Ownerschoice Funding Incorporated Mortgage Rates, Fees & Info

ALBANY, NY

LEI: 549300W5V403XF1RX254

Tax ID: 14-1691162

5 stars - out of 5 stars, based on 32 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Ownerschoice Funding Incorporated is a smaller mortgage company specializing in Cash Out Refi, Home Purchase, and Refi loans. Ownerschoice Funding Incorporated has a high proportion of conventional loans. Their top markets include Buffalo, New York, Utica, Syracuse, and Albany among others. Ownerschoice Funding Incorporated has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Ownerschoice Funding Incorporated is typically an average fee lendor.


Originations

1,012

Origination Dollar Volume (All Markets)

$180,600,000

Awards

OWNERSCHOICE FUNDING INCORPORATED 30 Year Conventional Loans silver OWNERSCHOICE FUNDING INCORPORATED 30 Year Conventional Loans bronze OWNERSCHOICE FUNDING INCORPORATED 30 Year Conventional Loans gold OWNERSCHOICE FUNDING INCORPORATED 30 Year Conventional Loans silver
Show all (4) awards

Relative Rate

Ownerschoice Funding Incorporated's average 30 year fixed rate mortgage of loans were 3.17%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.02%.

Relative Fees

Ownerschoice Funding Incorporated's average total fees for a 30 year fixed rate mortgage are $3,546.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 416 $67,030,000 $161,130 $2,910 2.85%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 147 $43,945,000 $298,946 $4,795 2.94%
UTICA-ROME, NY (FHA|USDA|VA) 91 $14,405,000 $158,297 $3,221 2.98%
SYRACUSE, NY (FHA|USDA|VA) 68 $9,500,000 $139,706 $3,012 2.95%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 22 $4,790,000 $217,727 $3,851 2.91%
ROCHESTER, NY (FHA|USDA|VA) 35 $4,635,000 $132,429 $3,090 2.93%
Outside of Metro Areas 30 $3,710,000 $123,667 $3,661 3.01%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 30 $3,540,000 $118,000 $2,797 2.82%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 20 $3,190,000 $159,500 $2,663 3.00%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 14 $2,400,000 $171,429 $2,629 2.69%
PITTSBURGH, PA (FHA|USDA|VA) 15 $2,365,000 $157,667 $3,379 2.96%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 8 $1,920,000 $240,000 $3,650 3.08%
GLENS FALLS, NY (FHA|USDA|VA) 9 $1,645,000 $182,778 $3,545 3.00%
KINGSTON, NY (FHA|USDA|VA) 8 $1,520,000 $190,000 $3,445 2.98%
SALISBURY, MD-DE (FHA|USDA|VA) 6 $1,260,000 $210,000 $3,839 2.94%
Ogdensburg-Massena, NY (FHA|USDA|VA) 5 $875,000 $175,000 $3,129 3.03%
DOVER, DE (FHA|USDA|VA) 5 $865,000 $173,000 $3,633 2.93%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 3 $855,000 $285,000 $4,013 2.83%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 3 $845,000 $281,667 $3,104 3.04%
Plattsburgh, NY (FHA|USDA|VA) 7 $845,000 $120,714 $2,991 2.88%
Gloversville, NY (FHA|USDA|VA) 5 $805,000 $161,000 $2,989 3.10%
Olean, NY (FHA|USDA|VA) 6 $610,000 $101,667 $3,277 2.88%
Auburn, NY (FHA|USDA|VA) 4 $560,000 $140,000 $3,355 3.06%
New Castle, PA (FHA|USDA|VA) 5 $555,000 $111,000 $3,150 3.18%
Batavia, NY (FHA|USDA|VA) 3 $495,000 $165,000 $3,803 2.54%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $450,000 $225,000 $2,792 2.56%
Oneonta, NY (FHA|USDA|VA) 2 $440,000 $220,000 $2,854 2.81%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $405,000 $405,000 $3,835 3.13%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $365,000 $365,000 $5,109 3.38%
BINGHAMTON, NY (FHA|USDA|VA) 2 $360,000 $180,000 $3,287 3.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $350,000 $175,000 $3,205 2.38%
OCALA, FL (FHA|USDA|VA) 1 $345,000 $345,000 $3,827 3.25%
OCEAN CITY, NJ (FHA|USDA|VA) 2 $340,000 $170,000 $2,958 3.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $330,000 $165,000 $3,573 2.63%
Bradford, PA (FHA|USDA|VA) 3 $285,000 $95,000 $3,131 2.92%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $275,000 $275,000 $2,679 3.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $255,000 $255,000 $2,439 3.00%
Warren, PA (FHA|USDA|VA) 3 $245,000 $81,667 $2,908 2.88%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $230,000 $115,000 $2,751 3.00%
Hudson, NY (FHA|USDA|VA) 1 $225,000 $225,000 $2,838 3.13%
Cullowhee, NC (FHA|USDA|VA) 1 $205,000 $205,000 $3,546 2.63%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $195,000 $195,000 $2,609 2.63%
BURLINGTON, NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,801 3.25%
TOLEDO, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,442 3.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $185,000 $185,000 $2,948 3.25%
St. Marys, PA (FHA|USDA|VA) 2 $180,000 $90,000 $2,963 2.88%
Malone, NY (FHA|USDA|VA) 2 $170,000 $85,000 $2,996 2.69%
ERIE, PA (FHA|USDA|VA) 2 $170,000 $85,000 $2,883 3.13%
THE VILLAGES, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,418 3.63%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $135,000 $135,000 $3,671 3.38%
Keene, NH (FHA|USDA|VA) 1 $135,000 $135,000 $3,632 3.13%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $125,000 $125,000 $1,929 3.13%
Amsterdam, NY (FHA|USDA|VA) 1 $115,000 $115,000 $3,206 3.38%
Sayre, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,475 3.50%
Cortland, NY (FHA|USDA|VA) 1 $105,000 $105,000 $5,935 3.63%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $95,000 $95,000 $2,901 2.38%
Oil City, PA (FHA|USDA|VA) 1 $45,000 $45,000 $2,773 3.00%
ELMIRA, NY (FHA|USDA|VA) 1 $35,000 $35,000 $3,125 2.63%

