Mms Mortgage Services Ltd. Rates, Fees & Info

FARMINGTON HILLS, MI

LEI: 549300YEC4OVVYQB2849

Tax ID: 38-2718800

5 stars - Updated: 4/14/24 - out of 5 stars, based on 16 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Mms Mortgage Services Ltd. is a smaller mortgage company specializing in 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 by origination volume include: Grand Rapids, Detroit, Muskegon, Ann Arbor, and Ashtabula among others. We have data for 29 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mms Mortgage Services Ltd. has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mms Mortgage Services Ltd. is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.95% 4/14/24
30 Year Conventional Refi 6.80% 4/14/24
30 Year Cash-out Refi 6.84% 4/14/24
30 Year FHA Purchase 7.40% 4/14/24
30 Year FHA Refi 7.65% 4/14/24
30 Year VA Purchase 6.32% 4/14/24
30 Year USDA Purchase 7.01% 4/14/24
15 Year Conventional Purchase 6.11% 4/14/24
15 Year Conventional Refi 6.15% 4/14/24
15 Year Cash-out Refi 6.15% 4/14/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Mms Mortgage Services Ltd. Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mms Mortgage Services Ltd.. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

272

Origination Dollar Volume (All Markets)

$51,890,000

Awards

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

Relative Rate

Mms Mortgage Services Ltd.'s average 30 year fixed mortgage rate was 6.66%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.18%.

Relative Fees (Closing Costs)

Mms Mortgage Services Ltd.'s average total fees/closing costs for a 30 year fixed rate mortgage were $4,718.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 107 $21,185,000 $197,991 $5,190 6.59%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 48 $9,260,000 $192,917 $3,897 6.67%
MUSKEGON, MI (FHA|USDA|VA) 36 $6,570,000 $182,500 $4,375 6.64%
Outside of Metro Areas 22 $3,750,000 $170,455 $4,162 7.01%
ANN ARBOR, MI (FHA|USDA|VA) 9 $1,675,000 $186,111 $4,500 6.87%
Ashtabula, OH (FHA|USDA|VA) 5 $1,425,000 $285,000 $5,567 6.70%
Alma, MI (FHA|USDA|VA) 8 $1,140,000 $142,500 $4,537 6.56%
Holland, MI (FHA|USDA|VA) 5 $1,005,000 $201,000 $4,924 6.70%
Big Rapids, MI (FHA|USDA|VA) 4 $660,000 $165,000 $5,114 6.75%
Mount Pleasant, MI (FHA|USDA|VA) 3 $575,000 $191,667 $3,640 6.16%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $555,000 $555,000 $23,775 6.13%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $530,000 $265,000 $3,428 6.31%
MONROE, MI (FHA|USDA|VA) 3 $515,000 $171,667 $3,834 7.21%
LOUISVILLE, KY (FHA|USDA|VA) 2 $420,000 $210,000 $3,215 6.38%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $375,000 $125,000 $3,574 6.00%
JACKSON, MI (FHA|USDA|VA) 1 $325,000 $325,000 $3,618 7.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,310 6.50%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 1 $225,000 $225,000 $9,281 6.38%
NILES, MI (FHA|USDA|VA) 1 $225,000 $225,000 $3,845 6.50%
TOLEDO, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,948 6.50%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $165,000 $165,000 $7,173 6.38%
BATTLE CREEK, MI (FHA|USDA|VA) 1 $145,000 $145,000 $6,078 6.88%
SAGINAW, MI (FHA|USDA|VA) 1 $135,000 $135,000 $3,083 7.25%
Adrian, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,103 6.50%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $125,000 $125,000 $3,372 5.99%
Marinette, WI-MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.88%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,027 5.88%
BAY CITY, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,759 6.38%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $45,000 $45,000 $2,587 6.13%
Mms Mortgage Services Ltd.'s top markets include Grand Rapids, Detroit, Muskegon, Ann Arbor, and Ashtabula among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against MMS MORTGAGE SERVICES LTD. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Michigan Legacy Credit Union
    Similarity Rank: 15
    RTN FEDERAL CREDIT UNION
    Similarity Rank: 40
    Total Community Credit Union
    Similarity Rank: 94
    United Bank of Michigan
    Similarity Rank: 98
    St James Mortgage Corporation
    Similarity Rank: 104
    GLASS CITY Federal Credit Union
    Similarity Rank: 123
    Adventure Credit Union
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 235 $44,255,000 $188,319 $4,226 6.63%
    FHA 30 $5,390,000 $179,667 $7,007 6.75%
    VA 6 $2,120,000 $353,333 $11,590 6.77%
    USDA 1 $125,000 $125,000 $1,598 6.75%

    For 2023, Mms Mortgage Services Ltd.'s most frequently originated type of loan was Conventional, with 235 originations. Their 2nd most popular type was FHA, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 188 $37,420,000 $199,043 $4,449 6.69%
    Cash Out Refi 71 $12,835,000 $180,775 $5,435 6.61%
    Refi 13 $1,635,000 $125,769 $4,061 6.30%

