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 and Refi loans. Parlay Mortgage & Property has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Denver, Kankakee, Michigan City, and Ottawa among others. We have data for 7 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 a high 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 | 6.85% | 5/4/24 |
| 30 Year Conventional Refi | 6.54% | 5/4/24 |
| 30 Year Cash-out Refi | 7.14% | 5/4/24 |
| 30 Year FHA Refi | 6.27% | 5/4/24 |
| 30 Year VA Purchase | 6.38% | 5/4/24 |
| 15 Year Conventional Purchase | 6.26% | 5/4/24 |
| 15 Year Conventional Refi | 5.75% | 5/4/24 |
| 15 Year Cash-out Refi | 5.75% | 5/4/24 |
| 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
145Origination Dollar Volume (All Markets)
$40,945,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 115 | $30,385,000 | $264,217 | $8,908 | 4.16% |
| Outside of Metro Areas | 20 | $7,680,000 | $384,000 | $7,589 | 4.12% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,525,000 | $508,333 | $4,675 | 4.13% |
| KANKAKEE, IL (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $5,115 | 4.20% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $8,029 | 3.81% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,725 | 3.99% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $9,548 | 5.50% |
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.
Similarity Rank: 85
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Similarity Rank: 950
Similarity Rank: 1428
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 138 | $38,790,000 | $281,087 | $8,444 | 4.17% |
| VA | 7 | $2,155,000 | $307,857 | $10,030 | 3.87% |
For 2019, Parlay Mortgage & Property's most frequently originated type of loan was Conventional, with 138 originations. Their 2nd most popular type was VA, with 7 originations.
Loan Reason
For 2019, Parlay Mortgage & Property's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Refi, with 49 originations.
Loan Duration/Length
For 2019, Parlay Mortgage & Property's most frequently cited loan duration was 30 Year, with 120 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 130 | $37,240,000 | $286,462 |
| $<1k | 4 | $700,000 | $175,000 |
| $2k-3k | 3 | $325,000 | $108,333 |
Parlay Mortgage & Property's average total fees were $8,922, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 130 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 71 | $20,365,000 | $286,831 |
| 3-4% | 68 | $19,330,000 | $284,265 |
| 5-6% | 5 | $875,000 | $175,000 |
| 2.5-3% | 1 | $375,000 | $375,000 |
During 2019, Parlay Mortgage & Property's average interest rate for loans was 4.26%, while their most frequently originated rate bucket for loans was 4-5%, with 71 originations.
Loan Sizing
2019 saw Parlay Mortgage & Property place emphasis on $200k-400k loans with 76 originations, totaling $21,940,000 in origination value.
Applicant Income
Parlay Mortgage & Property lent most frequently to those with incomes in the $100k-150k range, with 43 originations. The second most popular income band? $150k-250k, with 34 originations.
Applicant Debt to Income Ratio
Parlay Mortgage & Property lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.85%
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 origination81.38%
Parlay Mortgage & Property has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 145 | $40,945,000 | $282,379 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 145 | $40,945,000 | $282,379 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PERL MORTGAGE | Reverse mortgage | Trouble during payment process | 1 | 50.0% |
| PERL MORTGAGE | VA mortgage | Closing on a mortgage | 1 | 50.0% |