Proper Rate Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300YAYQAARPBTRA72

Tax ID: 84-2904615

5 stars - out of 5 stars, based on 63 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Proper Rate is a small mortgage company specializing in Home Purchase and Refi loans. Proper Rate 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.) Their top markets include Chicago, Denver, Niles, Atlanta, and San Francisco among others. Proper Rate 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. Proper Rate is typically an average fee lendor.


Originations

3,937

Origination Dollar Volume (All Markets)

$1,577,755,000

Awards

PROPER RATE  30 Year Conventional Loans bronze PROPER RATE  30 Year Conventional Loans silver
Show all (2) awards

Relative Rate

Proper Rate '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

Proper Rate 's average total fees for a 30 year fixed rate mortgage are $4,411.

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3,478 $1,377,960,000 $396,193 $4,154 2.93%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 50 $28,550,000 $571,000 $3,320 3.02%
NILES, MI (FHA|USDA|VA) 39 $12,085,000 $309,872 $3,195 3.08%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 19 $10,375,000 $546,053 $3,821 2.94%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 10 $9,940,000 $994,000 $3,670 3.05%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 16 $8,390,000 $524,375 $3,004 2.98%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 19 $8,355,000 $439,737 $3,325 3.01%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 9 $6,635,000 $737,222 $7,293 2.86%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 11 $6,145,000 $558,636 $6,074 3.01%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 14 $5,730,000 $409,286 $5,473 3.04%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 10 $4,850,000 $485,000 $5,479 3.02%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 11 $4,615,000 $419,545 $4,149 3.04%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 7 $4,385,000 $626,429 $4,187 2.96%
Whitewater, WI (FHA|USDA|VA) 13 $3,995,000 $307,308 $3,344 2.93%
BOULDER, CO (FHA|USDA|VA) 3 $3,735,000 $1,245,000 $3,359 3.33%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 11 $3,315,000 $301,364 $3,349 2.98%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 6 $3,220,000 $536,667 $6,023 2.81%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 7 $3,045,000 $435,000 $2,643 2.89%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 11 $3,025,000 $275,000 $3,107 2.59%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $3,020,000 $377,500 $4,871 3.13%
Outside of Metro Areas 11 $2,795,000 $254,091 $3,176 3.18%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $2,280,000 $380,000 $4,360 3.06%
Holland, MI (FHA|USDA|VA) 6 $2,270,000 $378,333 $3,082 3.00%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 10 $2,220,000 $222,000 $2,500 2.80%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 6 $2,200,000 $366,667 $4,811 3.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 6 $2,190,000 $365,000 $2,919 2.71%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 5 $1,995,000 $399,000 $5,133 3.02%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 3 $1,985,000 $661,667 $4,043 3.21%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $1,970,000 $328,333 $3,910 2.94%
MADISON, WI (FHA|USDA|VA) 5 $1,805,000 $361,000 $2,655 3.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 6 $1,800,000 $300,000 $2,803 3.08%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 3 $1,775,000 $591,667 $4,284 3.00%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $1,730,000 $865,000 $7,750 3.06%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 7 $1,685,000 $240,714 $3,083 2.96%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,640,000 $820,000 $7,499 2.94%
JACKSONVILLE, FL (FHA|USDA|VA) 4 $1,560,000 $390,000 $5,319 3.13%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 4 $1,520,000 $380,000 $3,665 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 3 $1,515,000 $505,000 $2,902 3.12%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $1,515,000 $1,515,000 $4,563 2.88%
