Metro Island Mortgage Rates, Fees & Info

SAN JUAN,

LEI: 549300WLIZIEVZY2IG91

Tax ID: 66-0563608

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Metro Island Mortgage is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Metro Island Mortgage has an average proportion of conventional loans. Their top markets include San Juan, Arecibo, Ponce, Santa Isabel, and Guayama among others. Metro Island Mortgage has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors. Metro Island Mortgage is typically a high fee lendor.


Originations

944

Origination Dollar Volume (All Markets)

$128,680,000

Relative Rate

Metro Island Mortgage 's average 30 year fixed rate mortgage of loans were 3.36%.

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

This yields a difference of 0.21%.

Relative Fees

Metro Island Mortgage 's average total fees for a 30 year fixed rate mortgage are $7,947.

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
SAN JUAN-BAYAMÓN-CAGUAS, PR (FHA|USDA|VA) 749 $104,075,000 $138,952 $7,955 3.32%
Arecibo, PR (FHA|USDA|VA) 58 $8,780,000 $151,379 $9,398 3.25%
PONCE, PR (FHA|USDA|VA) 49 $6,525,000 $133,163 $7,541 3.51%
Santa Isabel, PR (FHA|USDA|VA) 19 $2,015,000 $106,053 $6,578 3.51%
GUAYAMA, PR (FHA|USDA|VA) 18 $1,580,000 $87,778 $6,080 3.44%
YAUCO, PR (FHA|USDA|VA) 13 $1,275,000 $98,077 $6,616 3.44%
AGUADILLA-ISABELA, PR (FHA|USDA|VA) 8 $1,170,000 $146,250 $4,762 3.44%
Coamo, PR (FHA|USDA|VA) 9 $1,155,000 $128,333 $6,259 3.42%
Coco, PR (FHA|USDA|VA) 10 $900,000 $90,000 $5,740 3.45%
SAN GERMÁN, PR (FHA|USDA|VA) 7 $775,000 $110,714 $7,085 3.50%
MAYAGÜEZ, PR (FHA|USDA|VA) 3 $365,000 $121,667 $9,144 3.33%
Jayuya, PR (FHA|USDA|VA) 1 $65,000 $65,000 $5,659 6.25%

Metro Island Mortgage 's top markets include San Juan, Arecibo, Ponce, Santa Isabel, and Guayama among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
FHA 584 $80,710,000 $138,202 $8,325 3.29%
USDA 234 $28,310,000 $120,983 $6,790 3.26%
Conventional 84 $12,700,000 $151,190 $8,213 4.01%
VA 42 $6,960,000 $165,714 $7,010 3.15%

For the 2021 period, Metro Island Mortgage 's most frequently originated loan type of loans were FHA, with 584 originations. Their 2nd most popular type is USDA, with 234 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 835 $113,775,000 $136,257 $8,012 3.37%
Refi 73 $10,665,000 $146,096 $6,048 3.09%
Cash Out Refi 36 $4,240,000 $117,778 $8,411 3.18%

For the 2021, Metro Island Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 835 originations. The 2nd most popular reason of loans were Refi, with 73 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 899 $122,315,000 $136,057 $7,947 3.36%
Other 21 $3,075,000 $146,429 $3,974 3.19%
15 Year 14 $2,000,000 $142,857 $10,952 2.85%
20 Year 8 $970,000 $121,250 $6,334 3.19%
10 Year 2 $320,000 $160,000 $0 2.38%

For the 2021, Metro Island Mortgage 's most frequently cited loan length of loans were 30 Year, with 899 originations. The 2nd most popular length of loans were Other, with 21 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 188 $24,720,000 $131,489
$<1k 153 $19,425,000 $126,961
$2k-3k 136 $15,920,000 $117,059
$5k+ 129 $26,785,000 $207,636
$1k-2k 104 $11,890,000 $114,327

