Firefly Mortgage Rates, Fees & Info

Burnsville, MN

LEI: 549300VJNXT4X0NJO497

Tax ID: 41-0415415

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Firefly is a smaller mortgage company specializing in Refi loans. Firefly has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Faribault, Duluth, Atlanta, and Red Wing among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Firefly 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. Firefly 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    Originations

    2,049

    Origination Dollar Volume (All Markets)

    $256,255,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1,830 $232,730,000 $127,175 $1,476 4.06%
    Faribault-Northfield, MN (FHA|USDA|VA) 44 $5,520,000 $125,455 $1,349 4.26%
    Outside of Metro Areas 44 $5,080,000 $115,455 $1,421 3.98%
    DULUTH, MN-WI (FHA|USDA|VA) 24 $2,670,000 $111,250 $880 3.86%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 28 $2,500,000 $89,286 $614 4.20%
    Red Wing, MN (FHA|USDA|VA) 14 $1,430,000 $102,143 $647 3.88%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 7 $1,085,000 $155,000 $958 4.00%
    Brainerd, MN (FHA|USDA|VA) 14 $1,080,000 $77,143 $690 4.31%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 9 $555,000 $61,667 $174 4.60%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $450,000 $112,500 $1,383 3.75%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $370,000 $185,000 $300 5.13%
    Fergus Falls, MN (FHA|USDA|VA) 2 $300,000 $150,000 $1,919 3.25%
    Owatonna, MN (FHA|USDA|VA) 4 $290,000 $72,500 $1,012 4.26%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $270,000 $135,000 $167 3.69%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $255,000 $255,000 $157 3.67%
    MANKATO, MN (FHA|USDA|VA) 1 $225,000 $225,000 $1,862 3.00%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $200,000 $100,000 $1,844 3.06%
    Willmar, MN (FHA|USDA|VA) 2 $160,000 $80,000 $162 3.89%
    Tupelo, MS (FHA|USDA|VA) 1 $135,000 $135,000 $4,006 3.50%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,379 3.13%
    Alexandria, MN (FHA|USDA|VA) 1 $115,000 $115,000 $3,348 3.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 4.50%
    Menomonie, WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,099 3.13%
    Hutchinson, MN (FHA|USDA|VA) 2 $100,000 $50,000 $0 4.50%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $100,000 $50,000 $162 3.75%
    ROCHESTER, MN (FHA|USDA|VA) 2 $80,000 $40,000 $162 3.69%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $75,000 $75,000 $3,098 2.88%
    PUNTA GORDA, FL (FHA|USDA|VA) 2 $70,000 $35,000 $157 4.04%
    Albert Lea, MN (FHA|USDA|VA) 1 $65,000 $65,000 $162 3.70%
    Firefly's top markets include Minneapolis, Faribault, Duluth, Atlanta, and Red Wing among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against FIREFLY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 882
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    ST. CLOUD FINANCIAL
    Similarity Rank: 1976
    CENTRAL MINNESOTA Credit Union
    Similarity Rank: 2175
    South Metro Federal Credit Union
    Similarity Rank: 2244
    Cornerstone State Bank
    Similarity Rank: 2312

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,220 $204,290,000 $167,451 $1,433 3.70%
    HELOC 829 $51,965,000 $62,684 n/a 4.58%

    For 2020, Firefly's most frequently originated type of loan was Conventional, with 1,220 originations. Their 2nd most popular type was HELOC, with 829 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 730 $50,760,000 $69,534 $165 4.56%
    Refi 488 $90,640,000 $185,738 $1,404 3.52%
    Home Improvement 456 $44,560,000 $97,719 $949 4.26%
    Cash Out Refi 275 $47,355,000 $172,200 $2,311 3.54%
    Home Purchase 100 $22,940,000 $229,400 $3,954 3.53%

    For 2020, Firefly's most frequently cited loan purpose was Other, with 730 originations. The 2nd most popular reason was Refi, with 488 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 983 $79,305,000 $80,677 $2,010 4.45%
    15 Year 554 $84,260,000 $152,094 $878 3.72%
    10 Year 190 $19,410,000 $102,158 $679 3.77%
    30 Year 177 $42,865,000 $242,175 $4,493 3.36%
    5 Year 85 $4,645,000 $54,647 $171 3.91%
    Other 60 $25,770,000 $429,500 $199 3.94%

    For 2020, Firefly's most frequently cited loan duration was 20 Year, with 983 originations. The 2nd most popular length was 15 Year, with 554 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 789 $95,415,000 $120,932
    $1k-2k 199 $32,905,000 $165,352
    $2k-3k 109 $22,565,000 $207,018
    $3k-4k 79 $23,745,000 $300,570
    $4k-5k 23 $8,975,000 $390,217
    $5k+ 3 $1,515,000 $505,000