ROCKFORD, IL (FHA|USDA|VA) 4 $1,350,000 $337,500 $2,992 2.84%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 4 $1,160,000 $290,000 $3,471 3.16%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $1,065,000 $1,065,000 $5,180 2.88%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $4,089 2.75%
KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $945,000 $315,000 $2,425 2.50%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 3 $935,000 $311,667 $3,322 3.00%
PEORIA, IL (FHA|USDA|VA) 4 $910,000 $227,500 $2,746 2.69%
BLOOMINGTON, IN (FHA|USDA|VA) 1 $885,000 $885,000 $3,807 3.00%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $795,000 $265,000 $3,941 3.13%
WILMINGTON, NC (FHA|USDA|VA) 2 $770,000 $385,000 $0 3.50%
COLORADO SPRINGS, CO (FHA|USDA|VA) 2 $740,000 $370,000 $3,530 2.88%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $735,000 $735,000 $5,236 3.25%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 1 $735,000 $735,000 $4,875 3.13%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $725,000 $725,000 $5,977 2.99%
COLUMBIA, MO (FHA|USDA|VA) 3 $715,000 $238,333 $1,965 3.00%
TUCSON, AZ (FHA|USDA|VA) 2 $710,000 $355,000 $5,247 3.19%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 3 $665,000 $221,667 $2,424 3.46%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $650,000 $325,000 $3,092 2.56%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $625,000 $625,000 $4,056 3.25%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $590,000 $295,000 $2,813 2.81%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $585,000 $585,000 $3,078 3.00%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 1 $555,000 $555,000 $2,508 2.88%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $550,000 $275,000 $3,097 2.94%
SALINAS, CA (FHA|USDA|VA) 1 $545,000 $545,000 $2,508 3.25%
Ludington, MI (FHA|USDA|VA) 1 $545,000 $545,000 $3,293 3.25%
Lake City, FL (FHA|USDA|VA) 1 $505,000 $505,000 $6,171 3.13%
IOWA CITY, IA (FHA|USDA|VA) 1 $475,000 $475,000 $9,086 2.63%
GREELEY, CO (FHA|USDA|VA) 1 $465,000 $465,000 $928 2.25%
Traverse City, MI (FHA|USDA|VA) 1 $455,000 $455,000 $2,993 2.50%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 2 $450,000 $225,000 $2,832 2.93%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $435,000 $435,000 $3,264 2.88%
CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 2 $410,000 $205,000 $2,111 2.93%
RACINE, WI (FHA|USDA|VA) 2 $400,000 $200,000 $2,821 2.81%
SHEBOYGAN, WI (FHA|USDA|VA) 1 $385,000 $385,000 $2,659 2.25%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $385,000 $385,000 $8,819 2.38%
GAINESVILLE, GA (FHA|USDA|VA) 1 $365,000 $365,000 $4,073 3.00%
Madison, IN (FHA|USDA|VA) 1 $355,000 $355,000 $2,884 2.38%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $355,000 $355,000 $3,843 3.00%
BLOOMINGTON, IL (FHA|USDA|VA) 2 $350,000 $175,000 $2,659 2.75%
COLUMBUS, OH (FHA|USDA|VA) 1 $345,000 $345,000 $2,374 2.88%
Tullahoma-Manchester, TN (FHA|USDA|VA) 1 $305,000 $305,000 $2,368 2.25%
Key West, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,161 2.50%
KNOXVILLE, TN (FHA|USDA|VA) 1 $285,000 $285,000 $2,268 2.99%
Dayton, TN (FHA|USDA|VA) 1 $285,000 $285,000 $3,909 3.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $275,000 $275,000 $2,328 2.88%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $275,000 $275,000 $4,333 3.00%
Shawano, WI (FHA|USDA|VA) 1 $255,000 $255,000 $2,903 3.25%
Ottawa, IL (FHA|USDA|VA) 1 $245,000 $245,000 $5,316 3.13%
Marquette, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,098 2.25%
ASHEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,111 2.75%
Rochelle, IL (FHA|USDA|VA) 1 $225,000 $225,000 $2,023 2.99%
Cedartown, GA (FHA|USDA|VA) 1 $185,000 $185,000 $3,349 3.25%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,332 2.99%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 3.50%
TYLER, TX (FHA|USDA|VA) 1 $165,000 $165,000 $3,614 3.13%
Baraboo, WI (FHA|USDA|VA) 1 $145,000 $145,000 $3,132 3.63%
FORT WAYNE, IN (FHA|USDA|VA) 1 $145,000 $145,000 $3,348 2.00%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 2.88%
DECATUR, IL (FHA|USDA|VA) 1 $135,000 $135,000 $2,541 2.99%
TOLEDO, OH (FHA|USDA|VA) 1 $135,000 $135,000 $0 4.38%

