Greater Nevada Mortgage Rates, Fees & Info

RENO, NV

LEI: 549300QZED00YTPAWQ69

Tax ID: 88-0500878

3.1 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Greater Nevada is a smaller mortgage company specializing in Refi and Home Purchase loans. Greater Nevada 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.) They have a low ratio of USDA loans. Their top markets include Reno, Carson City, Fernley, Gardnerville Ranchos, and Las Vegas among others. Greater Nevada has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Greater Nevada is typically a high fee lendor.


Originations

1,214

Origination Dollar Volume (All Markets)

$309,350,000

Relative Rate

Greater Nevada 's average 30 year fixed rate mortgage of loans were 3.22%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.07%.

Relative Fees

Greater Nevada 's average total fees for a 30 year fixed rate mortgage are $6,399.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
RENO, NV (FHA|USDA|VA) 499 $141,545,000 $283,657 $6,072 3.07%
CARSON CITY, NV (FHA|USDA|VA) 171 $41,365,000 $241,901 $5,576 3.07%
Fernley, NV (FHA|USDA|VA) 183 $39,055,000 $213,415 $5,659 3.15%
Gardnerville Ranchos, NV (FHA|USDA|VA) 125 $32,195,000 $257,560 $6,065 3.11%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 61 $19,385,000 $317,787 $7,555 3.13%
Elko, NV (FHA|USDA|VA) 66 $13,680,000 $207,273 $6,768 3.10%
Fallon, NV (FHA|USDA|VA) 31 $7,275,000 $234,677 $6,356 3.09%
Outside of Metro Areas 46 $6,780,000 $147,391 $5,443 3.01%
Pahrump, NV (FHA|USDA|VA) 12 $2,110,000 $175,833 $5,763 3.52%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 4 $1,830,000 $457,500 $7,657 3.25%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 5 $1,655,000 $331,000 $4,796 3.08%
Winnemucca, NV (FHA|USDA|VA) 4 $920,000 $230,000 $8,182 3.09%
Truckee-Grass Valley, CA (FHA|USDA|VA) 2 $460,000 $230,000 $3,482 3.19%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $360,000 $180,000 $3,102 3.56%
CHICO, CA (FHA|USDA|VA) 1 $325,000 $325,000 $4,487 2.75%
VISALIA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $6,416 3.50%
STOCKTON, CA (FHA|USDA|VA) 1 $205,000 $205,000 $3,355 3.00%

Greater Nevada 's top markets include Reno, Carson City, Fernley, Gardnerville Ranchos, and Las Vegas among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,107 $278,955,000 $251,992 $5,624 3.08%
FHA 56 $15,240,000 $272,143 $10,430 3.48%
VA 28 $9,120,000 $325,714 $11,264 2.93%
USDA 23 $6,035,000 $262,391 $8,230 3.19%

For the 2021 period, Greater Nevada 's most frequently originated loan type of loans were Conventional, with 1,107 originations. Their 2nd most popular type is FHA, with 56 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 729 $169,475,000 $232,476 $5,407 2.99%
Home Purchase 316 $99,170,000 $313,829 $7,726 3.26%
Home Improvement 168 $40,600,000 $241,667 $5,516 3.22%
Cash Out Refi 1 $105,000 $105,000 $4,215 4.13%

For the 2021, Greater Nevada 's most frequently cited loan purpose of loans were Refi, with 729 originations. The 2nd most popular reason of loans were Home Purchase, with 316 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 913 $254,995,000 $279,294 $6,399 3.22%
15 Year 174 $31,210,000 $179,368 $4,807 2.55%
20 Year 96 $19,360,000 $201,667 $5,263 3.04%
10 Year 27 $3,235,000 $119,815 $3,980 2.45%
Other 4 $550,000 $137,500 $7,148 3.38%

For the 2021, Greater Nevada 's most frequently cited loan length of loans were 30 Year, with 913 originations. The 2nd most popular length of loans were 15 Year, with 174 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 581 $146,025,000 $251,334
$2k-3k 319 $51,885,000 $162,649
$5k+ 192 $82,180,000 $428,021
$1k-2k 114 $27,900,000 $244,737
$<1k 5 $1,175,000 $235,000

