Is Mortgage 1 Incorporated An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Mortgage 1 Incorporated with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.04%)
Loan Related Closing Costs: higher than average (+$488)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Mortgage 1 Incorporated originated 6475 mortgages, a national market share of 0.1%. It was most active in MI (2.9% market share), FL (0.1% market share), and OH (0.0% market share).

On average, Mortgage 1 Incorporated’s interest rates were similar to those of comparable mortgages at other lenders (+0.04%).1The comparable mortgages control for Mortgage 1 Incorporated’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4403, which was higher than those of comparable mortgages at $3915, with a difference of +$488. Overall, we estimate that Mortgage 1 Incorporated tends to be an expensive lender, with a cost-adjusted-rate difference of +0.10% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Mortgage 1 Incorporated.

Mortgage 1 Incorporated originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming and FHA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Mortgage 1 Incorporated compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.04% +0.03% -0.00% +0.08%
Loan related Closing Cost Difference +$380 +$998 +$785 -$198
Cost Adjusted Rate Difference +0.09% +0.14% +0.09% +0.05%

Based on the table above, Mortgage 1 Incorporated is similar to other lenders for VA purchase mortgages. It is more expensive than other lenders for Conforming, FHA and USDA purchase mortgages.

Mortgage Refinancing from Mortgage 1 Incorporated compared to other lenders

Conforming FHA
Interest Rate Difference +0.05% +0.11%
Loan Related Closing Cost Difference -$47 +$613
Cost Adjusted Rate Difference +0.05% +0.15%

Based on the table above, Mortgage 1 Incorporated is similar to other lenders for Conforming mortgage refinance. It is more expensive than other lenders for FHA mortgage refinance.

Other information about Mortgage 1 Incorporated:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Sterling Heights, MI, 48314

Footnotes   [ + ]

1. The comparable mortgages control for Mortgage 1 Incorporated’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.

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