Southern Lending Services Ltd. Mortgage Rates, Fees & Info

HOUSTON, TX

LEI: 549300W8XIPJGDECVX07

Tax ID: 27-1209306

5 stars - out of 5 stars, based on 18 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Southern Lending Services Ltd. is a smaller mortgage company specializing in Home Purchase loans. Southern Lending Services Ltd. has a high proportion of conventional loans. Their top markets include Austin, San Antonio, Dallas, Granbury, and Killeen among others. Southern Lending Services Ltd. 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. Southern Lending Services Ltd. is typically an average fee lendor.


Originations

317

Origination Dollar Volume (All Markets)

$125,065,000

Awards

SOUTHERN LENDING SERVICES LTD. 30 Year Conventional Loans gold SOUTHERN LENDING SERVICES LTD. 30 Year Conventional Loans gold
Show all (2) awards

Relative Rate

Southern Lending Services Ltd.'s average 30 year fixed rate mortgage of loans were 3.18%.

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

This yields a difference of 0.03%.

Relative Fees

Southern Lending Services Ltd.'s average total fees for a 30 year fixed rate mortgage are $3,364.

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
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 216 $86,630,000 $401,065 $2,679 3.15%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 94 $36,350,000 $386,702 $4,600 3.06%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $545,000 $545,000 $3,599 3.75%
Granbury, TX (FHA|USDA|VA) 2 $520,000 $260,000 $2,870 4.00%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $510,000 $255,000 $6,040 3.81%
WACO, TX (FHA|USDA|VA) 1 $345,000 $345,000 $8,827 3.63%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $165,000 $165,000 $1,533 3.25%

Southern Lending Services Ltd.'s top markets include Austin, San Antonio, Dallas, Granbury, and Killeen among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 252 $95,990,000 $380,913 $2,532 3.18%
VA 65 $29,075,000 $447,308 $6,229 2.99%

For the 2021 period, Southern Lending Services Ltd.'s most frequently originated loan type of loans were Conventional, with 252 originations. Their 2nd most popular type is VA, with 65 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 315 $124,605,000 $395,571 $3,282 3.14%
Refi 1 $245,000 $245,000 $3,871 3.63%
Cash Out Refi 1 $215,000 $215,000 $5,009 3.38%

For the 2021, Southern Lending Services Ltd.'s most frequently cited loan purpose of loans were Home Purchase, with 315 originations. The 2nd most popular reason of loans were Refi, with 1 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 292 $117,710,000 $403,116 $3,364 3.18%
15 Year 21 $6,035,000 $287,381 $2,383 2.67%
20 Year 4 $1,320,000 $330,000 $2,629 2.81%

For the 2021, Southern Lending Services Ltd.'s most frequently cited loan length of loans were 30 Year, with 292 originations. The 2nd most popular length of loans were 15 Year, with 21 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 224 $88,670,000 $395,848
$3k-4k 33 $13,035,000 $395,000
$5k+ 23 $10,025,000 $435,870
$1k-2k 21 $6,885,000 $327,857
$2k-3k 16 $6,450,000 $403,125

$3,364 of loans were Southern Lending Services Ltd.'s average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 224 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 173 $68,045,000 $393,324
2.5-3% 119 $46,775,000 $393,067
<2.5% 17 $7,095,000 $417,353
4-5% 8 $3,150,000 $393,750

During 2021, Southern Lending Services Ltd.'s average interest rate of loans were 3.18%, while their most frequently originated rate bucket of loans were 3-4%, with 173 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$400k-600k 147 $69,935,000 $475,748 $3,635 3.15%
$200k-400k 146 $47,070,000 $322,397 $2,958 3.15%
$100k-200k 15 $2,205,000 $147,000 $968 3.05%
$600k-1MM 9 $5,855,000 $650,556 $6,912 2.92%

2021 saw Southern Lending Services Ltd. place emphasis on $400k-600k loans with 147 originations, totaling $69,935,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 123 $53,065,000 $431,423 $3,117 3.14%
$100k-150k 106 $40,420,000 $381,321 $2,912 3.19%
$75k-100k 38 $12,290,000 $323,421 $3,740 3.07%
$250k+ 34 $15,040,000 $442,353 $4,395 3.02%
$50k-75k 15 $4,125,000 $275,000 $3,943 3.16%
$50k or less 1 $125,000 $125,000 $0 2.75%

Southern Lending Services Ltd. lent most frequently to those with incomes in the $150k-250k range, with 123 originations. The second most popular income band? $100k-150k, with 106 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 76 $29,190,000 $384,079 $3,865 3.10%
30-36% 69 $27,615,000 $400,217 $3,065 3.19%
<20% 21 $6,985,000 $332,619 $2,903 2.88%
40% 20 $7,780,000 $389,000 $2,723 3.17%
36% 13 $5,635,000 $433,462 $2,618 3.15%
38% 13 $5,285,000 $406,538 $2,764 3.31%
39% 13 $4,855,000 $373,462 $2,203 3.22%
43% 12 $5,120,000 $426,667 $1,750 3.23%
50-60% 10 $4,160,000 $416,000 $5,277 3.24%
47% 10 $4,300,000 $430,000 $4,056 3.09%
48% 10 $3,180,000 $318,000 $2,260 3.11%
45% 9 $4,135,000 $459,444 $6,744 3.07%
41% 8 $3,110,000 $388,750 $1,510 3.33%
42% 7 $3,155,000 $450,714 $4,795 3.23%
37% 7 $3,185,000 $455,000 $1,489 3.13%
44% 7 $2,025,000 $289,286 $3,972 3.18%
46% 6 $2,710,000 $451,667 $2,508 3.04%
49% 4 $1,580,000 $395,000 $3,324 2.94%
>60% 2 $1,060,000 $530,000 $6,896 2.63%

Southern Lending Services Ltd. lent most frequently to those with DTI ratios of 20-30%, with 76 originations. The next most common DTI ratio? 30-36%, with 69 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 194 $75,490,000 $389,124 $3,304 3.13%
Not provided 54 $22,860,000 $423,333 $3,371 3.13%
Asian 42 $15,270,000 $363,571 $2,993 3.17%
Black 25 $10,645,000 $425,800 $3,762 3.13%
Filipino 1 $525,000 $525,000 $0 4.25%
American Indian 1 $275,000 $275,000 $0 2.63%

Approval Rates

Total approvals of all applications
99.40%

Southern Lending Services Ltd. 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
83.04%

Southern Lending Services Ltd. has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 317 $125,065,000 $394,527

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
317 $125,065,000 $394,527

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 9 $1,175,000 $130,556 $1,145 3.01%
40-60% 26 $6,550,000 $251,923 $1,575 3.16%
60-80% 80 $30,730,000 $384,125 $3,425 3.16%
80-100% 193 $82,365,000 $426,762 $2,896 3.15%
Over 100% 9 $4,245,000 $471,667 $17,629 2.81%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SOUTHERN TRUST MORTGAGE LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%