Sierra Lending Corporation Mortgage Rates, Fees & Info
Houston, TXLEI: 254900MC07ETGW6C0M17
Tax ID: 37-1788934
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Mortgage Data
Review & Overview
Sierra Lending Corporation is a smaller mortgage company specializing in Home Purchase loans. Sierra Lending Corporation has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Oxnard, San Francisco, and Riverside among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Sierra Lending Corporation 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. They typically have relatively high 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 8.84% | 12/17/24 |
| 30 Year Conventional Refi | 9.01% | 12/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Sierra Lending Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
5Origination Dollar Volume (All Markets)
$2,785,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 2 | $1,570,000 | $785,000 | $0 | 5.99% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 6.99% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 7.49% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 6.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 5 | $2,785,000 | $557,000 | $0 | 6.69% |
For 2019, Sierra Lending Corporation's most frequently originated type of loan was Conventional, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 4 | $2,280,000 | $570,000 | $0 | 6.55% |
| Other | 1 | $505,000 | $505,000 | $0 | 7.24% |
For 2019, Sierra Lending Corporation's most frequently cited loan purpose was Home Purchase, with 4 originations. The 2nd most popular reason was Other, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 4 | $2,280,000 | $570,000 | $0 | 6.55% |
| 20 Year | 1 | $505,000 | $505,000 | $0 | 7.24% |
For 2019, Sierra Lending Corporation's most frequently cited loan duration was 30 Year, with 4 originations. The 2nd most popular length was 20 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 3 | $2,105,000 | $701,667 |
| $3k-4k | 1 | $235,000 | $235,000 |
| $4k-5k | 1 | $445,000 | $445,000 |
Sierra Lending Corporation's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 2 | $770,000 | $385,000 |
| 7-8% | 2 | $950,000 | $475,000 |
| 4-5% | 1 | $1,065,000 | $1,065,000 |
During 2019, Sierra Lending Corporation's average interest rate for loans was 6.55%, while their most frequently originated rate bucket for loans was 6-7%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $400k-600k | 3 | $1,485,000 | $495,000 | $0 | 7.24% |
| $1MM+ | 1 | $1,065,000 | $1,065,000 | $0 | 4.74% |
| $200k-400k | 1 | $235,000 | $235,000 | $0 | 6.99% |
2019 saw Sierra Lending Corporation place emphasis on $400k-600k loans with 3 originations, totaling $1,485,000 in origination value.
Applicant Income
Sierra Lending Corporation lent most frequently to those with incomes in the $250k+ range, with 2 originations. The second most popular income band? $100k-150k, with 1 originations.
Applicant Debt to Income Ratio
Sierra Lending Corporation lent most frequently to those with DTI ratios of 20-30%, with 1 originations. The next most common DTI ratio? 30-36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 5 | $2,785,000 | $557,000 | $0 | 6.69% |
Approval Rates
Total approvals of all applications92.86%
Sierra Lending Corporation has an average approval rate.
Pick Rate
Approvals leading to origination-40.00%
Sierra Lending Corporation has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 12531.32 | 1 | $535,000 | $535,000 |
| 29432.83 | 1 | $1,065,000 | $1,065,000 |
| 7370.82 | 1 | $235,000 | $235,000 |
| 7937.32 | 1 | $505,000 | $505,000 |
| 8471.19 | 1 | $445,000 | $445,000 |