Patriot One Mortgage Bankers Rates, Fees & Info
MINEOLA, NYLEI: 549300YQJU3WVKMRXR40
Tax ID: 20-2029302
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Mortgage Data
Review & Overview
Patriot One Mortgage Bankers is a smaller bank specializing in Home Purchase and Refi loans. Patriot One Mortgage Bankers has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top two markets are New York and Poughkeepsie .Patriot One Mortgage Bankers 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. Patriot One Mortgage Bankers is typically a high 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 | 6.63% | 4/28/24 |
| 30 Year Conventional Refi | 6.68% | 4/28/24 |
| 30 Year Cash-out Refi | 6.86% | 4/28/24 |
| 30 Year FHA Purchase | 7.34% | 4/28/24 |
| 30 Year FHA Refi | 4.93% | 4/28/24 |
| 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. | ||
Patriot One Mortgage Bankers Mortgage Calculator
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This is not an official calculator from Patriot One Mortgage Bankers. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
120Origination Dollar Volume (All Markets)
$56,840,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 118 | $56,190,000 | $476,186 | $16,023 | 4.27% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $12,995 | 4.56% |
Similar Lenders
We use machine learning to identify the top lenders compared against PATRIOT ONE MORTGAGE BANKERS 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 | 65 | $28,815,000 | $443,308 | $11,663 | 4.39% |
| FHA | 54 | $27,650,000 | $512,037 | $21,096 | 4.13% |
| VA | 1 | $375,000 | $375,000 | $15,049 | 3.63% |
For 2019, Patriot One Mortgage Bankers's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was FHA, with 54 originations.
Loan Reason
For 2019, Patriot One Mortgage Bankers's most frequently cited loan purpose was Home Purchase, with 68 originations. The 2nd most popular reason was Refi, with 46 originations.
Loan Duration/Length
For 2019, Patriot One Mortgage Bankers's most frequently cited loan duration was 30 Year, with 115 originations. The 2nd most popular length was 15 Year, with 3 originations.
Origination Fees/Closing Costs
Patriot One Mortgage Bankers's average total fees were $16,217, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 98 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 62 | $28,560,000 | $460,645 |
| 3-4% | 51 | $24,895,000 | $488,137 |
| 5-6% | 6 | $3,280,000 | $546,667 |
| 7-8% | 1 | $105,000 | $105,000 |
During 2019, Patriot One Mortgage Bankers's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 62 originations.
Loan Sizing
2019 saw Patriot One Mortgage Bankers place emphasis on $400k-600k loans with 59 originations, totaling $28,645,000 in origination value.
Applicant Income
Patriot One Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 54 originations. The second most popular income band? $75k-100k, with 23 originations.
Applicant Debt to Income Ratio
Patriot One Mortgage Bankers lent most frequently to those with DTI ratios of 50-60%, with 19 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.95%
Patriot One Mortgage Bankers has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination80.83%
Patriot One Mortgage Bankers has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 120 | $56,840,000 | $473,667 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 120 | $56,840,000 | $473,667 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Peter T. Roach and Associates, P.C. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |