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: Santa Maria, Los Angeles, Santa Rosa, San Francisco, and Merced among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Sierra Lending Corporation has an 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% | 4/22/24 |
| 30 Year Conventional Refi | 9.01% | 4/22/24 |
| 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
7Origination Dollar Volume (All Markets)
$3,315,000Top 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 |
|---|---|---|---|---|---|
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $815,000 | $815,000 | $0 | 9.25% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $0 | 6.99% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $695,000 | $695,000 | $0 | 6.99% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 6.99% |
| MERCED, CA (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 7.24% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 5.99% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 7.99% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 7 | $3,315,000 | $473,571 | $0 | 7.35% |
For 2022, Sierra Lending Corporation's most frequently originated type of loan was Conventional, with 7 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 6 | $3,190,000 | $531,667 | $0 | 7.58% |
| Refi | 1 | $125,000 | $125,000 | $0 | 5.99% |
For 2022, Sierra Lending Corporation's most frequently cited loan purpose was Home Purchase, with 6 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 7 | $3,315,000 | $473,571 | $0 | 7.35% |
For 2022, Sierra Lending Corporation's most frequently cited loan duration was 30 Year, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $5k+ | 4 | $2,820,000 | $705,000 |
| $1k-2k | 1 | $15,000 | $15,000 |
| $2k-3k | 1 | $125,000 | $125,000 |
| $3k-4k | 1 | $355,000 | $355,000 |
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 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 3 | $2,005,000 | $668,333 |
| 7-8% | 2 | $370,000 | $185,000 |
| 5-6% | 1 | $125,000 | $125,000 |
| Over 8% | 1 | $815,000 | $815,000 |
During 2022, Sierra Lending Corporation's average interest rate for loans was 7.35%, while their most frequently originated rate bucket for loans was 6-7%, with 3 originations.
Loan Sizing
2022 saw Sierra Lending Corporation place emphasis on $600k-1MM loans with 4 originations, totaling $2,820,000 in origination value.
Applicant Income
Sierra Lending Corporation lent most frequently to those with incomes in the $150k-250k range, with 3 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 30-36%, with 1 originations. The next most common DTI ratio? 36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 6 | $3,190,000 | $531,667 | $0 | 7.58% |
| Not provided | 1 | $125,000 | $125,000 | $0 | 5.99% |
Approval Rates
Total approvals of all applications84.62%
Sierra Lending Corporation has a below average approval rate.
Pick Rate
Approvals leading to origination42.86%
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 |
|---|---|---|---|
| 15670.0 | 1 | $815,000 | $815,000 |
| 16387.5 | 1 | $695,000 | $695,000 |
| 17369.32 | 1 | $605,000 | $605,000 |
| 2550.0 | 1 | $15,000 | $15,000 |
| 3270.0 | 1 | $125,000 | $125,000 |
| 7750.0 | 1 | $705,000 | $705,000 |
| 8622.67 | 1 | $355,000 | $355,000 |