Silvermine Ventures Mortgage Rates, Fees & Info

ALBANY, NY

LEI: 549300OFI1WD07JPI032

Tax ID: 20-5868249

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Mortgage Data

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, Torrington, and Kingston among others. We have data for 7 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 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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Originations

188

Origination Dollar Volume (All Markets)

$63,540,000

Awards

SILVERMINE VENTURES 30 Year Conventional Loans bronze SILVERMINE VENTURES 30 Year Conventional Loans silver SILVERMINE VENTURES 30 Year Conventional Loans bronze SILVERMINE VENTURES FHA Loans silver
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
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 123 $45,225,000 $367,683 $4,442 4.02%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 42 $10,870,000 $258,810 $5,062 4.14%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 16 $5,530,000 $345,625 $5,225 3.98%
Torrington, CT (FHA|USDA|VA) 3 $855,000 $285,000 $9,412 3.79%
KINGSTON, NY (FHA|USDA|VA) 2 $450,000 $225,000 $5,288 3.75%
Hudson, NY (FHA|USDA|VA) 1 $325,000 $325,000 $3,429 4.38%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $285,000 $285,000 $3,683 3.88%
Silvermine Ventures's top markets include New York, Poughkeepsie, Bridgeport, Torrington, and Kingston 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: 56
    Schuyler Savings Bank
    Similarity Rank: 104
    MID-HUDSON VALLEY
    Similarity Rank: 114
    SIKORSKY FINANCIAL
    Similarity Rank: 115
    Union County Savings Bank
    Similarity Rank: 150
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 208
    TEG Federal Credit Union
    Similarity Rank: 210
    Blue Foundry Bank
    Similarity Rank: 212
    CCFCU FUNDING, LLC
    Similarity Rank: 216

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 168 $56,320,000 $335,238 $4,067 4.06%
    FHA 16 $5,320,000 $332,500 $9,345 3.84%
    VA 4 $1,900,000 $475,000 $13,927 3.66%

    For 2019, Silvermine Ventures's most frequently originated type of loan was Conventional, with 168 originations. Their 2nd most popular type was FHA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 160 $54,780,000 $342,375 $4,685 4.05%
    Refi 13 $4,035,000 $310,385 $3,532 3.80%
    Cash Out Refi 10 $3,450,000 $345,000 $6,990 4.09%
    Other 5 $1,275,000 $255,000 $4,611 4.28%

    For 2019, Silvermine Ventures's most frequently cited loan purpose was Home Purchase, with 160 originations. The 2nd most popular reason was Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 181 $61,995,000 $342,514 $4,774 4.05%
    15 Year 4 $730,000 $182,500 $3,577 3.44%
    20 Year 3 $815,000 $271,667 $3,370 4.04%

    For 2019, Silvermine Ventures's most frequently cited loan duration was 30 Year, with 181 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 89 $28,635,000 $321,742
    $<1k 82 $28,420,000 $346,585
    $3k-4k 6 $2,060,000 $343,333
    $5k+ 6 $2,350,000 $391,667
    $2k-3k 3 $1,275,000 $425,000
    $4k-5k 2 $800,000 $400,000

    Silvermine Ventures's average total fees were $4,774, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 89 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 115 $41,355,000 $359,609
    4-5% 65 $20,345,000 $313,000
    5-6% 7 $1,705,000 $243,571
    2.5-3% 1 $135,000 $135,000

    During 2019, Silvermine Ventures's average interest rate for loans was 4.05%, while their most frequently originated rate bucket for loans was 3-4%, with 115 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 106 $31,230,000 $294,623 $4,582 4.07%
    $400k-600k 48 $23,240,000 $484,167 $5,117 3.92%
    $100k-200k 23 $3,605,000 $156,739 $3,975 4.14%
    $600k-1MM 8 $5,280,000 $660,000 $6,984 3.91%
    $100,000 or less 3 $185,000 $61,667 $3,286 4.33%

    2019 saw Silvermine Ventures place emphasis on $200k-400k loans with 106 originations, totaling $31,230,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 70 $23,270,000 $332,429 $4,463 4.07%
    $150k-250k 56 $23,700,000 $423,214 $4,970 4.08%
    $75k-100k 28 $7,390,000 $263,929 $5,070 3.88%
    $50k-75k 19 $4,175,000 $219,737 $4,756 4.17%
    $250k+ 10 $4,500,000 $450,000 $4,679 3.76%
    $50k or less 5 $505,000 $101,000 $3,732 4.05%

    Silvermine Ventures lent most frequently to those with incomes in the $100k-150k range, with 70 originations. The second most popular income band? $150k-250k, with 56 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 46 $14,920,000 $324,348 $4,341 3.99%
    30-36% 33 $11,175,000 $338,636 $4,438 3.92%
    38% 13 $4,265,000 $328,077 $4,406 3.99%
    39% 10 $3,510,000 $351,000 $5,330 4.34%
    49% 10 $3,860,000 $386,000 $3,928 3.87%
    43% 9 $3,075,000 $341,667 $4,417 4.47%
    <20% 9 $2,205,000 $245,000 $3,364 3.93%
    37% 7 $2,495,000 $356,429 $5,629 4.18%
    41% 7 $1,985,000 $283,571 $5,100 4.13%
    45% 7 $2,825,000 $403,571 $6,730 4.13%
    50-60% 6 $2,370,000 $395,000 $9,594 3.77%
    44% 6 $2,090,000 $348,333 $4,959 4.29%
    42% 5 $1,905,000 $381,000 $4,468 3.98%
    47% 5 $2,065,000 $413,000 $4,029 4.20%
    48% 5 $1,225,000 $245,000 $4,056 4.03%
    36% 5 $1,835,000 $367,000 $3,662 4.13%
    46% 3 $1,145,000 $381,667 $5,385 4.04%
    40% 2 $590,000 $295,000 $7,860 3.69%

    Silvermine Ventures lent most frequently to those with DTI ratios of 20-30%, with 46 originations. The next most common DTI ratio? 30-36%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 123 $39,195,000 $318,659 $4,654 3.99%
    Not provided 45 $17,365,000 $385,889 $4,594 4.10%
    Black 13 $4,105,000 $315,769 $5,869 4.40%
    Asian 5 $2,105,000 $421,000 $3,662 3.80%
    Other Asian 1 $455,000 $455,000 $4,307 4.25%
    Native Hawaiian or Islander 1 $315,000 $315,000 $10,429 3.50%

    Approval Rates

    Total approvals of all applications
    92.50%

    Silvermine Ventures has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.57%

    Silvermine Ventures has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 188 $63,540,000 $337,979

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 188 $63,540,000 $337,979

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 11 $1,785,000 $162,273 $3,535 3.99%
    40-60% 16 $4,940,000 $308,750 $3,678 3.88%
    60-80% 53 $18,175,000 $342,925 $4,383 4.03%
    80-100% 106 $38,230,000 $360,660 $5,111 4.08%
    Over 100% 1 $305,000 $305,000 $13,496 3.50%
    Under 20% 1 $105,000 $105,000 $3,216 3.75%