Century Mortgage Rates, Fees & Info
Cleveland, OHLEI: 549300YS7PW1Y7DQZG40
Tax ID: 34-0712519
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Mortgage Data
Review & Overview
Century is a smaller mortgage company specializing in Refi and Home Purchase loans. Century has a high proportion of conventional loans.Century has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 11/21/24 |
| 30 Year Conventional Purchase | 6.27% | 11/21/24 |
| 30 Year Conventional Refi | 6.27% | 11/21/24 |
| 30 Year Cash-out Refi | 6.27% | 11/21/24 |
| 15 Year Conventional Purchase | 5.68% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 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. | ||
Century Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
440Origination Dollar Volume (All Markets)
$35,460,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 440 | $35,460,000 | $80,591 | $0 | 4.44% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 247 | $34,225,000 | $138,563 | $0 | 3.90% |
| HELOC | 193 | $1,235,000 | $6,399 | n/a | 5.13% |
For 2018, Century's most frequently originated type of loan was Conventional, with 247 originations. Their 2nd most popular type was HELOC, with 193 originations.
Loan Reason
For 2018, Century's most frequently cited loan purpose was Other, with 161 originations. The 2nd most popular reason was Refi, with 134 originations.
Loan Duration/Length
For 2018, Century's most frequently cited loan duration was 15 Year, with 239 originations. The 2nd most popular length was 30 Year, with 96 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 246 | $34,170,000 | $138,902 |
Century's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 246 originations.
Interest Rates
During 2018, Century's average interest rate for loans was 4.30%, while their most frequently originated rate bucket for loans was 4-5%, with 217 originations.
Loan Sizing
2018 saw Century place emphasis on $100,000 or less loans with 296 originations, totaling $7,740,000 in origination value.
Applicant Income
Century lent most frequently to those with incomes in the $100k-150k range, with 107 originations. The second most popular income band? $75k-100k, with 96 originations.
Applicant Debt to Income Ratio
Century lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 95 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications83.80%
Century has a below average approval rate.
Pick Rate
Approvals leading to origination63.64%
Century has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 191 | $1,225,000 | $6,414 |
| NA | 249 | $34,235,000 | $137,490 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 440 | $35,460,000 | $80,591 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTRAL BANC MORTGAGE CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |