Newtowne Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300W7XZMMFOVY0Z37

Tax ID: 26-1146120

3.8 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

985

Origination Dollar Volume (All Markets)

$320,795,000

Awards

NewTowne Mortgage  FHA Loans silver NewTowne Mortgage  FHA Loans bronze
Show all (2) awards

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 applications
97.62%

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 origination
82.81%

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%