Preferred Lending Services Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300C5YLTTVIWX4J11

Tax ID: 83-2591297

5 stars - Updated: 6/9/24 - out of 5 stars, based on 13 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Preferred Lending Services is a smaller mortgage company specializing in Home Purchase loans. Preferred Lending Services has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Tampa, Lakeland, North Port, Orlando, and Homosassa Springs among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Preferred 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. Preferred 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 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.59% 6/9/24
30 Year Conventional Refi 6.61% 6/9/24
30 Year Cash-out Refi 7.24% 6/9/24
30 Year FHA Purchase 7.42% 6/9/24
30 Year VA Purchase 6.57% 6/9/24
30 Year USDA Purchase 6.80% 6/9/24
15 Year Conventional Purchase 5.99% 6/9/24
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.

Preferred Lending Services Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Preferred Lending Services. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

181

Origination Dollar Volume (All Markets)

$55,315,000

Awards

PREFERRED LENDING SERVICES VA Loans silver
Show all (1) awards

Relative Rate

Preferred Lending Services's average 30 year fixed mortgage rate was 6.74%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.26%.

Relative Fees (Closing Costs)

Preferred Lending Services's average total fees/closing costs for a 30 year fixed rate mortgage were $7,959.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 138 $44,180,000 $320,145 $7,944 6.73%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 10 $2,500,000 $250,000 $7,435 6.93%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 6 $2,030,000 $338,333 $10,728 6.85%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 5 $1,655,000 $331,000 $9,467 6.43%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 7 $1,205,000 $172,143 $7,362 6.34%
PUNTA GORDA, FL (FHA|USDA|VA) 3 $725,000 $241,667 $8,921 6.38%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 4 $700,000 $175,000 $4,849 6.72%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $565,000 $565,000 $9,516 6.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 2 $510,000 $255,000 $5,501 7.44%
Wauchula, FL (FHA|USDA|VA) 1 $385,000 $385,000 $6,424 5.99%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $275,000 $275,000 $5,211 6.99%
THE VILLAGES, FL (FHA|USDA|VA) 1 $255,000 $255,000 $6,802 7.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $225,000 $225,000 $3,713 6.13%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,373 6.99%
Preferred Lending Services's top markets include Tampa, Lakeland, North Port, Orlando, and Homosassa Springs among others.

Their top states include:
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against PREFERRED LENDING SERVICES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    FineMark National Bank & Trust
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 139 $41,555,000 $298,957 $6,919 6.80%
    VA 25 $8,365,000 $334,600 $8,749 6.51%
    FHA 17 $5,395,000 $317,353 $13,867 6.40%

    For 2023, Preferred Lending Services's most frequently originated type of loan was Conventional, with 139 originations. Their 2nd most popular type was VA, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 173 $52,255,000 $302,052 $7,852 6.69%
    Cash Out Refi 7 $2,905,000 $415,000 $8,596 7.27%
    Refi 1 $155,000 $155,000 $5,836 7.50%

    For 2023, Preferred Lending Services's most frequently cited loan purpose was Home Purchase, with 173 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 176 $54,700,000 $310,795 $7,959 6.74%
    15 Year 5 $615,000 $123,000 $4,729 5.85%

    For 2023, Preferred Lending Services's most frequently cited loan duration was 30 Year, with 176 originations. The 2nd most popular length was 15 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 43 $12,485,000 $290,349
    $1k-2k 42 $12,190,000 $290,238
    $5k+ 35 $14,205,000 $405,857
    $3k-4k 29 $8,475,000 $292,241
    $4k-5k 21 $4,625,000 $220,238
    $<1k 3 $1,415,000 $471,667

    Preferred Lending Services's average total fees were $7,959, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 43 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 101 $30,715,000 $304,109
    7-8% 49 $15,985,000 $326,224
    5-6% 27 $7,455,000 $276,111
    Over 8% 3 $765,000 $255,000
    4-5% 1 $395,000 $395,000

    During 2023, Preferred Lending Services's average interest rate for loans was 6.74%, while their most frequently originated rate bucket for loans was 6-7%, with 101 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 97 $28,015,000 $288,814 $7,810 6.76%
    $400k-600k 37 $17,145,000 $463,378 $9,761 6.63%
    $100k-200k 34 $5,360,000 $157,647 $5,841 6.65%
    $100,000 or less 7 $535,000 $76,429 $4,882 6.52%
    $600k-1MM 6 $4,260,000 $710,000 $11,307 7.21%

    2023 saw Preferred Lending Services place emphasis on $200k-400k loans with 97 originations, totaling $28,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 48 $16,380,000 $341,250 $8,286 6.67%
    $75k-100k 45 $12,715,000 $282,556 $8,197 6.76%
    $50k-75k 39 $7,985,000 $204,744 $6,824 6.64%
    $150k-250k 24 $9,710,000 $404,583 $7,746 6.78%
    $250k+ 13 $6,765,000 $520,385 $11,175 7.08%
    $50k or less 12 $1,760,000 $146,667 $5,676 6.49%

    Preferred Lending Services lent most frequently to those with incomes in the $100k-150k range, with 48 originations. The second most popular income band? $75k-100k, with 45 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 29 $9,225,000 $318,103 $7,140 6.51%
    20-30% 27 $7,445,000 $275,741 $7,879 6.77%
    48% 13 $3,515,000 $270,385 $7,158 6.59%
    47% 13 $4,155,000 $319,615 $6,726 6.91%
    50-60% 11 $4,445,000 $404,091 $12,767 6.38%
    40% 11 $3,255,000 $295,909 $7,817 6.67%
    49% 11 $3,405,000 $309,545 $8,179 6.76%
    42% 10 $2,740,000 $274,000 $7,872 6.57%
    44% 9 $2,725,000 $302,778 $7,683 6.90%
    39% 8 $3,790,000 $473,750 $6,987 6.95%
    41% 7 $1,805,000 $257,857 $7,374 6.73%
    46% 6 $1,690,000 $281,667 $7,039 6.94%
    43% 6 $1,740,000 $290,000 $8,917 6.79%
    45% 5 $1,325,000 $265,000 $6,259 7.25%
    37% 5 $1,755,000 $351,000 $10,614 6.72%
    38% 4 $1,090,000 $272,500 $6,793 6.84%
    <20% 3 $675,000 $225,000 $7,169 6.71%
    36% 3 $535,000 $178,333 $6,352 6.92%

    Preferred Lending Services lent most frequently to those with DTI ratios of 30-36%, with 29 originations. The next most common DTI ratio? 20-30%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 152 $46,410,000 $305,329 $7,953 6.74%
    Not provided 25 $7,845,000 $313,800 $7,123 6.60%
    Black 2 $630,000 $315,000 $11,689 6.44%
    Asian 1 $225,000 $225,000 $0 6.99%
    American Indian 1 $205,000 $205,000 $5,367 6.88%

    Approval Rates

    Total approvals of all applications
    96.86%

    Preferred 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
    61.33%

    Preferred Lending Services 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 181 $55,315,000 $305,608

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    181 $55,315,000 $305,608

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $800,000 $133,333 $4,440 6.46%
    40-60% 15 $3,665,000 $244,333 $6,528 6.81%
    60-80% 43 $12,245,000 $284,767 $7,121 6.79%
    80-100% 116 $38,110,000 $328,534 $8,258 6.69%
    Over 100% 1 $495,000 $495,000 $30,800 7.25%