Parlay Mortgage & Property Rates, Fees & Info
ADDISON, ILLEI: 549300TRKZF3ZJPXJT92
Tax ID: 42-1730597
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Mortgage Data
Review & Overview
Parlay Mortgage & Property is a smaller mortgage company specializing in Home Purchase loans. Parlay Mortgage & Property has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Kankakee, and Ottawa among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Parlay Mortgage & Property 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. Parlay Mortgage & Property is typically an average 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 | 6.85% | 11/23/24 |
| 30 Year Conventional Refi | 6.54% | 11/23/24 |
| 30 Year Cash-out Refi | 7.14% | 11/23/24 |
| 30 Year FHA Refi | 6.27% | 11/23/24 |
| 30 Year VA Purchase | 6.38% | 11/23/24 |
| 15 Year Conventional Purchase | 6.26% | 11/23/24 |
| 15 Year Conventional Refi | 5.75% | 11/23/24 |
| 15 Year Cash-out Refi | 5.75% | 11/23/24 |
| 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. | ||
Parlay Mortgage & Property Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
78Origination Dollar Volume (All Markets)
$19,930,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 65 | $15,955,000 | $245,462 | $4,662 | 4.72% |
| Outside of Metro Areas | 8 | $3,100,000 | $387,500 | $5,778 | 4.69% |
| KANKAKEE, IL (FHA|USDA|VA) | 4 | $760,000 | $190,000 | $2,930 | 4.78% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,114 | 4.99% |
Similar Lenders
We use machine learning to identify the top lenders compared against PARLAY MORTGAGE & PROPERTY 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 | 72 | $18,130,000 | $251,806 | $4,702 | 4.73% |
| VA | 6 | $1,800,000 | $300,000 | $4,420 | 4.60% |
For 2018, Parlay Mortgage & Property's most frequently originated type of loan was Conventional, with 72 originations. Their 2nd most popular type was VA, with 6 originations.
Loan Reason
For 2018, Parlay Mortgage & Property's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
For 2018, Parlay Mortgage & Property's most frequently cited loan duration was 30 Year, with 63 originations. The 2nd most popular length was 15 Year, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 75 | $19,085,000 | $254,467 |
| $<1k | 2 | $570,000 | $285,000 |
Parlay Mortgage & Property's average total fees were $4,872, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 75 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 63 | $16,245,000 | $257,857 |
| 5-6% | 12 | $3,040,000 | $253,333 |
| 3-4% | 3 | $645,000 | $215,000 |
During 2018, Parlay Mortgage & Property's average interest rate for loans was 4.80%, while their most frequently originated rate bucket for loans was 4-5%, with 63 originations.
Loan Sizing
2018 saw Parlay Mortgage & Property place emphasis on $200k-400k loans with 41 originations, totaling $11,475,000 in origination value.
Applicant Income
Parlay Mortgage & Property lent most frequently to those with incomes in the $75k-100k range, with 22 originations. The second most popular income band? $150k-250k, with 19 originations.
Applicant Debt to Income Ratio
Parlay Mortgage & Property lent most frequently to those with DTI ratios of 20-30%, with 16 originations. The next most common DTI ratio? 30-36%, with 15 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.14%
Parlay Mortgage & Property has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination70.51%
Parlay Mortgage & Property has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 78 | $19,930,000 | $255,513 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 78 | $19,930,000 | $255,513 |