Silvermine Ventures Mortgage Rates, Fees & Info
ALBANY, NYLEI: 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
188Origination Dollar Volume (All Markets)
$63,540,000Awards
SILVERMINE VENTURES - 2019
SILVERMINE VENTURES 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 |
|---|---|---|---|---|---|
| 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% |
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.
Similarity Rank: 56
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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
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
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
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
2019 saw Silvermine Ventures place emphasis on $200k-400k loans with 106 originations, totaling $31,230,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications92.50%
Silvermine Ventures has an average approval rate.
Pick Rate
Approvals leading to origination84.57%
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 |