Jams-01 Mortgage Rates, Fees & Info

ARLINGTON, VA

LEI: 549300ZAZI235VM8Q149

Tax ID: 51-0427792

3.5 stars - Updated: 7/14/24 - out of 5 stars, based on 18 reviews

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

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Mortgage Data

Review & Overview

Jams-01 is a smaller mortgage company specializing in Home Purchase loans. Jams-01 has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Washington, Richmond, Winchester, Virginia Beach, and Hagerstown among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Jams-01 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. Jams-01 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 relatively high 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 6.47% 7/14/24
30 Year Conventional Refi 6.31% 7/14/24
30 Year Cash-out Refi 6.31% 7/14/24
30 Year FHA Purchase 7.08% 7/14/24
30 Year VA Purchase 6.09% 7/14/24
30 Year VA Refi 5.55% 7/14/24
15 Year Conventional Purchase 5.81% 7/14/24
15 Year Conventional Refi 5.78% 7/14/24
15 Year Cash-out Refi 5.78% 7/14/24
15 Year VA Refi 5.78% 7/14/24
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.

Jams-01 Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Jams-01. 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

341

Origination Dollar Volume (All Markets)

$158,145,000

Awards

JAMS-01 FHA Loans bronze JAMS-01 FHA Loans silver JAMS-01 VA Loans silver
Show all (3) awards

Relative Rate

Jams-01's average 30 year fixed mortgage rate was 6.39%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.09%.

Relative Fees (Closing Costs)

Jams-01's average total fees/closing costs for a 30 year fixed rate mortgage were $10,853.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 288 $138,720,000 $481,667 $11,172 6.34%
RICHMOND, VA (FHA|USDA|VA) 12 $4,520,000 $376,667 $7,276 6.55%
WINCHESTER, VA-WV (FHA|USDA|VA) 10 $4,260,000 $426,000 $8,207 6.60%
Outside of Metro Areas 7 $2,525,000 $360,714 $10,160 6.70%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $1,660,000 $415,000 $10,994 6.81%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 5 $1,395,000 $279,000 $10,125 6.55%
Kill Devil Hills, NC (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $13,519 6.13%
Pinehurst-Southern Pines, NC (FHA|USDA|VA) 2 $890,000 $445,000 $12,326 6.25%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $760,000 $380,000 $8,153 6.88%
WILMINGTON, NC (FHA|USDA|VA) 2 $520,000 $260,000 $5,104 6.56%
STAUNTON, VA (FHA|USDA|VA) 2 $460,000 $230,000 $7,146 6.94%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $355,000 $355,000 $5,721 6.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $315,000 $315,000 $3,340 6.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $275,000 $275,000 $7,022 6.88%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 2 $240,000 $120,000 $6,504 7.31%
HARRISONBURG, VA (FHA|USDA|VA) 1 $195,000 $195,000 $5,766 7.63%
Jams-01's top markets include Washington, Richmond, Winchester, Virginia Beach, and Hagerstown among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • District of Columbia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against JAMS-01 based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FIRST FINANCIAL OF MARYLAND
    Similarity Rank: 117
    POINT BREEZE
    Similarity Rank: 160
    Shea Mortgage Inc.
    Similarity Rank: 228
    Chesapeake Bank
    Similarity Rank: 396
    IDB Global Federal Credit Union
    Similarity Rank: 416
    LANGLEY
    Similarity Rank: 442
    Member Options, LLC
    Similarity Rank: 576

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 247 $104,275,000 $422,166 $8,175 6.50%
    VA 63 $40,305,000 $639,762 $18,531 6.01%
    FHA 31 $13,565,000 $437,581 $15,482 6.25%

    For 2023, Jams-01's most frequently originated type of loan was Conventional, with 247 originations. Their 2nd most popular type was VA, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 335 $156,005,000 $465,687 $10,794 6.39%
    Cash Out Refi 4 $1,410,000 $352,500 $11,354 6.50%
    Refi 2 $730,000 $365,000 $2,603 6.31%

    For 2023, Jams-01's most frequently cited loan purpose was Home Purchase, with 335 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 333 $155,495,000 $466,952 $10,853 6.39%
    15 Year 8 $2,650,000 $331,250 $6,572 6.36%

