Newtowne Mortgage Rates, Fees & Info
SUFFOLK, VALEI: 549300W7XZMMFOVY0Z37
Tax ID: 26-1146120
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Mortgage Data
Overview
Newtowne Mortgage is a smaller mortgage company specializing in Home Purchase loans. Newtowne Mortgage 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 Virginia Beach, Richmond, Kill Devil Hills, Roanoke, and Washington among others. Newtowne Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Newtowne Mortgage is typically a high fee lendor.Originations
985Origination Dollar Volume (All Markets)
$320,795,000Awards
NewTowne Mortgage - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Newtowne Mortgage 's average 30 year fixed rate mortgage of loans were
3.04%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.11%.
Relative Fees
Newtowne Mortgage 's average total fees for a 30 year fixed rate
mortgage are $6,304.
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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 923 | $298,385,000 | $323,277 | $6,320 | 3.04% |
| RICHMOND, VA (FHA|USDA|VA) | 23 | $7,605,000 | $330,652 | $5,480 | 2.87% |
| Outside of Metro Areas | 7 | $2,895,000 | $413,571 | $4,967 | 3.02% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 6 | $2,370,000 | $395,000 | $4,408 | 3.25% |
| ROANOKE, VA (FHA|USDA|VA) | 3 | $2,365,000 | $788,333 | $10,185 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $1,590,000 | $397,500 | $3,470 | 2.75% |
| Elizabeth City, NC (FHA|USDA|VA) | 4 | $1,020,000 | $255,000 | $4,514 | 2.78% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $1,020,000 | $510,000 | $14,697 | 2.94% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $9,963 | 2.81% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,622 | 3.00% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $5,236 | 3.19% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,782 | 3.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,081 | 3.00% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $5,520 | 2.75% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,353 | 3.50% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $3,262 | 3.00% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,626 | 3.50% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 3.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,821 | 3.25% |
Newtowne Mortgage 's top markets include Virginia Beach, Richmond, Kill Devil Hills, Roanoke, and Washington among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 629 | $197,365,000 | $313,776 | $4,390 | 3.20% |
| VA | 257 | $98,115,000 | $381,770 | $9,772 | 2.68% |
| FHA | 95 | $24,335,000 | $256,158 | $8,238 | 2.91% |
| USDA | 4 | $980,000 | $245,000 | $6,043 | 2.56% |
For the 2021 period, Newtowne Mortgage 's most frequently originated loan type of loans were Conventional, with 629 originations. Their 2nd most popular type is VA, with 257 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 742 | $241,490,000 | $325,458 | $6,920 | 3.04% |
| Cash Out Refi | 147 | $43,325,000 | $294,728 | $4,544 | 3.10% |
| Refi | 94 | $34,530,000 | $367,340 | $4,403 | 2.90% |
| Other | 2 | $1,450,000 | $725,000 | $11,515 | 3.25% |
For the 2021, Newtowne Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 742 originations. The 2nd most popular reason of loans were Cash Out Refi, with 147 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 938 | $301,160,000 | $321,066 | $6,304 | 3.04% |
| 15 Year | 37 | $11,415,000 | $308,514 | $4,212 | 2.71% |
| 30+ year | 7 | $6,985,000 | $997,857 | $14,406 | 3.87% |
| 20 Year | 2 | $880,000 | $440,000 | $3,215 | 2.88% |
| Other | 1 | $355,000 | $355,000 | $4,421 | 2.38% |
For the 2021, Newtowne Mortgage 's most frequently cited loan length of loans were 30 Year, with 938 originations. The 2nd most popular length of loans were 15 Year, with 37 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 652 | $202,390,000 | $310,414 |
| $1k-2k | 145 | $39,475,000 | $272,241 |
| $2k-3k | 63 | $19,055,000 | $302,460 |
