Sterling Home Loans Mortgage Rates, Fees & Info

Mission Viejo, CA

LEI: 984500EE76E4FF76X598

Tax ID: 95-3285025

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Sterling Home Loans is a smaller mortgage company specializing in Refi and NA loans. Sterling Home Loans has a high proportion of conventional loans.

    Sterling Home Loans has an above average approval rate when compared to the average across all lenders.

    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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    Originations

    33

    Origination Dollar Volume (All Markets)

    $4,235,000

    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
    Outside of Metro Areas 33 $4,235,000 $128,333 $7,688 10.13%
    Sterling Home Loans's top markets include

    Their top states include:
  • California (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $4,235,000 $128,333 $7,688 10.13%

    For 2018, Sterling Home Loans's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 14 $2,440,000 $174,286 $7,809 10.06%
    NA 10 $1,160,000 $116,000 $0 10.15%
    Other 8 $520,000 $65,000 $7,549 10.26%
    Home Improvement 1 $115,000 $115,000 $0 9.88%

    For 2018, Sterling Home Loans's most frequently cited loan purpose was Refi, with 14 originations. The 2nd most popular reason was NA, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 10 $1,590,000 $159,000 $6,802 10.20%
    5 Year 6 $560,000 $93,333 $0 10.06%
    10 Year 5 $555,000 $111,000 $7,514 9.93%
    15 Year 5 $475,000 $95,000 $8,884 10.35%
    3 Year 5 $955,000 $191,000 $0 10.13%
    20 Year 2 $100,000 $50,000 $8,199 10.00%

    For 2018, Sterling Home Loans's most frequently cited loan duration was Other, with 10 originations. The 2nd most popular length was 5 Year, with 6 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 33 $4,235,000 $128,333

    During 2018, Sterling Home Loans's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 33 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 18 $1,020,000 $56,667 $6,370 10.19%
    $100k-200k 9 $1,135,000 $126,111 $9,184 9.99%
    $200k-400k 5 $1,485,000 $297,000 $12,065 10.18%
    $400k-600k 1 $595,000 $595,000 $0 10.25%

    2018 saw Sterling Home Loans place emphasis on $100,000 or less loans with 18 originations, totaling $1,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 26 $3,290,000 $126,538 $7,847 10.13%

    Sterling Home Loans lent most frequently to those with incomes in the $50k or less range, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 6 $670,000 $111,667 $6,675 10.23%
    50-60% 5 $1,335,000 $267,000 $6,830 10.28%
    30-36% 5 $255,000 $51,000 $5,387 10.03%
    <20% 2 $240,000 $120,000 $7,134 9.56%
    40% 2 $120,000 $60,000 $7,740 10.38%
    46% 2 $160,000 $80,000 $9,160 9.88%
    >60% 2 $190,000 $95,000 $0 10.19%
    45% 1 $105,000 $105,000 $13,075 10.99%
    36% 1 $75,000 $75,000 $6,855 9.50%
    49% 1 $155,000 $155,000 $8,531 9.75%
    41% 1 $115,000 $115,000 $0 9.88%
    44% 1 $165,000 $165,000 $0 10.25%

    Sterling Home Loans lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 50-60%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 13 $2,135,000 $164,231 $8,243 10.01%
    White 13 $1,475,000 $113,462 $7,603 10.23%
    Black 3 $285,000 $95,000 $7,967 10.13%
    Vietnamese 2 $130,000 $65,000 $4,582 10.25%
    Other Asian 1 $125,000 $125,000 $0 9.50%
    Native Hawaiian or Islander 1 $85,000 $85,000 $0 10.88%

    Approval Rates

    Total approvals of all applications
    100.00%

    Sterling Home Loans has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    6640.0 1 $65,000 $65,000
    NA 32 $4,170,000 $130,313

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 33 $4,235,000 $128,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    Over 100% 31 $4,065,000 $131,129 $7,727 10.17%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    STERLING BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Closing on a mortgage 2 13.3%
    STERLING BANCORP Conventional home mortgage Struggling to pay mortgage 5 33.3%
    STERLING BANCORP Conventional home mortgage Trouble during payment process 2 13.3%
    STERLING BANCORP FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Struggling to pay mortgage 1 6.7%
    STERLING BANCORP Other type of mortgage Trouble during payment process 1 6.7%