Silver State Schools Service Company Mortgage Rates, Fees & Info

LAS VEGAS, NV

LEI: 549300WSQPVY1NRH6062

Tax ID: 88-0062898

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Silver State Schools Service Company is a smaller mortgage company specializing in Refi and Home Purchase loans. Silver State Schools Service Company has a high proportion of conventional loans. Their top markets by origination volume include: Las Vegas, Pahrump, and Reno among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Silver State Schools Service Company has an average approval rate when compared to the average across all lenders. Silver State Schools Service Company is typically an average 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	5.80%	12/2/24
30 Year Conventional Purchase	6.55%	12/2/24
30 Year Conventional Refi	6.76%	12/2/24
30 Year Cash-out Refi	6.69%	12/2/24
15 Year Conventional Purchase	5.48%	12/2/24
15 Year Conventional Refi	6.31%	12/2/24
15 Year Cash-out Refi	6.31%	12/2/24
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.

Silver State Schools Service Company Mortgage Calculator

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This is not an official calculator from Silver State Schools Service Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

640

Origination Dollar Volume (All Markets)

$117,080,000

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
LAS VEGAS-HENDERSON-PARADISE, NV (FHA\|USDA\|VA)	634	$116,360,000	$183,533	$4,462	3.85%
Pahrump, NV (FHA\|USDA\|VA)	5	$685,000	$137,000	$4,883	3.58%
RENO, NV (FHA\|USDA\|VA)	1	$35,000	$35,000	$0	5.50%

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

Their top states include:

Nevada (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against SILVER STATE SCHOOLS SERVICE COMPANY based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SILVER STATE SCHOOLS SERVICE COMPANY, LLC
Similarity Rank: 1056

WESTCOAST MORTGAGE GROUP AND REALTY COMPANY
Similarity Rank: 1290

SNAPFI, INC.
Similarity Rank: 1435

Bank Iowa
Similarity Rank: 1998

ONE NEVADA CREDIT UNION
Similarity Rank: 2178

Constant Investments, Inc.
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Credit Union 1
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SIMPLIFI MORTGAGE, LLC
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PINNACLE LENDING GROUP, INC.
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Cathay Bank
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	477	$106,765,000	$223,826	$4,466	3.59%
HELOC	162	$10,040,000	$61,975	n/a	4.63%
VA	1	$275,000	$275,000	$4,408	3.50%

For 2020, Silver State Schools Service Company's most frequently originated type of loan was Conventional, with 477 originations. Their 2nd most popular type was HELOC, with 162 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	265	$59,845,000	$225,830	$4,302	3.65%
Other	136	$7,630,000	$56,103	$0	5.19%
Home Improvement	125	$20,925,000	$167,400	$3,232	3.31%
Home Purchase	94	$23,830,000	$253,511	$4,867	3.23%
Cash Out Refi	20	$4,850,000	$242,500	$6,518	3.56%

For 2020, Silver State Schools Service Company's most frequently cited loan purpose was Refi, with 265 originations. The 2nd most popular reason was Other, with 136 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	270	$71,240,000	$263,852	$4,764	3.43%
Other	169	$10,925,000	$64,645	$4,169	4.60%
10 Year	101	$14,525,000	$143,812	$2,242	3.95%
15 Year	51	$10,435,000	$204,608	$4,241	3.20%
20 Year	42	$9,140,000	$217,619	$4,235	3.41%
5 Year	6	$310,000	$51,667	$0	7.72%
1 Year	1	$505,000	$505,000	$0	7.25%

For 2020, Silver State Schools Service Company's most frequently cited loan duration was 30 Year, with 270 originations. The 2nd most popular length was Other, with 169 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	150	$31,090,000	$207,267
$<1k	125	$19,675,000	$157,400
$3k-4k	82	$23,520,000	$286,829
$1k-2k	68	$8,600,000	$126,471
$4k-5k	29	$11,265,000	$388,448
$5k+	21	$11,375,000	$541,667

