Luso Mortgage Rates, Fees & Info
Ludlow, MALEI: 549300ULM1VXY8SV3Z64
Tax ID: 04-6279799
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Mortgage Data
Review & Overview
Luso is a smaller mortgage company specializing in Home Purchase and Home Improvement loans. Luso has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Naples, Hartford, Barnstable Town, and Pittsfield among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Luso has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Luso 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 | 5.45% | 11/17/24 |
| 30 Year Conventional Refi | 6.00% | 11/17/24 |
| 30 Year Cash-out Refi | 5.87% | 11/17/24 |
| 15 Year Conventional Purchase | 3.25% | 11/17/24 |
| 15 Year Conventional Refi | 5.65% | 11/17/24 |
| 15 Year Cash-out Refi | 5.65% | 11/17/24 |
| 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. | ||
Luso Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
160Origination Dollar Volume (All Markets)
$28,740,000Awards
LUSO - 2018
LUSO is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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Top 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 |
|---|---|---|---|---|---|
| SPRINGFIELD, MA (FHA|USDA|VA) | 149 | $25,305,000 | $169,832 | $2,785 | 4.04% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $1,405,000 | $1,405,000 | $11,417 | 2.88% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $4,336 | 5.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $3,529 | 3.75% |
| PITTSFIELD, MA (FHA|USDA|VA) | 2 | $160,000 | $80,000 | $2,055 | 5.25% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,532 | 3.50% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,187 | 3.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $438 | 3.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against LUSO 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 | 160 | $28,740,000 | $179,625 | $2,856 | 4.04% |
For 2018, Luso's most frequently originated type of loan was Conventional, with 160 originations.
Loan Reason
For 2018, Luso's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Home Improvement, with 34 originations.
Loan Duration/Length
For 2018, Luso's most frequently cited loan duration was 30 Year, with 69 originations. The 2nd most popular length was 10 Year, with 22 originations.
Origination Fees/Closing Costs
Luso's average total fees were $3,634, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 131 originations.
Interest Rates
During 2018, Luso's average interest rate for loans was 3.79%, while their most frequently originated rate bucket for loans was 3-4%, with 71 originations.
Loan Sizing
2018 saw Luso place emphasis on $100k-200k loans with 58 originations, totaling $8,450,000 in origination value.
Applicant Income
Luso lent most frequently to those with incomes in the $100k-150k range, with 46 originations. The second most popular income band? $50k-75k, with 41 originations.
Applicant Debt to Income Ratio
Luso lent most frequently to those with DTI ratios of 20-30%, with 44 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.31%
Luso has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.63%
Luso has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 160 | $28,740,000 | $179,625 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $800,000 | $400,000 |
| Single Family (1-4 Units):Site-Built | 158 | $27,940,000 | $176,835 |