Mortgage Center L.c Rates, Fees & Info

PLYMOUTH, MI

LEI: 549300X4P2GHQNMZGO79

Tax ID: 38-3358941

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.46% 12/16/24
    30 Year Conventional Refi 6.18% 12/16/24
    30 Year Cash-out Refi 6.43% 12/16/24
    30 Year FHA Purchase 7.40% 12/16/24
    30 Year FHA Refi 7.17% 12/16/24
    30 Year VA Purchase 6.58% 12/16/24
    15 Year Conventional Purchase 5.76% 12/16/24
    15 Year Conventional Refi 5.80% 12/16/24
    15 Year Cash-out Refi 5.80% 12/16/24
    15 Year FHA Refi 6.14% 12/16/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Mortgage Center L.c. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    4,521

    Origination Dollar Volume (All Markets)

    $714,295,000
    Show all (11) awards

    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%
    Mortgage Center L.c's top markets include Detroit, Lansing, Kalamazoo, Grand Rapids, and Ann Arbor among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    MONROE COUNTY COMMUNITY CREDIT UNION
    Similarity Rank: 30
    BlueOx Credit Union
    Similarity Rank: 40
    HARBORLIGHT
    Similarity Rank: 42
    FIRST GENERAL
    Similarity Rank: 117
    Rock Valley Credit Union
    Similarity Rank: 135
    KALSEE CREDIT UNION
    Similarity Rank: 162
    Ohio Catholic Federal Credit Union
    Similarity Rank: 203
    Community West Credit Union
    Similarity Rank: 210
    The Greenwood's State Bank
    Similarity Rank: 216
    KENT COUNTY CREDIT UNION
    Similarity Rank: 235

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 4,371 $689,935,000 $157,844 $2,473 3.15%
    FHA 117 $18,205,000 $155,598 $5,961 3.53%
    VA 30 $5,730,000 $191,000 $4,597 3.18%
    USDA 3 $425,000 $141,667 $4,981 3.58%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 2,266 $355,340,000 $156,814 $2,239 3.01%
    Cash Out Refi 1,484 $230,500,000 $155,323 $2,740 3.27%
    Home Purchase 706 $123,980,000 $175,609 $3,400 3.35%
    Other 52 $3,360,000 $64,615 $1,897 4.00%
    Home Improvement 13 $1,115,000 $85,769 $1,612 3.89%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,296 $404,300,000 $176,089 $2,868 3.40%
    15 Year 1,591 $221,835,000 $139,431 $2,275 2.84%
    20 Year 358 $55,570,000 $155,223 $2,389 3.23%
    10 Year 225 $25,255,000 $112,244 $2,145 2.79%
    Other 40 $7,040,000 $176,000 $2,677 3.32%
    5 Year 11 $295,000 $26,818 $891 4.02%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,521 $391,905,000 $155,456
    $<1k 1,618 $240,190,000 $148,449
    $2k-3k 244 $46,220,000 $189,426
    $3k-4k 79 $18,085,000 $228,924
    $4k-5k 34 $8,360,000 $245,882
    $5k+ 24 $9,470,000 $394,583

    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

    Loan Rate Originations Total Value Average Loan
    3-4% 2,325 $387,135,000 $166,510
    2.5-3% 1,623 $248,455,000 $153,084
    <2.5% 380 $53,270,000 $140,184
    4-5% 163 $23,875,000 $146,472
    5-6% 29 $1,535,000 $52,931
    6-7% 1 $25,000 $25,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 2,288 $331,760,000 $145,000 $2,494 3.14%
    $100,000 or less 1,133 $82,975,000 $73,235 $2,147 3.18%
    $200k-400k 1,038 $266,800,000 $257,033 $3,116 3.19%
    $400k-600k 51 $23,595,000 $462,647 $3,509 3.14%
    $600k-1MM 8 $5,580,000 $697,500 $5,055 3.22%
    $1MM+ 3 $3,585,000 $1,195,000 $22,514 3.38%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,194 $157,680,000 $132,060 $2,503 3.19%
    $100k-150k 1,039 $196,935,000 $189,543 $2,632 3.12%
    $75k-100k 1,008 $162,360,000 $161,071 $2,623 3.16%
    $50k or less 817 $81,915,000 $100,263 $2,426 3.24%
    $150k-250k 397 $91,285,000 $229,937 $2,657 3.08%
    $250k+ 66 $24,120,000 $365,455 $3,879 3.04%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,323 $211,005,000 $159,490 $2,417 3.11%
    30-36% 920 $150,350,000 $163,424 $2,590 3.19%
    <20% 515 $70,145,000 $136,204 $2,296 2.99%
    38% 173 $26,925,000 $155,636 $2,645 3.33%
    42% 155 $23,625,000 $152,419 $2,601 3.27%
    39% 155 $23,965,000 $154,613 $2,641 3.30%
    41% 151 $25,185,000 $166,788 $2,778 3.28%
    40% 150 $24,830,000 $165,533 $2,622 3.21%
    37% 150 $24,960,000 $166,400 $2,631 3.29%
    43% 146 $24,620,000 $168,630 $2,791 3.14%
    44% 136 $20,410,000 $150,074 $2,788 3.19%
    36% 131 $19,205,000 $146,603 $2,513 3.26%
    49% 90 $16,060,000 $178,444 $3,326 3.22%
    45% 81 $13,775,000 $170,062 $2,832 3.26%
    47% 78 $12,370,000 $158,590 $3,052 3.14%
    46% 68 $11,000,000 $161,765 $2,793 3.17%
    48% 67 $10,385,000 $155,000 $2,759 3.20%
    50-60% 29 $5,065,000 $174,655 $5,196 3.35%
    >60% 1 $155,000 $155,000 $6,936 3.63%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,848 $602,920,000 $156,684 $2,564 3.16%
    Not provided 449 $77,785,000 $173,241 $2,571 3.17%
    Black 156 $23,240,000 $148,974 $2,978 3.31%
    Asian 42 $6,000,000 $142,857 $2,616 3.09%
    American Indian 21 $3,135,000 $149,286 $2,433 3.19%
    Chinese 1 $475,000 $475,000 $3,742 3.63%
    Asian Indian 1 $295,000 $295,000 $5,448 2.50%
    Other Asian 1 $205,000 $205,000 $2,721 3.50%
    Other Pacific Islander 1 $135,000 $135,000 $2,649 2.63%
    Native Hawaiian or Islander 1 $105,000 $105,000 $1,074 2.75%

    Approval Rates

    Total approvals of all applications
    92.40%

    Mortgage Center L.c has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.73%

    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

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 323 $30,385,000 $94,071 $2,029 2.97%
    40-60% 1,095 $148,275,000 $135,411 $2,241 2.98%
    60-80% 2,005 $341,915,000 $170,531 $2,570 3.17%
    80-100% 1,046 $191,370,000 $182,954 $3,172 3.36%
    Over 100% 1 $325,000 $325,000 $5,758 2.88%
    Under 20% 51 $2,025,000 $39,706 $1,485 3.97%

    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%