Direct Mortgage Corp. Rates, Fees & Info

Salt Lake City, UT

LEI: 549300XAHXRVSRML8V19

Tax ID: 87-0530005

2.4 stars - out of 5 stars, based on 54 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Direct Mortgage Corp. is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Direct Mortgage Corp. has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Salt Lake City, Provo, Ogden, Phoenix, and Riverside among others. Direct Mortgage Corp. has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Direct Mortgage Corp. is typically a high fee lendor.


Originations

2,879

Origination Dollar Volume (All Markets)

$915,975,000
Show all (7) awards

Relative Rate

Direct Mortgage Corp.'s average 30 year fixed rate mortgage of loans were 3.04%.

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

This yields a difference of -0.11%.

Relative Fees

Direct Mortgage Corp.'s average total fees for a 30 year fixed rate mortgage are $7,728.

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
SALT LAKE CITY, UT (FHA|USDA|VA) 1,035 $337,335,000 $325,928 $6,351 2.96%
PROVO-OREM, UT (FHA|USDA|VA) 441 $145,725,000 $330,442 $7,849 2.92%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 334 $107,330,000 $321,347 $6,815 2.95%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 183 $54,965,000 $300,355 $9,071 3.07%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 121 $37,585,000 $310,620 $11,077 3.01%
ST. GEORGE, UT (FHA|USDA|VA) 55 $18,735,000 $340,636 $7,554 3.03%
Heber, UT (FHA|USDA|VA) 38 $15,770,000 $415,000 $6,233 2.88%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 50 $15,200,000 $304,000 $7,464 2.97%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 39 $15,125,000 $387,821 $12,098 3.02%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 43 $14,685,000 $341,512 $10,122 3.01%
Outside of Metro Areas 64 $13,990,000 $218,594 $6,179 3.05%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 29 $12,305,000 $424,310 $12,278 2.82%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 38 $10,160,000 $267,368 $4,548 3.03%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 37 $9,105,000 $246,081 $8,563 2.92%
LOGAN, UT-ID (FHA|USDA|VA) 26 $7,160,000 $275,385 $5,846 3.09%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 12 $6,700,000 $558,333 $10,843 3.03%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 16 $6,460,000 $403,750 $9,575 3.08%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 22 $6,370,000 $289,545 $10,079 2.86%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 20 $5,760,000 $288,000 $10,466 2.91%
BOULDER, CO (FHA|USDA|VA) 11 $4,035,000 $366,818 $9,836 2.88%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 16 $3,790,000 $236,875 $7,486 2.98%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 9 $3,755,000 $417,222 $12,370 3.07%
COLORADO SPRINGS, CO (FHA|USDA|VA) 11 $3,295,000 $299,545 $9,467 2.97%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 8 $3,020,000 $377,500 $7,455 2.42%
STOCKTON, CA (FHA|USDA|VA) 10 $2,940,000 $294,000 $11,864 2.88%
Vernal, UT (FHA|USDA|VA) 12 $2,760,000 $230,000 $5,735 2.92%
BOISE CITY, ID (FHA|USDA|VA) 10 $2,620,000 $262,000 $7,707 2.90%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 9 $2,285,000 $253,889 $8,650 2.83%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 5 $2,265,000 $453,000 $8,036 3.30%
VALLEJO, CA (FHA|USDA|VA) 4 $2,000,000 $500,000 $15,110 3.38%
FRESNO, CA (FHA|USDA|VA) 6 $1,630,000 $271,667 $7,077 2.85%
JACKSONVILLE, FL (FHA|USDA|VA) 7 $1,625,000 $232,143 $8,599 2.84%
Cedar City, UT (FHA|USDA|VA) 7 $1,595,000 $227,857 $6,600 3.21%
BAKERSFIELD, CA (FHA|USDA|VA) 7 $1,585,000 $226,429 $7,205 3.07%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,560,000 $260,000 $9,431 2.90%
LAFAYETTE, LA (FHA|USDA|VA) 9 $1,545,000 $171,667 $9,136 3.00%
YUBA CITY, CA (FHA|USDA|VA) 4 $1,340,000 $335,000 $10,177 3.06%
GREELEY, CO (FHA|USDA|VA) 4 $1,240,000 $310,000 $8,665 2.84%
Show Low, AZ (FHA|USDA|VA) 4 $1,180,000 $295,000 $6,938 2.91%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,030,000 $257,500 $7,619 2.34%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $1,010,000 $252,500 $6,696 2.91%
Price, UT (FHA|USDA|VA) 5 $995,000 $199,000 $3,810 3.20%
RENO, NV (FHA|USDA|VA) 3 $965,000 $321,667 $10,367 3.29%
GRAND JUNCTION, CO (FHA|USDA|VA) 3 $925,000 $308,333 $9,773 3.46%
