Meyer Mortgage Corporation Rates, Fees & Info
Bowling Green, KYLEI: 549300W4KKZTLI8BPX61
Tax ID: 61-1145356
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Mortgage Data
Review & Overview
Meyer Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Meyer Mortgage Corporation has a low ratio of conventional loans. Their top (well, only) market is Bowling Green.Meyer Mortgage Corporation has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. They typically have about average rates.
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Originations
24Origination Dollar Volume (All Markets)
$4,180,000Top 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 |
|---|---|---|---|---|---|
| BOWLING GREEN, KY (FHA|USDA|VA) | 22 | $3,910,000 | $177,727 | $0 | 4.41% |
| Outside of Metro Areas | 2 | $270,000 | $135,000 | $0 | 4.94% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 23 | $3,995,000 | $173,696 | $0 | 4.46% |
| Conventional | 1 | $185,000 | $185,000 | $0 | 0.00% |
For 2018, Meyer Mortgage Corporation's most frequently originated type of loan was FHA, with 23 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 24 | $4,180,000 | $174,167 | $0 | 4.46% |
For 2018, Meyer Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 24 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 24 | $4,180,000 | $174,167 | $0 | 4.46% |
For 2018, Meyer Mortgage Corporation's most frequently cited loan duration was 30 Year, with 24 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 14 | $2,370,000 | $169,286 |
| $<1k | 1 | $245,000 | $245,000 |
Meyer Mortgage Corporation's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 14 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 15 | $2,565,000 | $171,000 |
| 3-4% | 4 | $740,000 | $185,000 |
| 5-6% | 3 | $465,000 | $155,000 |
During 2018, Meyer Mortgage Corporation's average interest rate for loans was 4.46%, while their most frequently originated rate bucket for loans was 4-5%, with 15 originations.
Loan Sizing
2018 saw Meyer Mortgage Corporation place emphasis on $100k-200k loans with 16 originations, totaling $2,590,000 in origination value.
Applicant Income
Meyer Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 9 originations. The second most popular income band? $75k-100k, with 8 originations.
Applicant Debt to Income Ratio
Meyer Mortgage Corporation lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 23 | $3,995,000 | $173,696 | $0 | 4.46% |
| Black | 1 | $185,000 | $185,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications77.36%
Meyer Mortgage Corporation has a below average approval rate.
Pick Rate
Approvals leading to origination29.17%
Meyer Mortgage Corporation 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 | 24 | $4,180,000 | $174,167 |