Oak Mortgage Rates, Fees & Info

STURGIS, MI

LEI: 549300WJMSK78N2L9U23

Tax ID: 38-3566754

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Oak Mortgage is a smaller mortgage company specializing in Home Purchase, Cash Out Refi, and Refi loans. Oak Mortgage has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Niles, Sturgis, Coldwater, Kalamazoo, and South Bend among others. Oak 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. Oak Mortgage is typically a low fee lendor.


Originations

1,053

Origination Dollar Volume (All Markets)

$242,595,000
Show all (13) awards

Relative Rate

Oak Mortgage 's average 30 year fixed rate mortgage of loans were 2.99%.

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

This yields a difference of -0.16%.

Relative Fees

Oak Mortgage 's average total fees for a 30 year fixed rate mortgage are $3,290.

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
NILES, MI (FHA|USDA|VA) 257 $85,215,000 $331,576 $3,075 2.91%
Sturgis, MI (FHA|USDA|VA) 314 $55,680,000 $177,325 $3,211 2.76%
Outside of Metro Areas 138 $33,210,000 $240,652 $3,122 2.91%
Coldwater, MI (FHA|USDA|VA) 120 $18,190,000 $151,583 $3,256 2.83%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 77 $16,055,000 $208,506 $3,444 2.82%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 39 $10,525,000 $269,872 $3,295 2.81%
BATTLE CREEK, MI (FHA|USDA|VA) 40 $8,920,000 $223,000 $2,713 3.11%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 15 $3,915,000 $261,000 $4,005 2.77%
Holland, MI (FHA|USDA|VA) 18 $3,150,000 $175,000 $2,809 2.76%
Hillsdale, MI (FHA|USDA|VA) 11 $1,845,000 $167,727 $3,203 2.94%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 6 $1,300,000 $216,667 $3,175 2.50%
Traverse City, MI (FHA|USDA|VA) 3 $1,005,000 $335,000 $2,666 2.71%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $850,000 $425,000 $2,603 2.88%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $655,000 $131,000 $2,655 3.36%
Angola, IN (FHA|USDA|VA) 2 $530,000 $265,000 $2,591 2.69%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $465,000 $465,000 $2,850 3.00%
Big Rapids, MI (FHA|USDA|VA) 1 $315,000 $315,000 $2,995 2.88%
ANN ARBOR, MI (FHA|USDA|VA) 1 $285,000 $285,000 $2,266 2.63%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $7,394 3.38%
JACKSON, MI (FHA|USDA|VA) 2 $220,000 $110,000 $3,218 3.75%

Oak Mortgage 's top markets include Niles, Sturgis, Coldwater, Kalamazoo, and South Bend among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,014 $236,870,000 $233,600 $3,134 2.85%
USDA 39 $5,725,000 $146,795 $4,146 2.88%

For the 2021 period, Oak Mortgage 's most frequently originated loan type of loans were Conventional, with 1,014 originations. Their 2nd most popular type is USDA, with 39 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 517 $125,685,000 $243,104 $3,262 2.99%
Cash Out Refi 264 $62,480,000 $236,667 $3,310 2.73%
Refi 242 $49,050,000 $202,686 $2,866 2.66%
Other 23 $4,215,000 $183,261 $2,841 2.84%
Home Improvement 7 $1,165,000 $166,429 $3,943 3.39%

For the 2021, Oak Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 517 originations. The 2nd most popular reason of loans were Cash Out Refi, with 264 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 711 $176,525,000 $248,277 $3,290 2.99%
15 Year 245 $47,475,000 $193,776 $2,898 2.51%
20 Year 55 $9,045,000 $164,455 $2,975 2.77%
10 Year 30 $2,820,000 $94,000 $2,626 2.25%
30+ year 11 $6,625,000 $602,273 $4,294 3.02%
Other 1 $105,000 $105,000 $0 3.50%

For the 2021, Oak Mortgage 's most frequently cited loan length of loans were 30 Year, with 711 originations. The 2nd most popular length of loans were 15 Year, with 245 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 698 $166,200,000 $238,109
$1k-2k 176 $41,600,000 $236,364
$2k-3k 67 $11,885,000 $177,388
$3k-4k 53 $11,615,000 $219,151
$5k+ 14 $4,220,000 $301,429