BREMERTON-SILVERDALE-PORT ORCHARD, WA (FHA|USDA|VA) 3 $905,000 $301,667 $9,166 3.08%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $800,000 $400,000 $7,999 2.63%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 5 $765,000 $153,000 $4,758 3.65%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $750,000 $375,000 $6,717 2.75%
THE VILLAGES, FL (FHA|USDA|VA) 3 $745,000 $248,333 $8,163 2.92%
Breckenridge, CO (FHA|USDA|VA) 2 $700,000 $350,000 $5,917 2.81%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $680,000 $340,000 $4,319 3.13%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $655,000 $218,333 $6,352 2.67%
TUCSON, AZ (FHA|USDA|VA) 4 $630,000 $157,500 $6,718 2.97%
Mountain Home, ID (FHA|USDA|VA) 2 $610,000 $305,000 $8,446 2.63%
IDAHO FALLS, ID (FHA|USDA|VA) 3 $575,000 $191,667 $4,420 3.08%
TWIN FALLS, ID (FHA|USDA|VA) 2 $550,000 $275,000 $4,426 2.94%
Rexburg, ID (FHA|USDA|VA) 1 $535,000 $535,000 $5,616 3.25%
Opelousas, LA (FHA|USDA|VA) 3 $525,000 $175,000 $9,500 2.96%
TYLER, TX (FHA|USDA|VA) 1 $515,000 $515,000 $6,002 3.13%
Oak Harbor, WA (FHA|USDA|VA) 1 $515,000 $515,000 $13,711 2.88%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 2 $500,000 $250,000 $9,877 2.88%
MERCED, CA (FHA|USDA|VA) 2 $480,000 $240,000 $11,080 2.81%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 2 $470,000 $235,000 $6,609 3.31%
MODESTO, CA (FHA|USDA|VA) 2 $470,000 $235,000 $11,250 2.56%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $460,000 $230,000 $6,902 2.69%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $450,000 $225,000 $7,435 2.94%
FORT COLLINS, CO (FHA|USDA|VA) 1 $445,000 $445,000 $15,602 2.88%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $435,000 $435,000 $11,141 3.25%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 1 $435,000 $435,000 $17,326 3.50%
PUEBLO, CO (FHA|USDA|VA) 2 $410,000 $205,000 $8,118 2.75%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 1 $405,000 $405,000 $2,091 2.38%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 2 $370,000 $185,000 $6,543 3.06%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $355,000 $355,000 $1,375 3.25%
VISALIA, CA (FHA|USDA|VA) 1 $355,000 $355,000 $17,349 2.75%
CHICO, CA (FHA|USDA|VA) 2 $350,000 $175,000 $6,559 3.69%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $335,000 $335,000 $2,634 3.50%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $320,000 $160,000 $5,672 2.94%
OCALA, FL (FHA|USDA|VA) 2 $320,000 $160,000 $6,304 3.13%
Sonora, CA (FHA|USDA|VA) 1 $315,000 $315,000 $8,192 2.88%
Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $305,000 $305,000 $13,695 3.38%
WENATCHEE, WA (FHA|USDA|VA) 1 $305,000 $305,000 $9,265 2.38%
FARMINGTON, NM (FHA|USDA|VA) 1 $305,000 $305,000 $2,870 2.88%
Fernley, NV (FHA|USDA|VA) 1 $295,000 $295,000 $9,007 3.25%
YUMA, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $17,141 2.75%
GRANTS PASS, OR (FHA|USDA|VA) 1 $285,000 $285,000 $14,100 2.88%
OLYMPIA-LACEY-TUMWATER, WA (FHA|USDA|VA) 1 $275,000 $275,000 $7,895 2.88%
Fort Morgan, CO (FHA|USDA|VA) 1 $265,000 $265,000 $12,583 2.75%
SALINAS, CA (FHA|USDA|VA) 1 $265,000 $265,000 $11,773 2.88%
Moses Lake, WA (FHA|USDA|VA) 1 $255,000 $255,000 $9,622 3.50%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $255,000 $255,000 $7,383 2.13%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $255,000 $255,000 $7,612 3.63%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 2 $250,000 $125,000 $4,544 3.19%
EL CENTRO, CA (FHA|USDA|VA) 1 $245,000 $245,000 $6,691 3.50%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $245,000 $245,000 $7,830 2.50%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $235,000 $235,000 $2,841 2.88%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $225,000 $225,000 $7,861 3.25%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $225,000 $225,000 $8,136 2.88%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $215,000 $215,000 $11,138 4.25%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $205,000 $205,000 $6,148 2.88%
Craig, CO (FHA|USDA|VA) 1 $205,000 $205,000 $4,945 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $195,000 $195,000 $6,768 2.00%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $185,000 $185,000 $9,138 3.38%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $165,000 $165,000 $3,974 3.38%
Lufkin, TX (FHA|USDA|VA) 1 $155,000 $155,000 $5,996 2.50%
YAKIMA, WA (FHA|USDA|VA) 1 $125,000 $125,000 $6,192 2.38%
REDDING, CA (FHA|USDA|VA) 1 $85,000 $85,000 $5,706 3.63%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $65,000 $65,000 $1,765 3.13%

