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 loans. Silver State Schools Service Company has a high proportion of conventional loans. Their top markets by origination volume include: Las Vegas, Pahrump, Carson City, Reno, and Gardnerville Ranchos among others. We have data for 5 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.

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

Originations

661

Origination Dollar Volume (All Markets)

$110,905,000

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)	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.

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.

ALOHA PACIFIC
Similarity Rank: 670

S&S Financial
Similarity Rank: 816

SIMPLIFI MORTGAGE, LLC
Similarity Rank: 1432

SILVER STATE SCHOOLS SERVICE COMPANY, LLC
Similarity Rank: 1810

ONE NEVADA CREDIT UNION
Similarity Rank: 2047

AMERICAN PORTFOLIO MORTGAGE CORPORATION
Similarity Rank: 2223

Bank Iowa
Similarity Rank: 2226

WINNPOINTE CORPORATION
Similarity Rank: 2840

Fremont Bank
Similarity Rank: 2847

Credit Union 1
Similarity Rank: 2958

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	446	$96,280,000	$215,874	$4,654	3.48%
HELOC	215	$14,625,000	$68,023	n/a	5.00%

For 2021, Silver State Schools Service Company's most frequently originated type of loan was Conventional, with 446 originations. Their 2nd most popular type was HELOC, with 215 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Silver State Schools Service Company's most frequently cited loan purpose was Refi, with 377 originations. The 2nd most popular reason was 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 2021, Silver State Schools Service Company's most frequently cited loan duration was Other, with 476 originations. The 2nd most popular length was 30 Year, with 103 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$2k-3k	136	$25,480,000	$187,353
$3k-4k	94	$26,070,000	$277,340
$<1k	63	$9,155,000	$145,317
$4k-5k	51	$18,685,000	$366,373
$1k-2k	50	$5,410,000	$108,200
$5k+	18	$9,440,000	$524,444

Silver State Schools Service Company's average total fees were $4,894, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 136 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 for loans was 3.45%, while their most frequently originated rate bucket for loans was 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 or Islander	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 Hawaiian	1	$105,000	$105,000	$0	4.00%

Approval Rates

Total approvals of all applications
81.40%

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	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%