Silvermine Ventures Mortgage Rates, Fees & Info

ALBANY, NY

LEI: 549300OFI1WD07JPI032

Tax ID: 20-5868249

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

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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

    Silvermine Ventures is a smaller mortgage company specializing in Home Purchase loans. Silvermine Ventures has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Poughkeepsie, Bridgeport, and Torrington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Silvermine Ventures 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. Silvermine Ventures is typically a low 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.

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    Originations

    139

    Origination Dollar Volume (All Markets)

    $43,115,000

    Awards

    SILVERMINE VENTURES 30 Year Conventional Loans gold SILVERMINE VENTURES 30 Year Conventional Loans gold
    Show all (2) 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
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 106 $33,960,000 $320,377 $4,088 4.77%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 27 $6,785,000 $251,296 $4,498 4.83%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 5 $2,015,000 $403,000 $4,967 4.70%
    Torrington, CT (FHA|USDA|VA) 1 $355,000 $355,000 $4,435 4.88%
    Silvermine Ventures's top markets include New York, Poughkeepsie, Bridgeport, and Torrington among others.

    Their top states include:
  • New York (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)

    • Similar Lenders

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

    N C P D Federal Credit Union
    Similarity Rank: 55
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 96
    Union Savings Bank
    Similarity Rank: 108
    The Atlantic Federal Credit Union
    Similarity Rank: 120
    Freehold Savings Bank
    Similarity Rank: 120
    Blue Foundry Bank
    Similarity Rank: 125
    SIKORSKY FINANCIAL
    Similarity Rank: 130

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 128 $38,990,000 $304,609 $3,661 4.79%
    FHA 11 $4,125,000 $375,000 $10,499 4.69%

    For 2018, Silvermine Ventures's most frequently originated type of loan was Conventional, with 128 originations. Their 2nd most popular type was FHA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 133 $41,055,000 $308,684 $4,122 4.77%
    Cash Out Refi 4 $1,310,000 $327,500 $7,050 5.03%
    Refi 2 $750,000 $375,000 $3,827 4.81%

    For 2018, Silvermine Ventures's most frequently cited loan purpose was Home Purchase, with 133 originations. The 2nd most popular reason was Cash Out Refi, with 4 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 129 $40,155,000 $311,279 $4,138 4.82%
    15 Year 7 $1,955,000 $279,286 $4,476 4.16%
    20 Year 3 $1,005,000 $335,000 $6,322 4.58%

    For 2018, Silvermine Ventures's most frequently cited loan duration was 30 Year, with 129 originations. The 2nd most popular length was 15 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 112 $34,110,000 $304,554
    $1k-2k 13 $4,015,000 $308,846
    $2k-3k 6 $1,940,000 $323,333
    $5k+ 4 $1,820,000 $455,000
    $3k-4k 2 $470,000 $235,000
    $4k-5k 2 $760,000 $380,000

    Silvermine Ventures's average total fees were $4,138, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 112 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 115 $37,435,000 $325,522
    5-6% 21 $4,635,000 $220,714
    3-4% 3 $1,045,000 $348,333

    During 2018, Silvermine Ventures's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 74 $20,630,000 $278,784 $3,921 4.78%
    $400k-600k 34 $15,790,000 $464,412 $5,398 4.65%
    $100k-200k 21 $3,175,000 $151,190 $3,241 4.88%
    $100,000 or less 5 $355,000 $71,000 $3,073 5.20%
    $600k-1MM 5 $3,165,000 $633,000 $5,388 4.80%

    2018 saw Silvermine Ventures place emphasis on $200k-400k loans with 74 originations, totaling $20,630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 45 $14,975,000 $332,778 $4,217 4.78%
    $150k-250k 33 $13,255,000 $401,667 $4,530 4.66%
    $75k-100k 24 $5,800,000 $241,667 $4,007 4.76%
    $50k-75k 16 $2,760,000 $172,500 $3,606 4.86%
    $50k or less 12 $1,930,000 $160,833 $3,681 5.09%
    $250k+ 9 $4,395,000 $488,333 $5,197 4.69%

    Silvermine Ventures lent most frequently to those with incomes in the $100k-150k range, with 45 originations. The second most popular income band? $150k-250k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 30 $9,710,000 $323,667 $3,980 4.73%
    20-30% 26 $7,740,000 $297,692 $3,342 4.75%
    49% 11 $3,225,000 $293,182 $4,212 4.85%
    46% 9 $2,305,000 $256,111 $3,066 4.88%
    47% 8 $2,840,000 $355,000 $3,747 4.84%
    40% 7 $1,915,000 $273,571 $3,207 4.89%
    39% 7 $2,395,000 $342,143 $3,490 4.84%
    43% 6 $1,700,000 $283,333 $4,019 4.77%
    50-60% 5 $1,965,000 $393,000 $10,611 4.65%
    36% 5 $2,115,000 $423,000 $4,566 4.73%
    45% 5 $1,975,000 $395,000 $3,858 5.02%
    <20% 4 $1,140,000 $285,000 $5,384 4.81%
    48% 4 $860,000 $215,000 $3,183 4.72%
    41% 3 $935,000 $311,667 $8,305 4.38%
    37% 3 $735,000 $245,000 $3,396 4.79%
    38% 3 $815,000 $271,667 $7,113 4.75%
    44% 2 $520,000 $260,000 $6,770 4.88%
    42% 1 $225,000 $225,000 $3,456 4.50%

    Silvermine Ventures lent most frequently to those with DTI ratios of 30-36%, with 30 originations. The next most common DTI ratio? 20-30%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 89 $26,635,000 $299,270 $4,149 4.82%
    Not provided 42 $14,630,000 $348,333 $4,253 4.65%
    Black 6 $1,130,000 $188,333 $4,833 5.10%
    Native Hawaiian or Islander 1 $405,000 $405,000 $3,993 4.99%
    Asian 1 $315,000 $315,000 $3,206 4.75%

    Approval Rates

    Total approvals of all applications
    92.81%

    Silvermine Ventures has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.93%

    Silvermine Ventures has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 139 $43,115,000 $310,180

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 139 $43,115,000 $310,180

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $875,000 $175,000 $3,362 4.73%
    40-60% 16 $4,460,000 $278,750 $4,012 4.56%
    60-80% 47 $13,385,000 $284,787 $3,552 4.89%
    80-100% 71 $24,395,000 $343,592 $4,734 4.76%