Direct Mortgage Corp.'s top markets include Salt Lake City, Provo, Ogden, Phoenix, and Riverside among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,512 $794,180,000 $316,154 $6,799 3.01%
FHA 245 $79,765,000 $325,571 $13,170 2.74%
VA 88 $33,500,000 $380,682 $10,910 2.52%
USDA 34 $8,530,000 $250,882 $10,288 2.72%

For the 2021 period, Direct Mortgage Corp.'s most frequently originated loan type of loans were Conventional, with 2,512 originations. Their 2nd most popular type is FHA, with 245 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,023 $301,065,000 $294,296 $6,558 2.84%
Cash Out Refi 939 $295,565,000 $314,766 $7,993 3.05%
Home Purchase 914 $318,730,000 $348,720 $8,073 3.03%
Home Improvement 3 $615,000 $205,000 $7,349 2.83%

For the 2021, Direct Mortgage Corp.'s most frequently cited loan purpose of loans were Refi, with 1,023 originations. The 2nd most popular reason of loans were Cash Out Refi, with 939 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,479 $810,215,000 $326,831 $7,728 3.04%
15 Year 249 $65,755,000 $264,076 $6,177 2.41%
20 Year 91 $25,445,000 $279,615 $6,851 2.82%
Other 32 $8,410,000 $262,813 $5,515 2.87%
10 Year 28 $6,150,000 $219,643 $4,278 2.39%

For the 2021, Direct Mortgage Corp.'s most frequently cited loan length of loans were 30 Year, with 2,479 originations. The 2nd most popular length of loans were 15 Year, with 249 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$5k+ 1,325 $451,925,000 $341,075
$<1k 726 $234,290,000 $322,713
$3k-4k 405 $102,395,000 $252,827
$1k-2k 257 $77,965,000 $303,366
$2k-3k 166 $49,400,000 $297,590

$7,728 of loans were Direct Mortgage Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $5k+ bucket, with 1,325 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,410 $455,710,000 $323,199
3-4% 971 $315,595,000 $325,021
<2.5% 447 $137,835,000 $308,356
4-5% 45 $6,725,000 $149,444
5-6% 6 $110,000 $18,333

