Preferred Lending Services Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300C5YLTTVIWX4J11

Tax ID: 83-2591297

4.3 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


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. They have a low ratio of USDA loans. Their top markets include Tampa, Lakeland, Miami, North Port, and Sebring among others. Preferred 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. Preferred Lending Services is typically an average fee lendor.


Originations

577

Origination Dollar Volume (All Markets)

$158,105,000

Relative Rate

Preferred Lending Services 's average 30 year fixed rate mortgage of loans were 3.22%.

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

This yields a difference of 0.07%.

Relative Fees

Preferred Lending Services 's average total fees for a 30 year fixed rate mortgage are $5,277.

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
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 456 $129,220,000 $283,377 $5,045 3.16%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 25 $5,245,000 $209,800 $5,390 2.98%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 13 $3,975,000 $305,769 $5,883 3.27%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 10 $3,530,000 $353,000 $6,667 3.19%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 24 $3,260,000 $135,833 $4,364 3.35%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 14 $3,100,000 $221,429 $4,744 3.07%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 9 $2,325,000 $258,333 $7,271 3.00%
GAINESVILLE, FL (FHA|USDA|VA) 6 $1,580,000 $263,333 $5,080 3.37%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $1,210,000 $605,000 $10,969 3.13%
JACKSONVILLE, FL (FHA|USDA|VA) 3 $1,005,000 $335,000 $3,161 3.25%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 3 $645,000 $215,000 $5,539 2.87%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $610,000 $305,000 $4,818 2.75%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $540,000 $270,000 $4,313 3.31%
OCALA, FL (FHA|USDA|VA) 2 $480,000 $240,000 $2,995 3.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $475,000 $475,000 $5,908 3.38%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $295,000 $295,000 $5,050 2.99%
Outside of Metro Areas 1 $195,000 $195,000 $9,629 4.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,685 2.38%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $135,000 $135,000 $5,441 3.63%
Wauchula, FL (FHA|USDA|VA) 1 $105,000 $105,000 $3,229 3.38%

Preferred Lending Services 's top markets include Tampa, Lakeland, Miami, North Port, and Sebring among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 489 $135,795,000 $277,699 $4,496 3.14%
FHA 58 $12,490,000 $215,345 $8,105 3.37%
VA 29 $9,755,000 $336,379 $9,553 3.15%
USDA 1 $65,000 $65,000 $4,143 3.25%

For the 2021 period, Preferred Lending Services 's most frequently originated loan type of loans were Conventional, with 489 originations. Their 2nd most popular type is FHA, with 58 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 427 $121,235,000 $283,923 $5,564 3.19%
Refi 77 $20,185,000 $262,143 $3,425 2.96%
Cash Out Refi 73 $16,685,000 $228,562 $4,250 3.20%

For the 2021, Preferred Lending Services 's most frequently cited loan purpose of loans were Home Purchase, with 427 originations. The 2nd most popular reason of loans were Refi, with 77 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 523 $146,085,000 $279,321 $5,277 3.22%
15 Year 39 $8,915,000 $228,590 $3,640 2.52%
20 Year 9 $2,435,000 $270,556 $3,516 2.97%
10 Year 5 $665,000 $133,000 $3,229 2.83%
5 Year 1 $5,000 $5,000 $0 0.00%

For the 2021, Preferred Lending Services 's most frequently cited loan length of loans were 30 Year, with 523 originations. The 2nd most popular length of loans were 15 Year, with 39 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 459 $123,055,000 $268,094
$2k-3k 67 $18,505,000 $276,194
$3k-4k 27 $9,175,000 $339,815
$<1k 13 $2,465,000 $189,615
$5k+ 11 $4,905,000 $445,909

$5,277 of loans were Preferred Lending Services 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 459 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 311 $86,365,000 $277,701
2.5-3% 211 $59,045,000 $279,834
<2.5% 34 $7,720,000 $227,059
4-5% 19 $4,325,000 $227,632
5-6% 1 $315,000 $315,000
6-7% 1 $335,000 $335,000

