Metro Island Mortgage Rates, Fees & Info
SAN JUAN,LEI: 549300WLIZIEVZY2IG91
Tax ID: 66-0563608
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
944Origination Dollar Volume (All Markets)
$128,680,000Relative 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 applications97.64%
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 origination96.75%
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% |