During 2021, Direct Mortgage Corp.'s average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,410 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,686 $499,190,000 $296,079 $7,594 2.95%
$400k-600k 651 $308,335,000 $473,633 $9,362 2.96%
$100k-200k 399 $65,035,000 $162,995 $5,305 2.90%
$100,000 or less 87 $3,695,000 $42,471 $1,606 3.67%
$600k-1MM 55 $38,715,000 $703,909 $8,216 3.09%
$1MM+ 1 $1,005,000 $1,005,000 $8,503 3.00%

2021 saw Direct Mortgage Corp. place emphasis on $200k-400k loans with 1,686 originations, totaling $499,190,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 804 $223,710,000 $278,246 $7,069 2.95%
$75k-100k 654 $214,820,000 $328,471 $7,854 2.99%
$100k-150k 614 $216,450,000 $352,524 $7,909 2.98%
$150k-250k 339 $135,685,000 $400,251 $8,020 2.97%
$50k or less 316 $67,310,000 $213,006 $6,223 2.96%
$250k+ 110 $46,260,000 $420,545 $8,409 2.92%

Direct Mortgage Corp. lent most frequently to those with incomes in the $50k-75k range, with 804 originations. The second most popular income band? $75k-100k, with 654 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 536 $158,170,000 $295,093 $6,422 2.91%
30-36% 461 $143,785,000 $311,898 $7,260 2.99%
<20% 265 $69,705,000 $263,038 $5,978 3.01%
44% 153 $53,015,000 $346,503 $7,707 3.06%
40% 131 $44,115,000 $336,756 $7,640 3.02%
50-60% 131 $43,025,000 $328,435 $11,771 2.81%
42% 128 $44,550,000 $348,047 $8,060 2.96%
43% 126 $42,500,000 $337,302 $8,351 3.04%
45% 112 $37,370,000 $333,661 $8,290 3.00%
36% 105 $36,065,000 $343,476 $7,214 3.01%
37% 102 $31,630,000 $310,098 $7,556 2.99%
39% 99 $31,465,000 $317,828 $6,482 3.04%
41% 98 $31,780,000 $324,286 $8,306 2.97%
38% 98 $32,760,000 $334,286 $6,994 2.94%
49% 85 $28,535,000 $335,706 $7,702 2.90%
47% 83 $31,915,000 $384,518 $9,387 2.95%
48% 82 $27,180,000 $331,463 $7,763 2.93%
46% 74 $24,340,000 $328,919 $9,101 2.90%
>60% 10 $4,070,000 $407,000 $9,430 3.23%

Direct Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 536 originations. The next most common DTI ratio? 30-36%, with 461 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,321 $735,365,000 $316,831 $7,221 2.95%
Not provided 369 $117,585,000 $318,659 $8,302 3.05%
Asian 117 $41,525,000 $354,915 $8,890 2.93%
Black 47 $13,935,000 $296,489 $11,684 2.97%
Native Hawaiian 18 $5,640,000 $313,333 $8,793 3.38%
American Indian 7 $1,925,000 $275,000 $6,405 3.23%

Approval Rates

Total approvals of all applications
92.72%

Direct Mortgage Corp. has an average approval rate.

Pick Rate

Approvals leading to origination
91.76%

Direct Mortgage Corp. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,879 $915,975,000 $318,157

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,879 $915,975,000 $318,157

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 195 $40,365,000 $207,000 $5,371 2.73%
40-60% 638 $180,420,000 $282,790 $6,321 2.85%
60-80% 1,237 $425,485,000 $343,965 $7,785 3.04%
80-100% 740 $266,430,000 $360,041 $9,203 2.93%
Under 20% 69 $3,275,000 $47,464 $1,363 3.78%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Direct Mortgage, Corp. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 33.3%
Direct Mortgage, Corp. Conventional home mortgage Trouble during payment process 2 66.7%