Mms Mortgage Services Ltd. Rates, Fees & Info

FARMINGTON HILLS, MI

LEI: 549300YEC4OVVYQB2849

Tax ID: 38-2718800

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mms Mortgage Services Ltd. is a smaller mortgage company specializing in Refi, Home Purchase, and Cash Out Refi loans. Mms Mortgage Services Ltd. 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 Grand Rapids, Detroit, Muskegon, Boston, and Ann Arbor among others. Mms Mortgage Services Ltd. 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. Mms Mortgage Services Ltd. is typically a low fee lendor.


Originations

695

Origination Dollar Volume (All Markets)

$120,065,000

Awards

MMS MORTGAGE SERVICES LTD. 30 Year Conventional Loans gold MMS MORTGAGE SERVICES LTD. FHA Loans silver MMS MORTGAGE SERVICES LTD. USDA Loans gold MMS MORTGAGE SERVICES LTD. FHA Loans gold
Show all (4) awards

Relative Rate

Mms Mortgage Services Ltd.'s average 30 year fixed rate mortgage of loans were 3.28%.

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

This yields a difference of 0.13%.

Relative Fees

Mms Mortgage Services Ltd.'s average total fees for a 30 year fixed rate mortgage are $3,186.

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 271 $46,045,000 $169,908 $3,034 3.24%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 121 $21,185,000 $175,083 $3,076 3.02%
MUSKEGON, MI (FHA|USDA|VA) 40 $6,300,000 $157,500 $3,356 3.21%
Outside of Metro Areas 35 $6,165,000 $176,143 $3,009 3.17%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 21 $5,875,000 $279,762 $2,848 2.95%
ANN ARBOR, MI (FHA|USDA|VA) 18 $3,830,000 $212,778 $2,997 3.03%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 18 $2,620,000 $145,556 $2,927 3.18%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 13 $2,375,000 $182,692 $3,744 2.98%
Holland, MI (FHA|USDA|VA) 10 $1,830,000 $183,000 $3,546 3.10%
Ashtabula, OH (FHA|USDA|VA) 15 $1,705,000 $113,667 $3,187 2.93%
Alma, MI (FHA|USDA|VA) 14 $1,600,000 $114,286 $2,699 3.41%
MONROE, MI (FHA|USDA|VA) 6 $1,280,000 $213,333 $3,734 3.31%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 9 $1,155,000 $128,333 $2,887 2.99%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 7 $1,115,000 $159,286 $2,268 2.88%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $960,000 $240,000 $2,415 2.63%
Big Rapids, MI (FHA|USDA|VA) 5 $945,000 $189,000 $2,944 3.08%
TOLEDO, OH (FHA|USDA|VA) 6 $930,000 $155,000 $3,386 3.50%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 3 $915,000 $305,000 $3,276 3.29%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $865,000 $173,000 $2,551 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $685,000 $228,333 $2,788 2.96%
Sandusky, OH (FHA|USDA|VA) 5 $605,000 $121,000 $2,720 3.05%
Key West, FL (FHA|USDA|VA) 1 $445,000 $445,000 $6,286 3.38%
Traverse City, MI (FHA|USDA|VA) 3 $435,000 $145,000 $2,559 3.00%
Madisonville, KY (FHA|USDA|VA) 3 $435,000 $145,000 $2,951 3.08%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 2 $430,000 $215,000 $2,315 2.81%
COLUMBUS, OH (FHA|USDA|VA) 2 $420,000 $210,000 $2,867 2.63%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 3 $415,000 $138,333 $3,094 3.04%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 2 $400,000 $200,000 $3,605 2.94%
AMES, IA (FHA|USDA|VA) 4 $400,000 $100,000 $2,211 2.56%
AKRON, OH (FHA|USDA|VA) 2 $370,000 $185,000 $2,678 3.00%
Mount Pleasant, MI (FHA|USDA|VA) 2 $360,000 $180,000 $3,713 3.50%
GREELEY, CO (FHA|USDA|VA) 1 $355,000 $355,000 $5,311 3.50%
SPRINGFIELD, MA (FHA|USDA|VA) 2 $330,000 $165,000 $2,146 3.25%
READING, PA (FHA|USDA|VA) 2 $330,000 $165,000 $2,932 2.56%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,230 2.25%
Alpena, MI (FHA|USDA|VA) 1 $295,000 $295,000 $10,932 2.50%
Pottsville, PA (FHA|USDA|VA) 2 $290,000 $145,000 $3,115 2.81%
FLINT, MI (FHA|USDA|VA) 1 $275,000 $275,000 $3,102 3.25%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $275,000 $275,000 $3,097 2.63%
Adrian, MI (FHA|USDA|VA) 3 $265,000 $88,333 $2,024 2.71%
MANSFIELD, OH (FHA|USDA|VA) 1 $255,000 $255,000 $3,727 3.13%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $235,000 $235,000 $3,260 3.25%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $235,000 $235,000 $3,337 3.50%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $230,000 $115,000 $2,756 2.94%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $230,000 $115,000 $2,613 2.81%
Central City, KY (FHA|USDA|VA) 1 $215,000 $215,000 $7,419 3.50%
IOWA CITY, IA (FHA|USDA|VA) 1 $205,000 $205,000 $1,775 2.25%
JACKSON, MI (FHA|USDA|VA) 1 $205,000 $205,000 $2,723 2.88%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 1 $205,000 $205,000 $2,660 2.25%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,314 3.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $185,000 $185,000 $2,621 2.38%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $175,000 $175,000 $2,803 2.75%
SAGINAW, MI (FHA|USDA|VA) 2 $170,000 $85,000 $2,571 3.00%
KOKOMO, IN (FHA|USDA|VA) 1 $165,000 $165,000 $2,133 2.63%
MIDLAND, MI (FHA|USDA|VA) 1 $145,000 $145,000 $5,812 3.75%
Natchez, MS-LA (FHA|USDA|VA) 1 $145,000 $145,000 $3,124 2.63%
Lebanon, NH-VT (FHA|USDA|VA) 1 $145,000 $145,000 $2,620 3.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $145,000 $145,000 $2,202 2.25%
LANCASTER, PA (FHA|USDA|VA) 1 $135,000 $135,000 $5,558 3.13%
Sevierville, TN (FHA|USDA|VA) 1 $125,000 $125,000 $2,738 2.75%
FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,448 2.63%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $115,000 $115,000 $2,253 2.63%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $105,000 $105,000 $1,810 2.63%
Burlington, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $3,200 4.50%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $65,000 $65,000 $2,776 2.88%