    For 2023, Mms Mortgage Services Ltd.'s most frequently cited loan purpose was Home Purchase, with 188 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 250 $48,740,000 $194,960 $4,718 6.66%
    15 Year 12 $1,400,000 $116,667 $4,178 6.43%
    20 Year 6 $1,030,000 $171,667 $3,943 6.46%
    30+ year 2 $580,000 $290,000 $7,493 6.75%
    10 Year 1 $75,000 $75,000 $2,833 5.63%
    Other 1 $65,000 $65,000 $4,211 8.00%

    For 2023, Mms Mortgage Services Ltd.'s most frequently cited loan duration was 30 Year, with 250 originations. The 2nd most popular length was 15 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 139 $24,965,000 $179,604
    $2k-3k 59 $10,055,000 $170,424
    $3k-4k 28 $5,840,000 $208,571
    $5k+ 20 $5,790,000 $289,500
    $4k-5k 15 $3,145,000 $209,667
    $<1k 11 $2,095,000 $190,455

    Mms Mortgage Services Ltd.'s average total fees were $4,718, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 139 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 165 $31,995,000 $193,909
    7-8% 55 $10,725,000 $195,000
    5-6% 48 $8,270,000 $172,292
    Over 8% 4 $900,000 $225,000

    During 2023, Mms Mortgage Services Ltd.'s average interest rate for loans was 6.66%, while their most frequently originated rate bucket for loans was 6-7%, with 165 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 124 $18,440,000 $148,710 $4,284 6.60%
    $200k-400k 100 $26,560,000 $265,600 $5,268 6.77%
    $100,000 or less 40 $3,000,000 $75,000 $3,512 6.56%
    $400k-600k 8 $3,890,000 $486,250 $9,423 6.37%

    2023 saw Mms Mortgage Services Ltd. place emphasis on $100k-200k loans with 124 originations, totaling $18,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 94 $15,960,000 $169,787 $4,301 6.58%
    $100k-150k 55 $13,115,000 $238,455 $5,334 6.74%
    $75k-100k 53 $10,295,000 $194,245 $4,800 6.80%
    $50k or less 49 $5,895,000 $120,306 $3,873 6.40%
    $150k-250k 20 $6,400,000 $320,000 $6,584 6.91%
    $250k+ 1 $225,000 $225,000 $3,196 7.50%

    Mms Mortgage Services Ltd. lent most frequently to those with incomes in the $50k-75k range, with 94 originations. The second most popular income band? $100k-150k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 51 $9,105,000 $178,529 $4,658 6.67%
    20-30% 46 $8,350,000 $181,522 $4,107 6.66%
    39% 19 $4,015,000 $211,316 $4,278 6.57%
    44% 16 $3,150,000 $196,875 $4,576 6.72%
    43% 15 $3,365,000 $224,333 $5,684 6.47%
    41% 14 $2,960,000 $211,429 $4,238 6.55%
    42% 13 $2,625,000 $201,923 $5,586 7.04%
    38% 12 $2,580,000 $215,000 $6,354 6.70%
    37% 12 $2,000,000 $166,667 $3,766 6.43%
    36% 12 $2,370,000 $197,500 $3,431 6.63%
    45% 11 $2,275,000 $206,818 $6,390 6.98%
    <20% 9 $1,145,000 $127,222 $4,235 6.26%
    40% 9 $1,775,000 $197,222 $4,082 6.57%
    47% 8 $2,040,000 $255,000 $4,560 6.40%
    48% 8 $1,350,000 $168,750 $3,494 6.36%
    46% 6 $1,080,000 $180,000 $6,028 6.52%
    49% 6 $1,130,000 $188,333 $5,883 7.17%
    50-60% 5 $575,000 $115,000 $6,948 7.10%

    Mms Mortgage Services Ltd. lent most frequently to those with DTI ratios of 30-36%, with 51 originations. The next most common DTI ratio? 20-30%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 250 $48,040,000 $192,160 $4,708 6.64%
    Not provided 11 $2,155,000 $195,909 $5,032 6.85%
    Black 9 $1,505,000 $167,222 $3,877 6.71%
    American Indian 1 $115,000 $115,000 $5,063 6.00%
    Native Hawaiian or Islander 1 $75,000 $75,000 $3,472 6.63%

    Approval Rates

    Total approvals of all applications
    98.47%

    Mms Mortgage Services Ltd. 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
    81.62%

    Mms Mortgage Services Ltd. has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 272 $51,890,000 $190,772

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    272 $51,890,000 $190,772

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $1,980,000 $99,000 $3,027 6.39%
    40-60% 45 $7,465,000 $165,889 $4,255 6.45%
    60-80% 82 $16,510,000 $201,341 $4,991 6.78%
    80-100% 121 $25,215,000 $208,388 $4,836 6.68%
    Over 100% 1 $525,000 $525,000 $21,693 6.63%
    Under 20% 3 $195,000 $65,000 $2,841 6.37%