Prime Bank Mortgage Rates, Fees & Info
Edmond, OKLEI: 2549005139GOI7VL3521
Tax ID: 26-2266554
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Mortgage Data
Review & Overview
Prime Bank is a smaller bank specializing in Home Purchase loans. Prime Bank has a high proportion of conventional loans. Their top markets by origination volume include: Oklahoma City, Edwards, Tulsa, and Duncan among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Prime Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Prime 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.
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Originations
77Origination Dollar Volume (All Markets)
$13,595,000Top 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 |
|---|---|---|---|---|---|
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 73 | $12,285,000 | $168,288 | $720 | 5.76% |
| Edwards, CO (FHA|USDA|VA) | 1 | $1,105,000 | $1,105,000 | $0 | 5.50% |
| TULSA, OK (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.30% |
| Duncan, OK (FHA|USDA|VA) | 2 | $70,000 | $35,000 | $0 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 77 | $13,595,000 | $176,558 | $720 | 5.74% |
For 2018, Prime Bank's most frequently originated type of loan was Conventional, with 77 originations.
Loan Reason
For 2018, Prime Bank's most frequently cited loan purpose was Home Purchase, with 62 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.
Loan Duration/Length
For 2018, Prime Bank's most frequently cited loan duration was 3 Year, with 47 originations. The 2nd most popular length was Other, with 7 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 13 | $1,345,000 | $103,462 |
Prime Bank's average total fees were $1,136, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 13 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 59 | $10,945,000 | $185,508 |
| 6-7% | 17 | $2,525,000 | $148,529 |
| 4-5% | 1 | $125,000 | $125,000 |
During 2018, Prime Bank's average interest rate for loans was 6.28%, while their most frequently originated rate bucket for loans was 5-6%, with 59 originations.
Loan Sizing
2018 saw Prime Bank place emphasis on $100k-200k loans with 34 originations, totaling $4,740,000 in origination value.
Applicant Income
Prime Bank lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $150k-250k, with 4 originations.
Applicant Debt to Income Ratio
Prime Bank lent most frequently to those with DTI ratios of <20%, with 4 originations. The next most common DTI ratio? >60%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 60 | $11,390,000 | $189,833 | $0 | 5.59% |
| White | 17 | $2,205,000 | $129,706 | $720 | 6.28% |
Approval Rates
Total approvals of all applications95.05%
Prime 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 origination75.32%
Prime Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 77 | $13,595,000 | $176,558 |