Conway Financial Services Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300TJCGICP5CDWM63
Tax ID: 81-2244977
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Mortgage Data
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 an average proportion of FHA loans. Their top markets by origination volume include: Boston, Providence, and Worcester among others. We have data for 3 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.
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Originations
63Origination Dollar Volume (All Markets)
$25,945,000Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 40 | $18,180,000 | $454,500 | $6,283 | 6.46% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 20 | $6,800,000 | $340,000 | $5,419 | 6.56% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $965,000 | $321,667 | $4,682 | 6.79% |
Their top states include:
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 54 | $22,020,000 | $407,778 | $4,761 | 6.49% |
| FHA | 7 | $3,045,000 | $435,000 | $12,299 | 6.61% |
| VA | 2 | $880,000 | $440,000 | $14,940 | 6.50% |
For 2023, Conway Financial Services's most frequently originated type of loan was Conventional, with 54 originations. Their 2nd most popular type was FHA, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 63 | $25,945,000 | $411,825 | $5,941 | 6.51% |
For 2023, Conway Financial Services's most frequently cited loan purpose was Home Purchase, with 63 originations.
Loan Duration/Length
For 2023, Conway Financial Services's most frequently cited loan duration was 30 Year, with 61 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 57 | $23,395,000 | $410,439 |
| $2k-3k | 2 | $860,000 | $430,000 |
| $3k-4k | 2 | $830,000 | $415,000 |
| $4k-5k | 1 | $385,000 | $385,000 |
Conway Financial Services's average total fees were $6,015, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 57 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 49 | $19,665,000 | $401,327 |
| 7-8% | 7 | $3,305,000 | $472,143 |
| 5-6% | 6 | $2,360,000 | $393,333 |
| 4-5% | 1 | $615,000 | $615,000 |
During 2023, Conway Financial Services's average interest rate for loans was 6.53%, while their most frequently originated rate bucket for loans was 6-7%, with 49 originations.
Loan Sizing
2023 saw Conway Financial Services place emphasis on $400k-600k loans with 27 originations, totaling $13,155,000 in origination value.
Applicant Income
Conway Financial Services lent most frequently to those with incomes in the $150k-250k range, with 20 originations. The second most popular income band? $100k-150k, with 15 originations.
Applicant Debt to Income Ratio
Conway Financial Services lent most frequently to those with DTI ratios of 30-36%, with 11 originations. The next most common DTI ratio? 20-30%, with 9 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.63%
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 origination87.30%
Conway Financial Services has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 63 | $25,945,000 | $411,825 |