Mortgage Clearing Corporation
The Mortgage Clearing Corporation is a privately held company with more than 70 employees in Tulsa, Oklahoma. It offers financial assistance in more than 20 states. It operates a loan center and maintains a website with information on mortgages and various loan options. The site also offers a mortgage and interest calculator.
Mortgage Clearing Corporation’s loan origination
Mortgage Clearing Corporation’s loan origination data shows that most of its loan originations fell into the 2.5-3% rate bucket. The most common loan purpose was a refi, while the most common loan duration was 15 years. The company also lent most often to households with incomes in the $100k-150k range, as well as those with DTI ratios of 20-30%.
Loan origination rates
Mortgage clearing corporation loan origination rates are higher than the national average, which suggests that the mortgage lender has laxer underwriting standards. The company focuses mainly on loans between $100k and $200k in origination value, which makes up more than half of its total loans. The organization lends most often to borrowers with 20-30% DTI ratios and incomes between $75k and $100k.
The lender charges an origination fee that typically amounts to 0.5% to 1% of the loan amount. The lender also offers discount or prepaid interest points, which you can purchase for a lower interest rate. One point equals 1% of the loan amount, and you can buy points as low as 0.125%.
Fees
If you’re looking to refinance your mortgage, you may be wondering about the fees associated with the mortgage clearing corporation. According to the Mortgage Clearing Corporation, the average total fees for a 30-year fixed rate mortgage is $3,454. Here’s a look at the fees that you might be paying for this service.
First of all, you should know that mortgage lenders will charge different rates and closing costs. Fortunately, you can use a mortgage clearing corporation to compare rates and costs for refinancing and new home purchases. The company also has a loan center where you can get information on various financial options. You can also use its online interest calculator to estimate the amount of interest that you will pay on your new loan.
