Preferred Lending Services Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 549300C5YLTTVIWX4J11
Tax ID: 83-2591297
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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. They have a low ratio of USDA loans. Their top markets by origination volume include: Tampa, Lakeland, Orlando, Sebring, and Deltona among others. We have data for 12 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.59% | 4/21/24 |
| 30 Year Conventional Refi | 6.61% | 4/21/24 |
| 30 Year Cash-out Refi | 7.24% | 4/21/24 |
| 30 Year FHA Purchase | 7.42% | 4/21/24 |
| 30 Year VA Purchase | 6.57% | 4/21/24 |
| 30 Year USDA Purchase | 6.80% | 4/21/24 |
| 15 Year Conventional Purchase | 5.99% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
169Origination Dollar Volume (All Markets)
$35,075,000Awards
PREFERRED LENDING SERVICES - 2019
PREFERRED LENDING SERVICES is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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) | 134 | $28,690,000 | $214,104 | $5,243 | 4.01% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 16 | $2,640,000 | $165,000 | $5,123 | 3.66% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 4 | $960,000 | $240,000 | $3,635 | 3.78% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 6 | $770,000 | $128,333 | $4,353 | 4.39% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,950 | 3.63% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $9,187 | 3.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $4,672 | 3.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,147 | 3.50% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $4,322 | 3.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,371 | 3.88% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,346 | 3.63% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $6,148 | 3.75% |
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.
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Product Mix
For 2019, Preferred Lending Services's most frequently originated type of loan was Conventional, with 113 originations. Their 2nd most popular type was FHA, with 46 originations.
Loan Reason
For 2019, Preferred Lending Services's most frequently cited loan purpose was Home Purchase, with 141 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2019, Preferred Lending Services's most frequently cited loan duration was 30 Year, with 156 originations. The 2nd most popular length was 15 Year, with 11 originations.
Origination Fees/Closing Costs
Preferred Lending Services's average total fees were $5,272, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 139 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 117 | $26,385,000 | $225,513 |
| 4-5% | 39 | $7,115,000 | $182,436 |
| 5-6% | 10 | $1,550,000 | $155,000 |
| <2.5% | 2 | $10,000 | $5,000 |
| 6-7% | 1 | $15,000 | $15,000 |
During 2019, Preferred Lending Services's average interest rate for loans was 4.00%, while their most frequently originated rate bucket for loans was 3-4%, with 117 originations.
Loan Sizing
2019 saw Preferred Lending Services place emphasis on $200k-400k loans with 77 originations, totaling $20,395,000 in origination value.
Applicant Income
Preferred Lending Services lent most frequently to those with incomes in the $50k or less range, with 46 originations. The second most popular income band? $50k-75k, with 39 originations.
Applicant Debt to Income Ratio
Preferred Lending Services lent most frequently to those with DTI ratios of 30-36%, with 31 originations. The next most common DTI ratio? 20-30%, with 29 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.37%
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 origination68.64%
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 | 169 | $35,075,000 | $207,544 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $225,000 | $75,000 |
| Single Family (1-4 Units):Site-Built | 166 | $34,850,000 | $209,940 |