Wellington State Bank Mortgage Rates, Fees & Info

Littlefield, TX

LEI: 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

34

Origination Dollar Volume (All Markets)

$14,290,000

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
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%
Wellington State Bank's top markets include Lubbock and Andrews among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)
  • 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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 15 $12,375,000 $825,000 $0 6.24%
    15 Year 12 $980,000 $81,667 $0 6.63%
    20 Year 4 $190,000 $47,500 $0 6.69%
    5 Year 2 $100,000 $50,000 $0 5.25%
    3 Year 1 $645,000 $645,000 $0 5.25%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $1,265,000 $60,238 $0 6.47%
    $100k-200k 4 $500,000 $125,000 $0 6.68%
    $1MM+ 4 $9,920,000 $2,480,000 $0 5.81%
    $600k-1MM 3 $2,115,000 $705,000 $0 5.42%
    $200k-400k 2 $490,000 $245,000 $0 6.75%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 4 $430,000 $107,500 $0 6.19%
    $100k-150k 3 $335,000 $111,667 $0 6.75%
    $50k-75k 3 $295,000 $98,333 $0 6.50%
    $50k or less 3 $165,000 $55,000 $0 6.25%
    $250k+ 2 $110,000 $55,000 $0 6.53%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 3 $255,000 $85,000 $0 6.33%
    <20% 3 $135,000 $45,000 $0 6.17%
    37% 2 $170,000 $85,000 $0 6.00%
    20-30% 2 $250,000 $125,000 $0 6.75%
    36% 1 $35,000 $35,000 $0 6.75%
    39% 1 $95,000 $95,000 $0 6.75%
    43% 1 $285,000 $285,000 $0 6.75%

    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 applications
    75.44%

    Wellington State Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    73.53%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $10,615,000 $2,123,000
    Single Family (1-4 Units):Site-Built 29 $3,675,000 $126,724

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 1 $35,000 $35,000 $0 6.65%
    60-80% 8 $940,000 $117,500 $0 6.51%
    80-100% 23 $12,605,000 $548,043 $0 6.29%
    Under 20% 2 $710,000 $355,000 $0 6.08%