2.93%

For the 2021, Conway Financial Services 's most frequently cited loan length of loans were 30 Year, with 235 originations. The 2nd most popular length of loans were 15 Year, with 13 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 217 $81,405,000 $375,138
$<1k 32 $11,350,000 $354,688
$2k-3k 6 $2,400,000 $400,000
$3k-4k 4 $1,850,000 $462,500
$5k+ 2 $840,000 $420,000

$4,589 of loans were Conway Financial Services 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 217 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 133 $49,895,000 $375,150
2.5-3% 117 $44,875,000 $383,547
<2.5% 9 $2,475,000 $275,000
4-5% 2 $600,000 $300,000

During 2021, Conway Financial Services 's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 133 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 139 $41,455,000 $298,237 $3,977 3.15%
$400k-600k 76 $35,770,000 $470,658 $5,217 3.10%
$600k-1MM 22 $15,060,000 $684,545 $5,862 3.04%
$100k-200k 18 $2,820,000 $156,667 $3,137 2.98%
$100,000 or less 4 $270,000 $67,500 $2,239 2.91%
$1MM+ 2 $2,470,000 $1,235,000 $5,577 3.31%

2021 saw Conway Financial Services place emphasis on $200k-400k loans with 139 originations, totaling $41,455,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 76 $30,020,000 $395,000 $4,843 3.10%
$150k-250k 56 $24,310,000 $434,107 $4,427 3.06%
$75k-100k 56 $17,590,000 $314,107 $4,543 3.23%
$50k-75k 39 $9,455,000 $242,436 $3,783 3.10%
$250k+ 22 $13,770,000 $625,909 $4,222 3.01%
$50k or less 12 $2,700,000 $225,000 $3,666 3.09%

Conway Financial Services lent most frequently to those with incomes in the $100k-150k range, with 76 originations. The second most popular income band? $150k-250k, with 56 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 68 $27,850,000 $409,559 $3,932 3.09%
30-36% 45 $15,665,000 $348,111 $4,080 3.13%
<20% 22 $9,570,000 $435,000 $3,564 2.92%
41% 13 $4,455,000 $342,692 $5,113 3.04%
43% 12 $4,870,000 $405,833 $4,503 3.16%
50-60% 11 $4,065,000 $369,545 $8,230 3.17%
42% 10 $4,530,000 $453,000 $4,778 3.08%
36% 10 $3,180,000 $318,000 $3,731 3.18%
38% 9 $3,365,000 $373,889 $3,698 3.35%
37% 8 $2,780,000 $347,500 $4,846 3.36%
39% 8 $2,860,000 $357,500 $4,317 3.04%
46% 8 $2,890,000 $361,250 $4,930 3.01%
49% 7 $2,095,000 $299,286 $5,386 3.27%
45% 7 $2,095,000 $299,286 $3,119 3.12%
40% 6 $1,960,000 $326,667 $5,764 3.17%
44% 6 $2,040,000 $340,000 $3,520 2.96%
48% 6 $2,100,000 $350,000 $5,552 3.16%
47% 4 $1,010,000 $252,500 $3,557 3.15%
>60% 1 $465,000 $465,000 $20,558 3.25%

Conway Financial Services lent most frequently to those with DTI ratios of 20-30%, with 68 originations. The next most common DTI ratio? 30-36%, with 45 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 217 $79,475,000 $366,244 $4,337 3.10%
Not provided 24 $7,980,000 $332,500 $4,048 3.14%
Asian 11 $5,885,000 $535,000 $4,379 3.13%
Black 9 $4,505,000 $500,556 $7,598 3.35%

Approval Rates

Total approvals of all applications
95.73%

Conway Financial Services 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
76.94%

Conway Financial Services has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 261 $97,845,000 $374,885

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
261 $97,845,000 $374,885

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 14 $2,730,000 $195,000 $2,925 2.90%
40-60% 28 $8,390,000 $299,643 $3,177 2.99%
60-80% 96 $37,260,000 $388,125 $3,627 3.12%
80-100% 117 $47,145,000 $402,949 $5,161 3.16%
Over 100% 4 $2,080,000 $520,000 $17,525 3.19%
Under 20% 2 $240,000 $120,000 $1,418 2.38%