$3,290 of loans were Oak Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 698 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 500 $125,760,000 $251,520
<2.5% 279 $51,715,000 $185,358
3-4% 252 $61,520,000 $244,127
4-5% 22 $3,600,000 $163,636

During 2021, Oak Mortgage 's average interest rate of loans were 2.99%, while their most frequently originated rate bucket of loans were 2.5-3%, with 500 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 418 $60,980,000 $145,885 $3,067 2.85%
$200k-400k 321 $85,925,000 $267,679 $3,350 2.84%
$100,000 or less 188 $13,520,000 $71,915 $2,483 2.80%
$400k-600k 83 $40,625,000 $489,458 $3,888 2.90%
$600k-1MM 30 $23,110,000 $770,333 $4,032 3.13%
$1MM+ 13 $18,435,000 $1,418,077 $4,982 2.93%

2021 saw Oak Mortgage place emphasis on $100k-200k loans with 418 originations, totaling $60,980,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 231 $36,545,000 $158,203 $3,150 2.84%
$50k or less 219 $25,875,000 $118,151 $2,868 2.90%
$100k-150k 184 $44,610,000 $242,446 $3,245 2.82%
$75k-100k 172 $32,680,000 $190,000 $3,116 2.80%
$150k-250k 125 $42,615,000 $340,920 $3,378 2.79%
$250k+ 106 $56,960,000 $537,358 $3,627 2.98%

Oak Mortgage lent most frequently to those with incomes in the $50k-75k range, with 231 originations. The second most popular income band? $50k or less, with 219 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 296 $65,180,000 $220,203 $3,150 2.86%
30-36% 214 $50,230,000 $234,720 $3,253 2.85%
<20% 184 $37,340,000 $202,935 $2,806 2.76%
42% 38 $8,870,000 $233,421 $3,699 2.91%
40% 37 $11,505,000 $310,946 $3,484 2.96%
36% 36 $8,370,000 $232,500 $3,404 2.86%
41% 35 $6,645,000 $189,857 $2,840 2.83%
38% 31 $5,475,000 $176,613 $2,948 2.82%
43% 27 $5,445,000 $201,667 $3,167 2.94%
39% 23 $5,625,000 $244,565 $3,891 2.80%
37% 23 $4,205,000 $182,826 $3,403 2.80%
44% 18 $4,010,000 $222,778 $3,259 2.87%
48% 18 $4,620,000 $256,667 $3,063 3.03%
45% 16 $4,400,000 $275,000 $3,086 2.72%
49% 13 $2,725,000 $209,615 $3,378 2.94%
50-60% 13 $7,085,000 $545,000 $4,142 2.82%
46% 12 $3,620,000 $301,667 $2,974 2.83%
>60% 10 $3,940,000 $394,000 $2,905 3.09%
47% 9 $3,305,000 $367,222 $3,812 2.85%

Oak Mortgage lent most frequently to those with DTI ratios of 20-30%, with 296 originations. The next most common DTI ratio? 30-36%, with 214 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,019 $234,195,000 $229,828 $3,167 2.85%
Not provided 10 $3,280,000 $328,000 $3,303 2.96%
Asian 11 $2,555,000 $232,273 $2,911 2.68%
Black 11 $1,965,000 $178,636 $3,163 2.99%
Native Hawaiian 1 $545,000 $545,000 $10,373 2.88%
American Indian 1 $55,000 $55,000 $0 3.88%

Approval Rates

Total approvals of all applications
94.72%

Oak Mortgage has an average approval rate.

Pick Rate

Approvals leading to origination
83.70%

Oak Mortgage has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,053 $242,595,000 $230,385

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,053 $242,595,000 $230,385

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 75 $10,695,000 $142,600 $2,579 2.60%
40-60% 163 $31,935,000 $195,920 $2,805 2.67%
60-80% 443 $102,575,000 $231,546 $3,263 2.88%
80-100% 361 $96,545,000 $267,438 $3,383 2.95%
Over 100% 1 $145,000 $145,000 $4,035 2.88%
Under 20% 10 $700,000 $70,000 $2,218 2.45%