Silver State Schools Service Company's average total fees were $4,764, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 150 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	261	$60,105,000	$230,287
2.5-3%	181	$36,005,000	$198,923
<2.5%	61	$7,245,000	$118,770
4-5%	51	$8,015,000	$157,157
Over 8%	34	$1,550,000	$45,588
5-6%	22	$1,990,000	$90,455
7-8%	17	$1,215,000	$71,471
6-7%	13	$955,000	$73,462

During 2020, Silver State Schools Service Company's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 3-4%, with 261 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	209	$56,665,000	$271,124	$4,800	3.29%
$100,000 or less	201	$10,255,000	$51,020	$2,243	4.89%
$100k-200k	187	$27,705,000	$148,155	$3,316	3.44%
$400k-600k	36	$17,220,000	$478,333	$6,629	3.43%
$600k-1MM	7	$5,235,000	$747,857	$7,594	4.05%

2020 saw Silver State Schools Service Company place emphasis on $200k-400k loans with 209 originations, totaling $56,665,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	148	$25,160,000	$170,000	$4,781	4.08%
$75k-100k	122	$19,190,000	$157,295	$4,220	4.12%
$50k-75k	110	$16,950,000	$154,091	$4,164	3.78%
$150k-250k	109	$25,465,000	$233,624	$5,273	3.79%
$50k or less	67	$9,495,000	$141,716	$3,528	3.46%
$250k+	24	$6,350,000	$264,583	$8,248	3.89%

Silver State Schools Service Company lent most frequently to those with incomes in the $100k-150k range, with 148 originations. The second most popular income band? $75k-100k, with 122 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	54	$4,260,000	$78,889	$4,156	4.24%
30-36%	42	$3,370,000	$80,238	$4,092	5.75%
<20%	24	$1,770,000	$73,750	$4,504	5.31%
42%	13	$775,000	$59,615	$0	5.55%
44%	9	$505,000	$56,111	$0	7.22%
43%	9	$615,000	$68,333	$0	5.27%
36%	9	$915,000	$101,667	$3,354	4.89%
41%	8	$820,000	$102,500	$9,184	4.46%
37%	7	$645,000	$92,143	$0	4.94%
40%	6	$520,000	$86,667	$5,562	4.27%
49%	6	$430,000	$71,667	$0	3.50%
38%	6	$270,000	$45,000	$0	4.37%
45%	5	$255,000	$51,000	$0	5.55%
46%	4	$160,000	$40,000	$0	3.74%
39%	4	$640,000	$160,000	$7,006	4.46%
48%	4	$190,000	$47,500	$0	5.62%
47%	3	$145,000	$48,333	$0	5.08%
50-60%	1	$55,000	$55,000	$0	5.50%

Silver State Schools Service Company lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 42 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	482	$83,710,000	$173,672	$4,373	3.89%
Not provided	59	$14,965,000	$253,644	$5,034	3.31%
Asian	55	$10,625,000	$193,182	$4,893	3.61%
Black	37	$5,395,000	$145,811	$3,850	4.13%
Not applicable	4	$2,020,000	$505,000	$0	5.11%
Native Hawaiian or Islander	1	$275,000	$275,000	$5,494	3.38%
American Indian	2	$90,000	$45,000	$0	9.25%

Approval Rates

Total approvals of all applications
80.71%

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

Pick Rate

Approvals leading to origination

Points and Fees

Points	Originations	Total Value	Average Loan
NA	640	$117,080,000	$182,938

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	1	$165,000	$165,000
Single Family (1-4 Units):Site-Built	639	$116,915,000	$182,966

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	46	$4,430,000	$96,304	$2,025	4.23%
40-60%	9	$2,025,000	$225,000	$5,526	3.18%
60-80%	12	$3,360,000	$280,000	$5,682	2.98%
80-100%	7	$1,755,000	$250,714	$4,503	3.61%
Under 20%	155	$7,555,000	$48,742	$849	5.36%