American Mortgage Services Incorporated Rates, Fees & Info
ATOKA, TNLEI: 549300WO9TX4YEFAC338
Tax ID: 62-1501904
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Mortgage Data
Review & Overview
American Mortgage Services Incorporated is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. American Mortgage Services Incorporated has an average proportion of conventional loans. Their top markets by origination volume include: Memphis, Batesville, Little Rock, and Jackson among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)American Mortgage Services Incorporated has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. American Mortgage Services Incorporated is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 10.39% | 4/21/24 |
| 30 Year Conventional Refi | 6.92% | 4/21/24 |
| 30 Year Cash-out Refi | 7.25% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.30% | 4/21/24 |
| 30 Year USDA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Refi | 5.68% | 4/21/24 |
| 15 Year Cash-out Refi | 5.68% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
American Mortgage Services Incorporated Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
45Origination Dollar Volume (All Markets)
$10,635,000Relative Rate
American Mortgage Services Incorporated's average 30 year fixed mortgage rate was
6.75%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.27%.
Relative Fees (Closing Costs)
American Mortgage Services Incorporated's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,025.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 37 | $8,935,000 | $241,486 | $2,025 | 6.75% |
| Outside of Metro Areas | 5 | $865,000 | $173,000 | $0 | 0.00% |
| Batesville, AR (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 0.00% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
Product Mix
For 2023, American Mortgage Services Incorporated's most frequently originated type of loan was FHA, with 19 originations. Their 2nd most popular type was Conventional, with 12 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 40 | $9,610,000 | $240,250 | $2,025 | 6.75% |
| Cash Out Refi | 3 | $335,000 | $111,667 | $0 | 0.00% |
| Refi | 2 | $690,000 | $345,000 | $0 | 0.00% |
For 2023, American Mortgage Services Incorporated's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Cash Out Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 27 | $6,485,000 | $240,185 | $0 | 0.00% |
| 30 Year | 18 | $4,150,000 | $230,556 | $2,025 | 6.75% |
For 2023, American Mortgage Services Incorporated's most frequently cited loan duration was Other, with 27 originations. The 2nd most popular length was 30 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $115,000 | $115,000 |
American Mortgage Services Incorporated's average total fees were $2,025, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 2 | $270,000 | $135,000 |
| 7-8% | 1 | $245,000 | $245,000 |
During 2023, American Mortgage Services Incorporated's average interest rate for loans was 6.75%, while their most frequently originated rate bucket for loans was 6-7%, with 2 originations.
Loan Sizing
2023 saw American Mortgage Services Incorporated place emphasis on $200k-400k loans with 21 originations, totaling $5,815,000 in origination value.
Applicant Income
American Mortgage Services Incorporated lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $75k-100k, with 12 originations.
Applicant Debt to Income Ratio
American Mortgage Services Incorporated lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 40%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications100.00%
American Mortgage Services Incorporated has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.56%
American Mortgage Services Incorporated 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 |
|---|---|---|---|
| NA | 45 | $10,635,000 | $236,333 |