Andover State Bank Mortgage Rates, Fees & Info

Andover, KS

LEI: 2549003IXQM06TTWQV75

Tax ID: 48-0122265

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

    Andover State Bank is a smaller bank specializing in Home Purchase and Refi loans. Andover State Bank has a high proportion of conventional loans. Their top two markets are Wichita and Kansas City .

    Andover State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Andover State Bank is typically a low 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 relatively high 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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    Originations

    37

    Origination Dollar Volume (All Markets)

    $9,575,000

    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
    WICHITA, KS (FHA|USDA|VA) 34 $8,560,000 $251,765 $815 5.63%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $900,000 $450,000 $0 4.55%
    Outside of Metro Areas 1 $115,000 $115,000 $784 6.40%
    Andover State Bank's top markets include Wichita and Kansas City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $9,575,000 $258,784 $813 5.59%

    For 2018, Andover State Bank's most frequently originated type of loan was Conventional, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $6,315,000 $371,471 $1,607 5.54%
    Refi 14 $2,900,000 $207,143 $383 5.58%
    Other 3 $205,000 $68,333 $531 6.22%
    Home Improvement 2 $130,000 $65,000 $996 5.38%
    Cash Out Refi 1 $25,000 $25,000 $266 5.25%

    For 2018, Andover State Bank's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 9 $785,000 $87,222 $2,626 5.85%
    Other 9 $5,115,000 $568,333 $434 5.52%
    10 Year 9 $1,985,000 $220,556 $657 5.56%
    5 Year 5 $245,000 $49,000 $464 5.91%
    20 Year 2 $840,000 $420,000 $766 4.69%
    30 Year 2 $250,000 $125,000 $1,509 5.43%
    1 Year 1 $355,000 $355,000 $0 4.75%

    For 2018, Andover State Bank's most frequently cited loan duration was 15 Year, with 9 originations. The 2nd most popular length was Other, with 9 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 15 $2,035,000 $135,667

    Andover State Bank's average total fees were $1,509, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 18 $1,710,000 $95,000
    6-7% 10 $660,000 $66,000
    4-5% 9 $7,205,000 $800,556

    During 2018, Andover State Bank's average interest rate for loans was 5.43%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 17 $825,000 $48,529 $526 5.88%
    $100k-200k 13 $1,855,000 $142,692 $1,023 5.70%
    $200k-400k 3 $765,000 $255,000 $1,313 4.58%
    $600k-1MM 2 $1,460,000 $730,000 $766 4.88%
    $1MM+ 1 $4,125,000 $4,125,000 $0 5.00%
    $400k-600k 1 $545,000 $545,000 $0 4.35%

    2018 saw Andover State Bank place emphasis on $100,000 or less loans with 17 originations, totaling $825,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 4 $440,000 $110,000 $922 5.85%
    $250k+ 4 $1,130,000 $282,500 $776 5.09%
    $50k-75k 4 $370,000 $92,500 $1,086 5.43%
    $75k-100k 4 $120,000 $30,000 $266 6.13%
    $100k-150k 3 $165,000 $55,000 $834 5.42%
    $50k or less 1 $35,000 $35,000 $0 6.25%

    Andover State Bank lent most frequently to those with incomes in the $150k-250k range, with 4 originations. The second most popular income band? $250k+, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 6 $1,070,000 $178,333 $466 5.19%
    20-30% 4 $410,000 $102,500 $1,017 5.68%
    30-36% 4 $220,000 $55,000 $647 5.71%
    >60% 2 $240,000 $120,000 $2,626 5.81%
    42% 1 $105,000 $105,000 $1,211 5.50%
    43% 1 $75,000 $75,000 $366 5.13%
    47% 1 $55,000 $55,000 $301 6.75%
    36% 1 $45,000 $45,000 $0 6.25%

    Andover State Bank lent most frequently to those with DTI ratios of <20%, with 6 originations. The next most common DTI ratio? 20-30%, with 4 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 16 $7,260,000 $453,750 $0 5.48%
    White 21 $2,315,000 $110,238 $813 5.68%

    Approval Rates

    Total approvals of all applications
    100.00%

    Andover State Bank 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
    94.59%

    Andover State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 37 $9,575,000 $258,784

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 2 $4,930,000 $2,465,000
    Multifamily:Site-Built 2 $690,000 $345,000
    Single Family (1-4 Units):Manufactured 2 $120,000 $60,000
    Single Family (1-4 Units):Site-Built 31 $3,835,000 $123,710

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $805,000 $161,000 $472 5.27%
    40-60% 5 $1,995,000 $399,000 $1,123 5.05%
    60-80% 16 $5,810,000 $363,125 $1,284 5.84%
    80-100% 7 $685,000 $97,857 $598 5.48%
    Under 20% 4 $280,000 $70,000 $359 5.86%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    AMA Advisors, LLC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 8.3%
    AMA Advisors, LLC. Conventional home mortgage Closing on a mortgage 4 8.3%
    AMA Advisors, LLC. Conventional home mortgage Struggling to pay mortgage 5 10.4%
    AMA Advisors, LLC. Conventional home mortgage Trouble during payment process 7 14.6%
    AMA Advisors, LLC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
    AMA Advisors, LLC. FHA mortgage Closing on a mortgage 2 4.2%
    AMA Advisors, LLC. FHA mortgage Incorrect information on your report 2 4.2%
    AMA Advisors, LLC. FHA mortgage Struggling to pay mortgage 4 8.3%
    AMA Advisors, LLC. FHA mortgage Trouble during payment process 13 27.1%
    AMA Advisors, LLC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.1%
    AMA Advisors, LLC. Other type of mortgage Closing on a mortgage 1 2.1%
    AMA Advisors, LLC. Other type of mortgage Struggling to pay mortgage 1 2.1%
    AMA Advisors, LLC. Other type of mortgage Trouble during payment process 1 2.1%
    AMA Advisors, LLC. VA mortgage Trouble during payment process 2 4.2%