Pacific Service Mortgage Rates, Fees & Info

Concord, CA

LEI: 549300XR3B6372SESA46

Tax ID: 94-6061277

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pacific Service is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Pacific Service has a high proportion of conventional loans. Their top markets include San Francisco, Sacramento, Fresno, Vallejo, and San Jose among others. Pacific Service has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Pacific Service is typically a low fee lendor.


Originations

596

Origination Dollar Volume (All Markets)

$190,760,000
Show all (7) awards

Relative Rate

Pacific Service's average 30 year fixed rate mortgage of loans were 3.05%.

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

This yields a difference of -0.1%.

Relative Fees

Pacific Service's average total fees for a 30 year fixed rate mortgage are $3,136.

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
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 226 $82,880,000 $366,726 $3,080 3.20%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 55 $17,285,000 $314,273 $2,837 3.02%
FRESNO, CA (FHA|USDA|VA) 68 $15,820,000 $232,647 $2,739 3.00%
VALLEJO, CA (FHA|USDA|VA) 31 $10,295,000 $332,097 $3,286 3.21%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 20 $9,800,000 $490,000 $3,336 2.90%
STOCKTON, CA (FHA|USDA|VA) 22 $7,130,000 $324,091 $2,690 3.27%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 18 $4,710,000 $261,667 $2,898 3.32%
CHICO, CA (FHA|USDA|VA) 15 $4,215,000 $281,000 $3,290 2.90%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 15 $3,965,000 $264,333 $2,867 3.71%
MODESTO, CA (FHA|USDA|VA) 13 $3,855,000 $296,538 $2,763 2.96%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 8 $3,090,000 $386,250 $2,682 3.28%
SALINAS, CA (FHA|USDA|VA) 7 $2,805,000 $400,714 $3,234 2.98%
Outside of Metro Areas 8 $2,610,000 $326,250 $3,275 3.02%
REDDING, CA (FHA|USDA|VA) 12 $2,340,000 $195,000 $2,812 3.26%
Red Bluff, CA (FHA|USDA|VA) 7 $2,235,000 $319,286 $3,505 2.77%
BAKERSFIELD, CA (FHA|USDA|VA) 10 $2,160,000 $216,000 $2,692 2.94%
NAPA, CA (FHA|USDA|VA) 4 $1,970,000 $492,500 $3,573 3.00%
Truckee-Grass Valley, CA (FHA|USDA|VA) 6 $1,610,000 $268,333 $2,606 2.83%
VISALIA, CA (FHA|USDA|VA) 5 $1,445,000 $289,000 $2,709 2.90%
MERCED, CA (FHA|USDA|VA) 8 $1,410,000 $176,250 $2,902 3.59%
Sonora, CA (FHA|USDA|VA) 5 $1,385,000 $277,000 $2,909 2.88%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 6 $1,380,000 $230,000 $3,232 2.96%
YUBA CITY, CA (FHA|USDA|VA) 6 $1,190,000 $198,333 $2,273 3.50%
MADERA, CA (FHA|USDA|VA) 6 $1,160,000 $193,333 $2,673 3.25%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 2 $910,000 $455,000 $4,025 2.88%
Eureka-Arcata, CA (FHA|USDA|VA) 3 $805,000 $268,333 $3,519 2.91%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 2 $520,000 $260,000 $2,224 2.81%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $415,000 $415,000 $2,805 3.13%
HANFORD-CORCORAN, CA (FHA|USDA|VA) 2 $390,000 $195,000 $2,547 2.81%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $330,000 $165,000 $2,357 3.06%
Fernley, NV (FHA|USDA|VA) 1 $305,000 $305,000 $3,059 2.88%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $215,000 $215,000 $2,967 2.50%
Clearlake, CA (FHA|USDA|VA) 1 $125,000 $125,000 $0 3.50%

Pacific Service's top markets include San Francisco, Sacramento, Fresno, Vallejo, and San Jose among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 596 $190,760,000 $320,067 $2,986 3.13%

For the 2021 period, Pacific Service's most frequently originated loan type of loans were Conventional, with 596 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 265 $90,335,000 $340,887 $2,856 3.01%
Refi 211 $66,265,000 $314,052 $2,727 2.81%
Home Purchase 71 $30,975,000 $436,268 $4,198 2.96%
Home Improvement 29 $1,825,000 $62,931 $0 5.09%
Other 20 $1,360,000 $68,000 $0 6.04%

For the 2021, Pacific Service's most frequently cited loan purpose of loans were Cash Out Refi, with 265 originations. The 2nd most popular reason of loans were Refi, with 211 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 363 $140,245,000 $386,350 $3,136 3.05%
15 Year 132 $27,710,000 $209,924 $2,670 3.28%
20 Year 54 $16,130,000 $298,704 $2,679 2.81%
Other 22 $2,850,000 $129,545 $2,619 3.79%
10 Year 18 $3,520,000 $195,556 $2,506 3.41%
5 Year 7 $305,000 $43,571 $0 4.49%

