Silver State Schools Service Company Mortgage Rates, Fees & Info

LAS VEGAS, NV

LEI: 549300WSQPVY1NRH6062

Tax ID: 88-0062898

3.9 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Silver State Schools Service Company is a smaller mortgage company specializing in Refi loans. Silver State Schools Service Company has a high proportion of conventional loans. Their top markets include Las Vegas, Pahrump, Carson City, Reno, and Gardnerville Ranchos among others. Silver State Schools Service Company has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Silver State Schools Service Company is typically an average fee lendor.


Originations

661

Origination Dollar Volume (All Markets)

$110,905,000

Relative Rate

Silver State Schools Service Company 's average 30 year fixed rate mortgage of loans were 3.45%.

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

This yields a difference of 0.3%.

Relative Fees

Silver State Schools Service Company 's average total fees for a 30 year fixed rate mortgage are $4,894.

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
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 654 $109,690,000 $167,722 $4,655 3.97%
Pahrump, NV (FHA|USDA|VA) 3 $555,000 $185,000 $4,427 3.58%
CARSON CITY, NV (FHA|USDA|VA) 1 $455,000 $455,000 $0 2.63%
RENO, NV (FHA|USDA|VA) 2 $140,000 $70,000 $0 6.88%
Gardnerville Ranchos, NV (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.00%

Silver State Schools Service Company 's top markets include Las Vegas, Pahrump, Carson City, Reno, and Gardnerville Ranchos among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 661 $110,905,000 $167,784 $4,654 3.98%

For the 2021 period, Silver State Schools Service Company 's most frequently originated loan type of loans were Conventional, with 661 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 377 $78,925,000 $209,350 $4,490 3.16%
Other 166 $11,100,000 $66,867 $0 5.43%
Home Improvement 67 $4,405,000 $65,746 $2,940 5.23%
Home Purchase 49 $15,885,000 $324,184 $5,795 3.66%
Cash Out Refi 2 $590,000 $295,000 $5,219 3.13%

For the 2021, Silver State Schools Service Company 's most frequently cited loan purpose of loans were Refi, with 377 originations. The 2nd most popular reason of loans were Other, with 166 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 476 $73,300,000 $153,992 $4,642 3.90%
30 Year 103 $26,905,000 $261,214 $4,894 3.45%
10 Year 49 $4,425,000 $90,306 $1,284 6.13%
15 Year 16 $2,990,000 $186,875 $4,135 3.35%
20 Year 15 $3,225,000 $215,000 $4,592 3.13%
5 Year 2 $60,000 $30,000 $0 8.25%

For the 2021, Silver State Schools Service Company 's most frequently cited loan length of loans were Other, with 476 originations. The 2nd most popular length of loans were 30 Year, with 103 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 145 $44,755,000 $308,655
$2k-3k 136 $25,480,000 $187,353
$<1k 63 $9,155,000 $145,317
$1k-2k 50 $5,410,000 $108,200
$5k+ 18 $9,440,000 $524,444

$4,894 of loans were Silver State Schools Service Company 's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 145 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 242 $47,510,000 $196,322
2.5-3% 241 $48,605,000 $201,680
4-5% 75 $6,415,000 $85,533
7-8% 28 $1,410,000 $50,357
Over 8% 23 $1,855,000 $80,652
<2.5% 18 $3,210,000 $178,333
6-7% 17 $655,000 $38,529
5-6% 17 $1,245,000 $73,235

During 2021, Silver State Schools Service Company 's average interest rate of loans were 3.45%, while their most frequently originated rate bucket of loans were 3-4%, with 242 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 218 $10,870,000 $49,862 $2,365 5.22%
$100k-200k 217 $31,085,000 $143,249 $3,629 3.38%
$200k-400k 197 $54,555,000 $276,929 $5,229 3.37%
$400k-600k 26 $11,970,000 $460,385 $6,934 3.22%
$600k-1MM 3 $2,425,000 $808,333 $11,118 3.92%

2021 saw Silver State Schools Service Company place emphasis on $100,000 or less loans with 218 originations, totaling $10,870,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 169 $31,955,000 $189,083 $5,091 4.10%
$50k-75k 160 $24,210,000 $151,313 $4,290 3.68%
$75k-100k 129 $21,665,000 $167,946 $4,883 4.00%
$150k-250k 110 $19,450,000 $176,818 $5,483 4.48%
$50k or less 67 $8,535,000 $127,388 $3,448 3.39%
$250k+ 18 $3,970,000 $220,556 $5,994 4.38%

Silver State Schools Service Company lent most frequently to those with incomes in the $100k-150k range, with 169 originations. The second most popular income band? $50k-75k, with 160 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 181 $30,465,000 $168,315 $4,485 3.82%
30-36% 145 $22,375,000 $154,310 $4,574 4.23%
<20% 63 $8,865,000 $140,714 $4,083 3.71%
42% 27 $5,255,000 $194,630 $4,645 3.70%
45% 27 $5,395,000 $199,815 $5,413 3.71%
36% 23 $3,945,000 $171,522 $4,509 4.32%
43% 23 $5,165,000 $224,565 $5,034 3.67%
39% 22 $3,870,000 $175,909 $4,818 3.65%
38% 22 $3,880,000 $176,364 $5,557 4.06%
44% 19 $4,215,000 $221,842 $5,638 4.63%
40% 19 $3,005,000 $158,158 $4,973 4.14%
41% 18 $3,350,000 $186,111 $5,458 4.24%
37% 17 $3,255,000 $191,471 $4,244 3.85%
47% 14 $2,060,000 $147,143 $4,841 4.63%
49% 14 $1,240,000 $88,571 $4,799 3.96%
48% 8 $1,400,000 $175,000 $5,508 4.61%
46% 8 $1,320,000 $165,000 $3,942 3.25%
50-60% 3 $605,000 $201,667 $5,202 4.42%

Silver State Schools Service Company lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? 30-36%, with 145 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 510 $85,960,000 $168,549 $4,676 3.92%
Black 57 $9,165,000 $160,789 $4,501 4.39%
Not provided 52 $8,990,000 $172,885 $4,953 4.05%
Asian 22 $3,810,000 $173,182 $4,406 3.90%
Native Hawaiian 8 $1,530,000 $191,250 $4,241 4.06%
Not applicable 7 $925,000 $132,143 $0 4.32%
American Indian 4 $420,000 $105,000 $2,372 4.50%
Native Hawiian 1 $105,000 $105,000 $0 4.00%

Approval Rates

Total approvals of all applications
76.12%

Silver State Schools Service Company has a below average approval rate.

Pick Rate

Approvals leading to origination
85.47%

Silver State Schools Service Company has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 661 $110,905,000 $167,784

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
661 $110,905,000 $167,784

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 136 $16,970,000 $124,779 $3,302 3.67%
40-60% 109 $22,705,000 $208,303 $4,345 2.96%
60-80% 156 $40,770,000 $261,346 $5,029 3.31%
80-100% 58 $19,450,000 $335,345 $5,761 3.63%
Under 20% 200 $10,700,000 $53,500 $1,031 5.37%