1st Priority Mortgage Rates, Fees & Info

WILLIAMSVILLE, NY

LEI: 549300ZGZ9WQMJLEPH17

Tax ID: 16-1264933

5 stars - out of 5 stars, based on 52 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

1st Priority Mortgage is a smaller mortgage company specializing in Home Purchase loans. 1st Priority Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Buffalo, Rochester, Syracuse, Albany, and Binghamton among others. 1st Priority Mortgage has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. 1st Priority Mortgage is typically an average fee lendor.


Originations

2,671

Origination Dollar Volume (All Markets)

$500,035,000
Show all (11) awards

Relative Rate

1st Priority Mortgage 's average 30 year fixed rate mortgage of loans were 3.07%.

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

This yields a difference of -0.08%.

Relative Fees

1st Priority Mortgage 's average total fees for a 30 year fixed rate mortgage are $4,156.

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
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 1,113 $224,325,000 $201,550 $4,070 3.01%
ROCHESTER, NY (FHA|USDA|VA) 593 $104,665,000 $176,501 $3,872 3.01%
SYRACUSE, NY (FHA|USDA|VA) 234 $40,270,000 $172,094 $3,776 2.99%
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 119 $26,755,000 $224,832 $5,087 3.06%
BINGHAMTON, NY (FHA|USDA|VA) 150 $21,140,000 $140,933 $3,998 2.96%
ITHACA, NY (FHA|USDA|VA) 80 $19,650,000 $245,625 $4,243 2.91%
Outside of Metro Areas 78 $11,980,000 $153,590 $4,318 3.04%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 41 $5,935,000 $144,756 $4,260 2.95%
Olean, NY (FHA|USDA|VA) 31 $5,455,000 $175,968 $4,344 3.05%
Gloversville, NY (FHA|USDA|VA) 26 $4,790,000 $184,231 $4,428 3.09%
Cortland, NY (FHA|USDA|VA) 23 $4,415,000 $191,957 $4,727 2.99%
Batavia, NY (FHA|USDA|VA) 28 $4,380,000 $156,429 $4,672 3.04%
UTICA-ROME, NY (FHA|USDA|VA) 27 $4,275,000 $158,333 $4,215 3.00%
Auburn, NY (FHA|USDA|VA) 21 $3,995,000 $190,238 $3,773 3.03%
Corning, NY (FHA|USDA|VA) 28 $3,760,000 $134,286 $3,680 3.08%
ELMIRA, NY (FHA|USDA|VA) 26 $3,640,000 $140,000 $3,658 2.93%
Seneca Falls, NY (FHA|USDA|VA) 6 $2,060,000 $343,333 $4,452 3.20%
GLENS FALLS, NY (FHA|USDA|VA) 9 $1,985,000 $220,556 $3,417 3.01%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 9 $1,635,000 $181,667 $5,378 3.21%
Amsterdam, NY (FHA|USDA|VA) 10 $1,380,000 $138,000 $4,742 3.19%
Oneonta, NY (FHA|USDA|VA) 9 $1,305,000 $145,000 $4,587 3.07%
Malone, NY (FHA|USDA|VA) 2 $740,000 $370,000 $4,980 3.31%
Ogdensburg-Massena, NY (FHA|USDA|VA) 5 $575,000 $115,000 $4,387 3.03%
Hudson, NY (FHA|USDA|VA) 2 $560,000 $280,000 $4,074 2.88%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $365,000 $365,000 $4,870 2.75%

1st Priority Mortgage 's top markets include Buffalo, Rochester, Syracuse, Albany, and Binghamton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,178 $413,190,000 $189,711 $3,610 2.98%
FHA 370 $61,410,000 $165,973 $6,406 3.14%
VA 94 $21,480,000 $228,511 $5,406 3.03%
USDA 29 $3,955,000 $136,379 $4,956 3.07%

For the 2021 period, 1st Priority Mortgage 's most frequently originated loan type of loans were Conventional, with 2,178 originations. Their 2nd most popular type is FHA, with 370 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 2,270 $425,360,000 $187,383 $4,196 3.04%
Refi 234 $43,150,000 $184,402 $3,161 2.71%
Cash Out Refi 167 $31,525,000 $188,772 $3,711 3.03%

For the 2021, 1st Priority Mortgage 's most frequently cited loan purpose of loans were Home Purchase, with 2,270 originations. The 2nd most popular reason of loans were Refi, with 234 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,395 $452,105,000 $188,770 $4,156 3.07%
15 Year 217 $36,225,000 $166,935 $3,377 2.42%
20 Year 44 $9,350,000 $212,500 $3,434 2.91%
10 Year 8 $1,080,000 $135,000 $3,427 2.42%
Other 7 $1,275,000 $182,143 $2,958 2.91%

For the 2021, 1st Priority Mortgage 's most frequently cited loan length of loans were 30 Year, with 2,395 originations. The 2nd most popular length of loans were 15 Year, with 217 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 2,068 $393,860,000 $190,455
$<1k 292 $40,500,000 $138,699
$2k-3k 220 $42,360,000 $192,545
$3k-4k 74 $17,950,000 $242,568
$5k+ 17 $5,365,000 $315,588

$4,156 of loans were 1st Priority Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 2,068 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,431 $269,185,000 $188,110
3-4% 1,031 $195,855,000 $189,966
<2.5% 186 $31,510,000 $169,409
4-5% 23 $3,485,000 $151,522

During 2021, 1st Priority Mortgage 's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,431 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 1,500 $222,260,000 $148,173 $3,891 3.01%
$200k-400k 826 $220,290,000 $266,695 $4,492 3.01%
$100,000 or less 272 $21,710,000 $79,816 $3,472 2.99%
$400k-600k 65 $29,505,000 $453,923 $5,083 2.96%
$600k-1MM 7 $5,065,000 $723,571 $7,763 2.90%
$1MM+ 1 $1,205,000 $1,205,000 $9,969 2.77%

2021 saw 1st Priority Mortgage place emphasis on $100k-200k loans with 1,500 originations, totaling $222,260,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 747 $123,475,000 $165,295 $4,053 3.02%
$50k or less 660 $84,040,000 $127,333 $3,900 2.99%
$75k-100k 480 $95,230,000 $198,396 $4,162 3.04%
$100k-150k 478 $108,130,000 $226,213 $4,180 3.01%
$150k-250k 247 $68,405,000 $276,943 $4,115 2.97%
$250k+ 52 $19,550,000 $375,962 $4,776 3.00%

1st Priority Mortgage lent most frequently to those with incomes in the $50k-75k range, with 747 originations. The second most popular income band? $50k or less, with 660 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 576 $112,580,000 $195,451 $3,835 2.97%
30-36% 540 $98,720,000 $182,815 $3,908 3.00%
<20% 175 $31,995,000 $182,829 $3,511 2.90%
44% 141 $26,185,000 $185,709 $4,159 3.03%
41% 125 $23,365,000 $186,920 $4,404 3.02%
50-60% 119 $21,195,000 $178,109 $5,895 3.13%
40% 114 $20,150,000 $176,754 $3,817 3.00%
38% 106 $20,560,000 $193,962 $4,054 3.00%
39% 105 $17,695,000 $168,524 $3,952 3.03%
37% 103 $19,615,000 $190,437 $4,032 3.09%
42% 89 $16,615,000 $186,685 $3,953 3.07%
43% 86 $14,910,000 $173,372 $3,886 2.99%
45% 85 $16,775,000 $197,353 $4,112 3.07%
36% 82 $15,320,000 $186,829 $3,701 2.97%
46% 61 $11,745,000 $192,541 $4,519 2.99%
48% 59 $12,865,000 $218,051 $5,105 3.07%
47% 54 $9,090,000 $168,333 $4,569 3.08%
49% 51 $10,655,000 $208,922 $5,017 3.10%

1st Priority Mortgage lent most frequently to those with DTI ratios of 20-30%, with 576 originations. The next most common DTI ratio? 30-36%, with 540 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,249 $422,755,000 $187,975 $4,067 3.01%
Not provided 200 $35,480,000 $177,400 $4,002 3.00%
Black 108 $19,010,000 $176,019 $4,373 3.07%
Asian 92 $18,320,000 $199,130 $4,102 3.02%
Other Asian 10 $1,370,000 $137,000 $3,560 2.89%
American Indian 5 $1,195,000 $239,000 $4,620 3.28%
Asian Indian 3 $1,025,000 $341,667 $3,923 2.88%
1 $275,000 $275,000 $8,273 3.13%
Filipino 1 $245,000 $245,000 $3,363 3.25%
Japanese 1 $185,000 $185,000 $3,378 3.13%
Chinese 1 $175,000 $175,000 $3,582 2.38%

Approval Rates

Total approvals of all applications
94.89%

1st Priority Mortgage has an average approval rate.

Pick Rate

Approvals leading to origination
91.99%

1st Priority Mortgage has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,671 $500,035,000 $187,209

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,671 $500,035,000 $187,209

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 33 $3,745,000 $113,485 $3,210 2.66%
40-60% 131 $20,015,000 $152,786 $3,332 2.72%
60-80% 725 $136,815,000 $188,710 $3,609 3.00%
80-100% 1,760 $334,170,000 $189,869 $4,275 3.04%
Over 100% 21 $5,235,000 $249,286 $9,475 3.09%
Under 20% 1 $55,000 $55,000 $2,477 3.25%