Mms Mortgage Services Ltd.'s top markets include Grand Rapids, Detroit, Muskegon, Boston, and Ann Arbor among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 623 $107,625,000 $172,753 $2,864 3.11%
FHA 49 $8,595,000 $175,408 $5,320 3.23%
USDA 17 $2,265,000 $133,235 $2,084 3.72%
VA 6 $1,580,000 $263,333 $8,125 3.00%

For the 2021 period, Mms Mortgage Services Ltd.'s most frequently originated loan type of loans were Conventional, with 623 originations. Their 2nd most popular type is FHA, with 49 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 281 $44,655,000 $158,915 $2,772 2.88%
Home Purchase 209 $38,645,000 $184,904 $3,342 3.33%
Cash Out Refi 204 $36,260,000 $177,745 $3,146 3.27%
Other 1 $505,000 $505,000 $9,983 2.88%

For the 2021, Mms Mortgage Services Ltd.'s most frequently cited loan purpose of loans were Refi, with 281 originations. The 2nd most popular reason of loans were Home Purchase, with 209 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 487 $85,055,000 $174,651 $3,186 3.28%
15 Year 125 $19,815,000 $158,520 $2,730 2.66%
20 Year 63 $11,815,000 $187,540 $2,893 3.07%
10 Year 17 $2,325,000 $136,765 $2,256 2.46%
Other 2 $550,000 $275,000 $2,907 3.44%
30+ year 1 $505,000 $505,000 $9,983 2.88%

For the 2021, Mms Mortgage Services Ltd.'s most frequently cited loan length of loans were 30 Year, with 487 originations. The 2nd most popular length of loans were 15 Year, with 125 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 585 $98,525,000 $168,419
$<1k 48 $7,090,000 $147,708
$2k-3k 29 $6,995,000 $241,207
$3k-4k 25 $5,235,000 $209,400
$5k+ 8 $2,220,000 $277,500

