Jams-01 Mortgage Rates, Fees & Info

ARLINGTON, VA

LEI: 549300ZAZI235VM8Q149

Tax ID: 51-0427792

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Jams-01 is a smaller mortgage company specializing in Home Purchase and Refi loans. Jams-01 has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Washington, Baltimore, Richmond, Winchester, and Virginia Beach among others. Jams-01 has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Jams-01 is typically an average fee lendor.


Originations

1,185

Origination Dollar Volume (All Markets)

$538,895,000
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Relative Rate

Jams-01 's average 30 year fixed rate mortgage of loans were 2.81%.

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

This yields a difference of -0.34%.

Relative Fees

Jams-01 's average total fees for a 30 year fixed rate mortgage are $5,797.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1,109 $513,575,000 $463,097 $5,654 2.77%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 17 $6,695,000 $393,824 $4,936 2.69%
RICHMOND, VA (FHA|USDA|VA) 16 $5,120,000 $320,000 $3,772 2.96%
Outside of Metro Areas 11 $3,495,000 $317,727 $5,667 2.92%
WINCHESTER, VA-WV (FHA|USDA|VA) 8 $3,020,000 $377,500 $6,178 2.61%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 8 $2,660,000 $332,500 $5,012 2.55%
LYNCHBURG, VA (FHA|USDA|VA) 2 $770,000 $385,000 $4,204 3.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 3 $675,000 $225,000 $3,429 2.83%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $515,000 $515,000 $4,476 3.38%
Easton, MD (FHA|USDA|VA) 1 $485,000 $485,000 $4,712 2.75%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $395,000 $395,000 $4,390 3.00%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $365,000 $365,000 $3,845 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $365,000 $121,667 $3,384 4.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $275,000 $275,000 $2,890 3.13%
HARRISONBURG, VA (FHA|USDA|VA) 1 $205,000 $205,000 $2,724 2.88%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 1 $155,000 $155,000 $3,268 3.50%
STAUNTON, VA (FHA|USDA|VA) 1 $125,000 $125,000 $3,372 3.00%

Jams-01 's top markets include Washington, Baltimore, Richmond, Winchester, and Virginia Beach among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 932 $403,660,000 $433,112 $4,231 2.84%
VA 226 $123,040,000 $544,425 $10,369 2.53%
FHA 27 $12,195,000 $451,667 $12,540 2.69%

For the 2021 period, Jams-01 's most frequently originated loan type of loans were Conventional, with 932 originations. Their 2nd most popular type is VA, with 226 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 742 $360,900,000 $486,388 $6,518 2.84%
Refi 367 $147,805,000 $402,738 $3,796 2.62%
Cash Out Refi 76 $30,190,000 $397,237 $5,216 2.93%

For the 2021, Jams-01 's most frequently cited loan purpose of loans were Home Purchase, with 742 originations. The 2nd most popular reason of loans were Refi, with 367 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,087 $507,725,000 $467,088 $5,797 2.81%
15 Year 63 $17,955,000 $285,000 $3,276 2.30%
20 Year 28 $10,780,000 $385,000 $3,324 2.69%
Other 7 $2,435,000 $347,857 $3,548 2.50%

For the 2021, Jams-01 's most frequently cited loan length of loans were 30 Year, with 1,087 originations. The 2nd most popular length of loans were 15 Year, with 63 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,075 $476,475,000 $443,233
$3k-4k 45 $26,425,000 $587,222
$2k-3k 38 $18,220,000 $479,474
$5k+ 25 $17,235,000 $689,400
$<1k 2 $540,000 $270,000

$5,797 of loans were Jams-01 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,075 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 692 $319,930,000 $462,327
<2.5% 298 $132,230,000 $443,725
3-4% 195 $86,735,000 $444,795