Proper Rate 's top markets include Chicago, Denver, Niles, Atlanta, and San Francisco among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,849 $1,550,255,000 $402,768 $4,008 2.94%
FHA 65 $18,365,000 $282,538 $9,278 2.93%
VA 23 $9,135,000 $397,174 $6,567 2.83%

For the 2021 period, Proper Rate 's most frequently originated loan type of loans were Conventional, with 3,849 originations. Their 2nd most popular type is FHA, with 65 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,089 $858,585,000 $411,003 $5,484 2.99%
Refi 1,464 $581,550,000 $397,234 $2,414 2.83%
Cash Out Refi 384 $137,620,000 $358,385 $2,882 3.08%

For the 2021, Proper Rate 's most frequently cited loan purpose of loans were Home Purchase, with 2,089 originations. The 2nd most popular reason of loans were Refi, with 1,464 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 3,208 $1,364,110,000 $425,221 $4,411 3.03%
15 Year 522 $151,930,000 $291,054 $2,851 2.45%
20 Year 146 $44,200,000 $302,740 $2,525 2.82%
10 Year 40 $8,690,000 $217,250 $2,311 2.34%
Other 21 $8,825,000 $420,238 $2,453 2.83%

For the 2021, Proper Rate 's most frequently cited loan length of loans were 30 Year, with 3,208 originations. The 2nd most popular length of loans were 15 Year, with 522 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 3,451 $1,399,445,000 $405,519
$2k-3k 126 $47,610,000 $377,857
$3k-4k 82 $37,580,000 $458,293
$5k+ 42 $26,820,000 $638,571
$<1k 40 $12,200,000 $305,000

$4,411 of loans were Proper Rate 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,451 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 2,139 $902,205,000 $421,788
3-4% 1,269 $499,665,000 $393,747
<2.5% 506 $167,120,000 $330,277
4-5% 23 $8,765,000 $381,087

During 2021, Proper Rate 's average interest rate of loans were 3.03%, while their most frequently originated rate bucket of loans were 2.5-3%, with 2,139 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,718 $508,750,000 $296,129 $3,909 2.93%
$400k-600k 1,011 $492,305,000 $486,949 $4,296 2.95%
$100k-200k 596 $93,530,000 $156,930 $3,622 2.94%
$600k-1MM 427 $319,235,000 $747,623 $4,621 3.02%
$1MM+ 124 $158,960,000 $1,281,935 $5,950 2.92%
$100,000 or less 61 $4,975,000 $81,557 $3,229 2.79%

2021 saw Proper Rate place emphasis on $200k-400k loans with 1,718 originations, totaling $508,750,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 1,164 $502,880,000 $432,027 $4,003 2.94%
$100k-150k 939 $316,725,000 $337,300 $3,941 2.92%
$250k+ 786 $506,680,000 $644,631 $4,258 2.92%
$75k-100k 508 $140,630,000 $276,831 $4,200 2.98%
$50k-75k 414 $91,070,000 $219,976 $4,400 2.96%
$50k or less 121 $17,755,000 $146,736 $4,098 3.00%

Proper Rate lent most frequently to those with incomes in the $150k-250k range, with 1,164 originations. The second most popular income band? $100k-150k, with 939 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,181 $477,625,000 $404,424 $3,871 2.91%
30-36% 778 $339,990,000 $437,005 $4,173 2.96%
<20% 485 $189,385,000 $390,485 $3,466 2.80%
42% 143 $62,555,000 $437,448 $4,607 3.03%
38% 131 $49,655,000 $379,046 $4,053 3.02%
40% 128 $53,290,000 $416,328 $4,530 3.04%
41% 128 $59,850,000 $467,578 $4,549 2.98%
39% 124 $51,030,000 $411,532 $4,156 3.03%
36% 121 $49,155,000 $406,240 $4,296 3.03%
37% 114 $42,030,000 $368,684 $4,031 3.02%
44% 107 $37,485,000 $350,327 $4,744 3.03%
43% 93 $30,635,000 $329,409 $4,472 2.98%
49% 86 $28,800,000 $334,884 $5,099 2.91%
45% 83 $26,875,000 $323,795 $4,448 2.95%
47% 75 $23,195,000 $309,267 $4,475 2.94%
48% 65 $21,945,000 $337,615 $4,349 3.00%
46% 62 $22,880,000 $369,032 $4,502 2.95%
50-60% 27 $8,885,000 $329,074 $7,574 2.94%
>60% 1 $475,000 $475,000 $4,297 3.63%

Proper Rate lent most frequently to those with DTI ratios of 20-30%, with 1,181 originations. The next most common DTI ratio? 30-36%, with 778 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,130 $1,254,850,000 $400,911 $4,026 2.94%
Not provided 451 $181,595,000 $402,650 $4,291 2.93%
Asian 195 $81,045,000 $415,615 $4,540 2.93%
Black 90 $30,670,000 $340,778 $4,862 2.99%
Asian Indian 22 $10,500,000 $477,273 $5,129 2.84%
American Indian 18 $5,640,000 $313,333 $4,086 2.99%
Filipino 8 $3,570,000 $446,250 $4,516 2.95%
Other Asian 7 $2,995,000 $427,857 $4,173 2.82%
Korean 5 $2,195,000 $439,000 $5,255 2.80%
Japanese 3 $1,945,000 $648,333 $5,214 3.62%
Chinese 4 $1,370,000 $342,500 $5,263 3.03%
Native Hawaiian 2 $920,000 $460,000 $4,367 3.18%
Vietnamese 2 $460,000 $230,000 $2,391 2.38%

Approval Rates

Total approvals of all applications
98.26%

Proper Rate 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
60.07%

Proper Rate 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 3,937 $1,577,755,000 $400,751

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,937 $1,577,755,000 $400,751

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 149 $40,055,000 $268,826 $3,230 2.74%
40-60% 566 $199,850,000 $353,092 $2,924 2.74%
60-80% 1,815 $776,875,000 $428,030 $3,675 2.97%
80-100% 1,391 $556,585,000 $400,133 $5,167 3.01%
Over 100% 1 $705,000 $705,000 $28,521 2.75%
Under 20% 15 $3,685,000 $245,667 $3,037 2.36%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PREFERRED MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%