$7,947 of loans were Metro Island Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 188 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 462 $66,990,000 $145,000
3-4% 372 $47,590,000 $127,930
4-5% 63 $7,265,000 $115,317
<2.5% 26 $4,390,000 $168,846
5-6% 13 $1,705,000 $131,154
6-7% 5 $405,000 $81,000

During 2021, Metro Island Mortgage 's average interest rate of loans were 3.36%, while their most frequently originated rate bucket of loans were 2.5-3%, with 462 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 584 $79,360,000 $135,890 $7,754 3.25%
$100,000 or less 257 $20,935,000 $81,459 $5,416 3.61%
$200k-400k 98 $25,360,000 $258,776 $13,806 3.20%
$400k-600k 4 $2,120,000 $530,000 $15,962 3.06%
$600k-1MM 1 $905,000 $905,000 $601 4.13%

2021 saw Metro Island Mortgage place emphasis on $100k-200k loans with 584 originations, totaling $79,360,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 613 $70,535,000 $115,065 $6,771 3.39%
$50k-75k 197 $28,455,000 $144,442 $8,207 3.30%
$75k-100k 66 $12,430,000 $188,333 $10,769 3.16%
$100k-150k 51 $11,485,000 $225,196 $12,880 3.21%
$150k-250k 9 $2,285,000 $253,889 $14,143 3.75%
$250k+ 7 $3,445,000 $492,143 $15,486 3.09%

Metro Island Mortgage lent most frequently to those with incomes in the $50k or less range, with 613 originations. The second most popular income band? $50k-75k, with 197 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 203 $27,545,000 $135,690 $7,956 3.29%
30-36% 163 $21,765,000 $133,528 $7,860 3.33%
<20% 81 $11,425,000 $141,049 $6,561 3.27%
43% 44 $5,960,000 $135,455 $8,117 3.43%
40% 40 $5,460,000 $136,500 $8,067 3.30%
39% 39 $6,055,000 $155,256 $7,226 3.45%
41% 39 $5,635,000 $144,487 $8,521 3.34%
44% 37 $4,885,000 $132,027 $8,048 3.38%
42% 36 $4,840,000 $134,444 $8,587 3.35%
37% 35 $4,935,000 $141,000 $7,421 3.65%
38% 31 $4,135,000 $133,387 $7,150 3.34%
36% 29 $3,775,000 $130,172 $7,939 3.18%
45% 29 $3,875,000 $133,621 $8,072 3.28%
47% 28 $3,850,000 $137,500 $8,663 3.45%
50-60% 28 $3,770,000 $134,643 $8,756 3.42%
48% 25 $3,125,000 $125,000 $8,481 3.34%
46% 25 $3,135,000 $125,400 $7,741 3.73%
49% 19 $2,835,000 $149,211 $9,908 3.03%
>60% 8 $1,180,000 $147,500 $0 3.31%

Metro Island Mortgage lent most frequently to those with DTI ratios of 20-30%, with 203 originations. The next most common DTI ratio? 30-36%, with 163 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 890 $121,770,000 $136,820 $7,926 3.35%
Black 48 $6,080,000 $126,667 $7,225 3.33%
American Indian 6 $830,000 $138,333 $7,567 3.21%

Approval Rates

Total approvals of all applications
97.64%

Metro Island 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
96.75%

Metro Island Mortgage has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
1536.1 1 $155,000 $155,000
1637.97 1 $75,000 $75,000
3668.18 1 $185,000 $185,000
367.79 1 $105,000 $105,000
4200.6 1 $205,000 $205,000
50.0 1 $145,000 $145,000
898.05 1 $85,000 $85,000
NA 937 $127,725,000 $136,313

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
944 $128,680,000 $136,314

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 4 $440,000 $110,000 $7,463 3.44%
40-60% 13 $2,405,000 $185,000 $9,302 3.44%
60-80% 109 $12,835,000 $117,752 $6,520 3.56%
80-100% 772 $105,980,000 $137,280 $7,931 3.31%
Over 100% 46 $7,020,000 $152,609 $10,232 3.33%