For the 2021, Pacific Service's most frequently cited loan length of loans were 30 Year, with 363 originations. The 2nd most popular length of loans were 15 Year, with 132 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 483 $165,395,000 $342,433
$1k-2k 16 $4,270,000 $266,875
$2k-3k 14 $4,640,000 $331,429
$3k-4k 10 $4,550,000 $455,000
$5k+ 6 $3,520,000 $586,667

$3,136 of loans were Pacific Service's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 483 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 302 $102,370,000 $338,974
3-4% 149 $57,875,000 $388,423
<2.5% 95 $25,385,000 $267,211
4-5% 24 $3,390,000 $141,250
6-7% 21 $1,455,000 $69,286
5-6% 5 $285,000 $57,000

During 2021, Pacific Service's average interest rate of loans were 3.05%, while their most frequently originated rate bucket of loans were 2.5-3%, with 302 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 224 $65,840,000 $293,929 $2,698 2.91%
$400k-600k 166 $79,990,000 $481,867 $3,244 2.91%
$100k-200k 114 $17,630,000 $154,649 $2,716 2.89%
$100,000 or less 58 $3,450,000 $59,483 $2,509 5.04%
$600k-1MM 34 $23,850,000 $701,471 $4,500 3.24%

2021 saw Pacific Service place emphasis on $200k-400k loans with 224 originations, totaling $65,840,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 203 $64,355,000 $317,020 $2,985 3.11%
$150k-250k 165 $63,435,000 $384,455 $3,201 3.22%
$75k-100k 92 $24,890,000 $270,543 $2,866 3.10%
$50k-75k 58 $13,160,000 $226,897 $2,535 3.00%
$250k+ 46 $20,050,000 $435,870 $3,321 3.14%
$50k or less 32 $4,870,000 $152,188 $2,620 3.12%

Pacific Service lent most frequently to those with incomes in the $100k-150k range, with 203 originations. The second most popular income band? $150k-250k, with 165 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 178 $55,590,000 $312,303 $2,848 2.97%
30-36% 104 $34,160,000 $328,462 $3,090 3.12%
<20% 73 $19,995,000 $273,904 $2,780 2.91%
39% 25 $8,685,000 $347,400 $2,884 3.20%
37% 24 $7,430,000 $309,583 $2,936 3.60%
40% 24 $7,500,000 $312,500 $2,808 2.93%
42% 22 $7,260,000 $330,000 $3,986 3.59%
38% 19 $6,765,000 $356,053 $2,786 3.65%
43% 18 $5,550,000 $308,333 $3,343 3.79%
44% 18 $6,140,000 $341,111 $2,709 3.01%
46% 16 $5,970,000 $373,125 $2,931 3.23%
41% 16 $5,100,000 $318,750 $3,039 3.16%
36% 13 $4,485,000 $345,000 $3,104 3.21%
48% 11 $3,325,000 $302,273 $3,528 3.18%
45% 10 $3,930,000 $393,000 $3,930 2.98%
49% 10 $4,280,000 $428,000 $3,073 3.04%
47% 9 $2,945,000 $327,222 $3,323 3.54%
50-60% 5 $1,625,000 $325,000 $3,173 3.85%
>60% 1 $25,000 $25,000 $0 5.00%

Pacific Service lent most frequently to those with DTI ratios of 20-30%, with 178 originations. The next most common DTI ratio? 30-36%, with 104 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 408 $127,600,000 $312,745 $2,916 3.11%
Not provided 90 $29,690,000 $329,889 $3,099 3.29%
Asian 41 $16,035,000 $391,098 $3,286 2.83%
Black 42 $13,140,000 $312,857 $3,044 3.23%
American Indian 7 $2,595,000 $370,714 $2,978 2.93%
Native Hawaiian 3 $1,285,000 $428,333 $3,718 2.67%
Asian Indian 3 $325,000 $108,333 $3,710 3.70%
Filipino 2 $90,000 $45,000 $0 5.74%

Approval Rates

Total approvals of all applications
90.81%

Pacific Service has an average approval rate.

Pick Rate

Approvals leading to origination
66.18%

Pacific Service has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
0.0 25 $2,195,000 $87,800
NA 571 $188,565,000 $330,236

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
596 $190,760,000 $320,067

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 111 $28,435,000 $256,171 $2,644 2.82%
40-60% 183 $64,335,000 $351,557 $2,938 2.87%
60-80% 185 $72,595,000 $392,405 $3,107 3.03%
80-100% 43 $18,435,000 $428,721 $3,659 3.02%
Under 20% 74 $6,960,000 $94,054 $2,637 4.56%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PACIFIC WESTERN BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 100.0%