Southern Lending Services Ltd. Mortgage Rates, Fees & Info
HOUSTON, TXLEI: 549300W8XIPJGDECVX07
Tax ID: 27-1209306
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Mortgage Data
Review & 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 by origination volume include: Austin, San Antonio, and Corpus Christi among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Southern Lending Services Ltd. 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. Southern Lending Services Ltd. 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.42% | 12/16/24 |
| 30 Year FHA Purchase | 6.27% | 12/16/24 |
| 30 Year VA Purchase | 5.94% | 12/16/24 |
| 15 Year Conventional Purchase | 6.09% | 12/16/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Southern Lending Services Ltd. Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
138Origination Dollar Volume (All Markets)
$44,560,000Awards
SOUTHERN LENDING SERVICES LTD. - 2019
SOUTHERN LENDING SERVICES LTD. 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 |
|---|---|---|---|---|---|
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 104 | $34,050,000 | $327,404 | $4,011 | 4.08% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 32 | $10,120,000 | $316,250 | $4,249 | 4.12% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,508 | 4.63% |
| Outside of Metro Areas | 1 | $135,000 | $135,000 | $1,114 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against SOUTHERN LENDING SERVICES LTD. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 115 | $36,025,000 | $313,261 | $3,314 | 4.12% |
| VA | 23 | $8,535,000 | $371,087 | $7,766 | 3.97% |
For 2019, Southern Lending Services Ltd.'s most frequently originated type of loan was Conventional, with 115 originations. Their 2nd most popular type was VA, with 23 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 137 | $44,075,000 | $321,715 | $4,025 | 4.10% |
| Refi | 1 | $485,000 | $485,000 | $7,201 | 3.63% |
For 2019, Southern Lending Services Ltd.'s most frequently cited loan purpose was Home Purchase, with 137 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
For 2019, Southern Lending Services Ltd.'s most frequently cited loan duration was 30 Year, with 125 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
Southern Lending Services Ltd.'s average total fees were $4,143, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 81 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 69 | $22,105,000 | $320,362 |
| 3-4% | 63 | $20,985,000 | $333,095 |
| 2.5-3% | 3 | $835,000 | $278,333 |
| 5-6% | 2 | $630,000 | $315,000 |
| <2.5% | 1 | $5,000 | $5,000 |
During 2019, Southern Lending Services Ltd.'s average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 4-5%, with 69 originations.
Loan Sizing
2019 saw Southern Lending Services Ltd. place emphasis on $200k-400k loans with 88 originations, totaling $26,880,000 in origination value.
Applicant Income
Southern Lending Services Ltd. lent most frequently to those with incomes in the $100k-150k range, with 51 originations. The second most popular income band? $150k-250k, with 46 originations.
Applicant Debt to Income Ratio
Southern Lending Services Ltd. lent most frequently to those with DTI ratios of 20-30%, with 24 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.64%
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 origination72.46%
Southern Lending Services Ltd. has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 138 | $44,560,000 | $322,899 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 138 | $44,560,000 | $322,899 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SOUTHERN TRUST MORTGAGE LLC | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |
| SOUTHERN TRUST MORTGAGE LLC | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |