Mms Mortgage Services Ltd. Rates, Fees & Info

FARMINGTON HILLS, MI

LEI: 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. Their top markets by origination volume include: Grand Rapids, Detroit, Muskegon, Cleveland, and Holland among others. We have data for 26 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 a low 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 about average 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% 3/24/24
30 Year Conventional Refi 6.80% 3/24/24
30 Year Cash-out Refi 6.84% 3/24/24
30 Year FHA Purchase 7.40% 3/24/24
30 Year FHA Refi 7.65% 3/24/24
30 Year VA Purchase 6.32% 3/24/24
30 Year USDA Purchase 7.01% 3/24/24
15 Year Conventional Purchase 6.11% 3/24/24
15 Year Conventional Refi 6.15% 3/24/24
15 Year Cash-out Refi 6.15% 3/24/24
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

286

Origination Dollar Volume (All Markets)

$42,150,000

Awards

MMS MORTGAGE SERVICES LTD. FHA Loans gold MMS MORTGAGE SERVICES LTD. USDA Loans gold MMS MORTGAGE SERVICES LTD. FHA Loans gold MMS MORTGAGE SERVICES LTD. USDA Loans gold
Show all (4) awards

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) 158 $23,450,000 $148,418 $3,029 4.53%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 33 $5,265,000 $159,545 $3,901 4.42%
MUSKEGON, MI (FHA|USDA|VA) 19 $2,625,000 $138,158 $2,936 4.52%
Outside of Metro Areas 17 $2,265,000 $133,235 $3,022 4.54%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 7 $1,165,000 $166,429 $4,832 4.89%
Holland, MI (FHA|USDA|VA) 7 $1,125,000 $160,714 $3,018 4.46%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $1,070,000 $267,500 $5,295 4.31%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 5 $605,000 $121,000 $2,922 4.36%
TOLEDO, OH (FHA|USDA|VA) 5 $565,000 $113,000 $3,619 3.60%
ANN ARBOR, MI (FHA|USDA|VA) 3 $545,000 $181,667 $4,028 4.97%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 3 $375,000 $125,000 $4,173 4.83%
Ashtabula, OH (FHA|USDA|VA) 4 $370,000 $92,500 $3,327 5.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 2 $360,000 $180,000 $5,131 3.56%
Alma, MI (FHA|USDA|VA) 4 $360,000 $90,000 $2,426 4.88%
Coldwater, MI (FHA|USDA|VA) 1 $335,000 $335,000 $3,033 3.99%
Big Rapids, MI (FHA|USDA|VA) 1 $225,000 $225,000 $2,755 4.99%
MONROE, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,948 4.25%
WORCESTER, MA-CT (FHA|USDA|VA) 1 $175,000 $175,000 $3,280 4.38%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,351 4.45%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $145,000 $48,333 $2,398 4.54%
FLINT, MI (FHA|USDA|VA) 1 $145,000 $145,000 $1,846 3.38%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $135,000 $135,000 $3,598 4.88%
JACKSON, MI (FHA|USDA|VA) 1 $135,000 $135,000 $2,533 4.75%
Salem, OH (FHA|USDA|VA) 2 $130,000 $65,000 $3,153 5.75%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,006 4.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,471 4.13%
Mms Mortgage Services Ltd.'s top markets include Grand Rapids, Detroit, Muskegon, Cleveland, and Holland among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Tennessee (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.

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 197 $29,835,000 $151,447 $2,984 4.43%
    FHA 50 $7,070,000 $141,400 $4,424 4.90%
    USDA 32 $3,820,000 $119,375 $2,018 4.47%
    VA 7 $1,425,000 $203,571 $6,999 4.57%

    For 2019, Mms Mortgage Services Ltd.'s most frequently originated type of loan was Conventional, with 197 originations. Their 2nd most popular type was FHA, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 194 $28,500,000 $146,907 $3,066 4.52%
    Cash Out Refi 65 $9,575,000 $147,308 $3,544 4.59%
    Refi 27 $4,075,000 $150,926 $3,631 4.34%

    For 2019, Mms Mortgage Services Ltd.'s most frequently cited loan purpose was Home Purchase, with 194 originations. The 2nd most popular reason was Cash Out Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 254 $37,980,000 $149,528 $3,242 4.57%
    15 Year 23 $2,925,000 $127,174 $3,310 4.10%
    20 Year 8 $1,220,000 $152,500 $2,646 4.16%
    10 Year 1 $25,000 $25,000 $2,087 4.88%