Ownerschoice Funding Incorporated's top markets include Buffalo, New York, Utica, Syracuse, and Albany among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,012 $180,600,000 $178,458 $3,313 2.91%

For the 2021 period, Ownerschoice Funding Incorporated's most frequently originated loan type of loans were Conventional, with 1,012 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 443 $85,095,000 $192,088 $3,345 2.90%
Home Purchase 285 $49,805,000 $174,754 $3,532 3.06%
Refi 284 $45,700,000 $160,915 $3,042 2.77%

For the 2021, Ownerschoice Funding Incorporated's most frequently cited loan purpose of loans were Cash Out Refi, with 443 originations. The 2nd most popular reason of loans were Home Purchase, with 285 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 446 $88,100,000 $197,534 $3,546 3.17%
15 Year 361 $56,625,000 $156,856 $3,010 2.59%
20 Year 136 $26,480,000 $194,706 $3,473 2.98%
10 Year 49 $5,635,000 $115,000 $2,939 2.49%
Other 20 $3,760,000 $188,000 $3,397 3.17%

For the 2021, Ownerschoice Funding Incorporated's most frequently cited loan length of loans were 30 Year, with 446 originations. The 2nd most popular length of loans were 15 Year, with 361 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 719 $118,745,000 $165,153
$1k-2k 193 $37,145,000 $192,461
$2k-3k 46 $9,300,000 $202,174
$3k-4k 38 $10,020,000 $263,684
$5k+ 16 $5,390,000 $336,875

$3,546 of loans were Ownerschoice Funding Incorporated's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 719 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 455 $79,265,000 $174,209
3-4% 340 $67,860,000 $199,588
<2.5% 215 $33,035,000 $153,651
4-5% 2 $440,000 $220,000

