Mortgage Center L.c Rates, Fees & Info
PLYMOUTH, MILEI: 549300X4P2GHQNMZGO79
Tax ID: 38-3358941
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Mortgage Data
Review & Overview
Mortgage Center L.c is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Mortgage Center L.c has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Detroit, Lansing, Kalamazoo, Grand Rapids, and Ann Arbor among others. We have data for 67 markets. (Some data included below & more in-depth data is available with an active subscription.)Mortgage Center L.c 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. Mortgage Center L.c 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.46% | 4/21/24 |
| 30 Year Conventional Refi | 6.18% | 4/21/24 |
| 30 Year Cash-out Refi | 6.43% | 4/21/24 |
| 30 Year FHA Purchase | 7.40% | 4/21/24 |
| 30 Year FHA Refi | 7.17% | 4/21/24 |
| 30 Year VA Purchase | 6.58% | 4/21/24 |
| 15 Year Conventional Purchase | 5.76% | 4/21/24 |
| 15 Year Conventional Refi | 5.80% | 4/21/24 |
| 15 Year Cash-out Refi | 5.80% | 4/21/24 |
| 15 Year FHA Refi | 6.14% | 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. | ||
Mortgage Center L.c Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4,521Origination Dollar Volume (All Markets)
$714,295,000Awards
MORTGAGE CENTER L.C - 2020
MORTGAGE CENTER L.C is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2,174 | $351,220,000 | $161,555 | $2,582 | 3.16% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 449 | $63,045,000 | $140,412 | $2,245 | 3.11% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 391 | $59,235,000 | $151,496 | $2,664 | 3.13% |
| Outside of Metro Areas | 316 | $48,400,000 | $153,165 | $2,663 | 3.18% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 204 | $35,430,000 | $173,676 | $2,458 | 3.19% |
| ANN ARBOR, MI (FHA|USDA|VA) | 156 | $31,590,000 | $202,500 | $2,381 | 3.05% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 105 | $14,015,000 | $133,476 | $2,496 | 3.26% |
| Whitewater, WI (FHA|USDA|VA) | 73 | $13,385,000 | $183,356 | $2,759 | 3.22% |
| MONROE, MI (FHA|USDA|VA) | 68 | $10,800,000 | $158,824 | $2,797 | 3.14% |
| Holland, MI (FHA|USDA|VA) | 74 | $10,330,000 | $139,595 | $2,323 | 3.16% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 70 | $9,480,000 | $135,429 | $2,817 | 3.21% |
| JACKSON, MI (FHA|USDA|VA) | 61 | $8,305,000 | $136,148 | $2,509 | 3.09% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 35 | $7,345,000 | $209,857 | $2,839 | 3.18% |
| FLINT, MI (FHA|USDA|VA) | 38 | $5,750,000 | $151,316 | $3,003 | 3.21% |
| ROCKFORD, IL (FHA|USDA|VA) | 34 | $4,310,000 | $126,765 | $2,338 | 3.25% |
| Mount Pleasant, MI (FHA|USDA|VA) | 32 | $4,270,000 | $133,438 | $2,172 | 3.17% |
| Traverse City, MI (FHA|USDA|VA) | 22 | $4,100,000 | $186,364 | $2,404 | 3.23% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 19 | $3,345,000 | $176,053 | $4,097 | 3.22% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 11 | $3,275,000 | $297,727 | $4,948 | 3.10% |
| MUSKEGON, MI (FHA|USDA|VA) | 23 | $3,045,000 | $132,391 | $2,613 | 3.14% |
| AKRON, OH (FHA|USDA|VA) | 21 | $2,635,000 | $125,476 | $3,672 | 3.13% |
| Adrian, MI (FHA|USDA|VA) | 14 | $2,150,000 | $153,571 | $2,694 | 3.02% |
| Big Rapids, MI (FHA|USDA|VA) | 7 | $1,105,000 | $157,857 | $3,360 | 3.38% |
| Sturgis, MI (FHA|USDA|VA) | 9 | $1,015,000 | $112,778 | $2,576 | 3.03% |
| Alma, MI (FHA|USDA|VA) | 8 | $930,000 | $116,250 | $2,966 | 3.28% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $3,230 | 3.31% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 4 | $860,000 | $215,000 | $3,947 | 3.69% |
| COLUMBUS, OH (FHA|USDA|VA) | 6 | $840,000 | $140,000 | $3,516 | 3.75% |
| Cadillac, MI (FHA|USDA|VA) | 7 | $795,000 | $113,571 | $2,413 | 3.04% |
| SAGINAW, MI (FHA|USDA|VA) | 7 | $775,000 | $110,714 | $2,860 | 3.41% |
| TOLEDO, OH (FHA|USDA|VA) | 8 | $760,000 | $95,000 | $2,550 | 3.73% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $3,165 | 3.46% |
| RACINE, WI (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $2,060 | 3.50% |
| NILES, MI (FHA|USDA|VA) | 4 | $650,000 | $162,500 | $2,125 | 3.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $3,575 | 3.17% |
| BAY CITY, MI (FHA|USDA|VA) | 6 | $590,000 | $98,333 | $2,720 | 3.67% |
| MIDLAND, MI (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $2,973 | 3.50% |
