Shelter Lending Services Mortgage Rates, Fees & Info

SPRINGFIELD, IL

LEI: 5493000QYMPN362T6V61

Tax ID: 46-0972768

5 stars - out of 5 stars, based on 19 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Shelter Lending Services is a smaller mortgage company specializing in Home Purchase and Refi loans. Shelter Lending Services has a high proportion of conventional loans. Their top markets include Nashville, Charleston, Memphis, Columbia, and Chattanooga among others. Shelter Lending Services has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Shelter Lending Services is typically an average fee lendor.


Originations

344

Origination Dollar Volume (All Markets)

$127,400,000

Relative Rate

Shelter Lending Services 's average 30 year fixed rate mortgage of loans were 3.18%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.03%.

Relative Fees

Shelter Lending Services 's average total fees for a 30 year fixed rate mortgage are $3,976.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 203 $84,185,000 $414,704 $3,526 3.10%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 112 $35,520,000 $317,143 $4,126 3.10%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 3 $1,005,000 $335,000 $6,821 3.04%
COLUMBIA, SC (FHA|USDA|VA) 5 $955,000 $191,000 $5,824 3.77%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 3 $905,000 $301,667 $3,132 3.79%
Outside of Metro Areas 3 $795,000 $265,000 $8,796 3.00%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $510,000 $255,000 $2,294 2.69%
KNOXVILLE, TN (FHA|USDA|VA) 2 $450,000 $225,000 $3,173 3.31%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $445,000 $445,000 $10,403 2.99%
Cookeville, TN (FHA|USDA|VA) 1 $365,000 $365,000 $3,458 3.38%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $360,000 $180,000 $3,936 2.69%
Lewisburg, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,330 3.13%
Newberry, SC (FHA|USDA|VA) 1 $335,000 $335,000 $2,852 2.99%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $7,669 2.99%
SUMTER, SC (FHA|USDA|VA) 1 $305,000 $305,000 $3,343 2.88%
SPARTANBURG, SC (FHA|USDA|VA) 1 $265,000 $265,000 $2,199 2.38%
McMinnville, TN (FHA|USDA|VA) 1 $255,000 $255,000 $2,045 4.50%
Paris, TN (FHA|USDA|VA) 1 $75,000 $75,000 $2,280 3.63%

Shelter Lending Services 's top markets include Nashville, Charleston, Memphis, Columbia, and Chattanooga among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 311 $114,875,000 $369,373 $3,660 3.14%
VA 33 $12,525,000 $379,545 $5,500 2.85%

For the 2021 period, Shelter Lending Services 's most frequently originated loan type of loans were Conventional, with 311 originations. Their 2nd most popular type is VA, with 33 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 161 $65,585,000 $407,360 $4,148 3.21%
Refi 119 $40,365,000 $339,202 $3,404 2.91%
Cash Out Refi 64 $21,450,000 $335,156 $3,855 3.24%

For the 2021, Shelter Lending Services 's most frequently cited loan purpose of loans were Home Purchase, with 161 originations. The 2nd most popular reason of loans were Refi, with 119 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 290 $112,890,000 $389,276 $3,976 3.18%
15 Year 36 $9,160,000 $254,444 $3,001 2.63%
20 Year 9 $2,825,000 $313,889 $3,304 3.05%
Other 8 $2,390,000 $298,750 $3,339 2.86%
10 Year 1 $135,000 $135,000 $2,186 2.63%

For the 2021, Shelter Lending Services 's most frequently cited loan length of loans were 30 Year, with 290 originations. The 2nd most popular length of loans were 15 Year, with 36 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 214 $74,510,000 $348,178
$1k-2k 91 $39,605,000 $435,220
$3k-4k 17 $5,625,000 $330,882
$2k-3k 12 $3,860,000 $321,667
$5k+ 10 $3,800,000 $380,000

$3,976 of loans were Shelter Lending Services 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 214 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 171 $59,535,000 $348,158
2.5-3% 132 $56,540,000 $428,333
<2.5% 30 $8,220,000 $274,000
4-5% 10 $2,880,000 $288,000
5-6% 1 $225,000 $225,000

During 2021, Shelter Lending Services 's average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 171 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 173 $50,325,000 $290,896 $3,572 3.11%
$400k-600k 78 $37,670,000 $482,949 $4,484 3.13%
$100k-200k 54 $8,600,000 $159,259 $2,905 3.08%
$600k-1MM 24 $18,120,000 $755,000 $5,106 3.04%
$1MM+ 9 $12,225,000 $1,358,333 $6,146 2.90%
$100,000 or less 6 $460,000 $76,667 $2,869 3.73%

2021 saw Shelter Lending Services place emphasis on $200k-400k loans with 173 originations, totaling $50,325,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 77 $28,485,000 $369,935 $3,898 3.10%
$75k-100k 72 $22,310,000 $309,861 $4,034 3.16%
$150k-250k 62 $28,110,000 $453,387 $3,719 3.10%
$50k-75k 55 $13,825,000 $251,364 $3,307 3.21%
$250k+ 37 $25,065,000 $677,432 $4,526 3.07%
$50k or less 28 $5,240,000 $187,143 $3,664 3.08%

Shelter Lending Services lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $75k-100k, with 72 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 96 $34,680,000 $361,250 $3,683 3.13%
30-36% 54 $21,200,000 $392,593 $3,802 3.08%
<20% 37 $14,765,000 $399,054 $3,296 2.87%
36% 17 $6,975,000 $410,294 $3,136 3.29%
39% 14 $7,060,000 $504,286 $4,736 3.28%
46% 13 $4,725,000 $363,462 $4,615 3.29%
41% 12 $3,890,000 $324,167 $3,780 3.26%
42% 10 $4,370,000 $437,000 $3,502 3.01%
38% 10 $4,050,000 $405,000 $6,380 3.36%
40% 10 $4,240,000 $424,000 $3,760 3.24%
44% 10 $2,470,000 $247,000 $4,231 3.02%
49% 9 $2,885,000 $320,556 $3,411 3.08%
48% 9 $2,965,000 $329,444 $3,006 3.25%
47% 8 $2,000,000 $250,000 $3,123 3.34%
43% 8 $2,050,000 $256,250 $4,294 3.13%
37% 8 $2,740,000 $342,500 $5,136 3.17%
45% 7 $2,175,000 $310,714 $3,140 3.05%
50-60% 2 $430,000 $215,000 $3,016 2.88%
>60% 1 $455,000 $455,000 $17,861 3.13%

Shelter Lending Services lent most frequently to those with DTI ratios of 20-30%, with 96 originations. The next most common DTI ratio? 30-36%, with 54 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 279 $105,515,000 $378,190 $3,757 3.09%
Not provided 47 $15,795,000 $336,064 $3,487 3.28%
Black 9 $3,535,000 $392,778 $6,766 3.10%
Asian 7 $2,135,000 $305,000 $4,355 3.04%
American Indian 2 $420,000 $210,000 $8,077 2.94%

Approval Rates

Total approvals of all applications
95.86%

Shelter 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
74.46%

Shelter Lending Services has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 344 $127,400,000 $370,349

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
344 $127,400,000 $370,349

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 20 $5,090,000 $254,500 $2,918 2.75%
40-60% 63 $21,275,000 $337,698 $3,489 3.01%
60-80% 137 $52,545,000 $383,540 $3,757 3.19%
80-100% 116 $45,280,000 $390,345 $3,771 3.15%
Over 100% 7 $2,875,000 $410,714 $12,307 2.98%
Under 20% 1 $335,000 $335,000 $3,210 2.88%