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 and Refi loans. American Mortgage Services Incorporated has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Memphis, Tullahoma, Dyersburg, Brownsville, and Jackson among others. We have data for 8 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 an average 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 about average 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% | 4/28/24 |
| 30 Year Conventional Refi | 6.92% | 4/28/24 |
| 30 Year Cash-out Refi | 7.25% | 4/28/24 |
| 30 Year FHA Purchase | 6.27% | 4/28/24 |
| 30 Year FHA Refi | 6.27% | 4/28/24 |
| 30 Year VA Purchase | 6.30% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 5.68% | 4/28/24 |
| 15 Year Cash-out Refi | 5.68% | 4/28/24 |
| 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
175Origination Dollar Volume (All Markets)
$33,885,000Top 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) | 156 | $29,690,000 | $190,321 | $5,307 | 2.80% |
| Outside of Metro Areas | 12 | $2,130,000 | $177,500 | $0 | 2.75% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $0 | 0.00% |
| Dyersburg, TN (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| Brownsville, TN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.75% |
| JACKSON, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 3.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
Product Mix
For 2021, American Mortgage Services Incorporated's most frequently originated type of loan was Conventional, with 82 originations. Their 2nd most popular type was USDA, with 54 originations.
Loan Reason
For 2021, American Mortgage Services Incorporated's most frequently cited loan purpose was Home Purchase, with 104 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
For 2021, American Mortgage Services Incorporated's most frequently cited loan duration was Other, with 113 originations. The 2nd most popular length was 30 Year, with 49 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 4 | $660,000 | $165,000 |
| $<1k | 3 | $625,000 | $208,333 |
| $3k-4k | 3 | $785,000 | $261,667 |
| $1k-2k | 1 | $145,000 | $145,000 |
American Mortgage Services Incorporated's average total fees were $5,307, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 35 | $6,695,000 | $191,286 |
| <2.5% | 12 | $2,020,000 | $168,333 |
| 3-4% | 9 | $1,435,000 | $159,444 |
During 2021, American Mortgage Services Incorporated's average interest rate for loans was 2.87%, while their most frequently originated rate bucket for loans was 2.5-3%, with 35 originations.
Loan Sizing
2021 saw American Mortgage Services Incorporated place emphasis on $100k-200k loans with 91 originations, totaling $13,855,000 in origination value.
Applicant Income
American Mortgage Services Incorporated lent most frequently to those with incomes in the $50k-75k range, with 56 originations. The second most popular income band? $50k or less, with 52 originations.
Applicant Debt to Income Ratio
American Mortgage Services Incorporated lent most frequently to those with DTI ratios of 30-36%, with 36 originations. The next most common DTI ratio? 20-30%, with 35 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.90%
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 origination97.14%
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 | 175 | $33,885,000 | $193,629 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| American Mortgage Service Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| American Mortgage Service Company | FHA mortgage | Closing on a mortgage | 2 | 66.7% |