| CANTON-MASSILLON, OH (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $3,194 | 3.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $8,637 | 3.13% |
| Wapakoneta, OH (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $2,519 | 4.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $2,509 | 2.83% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $2,770 | 3.33% |
| SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $2,464 | 3.46% |
| Wooster, OH (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $3,164 | 3.44% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $4,576 | 3.13% |
| Alpena, MI (FHA|USDA|VA) | 3 | $275,000 | $91,667 | $1,679 | 2.96% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $4,102 | 3.06% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,233 | 2.75% |
| Sault Ste. Marie, MI (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $2,574 | 4.38% |
| Hillsdale, MI (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $2,389 | 3.33% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $195,000 | $65,000 | $2,532 | 4.04% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,437 | 2.88% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,405 | 3.63% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,399 | 3.13% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,789 | 3.25% |
| Marquette, MI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,803 | 3.13% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,460 | 3.63% |
| Sterling, IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,188 | 3.38% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,146 | 3.00% |
| OCALA, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,123 | 3.38% |
| YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $7,068 | 3.63% |
| MADISON, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,835 | 3.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,458 | 3.25% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,900 | 3.13% |
| Freeport, IL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $2,595 | 3.00% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,668 | 2.88% |
| Houghton, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $2,845 | 2.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against MORTGAGE CENTER L.C based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, Mortgage Center L.c's most frequently originated type of loan was Conventional, with 4,371 originations. Their 2nd most popular type was FHA, with 117 originations.
Loan Reason
For 2020, Mortgage Center L.c's most frequently cited loan purpose was Refi, with 2,266 originations. The 2nd most popular reason was Cash Out Refi, with 1,484 originations.
Loan Duration/Length
For 2020, Mortgage Center L.c's most frequently cited loan duration was 30 Year, with 2,296 originations. The 2nd most popular length was 15 Year, with 1,591 originations.
Origination Fees/Closing Costs
Mortgage Center L.c's average total fees were $2,868, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,521 originations.
Interest Rates
During 2020, Mortgage Center L.c's average interest rate for loans was 3.40%, while their most frequently originated rate bucket for loans was 3-4%, with 2,325 originations.
Loan Sizing
2020 saw Mortgage Center L.c place emphasis on $100k-200k loans with 2,288 originations, totaling $331,760,000 in origination value.
Applicant Income
Mortgage Center L.c lent most frequently to those with incomes in the $50k-75k range, with 1,194 originations. The second most popular income band? $100k-150k, with 1,039 originations.
Applicant Debt to Income Ratio
Mortgage Center L.c lent most frequently to those with DTI ratios of 20-30%, with 1,323 originations. The next most common DTI ratio? 30-36%, with 920 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.40%
Mortgage Center L.c has an average approval rate.
Pick Rate
Approvals leading to origination72.73%
Mortgage Center L.c has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4,521 | $714,295,000 | $157,995 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 45 | $4,345,000 | $96,556 |
| Single Family (1-4 Units):Site-Built | 4,476 | $709,950,000 | $158,613 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 20.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| MORTGAGE CENTER, LC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 40.0% |