During 2021, Jams-01 's average interest rate of loans were 2.81%, while their most frequently originated rate bucket of loans were 2.5-3%, with 692 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 468 $229,020,000 $489,359 $5,876 2.74%
$200k-400k 423 $131,655,000 $311,241 $4,218 2.76%
$600k-1MM 227 $162,335,000 $715,132 $8,003 2.85%
$100k-200k 60 $9,460,000 $157,667 $3,350 2.86%
$1MM+ 5 $6,245,000 $1,249,000 $13,588 2.53%
$100,000 or less 2 $180,000 $90,000 $2,671 3.38%

2021 saw Jams-01 place emphasis on $400k-600k loans with 468 originations, totaling $229,020,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 388 $174,740,000 $450,361 $5,717 2.79%
$150k-250k 337 $175,015,000 $519,332 $5,633 2.80%
$75k-100k 160 $59,580,000 $372,375 $5,294 2.79%
$50k-75k 115 $34,865,000 $303,174 $5,423 2.79%
$250k+ 99 $58,315,000 $589,040 $6,539 2.87%
$50k or less 86 $36,380,000 $423,023 $4,545 2.45%

Jams-01 lent most frequently to those with incomes in the $100k-150k range, with 388 originations. The second most popular income band? $150k-250k, with 337 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 288 $121,510,000 $421,910 $4,923 2.76%
30-36% 216 $96,930,000 $448,750 $5,057 2.83%
<20% 83 $33,925,000 $408,735 $4,095 2.72%
38% 49 $22,945,000 $468,265 $5,441 2.79%
44% 44 $19,730,000 $448,409 $6,376 2.91%
39% 42 $19,300,000 $459,524 $6,344 2.79%
40% 41 $18,265,000 $445,488 $5,776 2.72%
37% 39 $20,395,000 $522,949 $5,926 2.84%
36% 38 $17,150,000 $451,316 $5,337 2.76%
42% 37 $16,695,000 $451,216 $4,800 2.89%
50-60% 34 $20,390,000 $599,706 $13,783 2.61%
41% 33 $15,845,000 $480,152 $5,993 2.86%
43% 32 $14,180,000 $443,125 $7,142 2.89%
46% 30 $14,340,000 $478,000 $4,838 2.89%
48% 29 $13,755,000 $474,310 $5,221 2.93%
45% 27 $12,565,000 $465,370 $5,119 2.88%
49% 26 $13,040,000 $501,538 $7,186 2.86%
47% 24 $12,010,000 $500,417 $6,950 2.85%
>60% 6 $3,430,000 $571,667 $17,609 2.83%

Jams-01 lent most frequently to those with DTI ratios of 20-30%, with 288 originations. The next most common DTI ratio? 30-36%, with 216 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 807 $371,265,000 $460,056 $5,597 2.79%
Not provided 207 $90,405,000 $436,739 $5,514 2.74%
Asian 99 $45,045,000 $455,000 $5,459 2.74%
Black 59 $26,285,000 $445,508 $6,261 2.82%
American Indian 4 $2,090,000 $522,500 $5,287 2.78%
Other Asian 4 $1,970,000 $492,500 $4,103 2.88%
Asian Indian 2 $800,000 $400,000 $3,780 2.94%
Other Pacific Islander 1 $485,000 $485,000 $6,407 2.88%
Chinese 1 $295,000 $295,000 $3,355 2.25%
Native Hawaiian 1 $255,000 $255,000 $2,864 2.75%

Approval Rates

Total approvals of all applications
99.13%

Jams-01 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
87.57%

Jams-01 has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,185 $538,895,000 $454,764

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,185 $538,895,000 $454,764

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 34 $8,730,000 $256,765 $3,273 2.61%
40-60% 136 $48,720,000 $358,235 $3,790 2.65%
60-80% 401 $176,745,000 $440,761 $4,346 2.80%
80-100% 558 $274,590,000 $492,097 $5,660 2.81%
Over 100% 53 $29,125,000 $549,528 $20,463 2.65%
Under 20% 2 $190,000 $95,000 $2,721 3.00%