Mms Mortgage Services Ltd. Rates, Fees & Info
FARMINGTON HILLS, MILEI: 549300YEC4OVVYQB2849
Tax ID: 38-2718800
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.95% | 12/16/24 |
| 30 Year Conventional Refi | 6.80% | 12/16/24 |
| 30 Year Cash-out Refi | 6.84% | 12/16/24 |
| 30 Year FHA Purchase | 7.40% | 12/16/24 |
| 30 Year FHA Refi | 7.65% | 12/16/24 |
| 30 Year VA Purchase | 6.32% | 12/16/24 |
| 30 Year USDA Purchase | 7.01% | 12/16/24 |
| 15 Year Conventional Purchase | 6.11% | 12/16/24 |
| 15 Year Conventional Refi | 6.15% | 12/16/24 |
| 15 Year Cash-out Refi | 6.15% | 12/16/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
272Origination Dollar Volume (All Markets)
$51,890,000Awards
MMS MORTGAGE SERVICES LTD. - 2023
MMS MORTGAGE SERVICES LTD. is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
2023 saw Mms Mortgage Services Ltd. place emphasis on $100k-200k loans with 124 originations, totaling $18,440,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.47%
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 origination81.62%
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 |