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, Ottawa, Knoxville, Michigan City, and Kankakee among others. We have data for 9 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
235Origination Dollar Volume (All Markets)
$62,055,000Top 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) | 205 | $53,645,000 | $261,683 | $4,047 | 2.98% |
| Outside of Metro Areas | 19 | $5,955,000 | $313,421 | $4,998 | 2.85% |
| Ottawa, IL (FHA|USDA|VA) | 3 | $825,000 | $275,000 | $5,143 | 3.16% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,099 | 3.20% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,124 | 2.93% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $2,906 | 2.99% |
| Warsaw, IN (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $2,534 | 2.75% |
| NILES, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 3.00% |
| Galesburg, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,129 | 3.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 223 | $58,165,000 | $260,830 | $4,176 | 2.98% |
| VA | 11 | $3,645,000 | $331,364 | $3,295 | 2.72% |
| HELOC | 1 | $245,000 | $245,000 | n/a | 3.25% |
For 2021, Parlay Mortgage & Property's most frequently originated type of loan was Conventional, with 223 originations. Their 2nd most popular type was VA, with 11 originations.
Loan Reason
For 2021, Parlay Mortgage & Property's most frequently cited loan purpose was Refi, with 105 originations. The 2nd most popular reason was Home Purchase, with 94 originations.
Loan Duration/Length
For 2021, Parlay Mortgage & Property's most frequently cited loan duration was 30 Year, with 164 originations. The 2nd most popular length was 15 Year, with 40 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 101 | $26,985,000 | $267,178 |
| 3-4% | 92 | $24,140,000 | $262,391 |
| <2.5% | 41 | $10,485,000 | $255,732 |
| 4-5% | 1 | $445,000 | $445,000 |
During 2021, Parlay Mortgage & Property's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 2.5-3%, with 101 originations.
Loan Sizing
2021 saw Parlay Mortgage & Property place emphasis on $200k-400k loans with 141 originations, totaling $39,885,000 in origination value.
Applicant Income
Parlay Mortgage & Property lent most frequently to those with incomes in the $100k-150k range, with 68 originations. The second most popular income band? $75k-100k, with 52 originations.
Applicant Debt to Income Ratio
Parlay Mortgage & Property lent most frequently to those with DTI ratios of 20-30%, with 60 originations. The next most common DTI ratio? 30-36%, with 54 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.99%
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 origination77.45%
Parlay Mortgage & Property has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2102.0 | 1 | $155,000 | $155,000 |
| 2107.0 | 4 | $900,000 | $225,000 |
| 2110.89 | 1 | $265,000 | $265,000 |
| 2115.89 | 2 | $250,000 | $125,000 |
| 2190.85 | 1 | $405,000 | $405,000 |
| 2190.95 | 1 | $505,000 | $505,000 |
| 2501.0 | 1 | $335,000 | $335,000 |
| 2507.95 | 1 | $345,000 | $345,000 |
| 2531.0 | 1 | $165,000 | $165,000 |
| 2555.89 | 1 | $255,000 | $255,000 |
| 2851.64 | 1 | $225,000 | $225,000 |
| 3025.19 | 1 | $245,000 | $245,000 |
| 3032.95 | 1 | $175,000 | $175,000 |
| 3735.83 | 1 | $265,000 | $265,000 |
| 4555.85 | 1 | $275,000 | $275,000 |
| 5160.85 | 1 | $165,000 | $165,000 |
| 5335.89 | 2 | $410,000 | $205,000 |
| 6465.35 | 1 | $205,000 | $205,000 |
| 6580.89 | 1 | $325,000 | $325,000 |
| 7271.84 | 1 | $75,000 | $75,000 |
| 7596.84 | 1 | $265,000 | $265,000 |
| NA | 209 | $55,845,000 | $267,201 |