First Security Mortgage Corporation Rates, Fees & Info

Brook Park, OH

LEI: 549300X00QJSRCYUH422

Tax ID: 34-1324301

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    First Security Mortgage Corporation is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Their top markets by origination volume include: Cleveland, Akron, Wooster, Sandusky, and Ashland among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First Security Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Security Mortgage Corporation 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 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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    Originations

    42

    Origination Dollar Volume (All Markets)

    $6,220,000

    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
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 28 $4,070,000 $145,357 $6,988 4.84%
    AKRON, OH (FHA|USDA|VA) 5 $855,000 $171,000 $8,087 4.68%
    Wooster, OH (FHA|USDA|VA) 3 $325,000 $108,333 $7,249 5.46%
    Sandusky, OH (FHA|USDA|VA) 2 $320,000 $160,000 $7,810 5.38%
    Ashland, OH (FHA|USDA|VA) 1 $195,000 $195,000 $8,524 5.00%
    CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $165,000 $165,000 $7,898 4.63%
    COLUMBUS, OH (FHA|USDA|VA) 1 $165,000 $165,000 $8,308 5.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $125,000 $125,000 $0 5.75%
    First Security Mortgage Corporation's top markets include Cleveland, Akron, Wooster, Sandusky, and Ashland among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against First Security Mortgage Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Cleveland Selfreliance FCU
    Similarity Rank: 15
    CARDINAL CREDIT UNION, INC.
    Similarity Rank: 552
    Ohio Catholic Federal Credit Union
    Similarity Rank: 637
    Community Star Credit Union
    Similarity Rank: 714
    First Security Mortgage Corporation
    Similarity Rank: 728
    FIRST EQUITY MORTGAGE INCORPORATED
    Similarity Rank: 1170
    THE BANKERS GUARANTEE TITLE & TRUST COMPANY
    Similarity Rank: 1380
    PULTE MORTGAGE LLC
    Similarity Rank: 1550
    The Cortland Savings and Banking Company
    Similarity Rank: 2000
    HOME MORTGAGE ASSURED CORPORATION
    Similarity Rank: 2200

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 34 $4,590,000 $135,000 $7,199 4.95%
    VA 8 $1,630,000 $203,750 $7,598 4.75%

    For 2018, First Security Mortgage Corporation's most frequently originated type of loan was FHA, with 34 originations. Their 2nd most popular type was VA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $5,755,000 $147,564 $7,421 4.90%
    Cash Out Refi 2 $410,000 $205,000 $6,272 5.00%
    Refi 1 $55,000 $55,000 $4,272 5.38%

    For 2018, First Security Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 42 $6,220,000 $148,095 $7,281 4.91%

    For 2018, First Security Mortgage Corporation's most frequently cited loan duration was 30 Year, with 42 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 29 $3,965,000 $136,724
    $3k-4k 7 $1,325,000 $189,286
    $1k-2k 5 $695,000 $139,000
    $4k-5k 1 $235,000 $235,000

    First Security Mortgage Corporation's average total fees were $7,281, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 29 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 28 $4,410,000 $157,500
    5-6% 13 $1,615,000 $124,231
    3-4% 1 $195,000 $195,000

    During 2018, First Security Mortgage Corporation's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 28 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 32 $4,370,000 $136,563 $7,243 4.89%
    $200k-400k 6 $1,540,000 $256,667 $8,523 4.79%
    $100,000 or less 4 $310,000 $77,500 $5,180 5.28%

    2018 saw First Security Mortgage Corporation place emphasis on $100k-200k loans with 32 originations, totaling $4,370,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 21 $2,605,000 $124,048 $6,831 4.95%
    $50k-75k 17 $2,685,000 $157,941 $7,120 4.88%
    $100k-150k 3 $695,000 $231,667 $9,901 4.88%
    $75k-100k 1 $235,000 $235,000 $10,557 4.88%

    First Security Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 21 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    43% 4 $530,000 $132,500 $6,912 5.09%
    20-30% 4 $540,000 $135,000 $7,451 4.75%
    30-36% 4 $550,000 $137,500 $7,568 5.16%
    50-60% 4 $890,000 $222,500 $9,750 5.06%
    41% 4 $490,000 $122,500 $6,453 5.00%
    47% 3 $595,000 $198,333 $6,984 4.63%
    46% 3 $415,000 $138,333 $7,376 4.79%
    42% 3 $455,000 $151,667 $7,355 4.83%
    39% 3 $305,000 $101,667 $6,095 4.83%
    <20% 2 $250,000 $125,000 $6,639 4.69%
    36% 2 $280,000 $140,000 $7,009 4.81%
    37% 2 $310,000 $155,000 $5,523 4.56%
    44% 1 $155,000 $155,000 $7,959 5.25%
    48% 1 $205,000 $205,000 $8,560 5.13%
    38% 1 $125,000 $125,000 $0 5.75%
    >60% 1 $125,000 $125,000 $7,158 4.63%

    First Security Mortgage Corporation lent most frequently to those with DTI ratios of 43%, with 4 originations. The next most common DTI ratio? 20-30%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $5,435,000 $146,892 $7,467 4.92%
    Black 2 $410,000 $205,000 $5,588 4.88%
    Asian 2 $230,000 $115,000 $6,183 4.94%
    Not provided 1 $145,000 $145,000 $6,534 4.75%

    Approval Rates

    Total approvals of all applications
    98.65%

    First Security Mortgage Corporation 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
    66.67%

    First Security Mortgage Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 42 $6,220,000 $148,095

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $135,000 $135,000
    Single Family (1-4 Units):Site-Built 41 $6,085,000 $148,415

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $55,000 $55,000 $4,272 5.38%
    80-100% 39 $5,715,000 $146,538 $7,261 4.91%
    Over 100% 2 $450,000 $225,000 $9,154 4.69%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIRST MORTGAGE CORPORATION FHA mortgage Closing on a mortgage 1 100.0%