Mortgage Investors Group

KNOXVILLE, TN 37923

LEI: 549300VNBQD8FDHF7563

Tax ID: 83-0310268

2019 Data | 2018 Data


Overview

Mortgage Investors Group is a small mortgage company specializing in Home Purchase loans. Mortgage Investors Group has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Knoxville, Nashville, Memphis, Chattanooga, and Morristown among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Mortgage Investors Group is typically a medium-low fee lendor.


Originations

9,864

Origination Dollar Volume (All Markets)

$2,007,890,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,043 $1,337,615,000 $221,349
FHA 2,453 $405,545,000 $165,326
VA 720 $172,370,000 $239,403
USDA 648 $92,360,000 $142,531

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 7,963 $1,587,655,000 $199,379
Home Improvement 186 $35,910,000 $193,065
Other 54 $8,870,000 $164,259
Refi 1,076 $251,790,000 $234,006
Cash Out Refi 585 $123,665,000 $211,393

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
KNOXVILLE, TN 3,784 $792,890,000 $209,538
Outside of Metro Areas 2,283 $406,685,000 $178,136
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 741 $202,365,000 $273,097
MEMPHIS, TN-MS-AR 664 $150,000,000 $225,904
CHATTANOOGA, TN-GA 471 $99,245,000 $210,711
MORRISTOWN, TN 297 $49,645,000 $167,155
JACKSON, TN 251 $41,515,000 $165,398
JOHNSON CITY, TN 199 $31,135,000 $156,457
KINGSPORT-BRISTOL, TN-VA 171 $25,005,000 $146,228
BIRMINGHAM-HOOVER, AL 117 $23,835,000 $203,718
FLORENCE-MUSCLE SHOALS, AL 112 $17,760,000 $158,571
HUNTSVILLE, AL 52 $13,220,000 $254,231
CHARLESTON-NORTH CHARLESTON, SC 51 $11,925,000 $233,824
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 45 $11,475,000 $255,000
DOTHAN, AL 58 $11,410,000 $196,724
DECATUR, AL 51 $10,635,000 $208,529
GADSDEN, AL 47 $8,185,000 $174,149
AUBURN-OPELIKA, AL 30 $7,880,000 $262,667
CLARKSVILLE, TN-KY 36 $7,000,000 $194,444
GREENVILLE-ANDERSON, SC 41 $6,835,000 $166,707
ANNISTON-OXFORD, AL 38 $6,600,000 $173,684
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 32 $6,590,000 $205,938
CLEVELAND, TN 35 $6,105,000 $174,429
JONESBORO, AR 30 $5,590,000 $186,333
GULFPORT-BILOXI, MS 27 $5,195,000 $192,407
COLUMBUS, GA-AL 15 $4,755,000 $317,000
MOBILE, AL 20 $4,730,000 $236,500
DAPHNE-FAIRHOPE-FOLEY, AL 16 $4,730,000 $295,625
CHARLOTTE-CONCORD-GASTONIA, NC-SC 8 $3,330,000 $416,250
WARNER ROBINS, GA 12 $3,280,000 $273,333
LEXINGTON-FAYETTE, KY 17 $3,125,000 $183,824
MACON-BIBB COUNTY, GA 20 $2,970,000 $148,500
ASHEVILLE, NC 5 $2,535,000 $507,000
ALBANY, GA 14 $1,820,000 $130,000
TUSCALOOSA, AL 3 $1,685,000 $561,667
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 8 $1,520,000 $190,000
DALTON, GA 8 $1,390,000 $173,750
HOT SPRINGS, AR 4 $1,260,000 $315,000
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 4 $1,120,000 $280,000
GAINESVILLE, GA 2 $830,000 $415,000
HATTIESBURG, MS 4 $720,000 $180,000
JACKSON, MS 3 $715,000 $238,333
RALEIGH-CARY, NC 3 $655,000 $218,333
SAVANNAH, GA 3 $655,000 $218,333
LOUISVILLE/JEFFERSON COUNTY, KY-IN 2 $630,000 $315,000
CINCINNATI, OH-KY-IN 2 $570,000 $285,000
MONTGOMERY, AL 2 $560,000 $280,000
WINSTON-SALEM, NC 2 $540,000 $270,000
BRUNSWICK, GA 1 $485,000 $485,000
SPARTANBURG, SC 2 $430,000 $215,000
BOWLING GREEN, KY 1 $375,000 $375,000
FAYETTEVILLE, NC 2 $350,000 $175,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $340,000 $170,000
JACKSONVILLE, NC 1 $335,000 $335,000
LAKELAND-WINTER HAVEN, FL 1 $315,000 $315,000
HICKORY-LENOIR-MORGANTON, NC 2 $300,000 $150,000
ATHENS-CLARKE COUNTY, GA 1 $295,000 $295,000
COLUMBIA, SC 2 $290,000 $145,000
ORLANDO-KISSIMMEE-SANFORD, FL 1 $285,000 $285,000
FLORENCE, SC 2 $280,000 $140,000
PANAMA CITY, FL 1 $185,000 $185,000
WILMINGTON, NC 1 $185,000 $185,000
NORTH PORT-SARASOTA-BRADENTON, FL 1 $175,000 $175,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $165,000 $165,000
ROME, GA 1 $125,000 $125,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $125,000 $125,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 83 $21,005,000 $253,072
3-4% 5,241 $1,153,195,000 $220,033
4-5% 4,063 $763,465,000 $187,907
5-6% 475 $69,975,000 $147,316
6-7% 2 $250,000 $125,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,114 $86,480,000 $77,630
$100k-200k 4,534 $678,750,000 $149,702
$200k-400k 3,709 $1,000,835,000 $269,840
$400k-600k 471 $214,965,000 $456,401
$600k-1000k 32 $22,700,000 $709,375
$Over $1MM 4 $4,160,000 $1,040,000

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 175 $20,565,000 $117,514
40-60% 566 $100,510,000 $177,580
60-80% 2,319 $505,825,000 $218,122
80-100% 6,588 $1,331,170,000 $202,060
Over 100% 173 $42,355,000 $244,827
Under 20% 14 $1,810,000 $129,286

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,709 $446,665,000 $261,360
$150k-250k 859 $263,305,000 $306,525
$50k-75k 2,602 $473,010,000 $181,787
$50k-or less 2,708 $352,670,000 $130,233
$75k-100k 1,672 $366,220,000 $219,031
$Over $250k 263 $92,545,000 $351,882

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 8,604 $1,742,370,000 $202,507
Not provided 697 $149,485,000 $214,469
Black 378 $71,410,000 $188,915
Asian 139 $34,875,000 $250,899
American Indian 21 $4,155,000 $197,857
Native Hawaiian 9 $1,995,000 $221,667
Asian Indian 6 $1,620,000 $270,000
Other Pacific Islander 4 $670,000 $167,500
Other Asian 2 $440,000 $220,000
Korean 1 $275,000 $275,000
Vietnamese 1 $215,000 $215,000
Filipino 1 $195,000 $195,000
Chinese 1 $185,000 $185,000

Approval Rates

Total approvals of all applications
94.22%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
76.24%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 9,864 $2,007,890,000 $203,557

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 828 $168,160,000 $203,092
$1k-2k 6,144 $1,268,890,000 $206,525
$2k-3k 1,671 $297,895,000 $178,273
$3k-4k 1,090 $225,420,000 $206,807
$5k+ 131 $47,525,000 $362,786

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 246 $27,610,000 $112,236
Single Family (1-4 Units):Site-Built 9,618 $1,980,280,000 $205,893