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 a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: New York, Poughkeepsie, Bridgeport, New Haven, and Kingston among others. We have data for 10 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

    345

    Origination Dollar Volume (All Markets)

    $136,955,000
    Show all (6) 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) 254 $109,180,000 $429,843 $4,360 3.03%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 60 $16,330,000 $272,167 $4,222 3.11%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 20 $8,400,000 $420,000 $5,063 2.92%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 4 $1,070,000 $267,500 $3,835 2.88%
    KINGSTON, NY (FHA|USDA|VA) 1 $445,000 $445,000 $3,998 2.63%
    Outside of Metro Areas 1 $425,000 $425,000 $7,773 3.63%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $405,000 $405,000 $4,057 2.88%
    Torrington, CT (FHA|USDA|VA) 2 $390,000 $195,000 $3,238 2.88%
    Hudson, NY (FHA|USDA|VA) 1 $245,000 $245,000 $3,489 3.00%
    BINGHAMTON, NY (FHA|USDA|VA) 1 $65,000 $65,000 $2,066 3.38%
    Silvermine Ventures's top markets include New York, Poughkeepsie, Bridgeport, New Haven, 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.

    The First National Bank of Long Island
    Similarity Rank: 134
    North Jersey Federal Credit Union
    Similarity Rank: 247
    N C P D Federal Credit Union
    Similarity Rank: 482
    SIKORSKY FINANCIAL
    Similarity Rank: 520
    MOUNTAIN MORTGAGE CORP.
    Similarity Rank: 538
    ATLANTIS MORTGAGE CO., INC.
    Similarity Rank: 668
    MID-HUDSON VALLEY
    Similarity Rank: 702
    Hanover Community Bank
    Similarity Rank: 727
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 745
    Roselle Bank
    Similarity Rank: 796

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 332 $132,130,000 $397,982 $4,117 3.03%
    FHA 13 $4,825,000 $371,154 $10,641 3.05%

    For 2020, Silvermine Ventures's most frequently originated type of loan was Conventional, with 332 originations. Their 2nd most popular type was FHA, with 13 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 269 $109,185,000 $405,892 $4,501 3.02%
    Refi 63 $22,915,000 $363,730 $3,767 2.99%
    Cash Out Refi 10 $3,730,000 $373,000 $4,317 3.55%
    Other 3 $1,125,000 $375,000 $4,622 3.29%

    For 2020, Silvermine Ventures's most frequently cited loan purpose was Home Purchase, with 269 originations. The 2nd most popular reason was Refi, with 63 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 318 $128,530,000 $404,182 $4,394 3.06%
    15 Year 20 $6,100,000 $305,000 $4,091 2.68%
    20 Year 5 $1,465,000 $293,000 $3,800 2.88%
    10 Year 1 $425,000 $425,000 $3,460 2.38%
    Other 1 $435,000 $435,000 $3,632 3.25%

    For 2020, Silvermine Ventures's most frequently cited loan duration was 30 Year, with 318 originations. The 2nd most popular length was 15 Year, with 20 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 178 $71,400,000 $401,124
    $<1k 131 $47,565,000 $363,092
    $2k-3k 13 $5,395,000 $415,000
    $5k+ 13 $6,995,000 $538,077
    $3k-4k 8 $4,250,000 $531,250
    $4k-5k 2 $1,350,000 $675,000

    Silvermine Ventures's average total fees were $4,394, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 178 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 194 $79,390,000 $409,227
    3-4% 128 $48,240,000 $376,875
    <2.5% 19 $8,245,000 $433,947
    4-5% 4 $1,080,000 $270,000

    During 2020, Silvermine Ventures's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 2.5-3%, with 194 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 160 $47,080,000 $294,250 $3,978 3.05%
    $400k-600k 110 $54,040,000 $491,273 $4,543 2.99%
    $600k-1MM 45 $31,305,000 $695,667 $5,820 3.02%
    $100k-200k 27 $4,285,000 $158,704 $3,667 3.13%
    $100,000 or less 3 $245,000 $81,667 $2,686 3.17%

    2020 saw Silvermine Ventures place emphasis on $200k-400k loans with 160 originations, totaling $47,080,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 108 $50,040,000 $463,333 $4,376 3.04%
    $100k-150k 84 $31,040,000 $369,524 $4,472 3.04%
    $250k+ 60 $31,900,000 $531,667 $4,681 2.94%
    $75k-100k 51 $14,745,000 $289,118 $4,069 3.09%
    $50k-75k 37 $8,285,000 $223,919 $4,085 3.04%
    $50k or less 5 $945,000 $189,000 $3,486 3.23%

    Silvermine Ventures lent most frequently to those with incomes in the $150k-250k range, with 108 originations. The second most popular income band? $100k-150k, with 84 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 89 $36,045,000 $405,000 $3,956 2.98%
    30-36% 70 $28,310,000 $404,429 $4,322 3.01%
    <20% 34 $14,440,000 $424,706 $4,146 2.92%
    49% 15 $5,335,000 $355,667 $4,194 2.90%
    44% 14 $4,570,000 $326,429 $3,981 3.12%
    43% 13 $5,415,000 $416,538 $4,676 3.14%
    50-60% 12 $4,600,000 $383,333 $8,433 3.04%
    41% 12 $4,710,000 $392,500 $4,664 3.13%
    38% 11 $4,185,000 $380,455 $4,215 3.15%
    40% 11 $4,655,000 $423,182 $5,183 3.00%
    45% 11 $3,715,000 $337,727 $3,936 3.07%
    36% 10 $4,190,000 $419,000 $4,506 3.10%
    47% 10 $3,400,000 $340,000 $3,666 3.19%
    37% 9 $3,595,000 $399,444 $4,088 3.06%
    39% 8 $3,130,000 $391,250 $4,485 3.23%
    46% 6 $2,280,000 $380,000 $3,878 3.02%
    42% 6 $2,870,000 $478,333 $5,811 3.31%
    48% 4 $1,510,000 $377,500 $3,455 3.22%

    Silvermine Ventures lent most frequently to those with DTI ratios of 20-30%, with 89 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 257 $99,655,000 $387,763 $4,317 3.04%
    Not provided 57 $23,095,000 $405,175 $4,400 2.98%
    Asian 16 $7,800,000 $487,500 $4,624 2.98%
    Black 10 $3,770,000 $377,000 $4,666 3.19%
    Asian Indian 2 $1,210,000 $605,000 $6,673 2.81%
    Chinese 2 $1,130,000 $565,000 $4,024 2.88%
    Korean 1 $295,000 $295,000 $2,753 3.00%

    Approval Rates

    Total approvals of all applications
    97.48%

    Silvermine Ventures 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
    81.45%

    Silvermine Ventures has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 345 $136,955,000 $396,971

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 345 $136,955,000 $396,971

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 15 $3,175,000 $211,667 $3,764 2.88%
    40-60% 45 $15,885,000 $353,000 $3,877 2.93%
    60-80% 139 $59,035,000 $424,712 $4,205 3.01%
    80-100% 145 $58,405,000 $402,793 $4,678 3.10%
    Over 100% 1 $455,000 $455,000 $11,408 3.38%