Mid-Island Mortgage Corp.

What Mid-Island Mortgage Corp. does

Mid-Island Mortgage Corp. is a privately held, full-stack residential mortgage banker headquartered in Westbury, New York, founded in 1959 and operating under NMLS ID 1259. The company originates conventional, FHA, VA, jumbo, HELOAN, HELOC, and renovation mortgages and performs processing, underwriting, closing, and funding entirely in-house, rather than outsourcing to wholesale or correspondent channels. It is licensed in 18 states across the Northeast and mid-Atlantic and operates multiple offices including a presence in Fairfax, Virginia in addition to its Long Island headquarters.

Its core go-to-market is the UnionDirect program, which delivers member-benefit pricing and dedicated origination support through exclusive referral partnerships with major labor and public-sector organizations including the Metropolitan Transportation Authority (MTA), New York State United Teachers (NYSUT), the Public Employees Federation (PEF), United University Professions (UUP), the Professional Staff Congress of CUNY (PSC-CUNY), the Suffolk County Police Benevolent Association, and Northwell Health. The model couples this distribution channel with a secondary acquisition brand, CommitFirst, aimed at first-time / down-payment-assistance homebuyers.

The company generates revenue primarily through gain-on-sale margin on originated loans, secondary marketing income, and ancillary fees on a product mix spanning purchase and refinance. It is rated A+ by the Better Business Bureau, holds multi-state lender-of-record licensure, and operates without disclosed public funding or external institutional ownership, consistent with a closely held, founder- and operator-managed regional direct lender.

Name

Mid-Island Mortgage Corp.

Legal name

Mid-Island Mortgage Corp.

Website

https://mortgagecorp.com

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

101–250 employees

Short description

Mid-Island Mortgage Corp. is a privately held, full-stack residential mortgage banker founded in 1959 and headquartered in Westbury, NY, originating conventional, FHA, VA, jumbo, HELOAN, HELOC, and renovation loans across 18 states and serving union members and first-time homebuyers through its UnionDirect and CommitFirst programs.

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

NAICS

Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI)

akta.pro secondary industry

Closed-End Home Equity Loans (Second Mortgages) (FSALAGAA)

Keywords

• Residential mortgage lending
• Home purchase loans
• Mortgage refinancing
• Home equity lending
• Union mortgage programs

Headquarters

HQ city

Westbury

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Mortgage Origination Fees: Revenue generated from originating mortgage loans for home purchases and refinances. Fees include loan origination fees, processing fees, underwriting fees, and commitment fees charged at closing. The company operates as both a direct lender and servicer.
2. Interest Rate Spread: Income generated from the spread between the interest rate charged to borrowers and the cost of funds. As a mortgage banker, Mid-Island originates loans and may hold them in portfolio or sell them on the secondary market.
3. Union Membership Program Revenue: Volume-based revenue from processing union member mortgages through the UnionDirect program. While fees are discounted for union members, the program generates revenue through higher loan volume from multiple union partnerships.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Mid-Island Mortgage Corp. is a direct mortgage banker that originates, processes, underwrites, closes, and funds home loans in-house. The company offers conventional, FHA, VA, jumbo, USDA, renovation, and home equity loans, along with the proprietary CommitFirst fully underwritten conditional credit approval program and the UnionDirect exclusive discount program for union members.

Product overview

Mid-Island Mortgage Corp. is a direct mortgage lender offering a comprehensive suite of home financing products. The company provides conventional mortgages, government-backed loans (FHA, VA), and specialty programs through its core lending platform. Key products include the CommitFirst conditional credit approval program, various low down payment options (FHA, HomeReady, SONYMA, HomeOne), home equity products (HELOAN and HELOC), jumbo loans up to $2.5M, refinancing options, and the Union Direct discount program for union members. The portfolio ranges from first-time homebuyer programs to investment property financing, with specialty offerings for MTA, NYSUT, and PEF union members.

Differentiator

Problem solved

Functional benefit

Products and services

• Conventional Loans Fannie Mae and Freddie Mac conforming mortgages with 5% down payments, 620 minimum FICO, and loan amounts up to $806,500. Designed for borrowers with conventional credit profiles seeking lower interest rates with no upfront mortgage insurance when down payment is 20% or greater.
• Fixed Rate Mortgages Mortgages with constant interest rates and payments throughout the loan term, offering payment stability and easier budgeting for homeowners.
• Adjustable Rate Mortgages (ARM) Mortgages with initial lower rates that adjust over time, allowing borrowers to qualify for larger loans or take advantage of falling rate environments.
• HELOAN (Home Equity Loan) A closed-end, fixed-rate standalone second mortgage allowing homeowners to borrow $50,000 to $400,000 against home equity with terms of 15, 20, or 30 years. Available for primary residences and second homes.
• HELOC (Home Equity Line of Credit) A revolving line of credit up to $250,000 secured by home equity, with a 5-year draw period and up to 20-year repayment period. Interest may be tax-deductible.
• Home Renovation Financing Combination purchase and renovation or refinance and renovation loans (including FHA 203(k) and HomeStyle) that allow buyers to finance both the home and renovation costs with a single mortgage.
• Jumbo Loans Mortgages exceeding conventional loan limits, providing loan amounts up to $2.5 million with adjustable or fixed rates for primary, secondary, and investment properties. Minimum FICO 680, maximum DTI 43%.
• VA Loans 100% financing, no down payment loans for eligible U.S. Veterans with no private mortgage insurance required, competitive interest rates, no prepayment penalties, and easier qualification than conventional loans.
• Refinancing Mortgage refinance options including rate-and-term refinances, cash-out refinancing, and debt consolidation that combines existing mortgages into a single payment.
• Temporary Rate Buydown A 1 or 2-year temporary buydown program providing up to 2% interest rate reduction in year one (and 1% in year two for the 2-year option) to ease borrowers into their full mortgage payment.
• CommitFirst Program A fully underwritten conditional credit approval program that provides the strongest pre-approval available, giving buyers a competitive edge when making offers on homes. Distinct from standard pre-qualifications because it involves complete underwriting review.
• UnionDirect Mortgage Program An exclusive mortgage discount program for union members offering waived application, processing, commitment, underwriting, and broker fees, plus reduced interest rates and attorney/title fees. Includes dedicated sub-programs for MTA, NYSUT, and PEF members.
• FHA Loan Program Federal Housing Administration insured loans with 3.5% minimum down payment, 540 FICO acceptance, low fixed interest rates, 100% gift funds for down payment and closing costs, and no prepayment penalties.
• Fannie Mae HomeReady Loan Low down payment program (3% minimum) for first-time and low-income homebuyers allowing non-occupant borrower income and cancelable private mortgage insurance.
• SONYMA Achieving The Dream State of New York Mortgage Agency program for low-income first-time homebuyers offering low fixed rates, no points, and down payment assistance up to $15,000.
• Freddie Mac HomeOne First-time homebuyer program with down payments as low as 3%, no geographic or income restrictions, available for single-family homes, condos, and townhomes.

