Simplifi Mortgage Rates, Fees & Info
LAS VEGAS, NVLEI: 5493002TUYGC7HBYME91
Tax ID: 83-1407543
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Mortgage Data
Review & Overview
Simplifi Mortgage is a smaller mortgage company specializing in Home Purchase loans. Simplifi Mortgage has a high proportion of conventional loans. Their top markets by origination volume include: Las Vegas, Pahrump, and Reno among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Simplifi Mortgage 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. Simplifi Mortgage 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 11/22/24 |
| 30 Year Conventional Refi | 7.62% | 11/22/24 |
| 30 Year Cash-out Refi | 6.25% | 11/22/24 |
| 30 Year VA Purchase | 6.44% | 11/22/24 |
| 30 Year VA Refi | 5.93% | 11/22/24 |
| 15 Year Conventional Purchase | 6.14% | 11/22/24 |
| 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. | ||
Simplifi Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
45Origination Dollar Volume (All Markets)
$18,925,000Top 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 |
|---|---|---|---|---|---|
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 42 | $17,440,000 | $415,238 | $7,043 | 4.79% |
| Pahrump, NV (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $10,626 | 5.50% |
| RENO, NV (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $5,456 | 7.38% |
Similar Lenders
We use machine learning to identify the top lenders compared against SIMPLIFI MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 42 | $16,950,000 | $403,571 | $7,209 | 4.89% |
| VA | 3 | $1,975,000 | $658,333 | $6,588 | 4.71% |
For 2022, Simplifi Mortgage's most frequently originated type of loan was Conventional, with 42 originations. Their 2nd most popular type was VA, with 3 originations.
Loan Reason
For 2022, Simplifi Mortgage's most frequently cited loan purpose was Home Purchase, with 35 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 44 | $18,670,000 | $424,318 | $7,141 | 4.92% |
| 15 Year | 1 | $255,000 | $255,000 | $8,338 | 3.25% |
For 2022, Simplifi Mortgage's most frequently cited loan duration was 30 Year, with 44 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
Simplifi Mortgage's average total fees were $7,141, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 20 originations.
Interest Rates
During 2022, Simplifi Mortgage's average interest rate for loans was 4.92%, while their most frequently originated rate bucket for loans was 5-6%, with 13 originations.
Loan Sizing
2022 saw Simplifi Mortgage place emphasis on $200k-400k loans with 20 originations, totaling $5,930,000 in origination value.
Applicant Income
Simplifi Mortgage lent most frequently to those with incomes in the $150k-250k range, with 13 originations. The second most popular income band? $100k-150k, with 12 originations.
Applicant Debt to Income Ratio
Simplifi Mortgage lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 8 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.83%
Simplifi Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination66.67%
Simplifi Mortgage 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 |
|---|---|---|---|
| NA | 45 | $18,925,000 | $420,556 |