$3,186 of loans were Mms Mortgage Services Ltd.'s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 585 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 335 $58,205,000 $173,746
2.5-3% 269 $46,685,000 $173,550
<2.5% 64 $11,400,000 $178,125
4-5% 27 $3,775,000 $139,815

During 2021, Mms Mortgage Services Ltd.'s average interest rate of loans were 3.28%, while their most frequently originated rate bucket of loans were 3-4%, with 335 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 376 $53,660,000 $142,713 $2,872 3.16%
$200k-400k 185 $48,705,000 $263,270 $3,686 3.10%
$100,000 or less 115 $9,015,000 $78,391 $2,485 3.10%
$400k-600k 19 $8,685,000 $457,105 $4,292 3.07%

2021 saw Mms Mortgage Services Ltd. place emphasis on $100k-200k loans with 376 originations, totaling $53,660,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 212 $24,720,000 $116,604 $2,761 3.19%
$50k-75k 190 $30,420,000 $160,105 $3,111 3.17%
$75k-100k 130 $24,390,000 $187,615 $2,931 3.08%
$100k-150k 108 $25,010,000 $231,574 $3,439 3.05%
$150k-250k 48 $12,490,000 $260,208 $3,596 3.04%
$250k+ 7 $3,035,000 $433,571 $3,965 3.04%

Mms Mortgage Services Ltd. lent most frequently to those with incomes in the $50k or less range, with 212 originations. The second most popular income band? $50k-75k, with 190 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 180 $29,760,000 $165,333 $3,016 3.11%
30-36% 143 $24,065,000 $168,287 $3,044 3.17%
<20% 55 $8,775,000 $159,545 $2,535 2.97%
44% 43 $8,395,000 $195,233 $3,553 3.25%
41% 30 $5,170,000 $172,333 $3,162 3.15%
45% 30 $6,090,000 $203,000 $2,981 3.09%
42% 28 $4,870,000 $173,929 $2,878 3.32%
37% 27 $5,005,000 $185,370 $3,053 3.13%
39% 26 $4,920,000 $189,231 $3,339 3.15%
43% 26 $4,250,000 $163,462 $3,334 3.26%
38% 23 $4,115,000 $178,913 $2,894 3.08%
40% 21 $3,555,000 $169,286 $2,913 3.05%
36% 19 $3,525,000 $185,526 $3,130 3.09%
49% 12 $2,130,000 $177,500 $3,244 2.99%
46% 10 $1,670,000 $167,000 $3,576 3.01%
48% 9 $1,475,000 $163,889 $2,976 3.04%
47% 8 $1,430,000 $178,750 $3,207 3.03%
50-60% 4 $730,000 $182,500 $4,820 3.44%

Mms Mortgage Services Ltd. lent most frequently to those with DTI ratios of 20-30%, with 180 originations. The next most common DTI ratio? 30-36%, with 143 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 654 $113,290,000 $173,226 $3,055 3.12%
Black 26 $4,280,000 $164,615 $3,281 3.20%
Not provided 11 $1,925,000 $175,000 $3,192 3.26%
American Indian 2 $340,000 $170,000 $3,210 3.19%
Asian 2 $230,000 $115,000 $2,395 3.31%

Approval Rates

Total approvals of all applications
93.71%

Mms Mortgage Services Ltd. has an average approval rate.

Pick Rate

Approvals leading to origination
85.60%

Mms Mortgage Services Ltd. has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 695 $120,065,000 $172,755

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
695 $120,065,000 $172,755

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 50 $6,410,000 $128,200 $2,685 2.82%
40-60% 180 $27,460,000 $152,556 $2,580 2.97%
60-80% 243 $45,225,000 $186,111 $3,096 3.16%
80-100% 219 $40,465,000 $184,772 $3,497 3.31%
Over 100% 2 $450,000 $225,000 $5,081 2.99%
Under 20% 1 $55,000 $55,000 $2,341 2.50%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MCCUE MORTGAGE COMPANY, THE Conventional home mortgage Closing on a mortgage 1 100.0%