West Central Bank Mortgage Rates, Fees & Info

Ashland, IL

LEI: 25490076YOMAEM6W0N66

Tax ID: 37-0532580

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Mortgage Data

Review & Overview

West Central Bank is a smaller bank specializing in Home Purchase and Refi loans. West Central Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Springfield, Lincoln, Jacksonville, Macomb, and St. Louis among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

West Central 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.

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Originations

179

Origination Dollar Volume (All Markets)

$22,725,000

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
SPRINGFIELD, IL (FHA|USDA|VA) 67 $12,295,000 $183,507 $0 0.00%
Outside of Metro Areas 86 $7,180,000 $83,488 $0 0.00%
Lincoln, IL (FHA|USDA|VA) 4 $810,000 $202,500 $0 0.00%
Jacksonville, IL (FHA|USDA|VA) 11 $735,000 $66,818 $0 0.00%
Macomb, IL (FHA|USDA|VA) 3 $545,000 $181,667 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $340,000 $170,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Quincy, IL-MO (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
MORGANTOWN, WV (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
DECATUR, IL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
West Central Bank's top markets include Springfield, Lincoln, Jacksonville, Macomb, and St. Louis among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • West Virginia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 175 $22,275,000 $127,286 $0 0.00%
    USDA 4 $450,000 $112,500 $0 0.00%

    For 2022, West Central Bank's most frequently originated type of loan was Conventional, with 175 originations. Their 2nd most popular type was USDA, with 4 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 124 $16,220,000 $130,806 $0 0.00%
    Refi 51 $6,025,000 $118,137 $0 0.00%
    Cash Out Refi 3 $375,000 $125,000 $0 0.00%
    Home Improvement 1 $105,000 $105,000 $0 0.00%

    For 2022, West Central Bank's most frequently cited loan purpose was Home Purchase, with 124 originations. The 2nd most popular reason was Refi, with 51 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 179 $22,725,000 $126,955 $0 0.00%

    For 2022, West Central Bank's most frequently cited loan duration was Other, with 179 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 101 $5,785,000 $57,277 $0 0.00%
    $100k-200k 54 $7,680,000 $142,222 $0 0.00%
    $200k-400k 18 $5,260,000 $292,222 $0 0.00%
    $600k-1MM 4 $3,110,000 $777,500 $0 0.00%
    $400k-600k 2 $890,000 $445,000 $0 0.00%

    2022 saw West Central Bank place emphasis on $100,000 or less loans with 101 originations, totaling $5,785,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 61 $4,055,000 $66,475 $0 0.00%
    $75k-100k 29 $3,625,000 $125,000 $0 0.00%
    $50k-75k 23 $1,845,000 $80,217 $0 0.00%
    $100k-150k 20 $3,090,000 $154,500 $0 0.00%
    $150k-250k 9 $1,685,000 $187,222 $0 0.00%
    $250k+ 5 $2,245,000 $449,000 $0 0.00%

    West Central Bank lent most frequently to those with incomes in the $50k or less range, with 61 originations. The second most popular income band? $75k-100k, with 29 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 179 $22,725,000 $126,955 $0 0.00%

    West Central Bank lent most frequently to those with DTI ratios of Exempt%, with 179 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 145 $14,915,000 $102,862 $0 0.00%
    Not applicable 29 $5,205,000 $179,483 $0 0.00%
    Black 4 $2,540,000 $635,000 $0 0.00%
    Asian 1 $65,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.81%

    West Central 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
    97.77%

    West Central Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 179 $22,725,000 $126,955

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    179 $22,725,000 $126,955

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    West Coast Servicing, Inc. Conventional home mortgage Trouble during payment process 1 100.0%