First Equity Mortgage Incorporated Rates, Fees & Info

CINCINNATI, OH

LEI: 549300X8AUU3UC1ULZ79

Tax ID: 31-1060110

4.4 stars - out of 5 stars, based on 39 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

First Equity Mortgage Incorporated is a smaller mortgage company specializing in Home Purchase loans. First Equity Mortgage Incorporated 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 include Cincinnati, Washington, Dallas, Nashville, and Cleveland among others. First Equity Mortgage Incorporated has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. First Equity Mortgage Incorporated is typically an average fee lendor.


Originations

1,494

Origination Dollar Volume (All Markets)

$648,910,000
Show all (9) awards

Relative Rate

First Equity Mortgage Incorporated's average 30 year fixed rate mortgage of loans were 2.94%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.21%.

Relative Fees

First Equity Mortgage Incorporated's average total fees for a 30 year fixed rate mortgage are $5,963.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 447 $158,355,000 $354,262 $4,978 2.92%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 171 $99,525,000 $582,018 $7,210 2.85%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 189 $87,615,000 $463,571 $6,444 2.85%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 104 $56,830,000 $546,442 $5,473 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 137 $53,575,000 $391,058 $5,373 2.95%
JACKSONVILLE, FL (FHA|USDA|VA) 110 $47,210,000 $429,182 $6,666 2.79%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 122 $46,480,000 $380,984 $4,323 2.96%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 74 $35,790,000 $483,649 $7,404 2.76%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 60 $24,570,000 $409,500 $6,601 2.84%
RALEIGH-CARY, NC (FHA|USDA|VA) 47 $23,945,000 $509,468 $5,497 2.90%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 16 $8,250,000 $515,625 $4,190 2.96%
AKRON, OH (FHA|USDA|VA) 16 $6,450,000 $403,125 $6,174 2.98%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 1 $315,000 $315,000 $1,918 2.99%

First Equity Mortgage Incorporated's top markets include Cincinnati, Washington, Dallas, Nashville, and Cleveland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,277 $535,655,000 $419,464 $5,053 2.93%
VA 179 $97,675,000 $545,670 $9,745 2.63%
FHA 36 $14,900,000 $413,889 $11,166 2.72%
USDA 2 $680,000 $340,000 $6,678 2.81%

For the 2021 period, First Equity Mortgage Incorporated's most frequently originated loan type of loans were Conventional, with 1,277 originations. Their 2nd most popular type is VA, with 179 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,493 $648,365,000 $434,270 $5,766 2.89%
Refi 1 $545,000 $545,000 $2,859 2.75%

For the 2021, First Equity Mortgage Incorporated's most frequently cited loan purpose of loans were Home Purchase, with 1,493 originations. The 2nd most popular reason of loans were Refi, with 1 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,321 $597,375,000 $452,214 $5,963 2.94%
15 Year 138 $41,290,000 $299,203 $4,386 2.42%
20 Year 29 $9,395,000 $323,966 $3,853 2.76%
10 Year 6 $850,000 $141,667 $3,015 2.50%

For the 2021, First Equity Mortgage Incorporated's most frequently cited loan length of loans were 30 Year, with 1,321 originations. The 2nd most popular length of loans were 15 Year, with 138 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,185 $506,185,000 $427,160
$1k-2k 308 $142,220,000 $461,753
$3k-4k 1 $505,000 $505,000

$5,963 of loans were First Equity Mortgage Incorporated's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,185 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 856 $375,710,000 $438,914
3-4% 420 $184,880,000 $440,190
<2.5% 218 $88,320,000 $405,138

During 2021, First Equity Mortgage Incorporated's average interest rate of loans were 2.94%, while their most frequently originated rate bucket of loans were 2.5-3%, with 856 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 694 $340,700,000 $490,922 $6,093 2.91%
$200k-400k 537 $170,165,000 $316,881 $4,799 2.90%
$600k-1MM 159 $114,545,000 $720,409 $8,990 2.83%
$100k-200k 78 $12,200,000 $156,410 $3,294 2.71%
$100,000 or less 18 $1,380,000 $76,667 $2,636 2.72%
$1MM+ 8 $9,920,000 $1,240,000 $9,096 2.92%