During 2021, Ownerschoice Funding Incorporated's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were 2.5-3%, with 455 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 490 $71,580,000 $146,082 $3,039 2.91%
$200k-400k 280 $75,680,000 $270,286 $3,903 2.97%
$100,000 or less 201 $14,545,000 $72,363 $2,815 2.78%
$400k-600k 39 $17,515,000 $449,103 $5,026 3.10%
$600k-1MM 2 $1,280,000 $640,000 $4,593 3.06%

2021 saw Ownerschoice Funding Incorporated place emphasis on $100k-200k loans with 490 originations, totaling $71,580,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 263 $55,805,000 $212,186 $3,538 2.90%
$50k-75k 233 $32,695,000 $140,322 $3,150 2.95%
$75k-100k 187 $29,375,000 $157,086 $3,181 2.91%
$150k-250k 158 $42,390,000 $268,291 $3,715 2.85%
$50k or less 153 $14,875,000 $97,222 $2,899 2.94%
$250k+ 18 $5,460,000 $303,333 $3,471 2.69%

Ownerschoice Funding Incorporated lent most frequently to those with incomes in the $100k-150k range, with 263 originations. The second most popular income band? $50k-75k, with 233 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 278 $47,540,000 $171,007 $3,155 2.85%
30-36% 218 $39,060,000 $179,174 $3,341 2.95%
<20% 110 $15,460,000 $140,545 $3,075 2.80%
36% 42 $7,760,000 $184,762 $3,628 2.90%
42% 36 $7,240,000 $201,111 $3,509 3.00%
38% 36 $7,480,000 $207,778 $3,458 2.98%
37% 34 $6,270,000 $184,412 $3,636 2.90%
43% 32 $5,060,000 $158,125 $3,363 2.92%
44% 32 $6,120,000 $191,250 $3,470 2.99%
39% 31 $5,275,000 $170,161 $2,873 2.98%
40% 30 $6,150,000 $205,000 $3,847 3.08%
41% 27 $5,325,000 $197,222 $3,434 2.94%
47% 26 $5,360,000 $206,154 $3,599 2.96%
46% 22 $4,270,000 $194,091 $3,305 2.81%
49% 22 $4,440,000 $201,818 $3,521 2.91%
45% 17 $3,425,000 $201,471 $3,124 3.10%
48% 14 $2,560,000 $182,857 $3,224 2.81%
50-60% 5 $1,805,000 $361,000 $4,719 3.13%

Ownerschoice Funding Incorporated lent most frequently to those with DTI ratios of 20-30%, with 278 originations. The next most common DTI ratio? 30-36%, with 218 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 823 $146,975,000 $178,584 $3,294 2.91%
Not provided 125 $22,525,000 $180,200 $3,404 2.83%
Black 38 $6,750,000 $177,632 $3,592 3.03%
Asian 16 $2,680,000 $167,500 $3,071 3.19%
American Indian 6 $780,000 $130,000 $3,263 3.04%
Asian Indian 2 $630,000 $315,000 $2,881 3.00%
Other Pacific Islander 1 $195,000 $195,000 $2,769 3.13%
Japanese 1 $65,000 $65,000 $2,598 2.88%

Approval Rates

Total approvals of all applications
82.97%

Ownerschoice Funding Incorporated has a below average approval rate.

Pick Rate

Approvals leading to origination
58.76%

Ownerschoice Funding Incorporated 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 1,012 $180,600,000 $178,458

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,012 $180,600,000 $178,458

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 74 $8,140,000 $110,000 $2,953 2.66%
40-60% 254 $40,450,000 $159,252 $2,994 2.76%
60-80% 430 $85,630,000 $199,140 $3,481 2.94%
80-100% 248 $45,900,000 $185,081 $3,458 3.08%
Under 20% 6 $480,000 $80,000 $3,215 2.60%