Southern Lending Services Ltd. Mortgage Rates, Fees & Info
HOUSTON, TXLEI: 549300W8XIPJGDECVX07
Tax ID: 27-1209306
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
317Origination Dollar Volume (All Markets)
$125,065,000Awards
SOUTHERN LENDING SERVICES LTD. - 2021
SOUTHERN LENDING SERVICES LTD. is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications99.40%
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 origination83.04%
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% |