    For 2019, Mms Mortgage Services Ltd.'s most frequently cited loan duration was 30 Year, with 254 originations. The 2nd most popular length was 15 Year, with 23 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 197 $29,625,000 $150,381
    $<1k 54 $6,930,000 $128,333
    $2k-3k 20 $2,820,000 $141,000
    $3k-4k 8 $1,270,000 $158,750
    $5k+ 4 $960,000 $240,000
    $4k-5k 2 $420,000 $210,000

    Mms Mortgage Services Ltd.'s average total fees were $3,242, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 197 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 161 $23,795,000 $147,795
    3-4% 76 $11,920,000 $156,842
    5-6% 47 $6,085,000 $129,468
    2.5-3% 1 $65,000 $65,000
    6-7% 1 $285,000 $285,000

    During 2019, Mms Mortgage Services Ltd.'s average interest rate for loans was 4.57%, while their most frequently originated rate bucket for loans was 4-5%, with 161 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 158 $22,780,000 $144,177 $3,194 4.46%
    $100,000 or less 74 $5,610,000 $75,811 $2,501 4.59%
    $200k-400k 53 $13,315,000 $251,226 $4,326 4.58%
    $400k-600k 1 $445,000 $445,000 $3,108 4.75%

    2019 saw Mms Mortgage Services Ltd. place emphasis on $100k-200k loans with 158 originations, totaling $22,780,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 105 $10,885,000 $103,667 $2,653 4.48%
    $50k-75k 95 $14,685,000 $154,579 $3,261 4.42%
    $75k-100k 44 $7,780,000 $176,818 $3,498 4.64%
    $100k-150k 28 $5,380,000 $192,143 $3,961 4.64%
    $150k-250k 11 $2,565,000 $233,182 $5,011 4.89%
    $250k+ 3 $855,000 $285,000 $4,638 4.58%

    Mms Mortgage Services Ltd. lent most frequently to those with incomes in the $50k or less range, with 105 originations. The second most popular income band? $50k-75k, with 95 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 58 $8,170,000 $140,862 $2,815 4.38%
    30-36% 51 $6,775,000 $132,843 $3,411 4.67%
    38% 21 $3,025,000 $144,048 $2,271 4.65%
    <20% 18 $2,240,000 $124,444 $3,040 4.27%
    39% 16 $2,050,000 $128,125 $3,341 4.40%
    42% 15 $2,295,000 $153,000 $3,323 4.52%
    36% 14 $1,810,000 $129,286 $2,720 4.68%
    44% 14 $2,600,000 $185,714 $3,380 4.70%
    41% 13 $2,155,000 $165,769 $3,909 4.34%
    43% 13 $2,435,000 $187,308 $3,200 4.53%
    37% 12 $1,730,000 $144,167 $2,743 4.54%
    47% 8 $1,360,000 $170,000 $3,624 4.31%
    40% 7 $995,000 $142,143 $3,631 4.34%
    45% 6 $920,000 $153,333 $3,433 4.83%
    50-60% 6 $1,040,000 $173,333 $5,281 4.92%
    49% 5 $795,000 $159,000 $3,155 4.55%
    48% 4 $570,000 $142,500 $4,252 4.53%
    46% 4 $900,000 $225,000 $5,212 3.87%
    >60% 1 $285,000 $285,000 $8,948 6.50%

    Mms Mortgage Services Ltd. lent most frequently to those with DTI ratios of 20-30%, with 58 originations. The next most common DTI ratio? 30-36%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 272 $39,910,000 $146,728 $3,217 4.52%
    Black 8 $1,240,000 $155,000 $3,803 4.62%
    Asian 2 $490,000 $245,000 $3,030 4.19%
    Not provided 3 $435,000 $145,000 $2,936 4.71%
    American Indian 1 $75,000 $75,000 $2,646 3.88%

    Approval Rates

    Total approvals of all applications
    92.18%

    Mms Mortgage Services Ltd. has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.62%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 286 $42,150,000 $147,378

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 6 $660,000 $110,000
    Single Family (1-4 Units):Site-Built 280 $41,490,000 $148,179

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $595,000 $85,000 $2,622 4.42%
    40-60% 27 $3,445,000 $127,593 $2,832 4.26%
    60-80% 65 $10,235,000 $157,462 $3,372 4.43%
    80-100% 185 $27,615,000 $149,270 $3,243 4.59%
    Over 100% 2 $260,000 $130,000 $4,175 4.31%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MCCUE MORTGAGE COMPANY, THE Conventional home mortgage Trouble during payment process 1 100.0%