    Firefly's average total fees were $4,493, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 789 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 823 $51,755,000 $62,886
    3-4% 543 $113,395,000 $208,831
    2.5-3% 445 $77,765,000 $174,753
    5-6% 112 $5,760,000 $51,429
    6-7% 107 $5,575,000 $52,103
    7-8% 8 $400,000 $50,000
    <2.5% 6 $1,410,000 $235,000
    Over 8% 5 $195,000 $39,000

    During 2020, Firefly's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 4-5%, with 823 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 1,082 $52,650,000 $48,660 $372 4.60%
    $100k-200k 562 $82,820,000 $147,367 $1,300 3.58%
    $200k-400k 387 $96,905,000 $250,401 $2,526 3.29%
    $400k-600k 15 $6,825,000 $455,000 $6,368 3.08%
    $1MM+ 2 $16,330,000 $8,165,000 $0 3.65%
    $600k-1MM 1 $725,000 $725,000 $0 3.71%

    2020 saw Firefly place emphasis on $100,000 or less loans with 1,082 originations, totaling $52,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 591 $72,725,000 $123,054 $1,555 4.10%
    $150k-250k 416 $56,580,000 $136,010 $1,637 4.05%
    $75k-100k 405 $44,475,000 $109,815 $1,336 4.07%
    $50k-75k 351 $36,375,000 $103,632 $1,296 4.02%
    $50k or less 168 $12,860,000 $76,548 $945 3.93%
    $250k+ 93 $12,345,000 $132,742 $1,667 4.19%

    Firefly lent most frequently to those with incomes in the $100k-150k range, with 591 originations. The second most popular income band? $150k-250k, with 416 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 587 $73,195,000 $124,693 $1,564 3.88%
    30-36% 389 $47,965,000 $123,303 $1,651 4.06%
    <20% 268 $30,340,000 $113,209 $1,385 3.80%
    40% 73 $8,425,000 $115,411 $1,359 4.39%
    42% 72 $8,530,000 $118,472 $1,413 4.01%
    37% 67 $9,035,000 $134,851 $1,548 4.11%
    43% 56 $5,770,000 $103,036 $974 4.31%
    41% 53 $6,405,000 $120,849 $1,470 4.11%
    39% 52 $5,450,000 $104,808 $982 4.46%
    38% 52 $6,010,000 $115,577 $1,209 4.18%
    45% 47 $5,135,000 $109,255 $507 4.55%
    50-60% 45 $3,795,000 $84,333 $989 4.40%
    36% 45 $5,685,000 $126,333 $1,596 4.15%
    44% 45 $5,475,000 $121,667 $1,091 4.10%
    46% 41 $3,965,000 $96,707 $1,089 4.35%
    49% 39 $2,515,000 $64,487 $122 4.40%
    47% 35 $3,075,000 $87,857 $355 4.34%
    >60% 31 $2,775,000 $89,516 $1,328 4.37%
    48% 27 $2,045,000 $75,741 $853 4.47%

    Firefly lent most frequently to those with DTI ratios of 20-30%, with 587 originations. The next most common DTI ratio? 30-36%, with 389 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,736 $198,850,000 $114,545 $1,361 4.07%
    Not applicable 16 $19,470,000 $1,216,875 $162 3.95%
    Black 120 $15,160,000 $126,333 $1,569 4.06%
    Not provided 102 $13,500,000 $132,353 $2,422 3.81%
    Asian 57 $7,185,000 $126,053 $1,427 3.97%
    Native Hawaiian or Islander 4 $680,000 $170,000 $941 3.44%
    Other Asian 7 $615,000 $87,857 $1,252 4.44%
    Asian Indian 4 $350,000 $87,500 $162 4.04%
    American Indian 2 $300,000 $150,000 $4,611 4.25%
    Korean 1 $145,000 $145,000 $162 6.83%

    Approval Rates

    Total approvals of all applications
    90.53%

    Firefly has an average approval rate.

    Pick Rate

    Approvals leading to origination
    64.08%

    Firefly has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,049 $256,255,000 $125,063

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $16,635,000 $5,545,000
    Single Family (1-4 Units):Manufactured 1 $325,000 $325,000
    Single Family (1-4 Units):Site-Built 2,045 $239,295,000 $117,015

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 413 $37,375,000 $90,496 $640 4.33%
    40-60% 285 $45,435,000 $159,421 $1,307 3.36%
    60-80% 443 $96,065,000 $216,851 $2,120 3.27%
    80-100% 119 $26,875,000 $225,840 $2,855 3.37%
    Over 100% 1 $245,000 $245,000 $4,611 3.50%
    Under 20% 775 $32,965,000 $42,535 $190 4.72%