What is Private Mortgage Insurance (PMI)?

Real Genius helps people save, on average, $5,000 on lender fees alone compared to top 5 lenders in the United States

Source: Average savings is based on the rate and terms published on the websites of the top 5 US Retail Lenders websites or where posted rates and terms are available and is based on a direct comparison of the same terms and conditions posted for Purchase or Refinance on the date indicated.

Assumptions:

$5,000 average savings is based on a comparison of the top 5 retail lenders in the United States according to the 2019 MBA HMDA Data from the top 100 Mortgage Lenders. The savings is calculated using a Real Genius direct comparison to each lenders published Rate, Term, Credit, Points, Lender Fees, LTV/Down payment, Occupancy, Credit, etc. using our 3-year average loan amount of $350,000.

The average savings is based on a side-by-side comparison of the total points and lender fees charged to the borrower for the rate and terms posted on the date the comparison was made, plus any lender credits.  Lender fees means any fees collected by the lender for the rate and terms being offered.  That includes, but is not limited to origination fees, processing fees, underwriting fees, points, application fees or any other fees required for the customer to obtain the loan terms being offered.

Example:

For illustrative purposes only, this is an example of how we compare the RG savings on a $350,000 loan with the same rate and terms on any given day.

Lender 1:   1.00 Point   = $3,500 + $1,250 Processing Fee Cost to Borrower = $4,750.00

Real Genius:   0.50 Credit = ($1,750) + $675 Origination Fee Credit to Borrower = ($1,075.00)

Total Cash Saved in Points & Lender Fees = $5,825.00

Note: As of 2/1/2022 on a Purchase we’d save our customers on average $7,475.00 in points and fees over the top 5 lenders in the United States

Note: As of 2/1/2022 on a Refinance we’d save our customers on average $8,761.00 in points and fees over the top 5 lenders in the United States

Based on our comparison and combining Purchase and Refinance to obtain the average, the actual average as of (2/1/2022) is $8,118.00. More than the claim we are making. Top 5 Retail Mortgage Lenders Based on 2019 Mortgage Bankers Associations HMDA Data (Most Recent Available). (Link to HMDA Data)

Real Genius is so fast and efficient their costs to make a loan are almost HALF the national average!

Our claim is Based on the Mortgage Bankers Associations (MBA) 2020 Annual Performance Report using 2019 data (most recent published) and is a direct comparison to our 2015-2020 Total Production Expense (AKA Cost to Originate) compared to the national average on page 7, chart 4 of the report.  (Link to Report) Our cost to originate average over the last 6 years, provided below, was pulled directly from our historical financials.