Patriot Lending Services Mortgage Rates, Fees & Info

Carnegie, PA

LEI: 254900428YSAU4S4SW33

Tax ID: 25-1738324

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Mortgage Data

Review & Overview

Patriot Lending Services is a smaller mortgage company specializing in Home Purchase and Refi loans. Patriot Lending Services has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Pittsburgh, Tampa, North Port, Homosassa Springs, and Cape Coral among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Patriot Lending Services has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Patriot Lending Services is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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Originations

354

Origination Dollar Volume (All Markets)

$79,790,000

Awards

Patriot Lending Services 30 Year Conventional Loans silver Patriot Lending Services 30 Year Conventional Loans silver
Show all (2) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
PITTSBURGH, PA (FHA|USDA|VA) 196 $44,270,000 $225,867 $5,060 2.98%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 92 $21,610,000 $234,891 $4,091 3.05%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 30 $5,540,000 $184,667 $3,729 3.06%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 10 $1,590,000 $159,000 $2,893 3.14%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 4 $1,280,000 $320,000 $3,830 2.87%
PORT ST. LUCIE, FL (FHA|USDA|VA) 4 $1,140,000 $285,000 $3,089 2.53%
Outside of Metro Areas 3 $1,095,000 $365,000 $6,616 3.29%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $600,000 $300,000 $4,222 2.69%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $590,000 $295,000 $3,263 2.81%
New Castle, PA (FHA|USDA|VA) 2 $450,000 $225,000 $7,288 2.94%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $385,000 $385,000 $3,789 2.63%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $285,000 $285,000 $4,403 3.25%
THE VILLAGES, FL (FHA|USDA|VA) 2 $230,000 $115,000 $1,621 2.75%
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $205,000 $205,000 $8,102 3.25%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,472 3.00%
ERIE, PA (FHA|USDA|VA) 1 $145,000 $145,000 $3,484 2.25%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1 $125,000 $125,000 $6,208 2.50%
OCALA, FL (FHA|USDA|VA) 1 $75,000 $75,000 $0 3.38%
Patriot Lending Services's top markets include Pittsburgh, Tampa, North Port, Homosassa Springs, and Cape Coral among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 312 $72,050,000 $230,929 $4,310 2.98%
    FHA 28 $4,500,000 $160,714 $7,149 3.13%
    VA 11 $2,745,000 $249,545 $5,259 3.03%
    HELOC 2 $330,000 $165,000 n/a 3.25%
    FHA 1 $165,000 $165,000 $0 2.88%

    For 2021, Patriot Lending Services's most frequently originated type of loan was Conventional, with 312 originations. Their 2nd most popular type was FHA, with 28 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 175 $41,405,000 $236,600 $5,252 3.06%
    Refi 107 $23,185,000 $216,682 $3,643 2.81%
    Cash Out Refi 72 $15,200,000 $211,111 $4,325 3.12%

    For 2021, Patriot Lending Services's most frequently cited loan purpose was Home Purchase, with 175 originations. The 2nd most popular reason was Refi, with 107 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 297 $68,285,000 $229,916 $4,749 3.07%
    15 Year 39 $7,805,000 $200,128 $3,686 2.50%
    20 Year 11 $1,955,000 $177,727 $3,385 2.98%
    10 Year 4 $640,000 $160,000 $3,399 2.28%
    Other 2 $280,000 $140,000 $3,688 3.13%
    30+ year 1 $825,000 $825,000 $0 3.75%

    For 2021, Patriot Lending Services's most frequently cited loan duration was 30 Year, with 297 originations. The 2nd most popular length was 15 Year, with 39 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 266 $56,940,000 $214,060
    $<1k 52 $13,760,000 $264,615
    $2k-3k 14 $3,540,000 $252,857
    $3k-4k 7 $1,545,000 $220,714
    $5k+ 7 $2,615,000 $373,571
    $4k-5k 5 $895,000 $179,000

    Patriot Lending Services's average total fees were $4,749, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 266 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 154 $37,330,000 $242,403
    3-4% 144 $30,680,000 $213,056
    <2.5% 51 $10,935,000 $214,412
    4-5% 5 $845,000 $169,000

    During 2021, Patriot Lending Services's average interest rate for loans was 3.07%, while their most frequently originated rate bucket for loans was 2.5-3%, with 154 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 169 $25,325,000 $149,852 $4,115 3.02%
    $200k-400k 127 $34,005,000 $267,756 $4,864 3.00%
    $400k-600k 33 $15,715,000 $476,212 $5,464 2.78%
    $100,000 or less 22 $1,740,000 $79,091 $3,761 3.05%
    $600k-1MM 2 $1,560,000 $780,000 $23,830 3.44%
    $1MM+ 1 $1,445,000 $1,445,000 $10,382 3.38%

    2021 saw Patriot Lending Services place emphasis on $100k-200k loans with 169 originations, totaling $25,325,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 93 $15,875,000 $170,699 $4,116 3.01%
    $100k-150k 78 $19,760,000 $253,333 $4,830 3.00%
    $50k or less 59 $8,295,000 $140,593 $4,432 3.04%
    $75k-100k 53 $11,435,000 $215,755 $4,254 3.03%
    $150k-250k 44 $13,130,000 $298,409 $5,289 2.98%
    $250k+ 26 $11,150,000 $428,846 $5,227 2.85%

    Patriot Lending Services lent most frequently to those with incomes in the $50k-75k range, with 93 originations. The second most popular income band? $100k-150k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 77 $16,995,000 $220,714 $4,177 2.95%
    30-36% 57 $12,185,000 $213,772 $4,269 2.97%
    <20% 42 $10,490,000 $249,762 $4,649 2.86%
    44% 20 $4,150,000 $207,500 $4,391 3.11%
    41% 18 $4,630,000 $257,222 $5,139 3.12%
    38% 18 $4,300,000 $238,889 $4,897 3.01%
    42% 17 $4,105,000 $241,471 $4,804 3.13%
    40% 12 $2,580,000 $215,000 $5,498 3.08%
    45% 11 $2,125,000 $193,182 $4,640 3.11%
    47% 11 $1,705,000 $155,000 $3,880 2.98%
    46% 10 $2,420,000 $242,000 $4,762 3.06%
    36% 9 $2,285,000 $253,889 $5,232 2.96%
    39% 9 $2,565,000 $285,000 $7,010 3.26%
    50-60% 9 $1,755,000 $195,000 $5,809 2.94%
    37% 9 $1,755,000 $195,000 $4,783 3.06%
    49% 8 $1,740,000 $217,500 $3,818 3.06%
    43% 8 $1,460,000 $182,500 $4,035 2.98%
    48% 6 $1,800,000 $300,000 $4,198 3.04%

    Patriot Lending Services lent most frequently to those with DTI ratios of 20-30%, with 77 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 313 $72,505,000 $231,645 $4,383 2.99%
    Black 31 $4,835,000 $155,968 $6,609 3.05%
    Asian 5 $1,365,000 $273,000 $4,560 3.10%
    Not provided 5 $1,085,000 $217,000 $4,217 3.00%

    Approval Rates

    Total approvals of all applications
    97.16%

    Patriot Lending Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    74.29%

    Patriot Lending Services has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 354 $79,790,000 $225,395

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    354 $79,790,000 $225,395

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $2,275,000 $175,000 $3,670 2.62%
    40-60% 44 $9,640,000 $219,091 $3,848 2.80%
    60-80% 176 $40,090,000 $227,784 $4,334 3.07%
    80-100% 120 $27,660,000 $230,500 $5,257 3.01%
    Over 100% 1 $125,000 $125,000 $6,560 3.00%