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 Refi and Home Purchase loans. Parlay Mortgage & Property has a high proportion of conventional loans. Their top markets by origination volume include: Chicago, Kankakee, Denver, Fort Wayne, 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 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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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
290Origination Dollar Volume (All Markets)
$80,210,000Top 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) | 198 | $53,810,000 | $271,768 | $3,375 | 3.07% |
| Outside of Metro Areas | 85 | $24,855,000 | $292,412 | $3,522 | 3.08% |
| KANKAKEE, IL (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $2,493 | 3.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 3.50% |
| FORT WAYNE, IN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,220 | 2.99% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,323 | 3.25% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,661 | 3.00% |
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 | 282 | $77,210,000 | $273,794 | $3,369 | 3.08% |
| VA | 8 | $3,000,000 | $375,000 | $4,719 | 3.14% |
For 2020, Parlay Mortgage & Property's most frequently originated type of loan was Conventional, with 282 originations. Their 2nd most popular type was VA, with 8 originations.
Loan Reason
For 2020, Parlay Mortgage & Property's most frequently cited loan purpose was Refi, with 198 originations. The 2nd most popular reason was Home Purchase, with 67 originations.
Loan Duration/Length
For 2020, Parlay Mortgage & Property's most frequently cited loan duration was 30 Year, with 180 originations. The 2nd most popular length was 15 Year, with 56 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $245,000 | $245,000 |
Parlay Mortgage & Property's average total fees were $3,743, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 135 | $36,955,000 | $273,741 |
| 3-4% | 122 | $34,790,000 | $285,164 |
| <2.5% | 29 | $7,455,000 | $257,069 |
| 4-5% | 4 | $1,010,000 | $252,500 |
During 2020, Parlay Mortgage & Property's average interest rate for loans was 3.25%, while their most frequently originated rate bucket for loans was 2.5-3%, with 135 originations.
Loan Sizing
2020 saw Parlay Mortgage & Property place emphasis on $200k-400k loans with 188 originations, totaling $54,540,000 in origination value.
Applicant Income
Parlay Mortgage & Property lent most frequently to those with incomes in the $100k-150k range, with 96 originations. The second most popular income band? $150k-250k, with 74 originations.
Applicant Debt to Income Ratio
Parlay Mortgage & Property lent most frequently to those with DTI ratios of 20-30%, with 94 originations. The next most common DTI ratio? 30-36%, with 58 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.56%
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 origination81.72%
Parlay Mortgage & Property has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2550.0 | 1 | $125,000 | $125,000 |
| NA | 289 | $80,085,000 | $277,111 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 290 | $80,210,000 | $276,586 |