| $3k-4k | 54 | $20,910,000 | $387,222 |
| $5k+ | 41 | $33,635,000 | $820,366 |
$6,304 of loans were Newtowne Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 652 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 427 | $147,975,000 | $346,546 |
| 3-4% | 423 | $127,045,000 | $300,343 |
| <2.5% | 113 | $40,545,000 | $358,805 |
| 4-5% | 22 | $5,230,000 | $237,727 |
During 2021, Newtowne Mortgage 's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 427 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 506 | $146,890,000 | $290,296 | $5,605 | 3.01% |
| $100k-200k | 192 | $30,440,000 | $158,542 | $3,480 | 3.13% |
| $400k-600k | 168 | $80,010,000 | $476,250 | $7,970 | 2.83% |
| $600k-1MM | 64 | $46,850,000 | $732,031 | $10,963 | 3.15% |
| $100,000 or less | 43 | $1,395,000 | $32,442 | $2,941 | 3.54% |
| $1MM+ | 12 | $15,210,000 | $1,267,500 | $16,260 | 3.22% |
2021 saw Newtowne Mortgage place emphasis on $200k-400k loans with 506 originations, totaling $146,890,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 244 | $56,110,000 | $229,959 | $5,336 | 3.12% |
| $100k-150k | 211 | $74,335,000 | $352,299 | $6,168 | 3.02% |
| $75k-100k | 179 | $53,385,000 | $298,240 | $7,102 | 2.94% |
| $150k-250k | 131 | $56,495,000 | $431,260 | $7,254 | 2.98% |
| $50k or less | 106 | $17,410,000 | $164,245 | $4,166 | 3.12% |
| $250k+ | 74 | $49,500,000 | $668,919 | $8,038 | 3.21% |
Newtowne Mortgage lent most frequently to those with incomes in the $50k-75k range, with 244 originations. The second most popular income band? $100k-150k, with 211 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 215 | $73,885,000 | $343,651 | $5,891 | 3.03% |
| 30-36% | 164 | $56,870,000 | $346,768 | $5,932 | 3.09% |
| <20% | 79 | $26,295,000 | $332,848 | $4,569 | 3.13% |
| 44% | 54 | $12,670,000 | $234,630 | $7,180 | 3.13% |
| 40% | 52 | $15,870,000 | $305,192 | $6,767 | 3.04% |
| 43% | 43 | $12,635,000 | $293,837 | $6,344 | 3.09% |
| 37% | 37 | $11,585,000 | $313,108 | $6,741 | 3.05% |
| 36% | 36 | $10,980,000 | $305,000 | $5,736 | 3.05% |
| 38% | 36 | $10,170,000 | $282,500 | $6,961 | 3.14% |
| 42% | 35 | $11,475,000 | $327,857 | $7,347 | 3.10% |
| 41% | 35 | $11,395,000 | $325,571 | $6,170 | 2.99% |
| 49% | 31 | $9,785,000 | $315,645 | $6,247 | 2.96% |
| 45% | 29 | $11,065,000 | $381,552 | $7,677 | 3.02% |
| 48% | 27 | $9,565,000 | $354,259 | $7,441 | 3.00% |
| 50-60% | 26 | $9,320,000 | $358,462 | $9,425 | 2.88% |
| 39% | 26 | $7,560,000 | $290,769 | $6,067 | 3.04% |
| 46% | 18 | $5,580,000 | $310,000 | $7,264 | 2.82% |
| 47% | 17 | $5,735,000 | $337,353 | $8,093 | 2.88% |
Newtowne Mortgage lent most frequently to those with DTI ratios of 20-30%, with 215 originations. The next most common DTI ratio? 30-36%, with 164 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 718 | $244,550,000 | $340,599 | $6,393 | 3.02% |
| Black | 140 | $34,790,000 | $248,500 | $5,731 | 3.12% |
| Not provided | 87 | $25,465,000 | $292,701 | $6,015 | 3.08% |
| Asian | 35 | $14,785,000 | $422,429 | $6,202 | 2.90% |
| Native Hawaiian | 3 | $715,000 | $238,333 | $4,068 | 3.29% |
| American Indian | 2 | $490,000 | $245,000 | $8,031 | 2.81% |
Approval Rates
Total approvals of all applications97.62%
Newtowne Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination82.81%
Newtowne Mortgage has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 985 | $320,795,000 | $325,680 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 985 | $320,795,000 | $325,680 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 22 | $4,650,000 | $211,364 | $3,515 | 2.82% |
| 40-60% | 65 | $26,935,000 | $414,385 | $4,757 | 3.03% |
| 60-80% | 232 | $77,490,000 | $334,009 | $4,430 | 3.18% |
| 80-100% | 532 | $169,160,000 | $317,970 | $5,749 | 3.02% |
| Over 100% | 99 | $41,215,000 | $416,313 | $14,804 | 2.71% |
| Under 20% | 32 | $530,000 | $16,563 | $2,510 | 3.39% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Nation One Mortgage Corporation | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |
