Preferred Lending Services Mortgage Rates, Fees & Info

WILMINGTON, DE

LEI: 549300C5YLTTVIWX4J11

Tax ID: 83-2591297

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, 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.

    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% 10/13/24
    30 Year Conventional Refi 6.61% 10/13/24
    30 Year Cash-out Refi 7.24% 10/13/24
    30 Year FHA Purchase 7.42% 10/13/24
    30 Year VA Purchase 6.57% 10/13/24
    30 Year USDA Purchase 6.80% 10/13/24
    15 Year Conventional Purchase 5.99% 10/13/24
    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

    306

    Origination Dollar Volume (All Markets)

    $85,200,000

    Awards

    PREFERRED LENDING SERVICES 30 Year Conventional Loans bronze PREFERRED LENDING SERVICES 30 Year Conventional Loans silver PREFERRED LENDING SERVICES 30 Year Conventional Loans bronze PREFERRED LENDING SERVICES FHA Loans bronze
    Show all (4) awards

    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) 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%
    Preferred Lending Services's top markets include Tampa, Lakeland, Sebring, North Port, and Orlando 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.

    DADE COUNTY FEDERAL CREDIT UNION
    Similarity Rank: 94
    We Florida Financial
    Similarity Rank: 156
    RAILROAD & INDUSTRIAL
    Similarity Rank: 335
    SAN ANTONIO CITIZENS
    Similarity Rank: 340
    METROPLEX MORTGAGE SERVICES, INC.
    Similarity Rank: 644
    INSIGHT
    Similarity Rank: 780
    POLISH & SLAVIC FEDERAL CREDIT UNION
    Similarity Rank: 825
    Citizens First Bank
    Similarity Rank: 1116
    ADDITION FINANCIAL
    Similarity Rank: 1170
    NEAL COMMUNITIES FUNDING, LLC
    Similarity Rank: 1304

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $76,470,000 $281,140 $5,432 4.85%
    FHA 26 $6,590,000 $253,462 $10,594 5.48%
    VA 7 $1,975,000 $282,143 $8,828 5.29%
    USDA 1 $165,000 $165,000 $8,071 3.50%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 282 $78,940,000 $279,929 $6,064 4.92%
    Cash Out Refi 20 $5,460,000 $273,000 $4,903 4.83%
    Refi 4 $800,000 $200,000 $3,685 4.94%

    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 Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 289 $80,945,000 $280,087 $5,998 4.95%
    15 Year 13 $3,305,000 $254,231 $5,499 4.04%
    20 Year 3 $795,000 $265,000 $4,340 5.12%
    10 Year 1 $155,000 $155,000 $6,082 3.75%

    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
    $1k-2k 173 $49,665,000 $287,081
    $2k-3k 33 $7,355,000 $222,879
    $5k+ 33 $12,505,000 $378,939
    $3k-4k 32 $8,560,000 $267,500
    $4k-5k 19 $5,465,000 $287,632
    $<1k 14 $780,000 $55,714

    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.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 87 $24,785,000 $284,885
    4-5% 80 $24,650,000 $308,125
    3-4% 65 $18,455,000 $283,923
    6-7% 40 $10,690,000 $267,250
    7-8% 14 $3,730,000 $266,429
    <2.5% 12 $720,000 $60,000
    2.5-3% 5 $935,000 $187,000
    Over 8% 3 $1,235,000 $411,667

    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.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 148 $42,280,000 $285,676 $6,245 5.13%
    $100k-200k 76 $11,860,000 $156,053 $5,125 5.10%
    $400k-600k 56 $25,910,000 $462,679 $7,572 4.89%
    $100,000 or less 19 $695,000 $36,579 $1,552 2.33%
    $600k-1MM 7 $4,455,000 $636,429 $8,496 5.45%

    2022 saw Preferred Lending Services place emphasis on $200k-400k loans with 148 originations, totaling $42,280,000 in origination value.

    Applicant Income

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 47 $13,605,000 $289,468 $6,049 5.02%
    20-30% 44 $12,140,000 $275,909 $5,305 4.73%
    <20% 21 $2,725,000 $129,762 $2,298 2.74%
    49% 20 $6,240,000 $312,000 $6,202 5.57%
    48% 17 $4,875,000 $286,765 $6,709 5.23%
    42% 16 $5,340,000 $333,750 $7,625 4.83%
    50-60% 15 $4,105,000 $273,667 $8,653 5.24%
    41% 15 $3,585,000 $239,000 $6,212 4.60%
    43% 15 $4,435,000 $295,667 $5,214 4.98%
    45% 15 $4,265,000 $284,333 $5,601 4.96%
    40% 13 $3,545,000 $272,692 $4,751 5.06%
    36% 12 $3,790,000 $315,833 $6,975 5.39%
    44% 11 $2,665,000 $242,273 $7,184 5.41%
    38% 11 $3,665,000 $333,182 $5,989 5.35%
    39% 10 $2,430,000 $243,000 $7,601 5.12%
    37% 9 $2,845,000 $316,111 $6,785 4.94%
    46% 7 $2,155,000 $307,857 $4,833 4.66%
    47% 5 $1,665,000 $333,000 $6,993 5.43%
    >60% 2 $480,000 $240,000 $4,384 6.62%

    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.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 234 $65,680,000 $280,684 $5,661 4.86%
    Not provided 51 $13,565,000 $265,980 $7,099 5.16%
    Asian 10 $2,730,000 $273,000 $6,249 4.41%
    Black 9 $2,265,000 $251,667 $6,729 4.92%
    Other Asian 1 $645,000 $645,000 $8,530 6.13%
    American Indian 1 $315,000 $315,000 $5,015 6.63%

    Approval Rates

    Total approvals of all applications
    96.07%

    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
    67.97%

    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 306 $85,200,000 $278,431

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    306 $85,200,000 $278,431

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $2,020,000 $168,333 $4,089 5.23%
    40-60% 33 $7,575,000 $229,545 $4,697 5.00%
    60-80% 82 $23,980,000 $292,439 $5,972 5.08%
    80-100% 165 $51,105,000 $309,727 $6,772 5.11%
    Under 20% 14 $520,000 $37,143 $817 1.10%