Parkside Mortgage Rates, Fees & Info
WESTLAND, MILEI: 549300X6CJ5UBMRIAX42
Tax ID: 38-1485730
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Mortgage Data
Review & Overview
Parkside is a smaller mortgage company specializing in Home Improvement and Other loans. Parkside has a high proportion of conventional loans. Their top two markets are Detroit and Jackson .Parkside has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 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. | ||
Parkside Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
49Origination Dollar Volume (All Markets)
$2,035,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 48 | $2,000,000 | $41,667 | $0 | 0.00% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 49 | $2,035,000 | $41,531 | $0 | 0.00% |
For 2019, Parkside's most frequently originated type of loan was Conventional, with 49 originations.
Loan Reason
For 2019, Parkside's most frequently cited loan purpose was Home Improvement, with 24 originations. The 2nd most popular reason was Other, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 49 | $2,035,000 | $41,531 | $0 | 0.00% |
For 2019, Parkside's most frequently cited loan duration was Other, with 49 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 46 | $1,600,000 | $34,783 | $0 | 0.00% |
| $100k-200k | 3 | $435,000 | $145,000 | $0 | 0.00% |
2019 saw Parkside place emphasis on $100,000 or less loans with 46 originations, totaling $1,600,000 in origination value.
Applicant Income
Parkside lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 49 | $2,035,000 | $41,531 | $0 | 0.00% |
Parkside lent most frequently to those with DTI ratios of Exempt%, with 49 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 44 | $1,790,000 | $40,682 | $0 | 0.00% |
| Black | 4 | $150,000 | $37,500 | $0 | 0.00% |
| Asian | 1 | $95,000 | $95,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications78.02%
Parkside has a below average approval rate.
Pick Rate
Approvals leading to origination69.39%
Parkside 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 |
|---|---|---|---|
| Exempt | 49 | $2,035,000 | $41,531 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 49 | $2,035,000 | $41,531 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Pro Equity Partners, Inc. | Conventional home mortgage | Closing on a mortgage | 1 | 100.0% |