Preferred Lending Services Mortgage Rates, Fees & InfoWILMINGTON, DE
Tax ID: 83-2591297
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewPreferred Lending Services is a smaller mortgage company specializing in 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 by origination volume include: Tampa, Lakeland, Sebring, North Port, and Orlando 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 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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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.59%||3/28/23|
|30 Year Conventional Refi||6.61%||3/28/23|
|30 Year Cash-out Refi||7.24%||3/28/23|
|30 Year FHA Purchase||7.42%||3/28/23|
|30 Year VA Purchase||6.57%||3/28/23|
|30 Year USDA Purchase||6.80%||3/28/23|
|15 Year Conventional Purchase||5.99%||3/28/23|
|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.|
Origination Dollar Volume (All Markets)$85,200,000
Preferred Lending Services's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.19%.
Relative Fees (Closing Costs)
Preferred Lending Services's average total fees/closing costs for a 30 year fixed rate
mortgage were $5,998.
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 $4,750.
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)||237||$68,905,000||$290,738||$5,939||4.91%|
|LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA)||22||$5,720,000||$260,000||$6,246||5.05%|
|SEBRING-AVON PARK, FL (FHA|USDA|VA)||14||$3,040,000||$217,143||$4,342||5.00%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||5||$1,745,000||$349,000||$5,240||5.92%|
|ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA)||6||$1,610,000||$268,333||$7,815||5.40%|
|HOMOSASSA SPRINGS, FL (FHA|USDA|VA)||9||$1,255,000||$139,444||$5,493||3.71%|
|PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA)||3||$855,000||$285,000||$7,713||5.54%|
|CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA)||1||$495,000||$495,000||$19,033||3.75%|
|Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA)||2||$460,000||$230,000||$6,271||5.87%|
|THE VILLAGES, FL (FHA|USDA|VA)||2||$450,000||$225,000||$7,173||5.00%|
|PUNTA GORDA, FL (FHA|USDA|VA)||2||$230,000||$115,000||$3,281||3.25%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||1||$195,000||$195,000||$7,800||4.25%|
|Outside of Metro Areas||1||$125,000||$125,000||$5,688||6.13%|
|GAINESVILLE, FL (FHA|USDA|VA)||1||$115,000||$115,000||$5,783||4.13%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, Preferred Lending Services's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was FHA, with 26 originations.
|Loan Reason||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|Cash Out Refi||20||$5,460,000||$273,000||$4,903||4.83%|
For 2022, Preferred Lending Services's most frequently cited loan purpose was Home Purchase, with 282 originations. The 2nd most popular reason was Cash Out Refi, with 20 originations.
|Loan Length||Originations||Total Value||Average Loan||Average Fees||Average Rate|
For 2022, Preferred Lending Services's most frequently cited loan duration was 30 Year, with 289 originations. The 2nd most popular length was 15 Year, with 13 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Preferred Lending Services's average total fees were $5,998, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 173 originations.
During 2022, Preferred Lending Services's average interest rate for loans was 4.95%, while their most frequently originated rate bucket for loans was 5-6%, with 87 originations.
2022 saw Preferred Lending Services place emphasis on $200k-400k loans with 148 originations, totaling $42,280,000 in origination value.
|Applicant Income||Originations||Total Value||Average Loan||Average Fees||Average Rate|
|$50k or less||304||$84,330,000||$277,401||$5,960||4.88%|
Preferred Lending Services lent most frequently to those with incomes in the $50k or less range, with 304 originations.
Applicant Debt to Income Ratio
Preferred Lending Services lent most frequently to those with DTI ratios of 30-36%, with 47 originations. The next most common DTI ratio? 20-30%, with 44 originations.
Approval RatesTotal approvals of all applications
Preferred Lending Services has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
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|