Conway Financial Services Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300TJCGICP5CDWM63

Tax ID: 81-2244977

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 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 markets by origination volume include: Boston, Providence, Barnstable Town, Vineyard Haven, and Worcester among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Conway Financial Services 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. Conway Financial Services 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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    Originations

    124

    Origination Dollar Volume (All Markets)

    $52,030,000

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 74 $34,380,000 $464,595 $4,948 5.09%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 37 $13,315,000 $359,865 $5,485 5.06%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $3,140,000 $392,500 $5,066 5.98%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $505,000 $505,000 $5,167 3.25%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $335,000 $335,000 $4,596 5.63%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $235,000 $235,000 $7,682 7.13%
    SPRINGFIELD, MA (FHA|USDA|VA) 2 $120,000 $60,000 $3,436 6.06%
    Conway Financial Services's top markets include Boston, Providence, Barnstable Town, Vineyard Haven, and Worcester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against CONWAY FINANCIAL SERVICES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Homestar Mortgage, Inc.
    Similarity Rank: 8
    Rhode Island Credit Union
    Similarity Rank: 15
    SOMERSET
    Similarity Rank: 21
    Charter Oak Federal Credit Union
    Similarity Rank: 42
    QUINCY CREDIT UNION
    Similarity Rank: 50
    HOMEFIELD
    Similarity Rank: 72
    Direct Federal Credit Union
    Similarity Rank: 115
    FALL RIVER MUNICIPAL CREDIT UNION
    Similarity Rank: 129
    IC Federal Credit Union
    Similarity Rank: 144
    Piscataqua Savings Bank
    Similarity Rank: 200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 116 $49,040,000 $422,759 $4,824 5.14%
    FHA 6 $1,990,000 $331,667 $10,317 5.77%
    VA 1 $605,000 $605,000 $4,708 4.25%
    USDA 1 $395,000 $395,000 $7,722 5.25%

    For 2022, Conway Financial Services's most frequently originated type of loan was Conventional, with 116 originations. Their 2nd most popular type was FHA, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 112 $48,140,000 $429,821 $5,327 5.29%
    Cash Out Refi 7 $2,395,000 $342,143 $3,128 3.43%
    Refi 5 $1,495,000 $299,000 $3,100 4.65%

    For 2022, Conway Financial Services's most frequently cited loan purpose was Home Purchase, with 112 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 117 $49,985,000 $427,222 $5,239 5.26%
    15 Year 5 $1,455,000 $291,000 $2,791 3.25%
    20 Year 1 $285,000 $285,000 $3,346 5.25%
    Other 1 $305,000 $305,000 $3,700 3.38%

    For 2022, Conway Financial Services's most frequently cited loan duration was 30 Year, with 117 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 102 $43,900,000 $430,392
    $5k+ 7 $3,545,000 $506,429
    $2k-3k 6 $1,670,000 $278,333
    $4k-5k 6 $1,980,000 $330,000
    $3k-4k 2 $630,000 $315,000
    $<1k 1 $305,000 $305,000

    Conway Financial Services's average total fees were $5,239, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 102 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 41 $16,875,000 $411,585
    3-4% 30 $11,760,000 $392,000
    4-5% 22 $9,770,000 $444,091
    6-7% 21 $8,835,000 $420,714
    7-8% 7 $3,865,000 $552,143
    Over 8% 1 $525,000 $525,000
    2.5-3% 1 $385,000 $385,000
    <2.5% 1 $15,000 $15,000

    During 2022, Conway Financial Services's average interest rate for loans was 5.26%, while their most frequently originated rate bucket for loans was 5-6%, with 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 55 $16,975,000 $308,636 $4,915 4.92%
    $400k-600k 47 $22,575,000 $480,319 $5,234 5.33%
    $600k-1MM 11 $8,115,000 $737,727 $6,229 5.23%
    $100k-200k 5 $815,000 $163,000 $3,915 5.67%
    $100,000 or less 4 $220,000 $55,000 $3,215 5.06%
    $1MM+ 2 $3,330,000 $1,665,000 $8,341 6.31%

    2022 saw Conway Financial Services place emphasis on $200k-400k loans with 55 originations, totaling $16,975,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 124 $52,030,000 $419,597 $5,113 5.16%

    Conway Financial Services lent most frequently to those with incomes in the $50k or less range, with 124 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 24 $10,250,000 $427,083 $4,802 5.09%
    20-30% 21 $10,015,000 $476,905 $4,509 5.28%
    44% 9 $3,395,000 $377,222 $4,909 5.44%
    38% 8 $3,980,000 $497,500 $5,863 5.11%
    40% 7 $2,835,000 $405,000 $4,228 5.18%
    48% 7 $2,915,000 $416,429 $5,430 5.53%
    47% 6 $2,720,000 $453,333 $4,298 5.21%
    43% 6 $2,150,000 $358,333 $6,399 5.71%
    45% 5 $2,275,000 $455,000 $5,577 3.95%
    50-60% 4 $1,460,000 $365,000 $7,660 5.94%
    39% 4 $1,380,000 $345,000 $5,096 5.09%
    42% 4 $1,240,000 $310,000 $6,059 4.22%
    46% 4 $1,900,000 $475,000 $6,466 5.40%
    49% 4 $1,780,000 $445,000 $6,024 4.65%
    37% 3 $1,385,000 $461,667 $4,049 4.96%
    41% 3 $1,055,000 $351,667 $6,177 5.66%
    <20% 3 $605,000 $201,667 $2,869 4.88%
    36% 2 $690,000 $345,000 $4,387 4.56%

    Conway Financial Services lent most frequently to those with DTI ratios of 30-36%, with 24 originations. The next most common DTI ratio? 20-30%, with 21 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 112 $45,730,000 $408,304 $4,989 5.17%
    Not provided 6 $3,790,000 $631,667 $5,167 5.12%
    Black 4 $1,550,000 $387,500 $8,847 4.53%
    Asian 2 $960,000 $480,000 $4,384 6.13%

    Approval Rates

    Total approvals of all applications
    96.20%

    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
    78.23%

    Conway Financial Services has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 124 $52,030,000 $419,597

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    124 $52,030,000 $419,597

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $1,085,000 $217,000 $5,619 4.95%
    40-60% 15 $5,575,000 $371,667 $3,980 4.47%
    60-80% 44 $21,260,000 $483,182 $5,030 5.37%
    80-100% 59 $24,095,000 $408,390 $5,488 5.25%
    Under 20% 1 $15,000 $15,000 $1,095 2.00%