    For 2023, Jams-01's most frequently cited loan duration was 30 Year, with 333 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 156 $86,840,000 $556,667
    $1k-2k 80 $33,700,000 $421,250
    $3k-4k 48 $16,770,000 $349,375
    $4k-5k 37 $14,415,000 $389,595
    $2k-3k 19 $6,125,000 $322,368
    $<1k 1 $295,000 $295,000

    Jams-01's average total fees were $10,853, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 156 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 191 $86,525,000 $453,010
    5-6% 108 $53,730,000 $497,500
    7-8% 42 $17,890,000 $425,952

    During 2023, Jams-01's average interest rate for loans was 6.39%, while their most frequently originated rate bucket for loans was 6-7%, with 191 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $400k-600k 136 $66,690,000 $490,368 $10,434 6.33%
    $200k-400k 103 $31,075,000 $301,699 $7,679 6.51%
    $600k-1MM 67 $48,175,000 $719,030 $16,855 6.27%
    $100k-200k 27 $4,235,000 $156,852 $5,572 6.63%
    $1MM+ 7 $7,895,000 $1,127,857 $24,449 6.25%
    $100,000 or less 1 $75,000 $75,000 $5,830 5.38%

    2023 saw Jams-01 place emphasis on $400k-600k loans with 136 originations, totaling $66,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 130 $70,620,000 $543,231 $11,733 6.39%
    $100k-150k 95 $39,045,000 $411,000 $10,624 6.40%
    $250k+ 47 $29,795,000 $633,936 $13,231 6.47%
    $75k-100k 33 $10,555,000 $319,848 $8,389 6.31%
    $50k-75k 31 $7,475,000 $241,129 $6,622 6.46%
    $50k or less 5 $655,000 $131,000 $5,615 5.80%

    Jams-01 lent most frequently to those with incomes in the $150k-250k range, with 130 originations. The second most popular income band? $100k-150k, with 95 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 64 $29,480,000 $460,625 $9,619 6.37%
    20-30% 51 $22,355,000 $438,333 $8,365 6.37%
    50-60% 30 $19,290,000 $643,000 $19,351 6.06%
    49% 19 $7,385,000 $388,684 $10,159 6.24%
    48% 18 $7,340,000 $407,778 $7,237 6.65%
    42% 17 $8,365,000 $492,059 $13,320 6.20%
    38% 16 $7,010,000 $438,125 $9,417 6.60%
    <20% 14 $5,360,000 $382,857 $7,118 6.54%
    44% 14 $5,820,000 $415,714 $10,582 6.54%
    45% 14 $6,230,000 $445,000 $10,082 6.66%
    39% 13 $5,775,000 $444,231 $9,172 6.55%
    46% 11 $5,215,000 $474,091 $12,753 6.23%
    43% 11 $5,125,000 $465,909 $8,619 6.43%
    47% 10 $5,750,000 $575,000 $19,215 6.53%
    36% 9 $2,785,000 $309,444 $7,713 6.53%
    41% 9 $3,835,000 $426,111 $8,451 6.32%
    40% 9 $3,555,000 $395,000 $9,071 6.49%
    37% 7 $3,635,000 $519,286 $10,588 6.50%
    >60% 5 $3,835,000 $767,000 $21,341 6.03%

    Jams-01 lent most frequently to those with DTI ratios of 30-36%, with 64 originations. The next most common DTI ratio? 20-30%, with 51 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 200 $92,930,000 $464,650 $10,999 6.41%
    Not provided 105 $49,335,000 $469,857 $9,958 6.42%
    Asian 16 $8,620,000 $538,750 $12,635 6.19%
    Black 18 $6,700,000 $372,222 $11,702 6.23%
    Other Asian 1 $435,000 $435,000 $4,263 6.88%
    American Indian 1 $125,000 $125,000 $4,103 5.75%

    Approval Rates

    Total approvals of all applications
    99.51%

    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
    80.94%

    Jams-01 has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 341 $158,145,000 $463,768

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    341 $158,145,000 $463,768

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $3,095,000 $238,077 $6,205 6.47%
    40-60% 30 $8,920,000 $297,333 $7,051 6.46%
    60-80% 73 $28,925,000 $396,233 $8,142 6.46%
    80-100% 205 $105,415,000 $514,220 $11,047 6.38%
    Over 100% 19 $11,675,000 $614,474 $26,827 5.99%
    Under 20% 1 $115,000 $115,000 $5,715 7.25%