2021 saw First Equity Mortgage Incorporated place emphasis on $400k-600k loans with 694 originations, totaling $340,700,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 531 $256,175,000 $482,439 $6,102 2.86%
$100k-150k 488 $197,570,000 $404,857 $5,748 2.90%
$250k+ 191 $107,695,000 $563,848 $6,216 2.89%
$75k-100k 179 $61,135,000 $341,536 $5,128 2.90%
$50k-75k 92 $24,270,000 $263,804 $4,627 2.91%
$50k or less 13 $2,065,000 $158,846 $2,777 2.93%

First Equity Mortgage Incorporated lent most frequently to those with incomes in the $150k-250k range, with 531 originations. The second most popular income band? $100k-150k, with 488 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 414 $175,740,000 $424,493 $5,282 2.85%
30-36% 307 $135,885,000 $442,622 $5,781 2.90%
<20% 137 $50,895,000 $371,496 $4,479 2.82%
44% 67 $30,035,000 $448,284 $6,784 3.00%
41% 65 $31,075,000 $478,077 $7,302 2.88%
40% 61 $29,065,000 $476,475 $6,764 2.89%
43% 50 $24,110,000 $482,200 $6,658 2.96%
36% 49 $23,575,000 $481,122 $6,480 2.93%
42% 47 $21,245,000 $452,021 $5,744 2.89%
38% 45 $20,575,000 $457,222 $5,545 2.90%
39% 45 $17,585,000 $390,778 $5,329 2.90%
37% 41 $18,665,000 $455,244 $6,062 2.90%
48% 36 $15,210,000 $422,500 $5,919 2.94%
49% 36 $13,520,000 $375,556 $5,593 2.83%
45% 35 $15,665,000 $447,571 $6,439 2.89%
46% 26 $11,690,000 $449,615 $6,821 2.87%
47% 22 $9,370,000 $425,909 $6,713 2.96%
50-60% 11 $5,005,000 $455,000 $6,570 2.94%

First Equity Mortgage Incorporated lent most frequently to those with DTI ratios of 20-30%, with 414 originations. The next most common DTI ratio? 30-36%, with 307 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 951 $397,395,000 $417,871 $5,508 2.91%
Not provided 230 $102,180,000 $444,261 $5,952 2.84%
Asian 148 $67,400,000 $455,405 $5,993 2.84%
Black 120 $60,740,000 $506,167 $7,179 2.85%
Asian Indian 39 $18,215,000 $467,051 $5,738 2.87%
American Indian 5 $2,475,000 $495,000 $5,739 2.85%
Other Asian 1 $505,000 $505,000 $3,565 2.88%

Approval Rates

Total approvals of all applications
89.09%

First Equity Mortgage Incorporated has an average approval rate.

Pick Rate

Approvals leading to origination
29.45%

First Equity Mortgage Incorporated 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 1,494 $648,910,000 $434,344

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,494 $648,910,000 $434,344

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 84 $15,530,000 $184,881 $3,538 2.72%
40-60% 153 $53,325,000 $348,529 $4,799 2.76%
60-80% 528 $238,470,000 $451,648 $5,397 2.92%
80-100% 687 $325,605,000 $473,952 $5,997 2.92%
Over 100% 27 $14,665,000 $543,148 $21,060 2.70%
Under 20% 15 $1,315,000 $87,667 $2,840 2.68%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
First Equity Mortgage Bankers, Inc. VA mortgage Trouble during payment process 1 20.0%
First Equity Mortgage Bankers, Inc. FHA mortgage Closing on a mortgage 1 20.0%
First Equity Mortgage Bankers, Inc. Conventional home mortgage Struggling to pay mortgage 1 20.0%
First Equity Mortgage Bankers, Inc. Conventional home mortgage Closing on a mortgage 2 40.0%