Towne First Mortgage Rates, Fees & Info

SUFFOLK, VA

LEI: 549300XWC8ZG8WYKWG35

Tax ID: 81-4648698

5 stars - out of 5 stars, based on 31 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Towne First Mortgage is a smaller mortgage company specializing in Home Purchase loans. Towne First Mortgage 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 Richmond, Charlottesville, Washington, Staunton, and Virginia Beach among others. Towne First Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Towne First Mortgage is typically an average fee lendor.


Originations

933

Origination Dollar Volume (All Markets)

$278,045,000

Awards

Towne First Mortgage  FHA Loans gold Towne First Mortgage  FHA Loans silver Towne First Mortgage  USDA Loans bronze
Show all (3) awards

Relative Rate

Towne First Mortgage 's average 30 year fixed rate mortgage of loans were 3.03%.

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

This yields a difference of -0.12%.

Relative Fees

Towne First Mortgage 's average total fees for a 30 year fixed rate mortgage are $5,101.

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
RICHMOND, VA (FHA|USDA|VA) 732 $215,140,000 $293,907 $5,113 3.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 127 $43,475,000 $342,323 $4,694 2.98%
Outside of Metro Areas 56 $14,120,000 $252,143 $5,336 2.99%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 5 $1,655,000 $331,000 $6,498 3.00%
STAUNTON, VA (FHA|USDA|VA) 5 $1,345,000 $269,000 $4,137 3.08%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $985,000 $328,333 $4,588 2.96%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $465,000 $465,000 $14,939 3.38%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $365,000 $365,000 $3,574 3.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $295,000 $295,000 $2,535 2.50%
DuBois, PA (FHA|USDA|VA) 1 $105,000 $105,000 $3,478 3.00%
Martinsville, VA (FHA|USDA|VA) 1 $95,000 $95,000 $2,642 3.13%

Towne First Mortgage 's top markets include Richmond, Charlottesville, Washington, Staunton, and Virginia Beach among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 693 $207,335,000 $299,185 $4,381 3.07%
FHA 141 $37,785,000 $267,979 $8,653 2.86%
VA 67 $25,065,000 $374,104 $5,410 2.70%
USDA 32 $7,860,000 $245,625 $6,304 2.71%

For the 2021 period, Towne First Mortgage 's most frequently originated loan type of loans were Conventional, with 693 originations. Their 2nd most popular type is FHA, with 141 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 856 $258,460,000 $301,939 $5,167 2.99%
Cash Out Refi 50 $12,190,000 $243,800 $3,967 3.16%
Refi 26 $7,080,000 $272,308 $4,119 2.98%
Other 1 $315,000 $315,000 $2,348 2.63%

For the 2021, Towne First Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 856 originations. The 2nd most popular reason of loans were Cash Out Refi, with 50 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 892 $267,970,000 $300,415 $5,101 3.03%
15 Year 26 $7,780,000 $299,231 $3,986 2.68%
5 Year 8 $100,000 $12,500 $0 0.00%
20 Year 4 $1,100,000 $275,000 $4,407 2.69%
10 Year 2 $320,000 $160,000 $3,491 2.44%
30+ year 1 $775,000 $775,000 $0 3.99%

For the 2021, Towne First Mortgage 's most frequently cited loan length of loans were 30 Year, with 892 originations. The 2nd most popular length of loans were 15 Year, with 26 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 602 $178,930,000 $297,226
$1k-2k 160 $43,200,000 $270,000
$2k-3k 81 $26,585,000 $328,210
$3k-4k 52 $19,120,000 $367,692
$5k+ 16 $6,470,000 $404,375

$5,101 of loans were Towne First Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 602 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 424 $118,670,000 $279,882
2.5-3% 419 $132,485,000 $316,193
<2.5% 88 $26,310,000 $298,977
4-5% 2 $580,000 $290,000

During 2021, Towne First Mortgage 's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 3-4%, with 424 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 518 $148,280,000 $286,255 $4,940 3.02%
$400k-600k 208 $100,640,000 $483,846 $5,987 2.95%
$100k-200k 124 $19,820,000 $159,839 $3,700 3.06%
$100,000 or less 71 $1,115,000 $15,704 $3,114 2.82%
$600k-1MM 12 $8,190,000 $682,500 $5,507 3.19%

2021 saw Towne First Mortgage place emphasis on $200k-400k loans with 518 originations, totaling $148,280,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 254 $58,080,000 $228,661 $4,940 3.03%
$100k-150k 204 $73,820,000 $361,863 $5,236 3.00%
$75k-100k 154 $45,620,000 $296,234 $4,901 3.01%
$150k-250k 152 $59,870,000 $393,882 $5,436 2.96%
$50k or less 123 $20,015,000 $162,724 $4,661 2.92%
$250k+ 38 $17,720,000 $466,316 $4,657 3.17%

Towne First Mortgage lent most frequently to those with incomes in the $50k-75k range, with 254 originations. The second most popular income band? $100k-150k, with 204 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 214 $69,810,000 $326,215 $4,616 3.01%
30-36% 150 $43,890,000 $292,600 $4,825 3.00%
<20% 76 $23,450,000 $308,553 $4,542 2.96%
44% 51 $12,505,000 $245,196 $4,992 3.06%
41% 49 $13,795,000 $281,531 $5,629 2.92%
42% 45 $12,765,000 $283,667 $6,297 2.96%
43% 45 $11,715,000 $260,333 $5,226 2.96%
38% 43 $11,715,000 $272,442 $5,250 2.97%
37% 36 $11,740,000 $326,111 $5,908 3.02%
40% 36 $9,380,000 $260,556 $4,309 3.14%
36% 33 $9,605,000 $291,061 $6,057 3.07%
39% 28 $8,380,000 $299,286 $4,314 3.05%
45% 28 $9,100,000 $325,000 $5,647 2.98%
49% 23 $7,075,000 $307,609 $5,863 2.96%
48% 21 $6,265,000 $298,333 $4,304 3.13%
50-60% 20 $6,570,000 $328,500 $6,841 2.87%
47% 19 $5,385,000 $283,421 $5,922 2.80%
46% 14 $4,390,000 $313,571 $5,349 3.03%

Towne First Mortgage lent most frequently to those with DTI ratios of 20-30%, with 214 originations. The next most common DTI ratio? 30-36%, with 150 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 572 $170,750,000 $298,514 $4,941 3.01%
Not provided 227 $73,065,000 $321,872 $5,035 3.01%
Black 100 $23,170,000 $231,700 $6,523 2.87%
Asian 23 $7,555,000 $328,478 $4,291 3.02%
American Indian 6 $1,630,000 $271,667 $4,871 3.25%
Asian Indian 3 $1,155,000 $385,000 $4,890 2.92%
Other Asian 1 $545,000 $545,000 $4,311 3.13%
Native Hawaiian 1 $175,000 $175,000 $4,943 3.25%

Approval Rates

Total approvals of all applications
96.98%

Towne First Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
86.15%

Towne First Mortgage has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 933 $278,045,000 $298,012

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
933 $278,045,000 $298,012

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 30 $4,910,000 $163,667 $3,609 2.95%
40-60% 57 $14,735,000 $258,509 $3,942 2.98%
60-80% 220 $73,410,000 $333,682 $4,200 3.09%
80-100% 544 $178,880,000 $328,824 $5,508 3.00%
Over 100% 12 $4,860,000 $405,000 $12,065 2.64%
Under 20% 69 $985,000 $14,275 $3,198 2.80%