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. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.95% | 11/21/24 |
| 30 Year Conventional Refi | 6.80% | 11/21/24 |
| 30 Year Cash-out Refi | 6.84% | 11/21/24 |
| 30 Year FHA Purchase | 7.40% | 11/21/24 |
| 30 Year FHA Refi | 7.65% | 11/21/24 |
| 30 Year VA Purchase | 6.32% | 11/21/24 |
| 30 Year USDA Purchase | 7.01% | 11/21/24 |
| 15 Year Conventional Purchase | 6.11% | 11/21/24 |
| 15 Year Conventional Refi | 6.15% | 11/21/24 |
| 15 Year Cash-out Refi | 6.15% | 11/21/24 |
| 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
286Origination Dollar Volume (All Markets)
$42,150,000Awards
MMS MORTGAGE SERVICES LTD. - 2019
MMS MORTGAGE SERVICES LTD. is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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% |
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 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
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
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
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
2019 saw Mms Mortgage Services Ltd. place emphasis on $100k-200k loans with 158 originations, totaling $22,780,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.18%
Mms Mortgage Services Ltd. has an average approval rate.
Pick Rate
Approvals leading to origination84.62%
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
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% |