Watson Mortgage Corp. Rates, Fees & Info

JACKSONVILLE, FL

LEI: 549300YLA2LNEYNOLN85

Tax ID: 59-3256287

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Watson Mortgage Corp. is a smaller mortgage company specializing in Home Purchase loans. Watson Mortgage Corp. 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 Jacksonville, Orlando, Deltona, Tampa, and Gainesville among others. Watson Mortgage Corp. has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Watson Mortgage Corp. is typically an average fee lendor.


Originations

694

Origination Dollar Volume (All Markets)

$178,220,000

Awards

WATSON MORTGAGE CORP. 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Watson Mortgage Corp.'s average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Watson Mortgage Corp.'s average total fees for a 30 year fixed rate mortgage are $5,396.

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
JACKSONVILLE, FL (FHA|USDA|VA) 444 $116,230,000 $261,779 $5,203 2.97%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 123 $32,645,000 $265,407 $5,369 3.06%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 49 $10,455,000 $213,367 $4,825 2.97%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $4,245,000 $283,000 $5,237 2.99%
GAINESVILLE, FL (FHA|USDA|VA) 11 $2,685,000 $244,091 $5,810 2.86%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 7 $1,995,000 $285,000 $4,830 2.79%
OCALA, FL (FHA|USDA|VA) 6 $1,700,000 $283,333 $5,364 3.02%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 7 $1,415,000 $202,143 $6,862 2.86%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $830,000 $415,000 $4,679 3.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 3 $805,000 $268,333 $4,116 3.38%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $805,000 $268,333 $5,016 3.17%
Palatka, FL (FHA|USDA|VA) 5 $765,000 $153,000 $4,872 3.35%
St. Marys, GA (FHA|USDA|VA) 2 $680,000 $340,000 $11,193 3.06%
PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $675,000 $225,000 $4,392 3.38%
Outside of Metro Areas 3 $595,000 $198,333 $4,927 3.67%
THE VILLAGES, FL (FHA|USDA|VA) 2 $460,000 $230,000 $7,511 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $380,000 $190,000 $4,265 3.19%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $175,000 $175,000 $3,666 3.25%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $165,000 $165,000 $5,323 2.88%
Lake City, FL (FHA|USDA|VA) 1 $155,000 $155,000 $3,303 2.88%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $155,000 $155,000 $4,299 3.50%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 2 $120,000 $60,000 $3,730 1.63%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,941 2.63%

Watson Mortgage Corp.'s top markets include Jacksonville, Orlando, Deltona, Tampa, and Gainesville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 544 $138,660,000 $254,890 $4,229 3.02%
FHA 71 $15,315,000 $215,704 $8,293 3.00%
VA 69 $22,145,000 $320,942 $9,821 2.73%
USDA 10 $2,100,000 $210,000 $5,938 2.85%

For the 2021 period, Watson Mortgage Corp.'s most frequently originated loan type of loans were Conventional, with 544 originations. Their 2nd most popular type is FHA, with 71 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 551 $143,415,000 $260,281 $5,534 3.00%
Refi 107 $26,485,000 $247,523 $4,023 2.89%
Cash Out Refi 33 $7,685,000 $232,879 $4,083 3.10%
Home Improvement 3 $635,000 $211,667 $4,047 3.04%

For the 2021, Watson Mortgage Corp.'s most frequently cited loan purpose of loans were Home Purchase, with 551 originations. The 2nd most popular reason of loans were Refi, with 107 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 636 $166,850,000 $262,343 $5,396 3.05%
15 Year 40 $8,250,000 $206,250 $3,378 2.38%
20 Year 12 $2,980,000 $248,333 $4,733 2.95%
5 Year 5 $45,000 $9,000 $0 0.00%
Other 1 $95,000 $95,000 $2,714 2.63%

For the 2021, Watson Mortgage Corp.'s most frequently cited loan length of loans were 30 Year, with 636 originations. The 2nd most popular length of loans were 15 Year, with 40 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 539 $140,995,000 $261,586
$3k-4k 58 $16,110,000 $277,759
$2k-3k 54 $13,300,000 $246,296
$<1k 26 $1,210,000 $46,538
$5k+ 17 $6,605,000 $388,529