Quantifiable outcome

• UnionDirect program saves MTA members approximately $3,163 in fees on conventional loans
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• MTA (Metropolitan Transportation Authority)coreGTM or Marketing PartnerMid-Island Mortgage provides exclusive mortgage discount programs for MTA active and retired members through the UnionDirect program. MTA members receive special purchase and refinance mortgage discounts totaling approximately $3,163 in savings on conventional loans. Teresa Balian serves as the primary loan officer for MTA member accounts.
• NYSUT (New York State United Teachers)coreGTM or Marketing PartnerNYSUT Member Benefits Corporation has endorsed Mid-Island Mortgage's UnionDirect program. In-Service and Retiree members receive discounts up to $2,700 in lender fees and closing costs. Shawn Dwyer serves as primary contact for NYSUT member relations. NYSUT receives $15,000 annually from Mid-Island for this endorsement arrangement.
• PEF (Public Employees Federation)coreGTM or Marketing PartnerPEF Membership Benefits Program has endorsed Mid-Island Mortgage's UnionDirect program. Active, dues-paying PEF members and retirees receive special purchase and refinance mortgage discounts up to $2,700 in lender fees and closing costs. Shawn Dwyer serves as the primary contact for PEF member relations.
• Northwell HealthminorGTM or Marketing PartnerNorthwell Health employees receive preferred mortgage rates and services through Mid-Island Mortgage. Loan officer Frank Savocchi has established relationships within the Northwell Health community. Testimonials indicate employees are referred to Mid-Island through Northwell's employee benefits.
• UUP (United University Professions)minorGTM or Marketing PartnerUUP members access Mid-Island Mortgage's union discount program for home financing. Testimonials reference UUP member benefits providing great discount programs.
• Suffolk County PBA (Police Benevolent Association)minorGTM or Marketing PartnerMid-Island Mortgage is an approved Suffolk County PBA vendor. Police officers receive preferred mortgage services through this partnership. Shawn Dwyer and Tiffany Mannolini serve PBA members.
• Fannie MaecoreStrategic or Co-development PartnerMid-Island Mortgage originates Fannie Mae-conforming loans including HomeReady program for first-time homebuyers. Conventional loans follow Fannie Mae and Freddie Mac underwriting guidelines.
• Freddie MaccoreStrategic or Co-development PartnerMid-Island Mortgage originates Freddie Mac-conforming loans including HomeOne program for first-time homebuyers. The company follows Freddie Mac underwriting guidelines for conventional loan products.

Scale indicators5 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Guaranteed Rate: Large direct mortgage lender offering a full suite of conventional, FHA, VA, and jumbo products through retail and consumer-direct channels, with a comparable in-house processing model and broad state licensure.
• loanDepot: Direct-to-consumer mortgage lender with full origination-to-servicing capabilities, comparable product breadth (conventional, FHA, VA, HELOC, renovation), and similar consumer-direct go-to-market motion.
• New American Funding: Direct mortgage lender specializing in diverse borrower programs including FHA, VA, conventional, and self-employed bank statement loans, with a similar focus on underserved borrower segments and specialty purchase products.
• Caliber Home Loans: Direct mortgage lender offering a comprehensive suite of residential products including conventional, government, jumbo, and renovation loans, comparable to Mid-Island's full-stack origination capability.
• Churchill Mortgage: Regional direct mortgage lender focused on purchase-focused origination with strong relationship-driven loan officer model, comparable in scale and community-lender positioning to Mid-Island.
• Academy Mortgage: Direct retail mortgage lender with multi-state branch network and broad product offerings including FHA, VA, conventional, and renovation loans, comparable in operating model and product breadth.
• Paramount Residential Mortgage Group (PRMG): Direct mortgage lender with extensive state licensure and broad product coverage including conventional, government, jumbo, and specialty programs, comparable in operating footprint and direct-lender model.
• Movement Mortgage: Direct mortgage lender with broad multi-state retail presence and comparable community-focused, relationship-driven loan officer model; competes for similar purchase-driven regional volume.

Broad incumbents

• NewRez (Rithm Capital): Large-scale mortgage originator and servicer with comprehensive conventional and government loan offerings, operating as a broader incumbent in the residential mortgage space versus Mid-Island's regional focus.
• Rocket Mortgage: Largest direct-to-consumer mortgage lender nationally, offering the full product spectrum through digital-first channels; represents the dominant direct-lender incumbent competing for the same consumer demand.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/midislandmtg

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mid-Island Mortgage Corp.