During 2021, Preferred Lending Services 's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 311 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 298 $83,580,000 $280,470 $5,305 3.18%
$100k-200k 159 $24,585,000 $154,623 $4,153 3.17%
$400k-600k 76 $36,410,000 $479,079 $6,082 3.10%
$100,000 or less 28 $1,790,000 $63,929 $2,726 2.98%
$600k-1MM 14 $9,620,000 $687,143 $9,909 3.23%
$1MM+ 2 $2,120,000 $1,060,000 $15,553 3.31%

2021 saw Preferred Lending Services place emphasis on $200k-400k loans with 298 originations, totaling $83,580,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 122 $38,340,000 $314,262 $5,090 3.17%
$50k-75k 118 $25,430,000 $215,508 $5,084 3.12%
$75k-100k 108 $26,590,000 $246,204 $4,830 3.12%
$150k-250k 95 $33,915,000 $357,000 $5,484 3.25%
$50k or less 91 $13,965,000 $153,462 $4,683 3.17%
$250k+ 39 $18,545,000 $475,513 $6,238 3.11%

Preferred Lending Services lent most frequently to those with incomes in the $100k-150k range, with 122 originations. The second most popular income band? $50k-75k, with 118 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 111 $31,555,000 $284,279 $4,383 3.12%
30-36% 109 $28,425,000 $260,780 $5,028 3.17%
<20% 43 $8,945,000 $208,023 $3,548 2.67%
41% 30 $6,420,000 $214,000 $4,824 3.41%
45% 26 $7,170,000 $275,769 $5,845 3.37%
40% 25 $7,765,000 $310,600 $5,234 3.39%
43% 24 $5,880,000 $245,000 $4,393 3.21%
39% 24 $6,770,000 $282,083 $4,964 3.11%
47% 22 $5,630,000 $255,909 $5,198 3.15%
50-60% 21 $4,885,000 $232,619 $8,642 3.08%
46% 20 $5,210,000 $260,500 $6,230 3.22%
38% 19 $5,385,000 $283,421 $5,263 3.23%
42% 19 $6,335,000 $333,421 $6,072 3.19%
36% 18 $7,090,000 $393,889 $5,571 3.25%
44% 18 $4,640,000 $257,778 $5,748 3.19%
37% 18 $7,360,000 $408,889 $6,178 3.16%
49% 16 $4,960,000 $310,000 $6,112 3.16%
48% 12 $2,960,000 $246,667 $4,274 3.27%

Preferred Lending Services lent most frequently to those with DTI ratios of 20-30%, with 111 originations. The next most common DTI ratio? 30-36%, with 109 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 470 $127,830,000 $271,979 $5,028 3.15%
Not provided 57 $16,085,000 $282,193 $5,176 3.18%
Black 28 $7,740,000 $276,429 $6,485 3.44%
Asian 18 $4,910,000 $272,778 $5,084 3.14%
American Indian 3 $1,075,000 $358,333 $4,465 2.74%
Native Hawaiian 1 $465,000 $465,000 $4,853 2.99%

Approval Rates

Total approvals of all applications
96.42%

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
70.21%

Preferred Lending Services has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 577 $158,105,000 $274,012

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
577 $158,105,000 $274,012

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 15 $1,815,000 $121,000 $3,036 2.76%
40-60% 65 $14,875,000 $228,846 $3,775 3.00%
60-80% 176 $50,780,000 $288,523 $4,628 3.23%
80-100% 307 $87,555,000 $285,195 $5,596 3.22%
Over 100% 9 $3,035,000 $337,222 $14,024 3.01%
Under 20% 5 $45,000 $9,000 $0 0.60%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Preferred Finanical Services Corporation Conventional home mortgage Improper use of your report 1 100.0%