$5,396 of loans were Watson Mortgage Corp.'s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 539 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 291 $72,675,000 $249,742
2.5-3% 250 $70,230,000 $280,920
<2.5% 123 $28,995,000 $235,732
4-5% 28 $5,640,000 $201,429
5-6% 2 $680,000 $340,000

During 2021, Watson Mortgage Corp.'s average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 3-4%, with 291 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 352 $98,890,000 $280,938 $5,836 3.05%
$100k-200k 222 $34,680,000 $156,216 $4,185 3.11%
$400k-600k 68 $32,310,000 $475,147 $5,969 2.92%
$100,000 or less 39 $1,955,000 $50,128 $1,574 1.84%
$600k-1MM 11 $8,055,000 $732,273 $14,365 2.95%
$1MM+ 2 $2,330,000 $1,165,000 $8,899 3.13%

2021 saw Watson Mortgage Corp. place emphasis on $200k-400k loans with 352 originations, totaling $98,890,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 202 $42,100,000 $208,416 $5,202 2.98%
$100k-150k 144 $42,800,000 $297,222 $5,307 3.06%
$50k or less 119 $18,825,000 $158,193 $4,418 2.85%
$75k-100k 110 $27,770,000 $252,455 $5,519 2.98%
$150k-250k 92 $33,610,000 $365,326 $5,523 3.02%
$250k+ 27 $13,115,000 $485,741 $6,323 3.17%

Watson Mortgage Corp. lent most frequently to those with incomes in the $50k-75k range, with 202 originations. The second most popular income band? $100k-150k, with 144 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 124 $31,420,000 $253,387 $4,312 2.82%
30-36% 116 $29,620,000 $255,345 $4,833 3.02%
<20% 40 $10,980,000 $274,500 $4,080 2.90%
41% 37 $9,565,000 $258,514 $5,225 3.31%
44% 35 $7,705,000 $220,143 $5,539 3.21%
38% 34 $8,980,000 $264,118 $5,244 2.80%
43% 31 $7,995,000 $257,903 $5,467 3.15%
50-60% 29 $9,215,000 $317,759 $10,413 2.78%
42% 27 $7,445,000 $275,741 $5,407 3.06%
40% 27 $6,445,000 $238,704 $5,353 3.07%
45% 27 $6,125,000 $226,852 $5,175 2.91%
46% 26 $7,020,000 $270,000 $5,117 3.11%
49% 24 $6,290,000 $262,083 $6,060 3.15%
37% 23 $6,565,000 $285,435 $5,178 3.11%
48% 23 $5,085,000 $221,087 $5,715 3.16%
36% 21 $5,825,000 $277,381 $5,554 2.92%
39% 20 $4,740,000 $237,000 $5,737 3.11%
47% 20 $4,140,000 $207,000 $4,092 3.01%
>60% 10 $3,060,000 $306,000 $5,870 2.23%

Watson Mortgage Corp. lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 116 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 578 $150,620,000 $260,588 $5,162 2.99%
Not provided 57 $14,595,000 $256,053 $5,423 2.89%
Black 37 $7,405,000 $200,135 $5,274 3.01%
Asian 14 $3,560,000 $254,286 $6,079 2.90%
American Indian 7 $1,715,000 $245,000 $6,649 3.43%
Native Hawaiian 1 $325,000 $325,000 $7,019 2.88%

Approval Rates

Total approvals of all applications
84.18%

Watson Mortgage Corp. has a below average approval rate.

Pick Rate

Approvals leading to origination
73.65%

Watson Mortgage Corp. has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 694 $178,220,000 $256,801

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
694 $178,220,000 $256,801

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 26 $4,230,000 $162,692 $3,355 2.78%
40-60% 82 $18,580,000 $226,585 $4,068 2.75%
60-80% 200 $53,400,000 $267,000 $4,492 3.15%
80-100% 348 $95,250,000 $273,707 $5,810 3.12%
Over 100% 18 $6,180,000 $343,333 $15,234 2.82%
Under 20% 20 $580,000 $29,000 $571 0.59%