$6,399 of loans were Greater Nevada 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 581 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 527 $141,865,000 $269,194
2.5-3% 492 $125,320,000 $254,715
<2.5% 143 $29,925,000 $209,266
4-5% 51 $12,125,000 $237,745
5-6% 1 $115,000 $115,000

During 2021, Greater Nevada 's average interest rate of loans were 3.22%, while their most frequently originated rate bucket of loans were 3-4%, with 527 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 635 $180,515,000 $284,276 $6,384 3.15%
$100k-200k 393 $59,555,000 $151,539 $4,727 3.03%
$400k-600k 88 $41,360,000 $470,000 $8,911 3.08%
$100,000 or less 71 $5,685,000 $80,070 $3,689 2.96%
$600k-1MM 22 $16,890,000 $767,727 $12,573 3.21%
$1MM+ 5 $5,345,000 $1,069,000 $15,049 3.00%

2021 saw Greater Nevada place emphasis on $200k-400k loans with 635 originations, totaling $180,515,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 356 $80,010,000 $224,747 $5,757 3.13%
$75k-100k 280 $72,770,000 $259,893 $6,293 3.10%
$100k-150k 250 $69,950,000 $279,800 $6,140 3.08%
$50k or less 214 $36,530,000 $170,701 $4,899 3.08%
$150k-250k 86 $33,180,000 $385,814 $7,572 3.02%
$250k+ 28 $16,910,000 $603,929 $9,673 3.14%

Greater Nevada lent most frequently to those with incomes in the $50k-75k range, with 356 originations. The second most popular income band? $75k-100k, with 280 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 324 $78,800,000 $243,210 $5,511 3.06%
30-36% 212 $55,320,000 $260,943 $6,224 3.10%
<20% 117 $23,325,000 $199,359 $5,052 2.95%
44% 54 $14,450,000 $267,593 $6,087 3.20%
43% 54 $15,160,000 $280,741 $6,745 3.22%
40% 52 $13,210,000 $254,038 $5,855 3.14%
42% 50 $13,460,000 $269,200 $6,352 3.16%
39% 48 $13,130,000 $273,542 $6,108 3.11%
36% 47 $13,095,000 $278,617 $6,735 3.07%
37% 43 $10,745,000 $249,884 $5,978 3.04%
41% 41 $11,495,000 $280,366 $6,473 3.08%
38% 38 $8,870,000 $233,421 $5,909 3.12%
45% 31 $8,585,000 $276,935 $6,451 3.28%
49% 28 $8,200,000 $292,857 $7,028 3.30%
46% 26 $7,970,000 $306,538 $7,214 3.18%
48% 21 $5,535,000 $263,571 $6,557 3.15%
47% 18 $4,830,000 $268,333 $6,517 3.08%
50-60% 8 $2,730,000 $341,250 $11,835 2.86%
>60% 2 $440,000 $220,000 $6,370 3.38%

Greater Nevada lent most frequently to those with DTI ratios of 20-30%, with 324 originations. The next most common DTI ratio? 30-36%, with 212 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,135 $287,445,000 $253,256 $6,006 3.10%
Asian 46 $12,820,000 $278,696 $6,362 2.97%
Not provided 7 $2,595,000 $370,714 $6,580 2.95%
Black 8 $2,400,000 $300,000 $6,369 3.09%
American Indian 11 $2,115,000 $192,273 $6,262 3.06%
Native Hawaiian 5 $1,395,000 $279,000 $5,791 3.18%
Other Asian 1 $335,000 $335,000 $6,826 2.88%
Other Pacific Islander 1 $245,000 $245,000 $6,023 2.88%

Approval Rates

Total approvals of all applications
99.19%

Greater Nevada 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
88.09%

Greater Nevada has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,214 $309,350,000 $254,819

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,214 $309,350,000 $254,819

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 190 $29,350,000 $154,474 $4,423 2.85%
40-60% 353 $81,135,000 $229,844 $5,226 3.00%
60-80% 392 $118,110,000 $301,301 $6,296 3.21%
80-100% 250 $76,360,000 $305,440 $7,879 3.26%
Over 100% 6 $2,120,000 $353,333 $15,882 2.88%
Under 20% 23 $2,275,000 $98,913 $4,017 2.96%