Wellington State Bank Mortgage Rates, Fees & Info
Littlefield, TXLEI: 2549008DKNX6KPDOUX53
Tax ID: 75-0644150
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Mortgage Data
Review & Overview
Wellington State Bank is a smaller bank specializing in Home Purchase loans. Wellington State Bank has a high proportion of conventional loans. Their top two markets are Lubbock and Andrews .Wellington State Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
34Origination Dollar Volume (All Markets)
$14,290,000Top 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 |
|---|---|---|---|---|---|
| LUBBOCK, TX (FHA|USDA|VA) | 17 | $6,245,000 | $367,353 | $0 | 6.51% |
| Andrews, TX (FHA|USDA|VA) | 2 | $5,480,000 | $2,740,000 | $0 | 5.50% |
| Outside of Metro Areas | 15 | $2,565,000 | $171,000 | $0 | 6.27% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 34 | $14,290,000 | $420,294 | $0 | 6.34% |
For 2019, Wellington State Bank's most frequently originated type of loan was Conventional, with 34 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 22 | $12,630,000 | $574,091 | $0 | 6.29% |
| Refi | 9 | $1,555,000 | $172,778 | $0 | 6.35% |
| Home Improvement | 3 | $105,000 | $35,000 | $0 | 6.68% |
For 2019, Wellington State Bank's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
For 2019, Wellington State Bank's most frequently cited loan duration was Other, with 15 originations. The 2nd most popular length was 15 Year, with 12 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 25 | $3,455,000 | $138,200 |
| 5-6% | 9 | $10,835,000 | $1,203,889 |
During 2019, Wellington State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 25 originations.
Loan Sizing
2019 saw Wellington State Bank place emphasis on $100,000 or less loans with 21 originations, totaling $1,265,000 in origination value.
Applicant Income
Wellington State Bank lent most frequently to those with incomes in the $75k-100k range, with 4 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Wellington State Bank lent most frequently to those with DTI ratios of 30-36%, with 3 originations. The next most common DTI ratio? <20%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 19 | $12,955,000 | $681,842 | $0 | 6.28% |
| White | 15 | $1,335,000 | $89,000 | $0 | 6.42% |
Approval Rates
Total approvals of all applications75.44%
Wellington State Bank has a below average approval rate.
Pick Rate
Approvals leading to origination73.53%
Wellington State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 34 | $14,290,000 | $420,294 |