Patriot One Mortgage Bankers Rates, Fees & Info

MINEOLA, NY

LEI: 549300YQJU3WVKMRXR40

Tax ID: 20-2029302

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Patriot One Mortgage Bankers is a smaller bank specializing in Refi and Home Purchase 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.

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	6.63%	12/16/24
30 Year Conventional Refi	6.68%	12/16/24
30 Year Cash-out Refi	6.86%	12/16/24
30 Year FHA Purchase	7.34%	12/16/24
30 Year FHA Refi	4.93%	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.

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™ 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

152

Origination Dollar Volume (All Markets)

$71,900,000

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
New York-Newark-Jersey City, NY-NJ-PA (FHA\|USDA\|VA)	143	$68,735,000	$480,664	$15,540	3.27%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA\|USDA\|VA)	9	$3,165,000	$351,667	$11,929	3.17%

Patriot One Mortgage Bankers's top markets include New York and Poughkeepsie among others.

Their top states include:

New York (FHA|USDA|VA)

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.

The First National Bank of Long Island
Similarity Rank: 134

North Jersey Federal Credit Union
Similarity Rank: 247

N C P D Federal Credit Union
Similarity Rank: 482

MOUNTAIN MORTGAGE CORP.
Similarity Rank: 538

ATLANTIS MORTGAGE CO., INC.
Similarity Rank: 668

TEG Federal Credit Union
Similarity Rank: 715

Hanover Community Bank
Similarity Rank: 727

Roselle Bank
Similarity Rank: 796

Poli Mortgage Group, Inc.
Similarity Rank: 1012

Schuyler Savings Bank
Similarity Rank: 1083

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	105	$46,405,000	$441,952	$11,928	3.32%
FHA	46	$24,980,000	$543,043	$23,178	3.15%
VA	1	$515,000	$515,000	$10,886	2.75%

For 2020, Patriot One Mortgage Bankers's most frequently originated type of loan was Conventional, with 105 originations. Their 2nd most popular type was FHA, with 46 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	69	$31,315,000	$453,841	$12,161	3.28%
Home Purchase	65	$32,625,000	$501,923	$18,354	3.15%
Cash Out Refi	17	$7,375,000	$433,824	$13,963	3.58%
Home Improvement	1	$585,000	$585,000	$60,021	4.13%

For 2020, Patriot One Mortgage Bankers's most frequently cited loan purpose was Refi, with 69 originations. The 2nd most popular reason was Home Purchase, with 65 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	136	$66,380,000	$488,088	$16,016	3.30%
20 Year	8	$2,440,000	$305,000	$8,357	3.02%
15 Year	5	$1,595,000	$319,000	$9,100	2.70%
Other	3	$1,485,000	$495,000	$13,003	3.38%

For 2020, Patriot One Mortgage Bankers's most frequently cited loan duration was 30 Year, with 136 originations. The 2nd most popular length was 20 Year, with 8 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$5k+	125	$61,475,000	$491,800
$4k-5k	10	$3,320,000	$332,000
$<1k	6	$3,200,000	$533,333
$3k-4k	6	$2,010,000	$335,000
$2k-3k	5	$1,895,000	$379,000

Patriot One Mortgage Bankers's average total fees were $16,016, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 125 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	84	$40,790,000	$485,595
2.5-3%	59	$27,135,000	$459,915
4-5%	8	$3,710,000	$463,750
<2.5%	1	$265,000	$265,000

During 2020, Patriot One Mortgage Bankers's average interest rate for loans was 3.30%, while their most frequently originated rate bucket for loans was 3-4%, with 84 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$400k-600k	69	$34,205,000	$495,725	$16,631	3.29%
$200k-400k	49	$16,435,000	$335,408	$10,922	3.13%
$600k-1MM	31	$20,855,000	$672,742	$20,296	3.40%
$100k-200k	2	$310,000	$155,000	$6,178	4.00%
$100,000 or less	1	$95,000	$95,000	$5,265	3.13%

2020 saw Patriot One Mortgage Bankers place emphasis on $400k-600k loans with 69 originations, totaling $34,205,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	62	$32,100,000	$517,742	$15,618	3.29%
$75k-100k	43	$18,435,000	$428,721	$15,584	3.23%
$150k-250k	26	$12,220,000	$470,000	$15,310	3.15%
$50k-75k	8	$2,430,000	$303,750	$10,449	3.48%
$250k+	7	$4,105,000	$586,429	$20,369	3.43%
$50k or less	3	$705,000	$235,000	$7,528	3.17%

Patriot One Mortgage Bankers lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $75k-100k, with 43 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	28	$12,590,000	$449,643	$13,066	3.32%
20-30%	17	$6,935,000	$407,941	$15,599	3.38%
47%	10	$4,980,000	$498,000	$13,629	3.45%
50-60%	9	$4,535,000	$503,889	$22,856	3.01%
44%	9	$4,525,000	$502,778	$17,072	3.32%
45%	9	$4,585,000	$509,444	$12,559	3.07%
46%	8	$3,860,000	$482,500	$18,896	3.16%
48%	8	$3,470,000	$433,750	$16,667	3.20%
43%	7	$4,305,000	$615,000	$21,277	3.32%
41%	7	$3,245,000	$463,571	$13,751	3.18%
36%	7	$3,395,000	$485,000	$12,822	3.25%
42%	6	$2,700,000	$450,000	$10,816	3.27%
40%	5	$2,875,000	$575,000	$18,855	3.28%
49%	5	$2,245,000	$449,000	$17,861	3.28%
38%	5	$2,165,000	$433,000	$15,575	3.23%
39%	4	$1,550,000	$387,500	$12,398	3.38%
37%	4	$1,680,000	$420,000	$10,342	3.09%

Patriot One Mortgage Bankers lent most frequently to those with DTI ratios of 30-36%, with 28 originations. The next most common DTI ratio? 20-30%, with 17 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Black	109	$52,765,000	$484,083	$16,109	3.33%
White	28	$11,970,000	$427,500	$10,992	3.08%
Asian	11	$5,295,000	$481,364	$18,131	3.23%
Asian Indian	2	$1,050,000	$525,000	$15,293	2.75%
Not provided	2	$820,000	$410,000	$17,929	3.06%

Approval Rates

Total approvals of all applications
96.97%

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 origination
73.68%

Patriot One Mortgage Bankers has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	152	$71,900,000	$473,026

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	152	$71,900,000	$473,026

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	3	$985,000	$328,333	$12,110	3.04%
40-60%	14	$5,210,000	$372,143	$10,765	3.21%
60-80%	63	$28,125,000	$446,429	$12,150	3.35%
80-100%	71	$37,325,000	$525,704	$19,275	3.23%
Under 20%	1	$255,000	$255,000	$8,522	2.75%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
Patriot Mortgage Corporation	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%