Silver State Schools Service Company Mortgage Rates, Fees & Info
LAS VEGAS, NVLEI: 549300WSQPVY1NRH6062
Tax ID: 88-0062898
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
661Origination Dollar Volume (All Markets)
$110,905,000Relative 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 applications76.12%
Silver State Schools Service Company has a below average approval rate.
Pick Rate
Approvals leading to origination85.47%
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% |
