Southpoint Bank Mortgage Rates, Fees & Info
Birmingham, ALLEI: 254900E9QYJ6OX8QXL76
Tax ID: 65-1260993
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Mortgage Data
Review & Overview
Southpoint Bank is a smaller bank specializing in Home Purchase loans. Southpoint Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Birmingham, Decatur, Daphne, Anniston, and Cullman among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)Southpoint 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. Southpoint Bank is typically an average 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 about average 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.72% | 4/28/24 |
| 30 Year Conventional Refi | 6.51% | 4/28/24 |
| 30 Year Cash-out Refi | 6.80% | 4/28/24 |
| 30 Year FHA Purchase | 7.24% | 4/28/24 |
| 30 Year FHA Refi | 6.83% | 4/28/24 |
| 30 Year VA Purchase | 6.16% | 4/28/24 |
| 30 Year VA Refi | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.68% | 4/28/24 |
| 15 Year Conventional Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Refi | 7.12% | 4/28/24 |
| 15 Year Cash-out Refi | 7.12% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Southpoint Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
883Origination Dollar Volume (All Markets)
$265,095,000Awards
SouthPoint Bank - 2022
SouthPoint Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 431 | $135,145,000 | $313,561 | $5,560 | 4.89% |
| DECATUR, AL (FHA|USDA|VA) | 96 | $21,530,000 | $224,271 | $5,630 | 4.95% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 55 | $18,895,000 | $343,545 | $6,441 | 5.00% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 79 | $15,245,000 | $192,975 | $4,194 | 4.99% |
| Cullman, AL (FHA|USDA|VA) | 40 | $12,650,000 | $316,250 | $5,965 | 5.19% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 9 | $7,805,000 | $867,222 | $4,283 | 5.01% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 8 | $7,220,000 | $902,500 | $15,950 | 4.70% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 23 | $6,425,000 | $279,348 | $6,105 | 4.99% |
| MONTGOMERY, AL (FHA|USDA|VA) | 31 | $6,425,000 | $207,258 | $6,486 | 4.90% |
| Alexander City, AL (FHA|USDA|VA) | 9 | $5,205,000 | $578,333 | $8,927 | 4.74% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 15 | $3,395,000 | $226,333 | $4,096 | 4.42% |
| PANAMA CITY, FL (FHA|USDA|VA) | 9 | $3,335,000 | $370,556 | $8,696 | 4.39% |
| Outside of Metro Areas | 10 | $2,760,000 | $276,000 | $6,119 | 4.63% |
| Jasper, AL (FHA|USDA|VA) | 9 | $2,105,000 | $233,889 | $4,452 | 4.74% |
| Albertville, AL (FHA|USDA|VA) | 7 | $1,915,000 | $273,571 | $7,472 | 5.45% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 2 | $1,690,000 | $845,000 | $5,495 | 5.25% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 6 | $1,540,000 | $256,667 | $5,761 | 4.75% |
| MOBILE, AL (FHA|USDA|VA) | 7 | $1,395,000 | $199,286 | $3,831 | 5.11% |
| Atmore, AL (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $2,866 | 4.83% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $7,569 | 5.13% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $5,527 | 5.06% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $4,190 | 4.56% |
| GADSDEN, AL (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $2,491 | 5.67% |
| BATON ROUGE, LA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $7,901 | 6.13% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $9,011 | 7.13% |
| Somerset, KY (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $8,214 | 3.63% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $3,662 | 4.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $4,880 | 4.88% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $1,533 | 5.50% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $7,531 | 4.25% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $7,087 | 4.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $44 | 3.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,649 | 4.50% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,187 | 4.13% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $5,472 | 5.13% |
| Fort Payne, AL (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $3,160 | 4.19% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,742 | 4.25% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,771 | 6.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,911 | 3.25% |
| Selma, AL (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $985 | 3.63% |
Similar Lenders
We use machine learning to identify the top lenders compared against SouthPoint Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2022, Southpoint Bank's most frequently originated type of loan was Conventional, with 648 originations. Their 2nd most popular type was FHA, with 163 originations.
Loan Reason
For 2022, Southpoint Bank's most frequently cited loan purpose was Home Purchase, with 739 originations. The 2nd most popular reason was Cash Out Refi, with 63 originations.
Loan Duration/Length
For 2022, Southpoint Bank's most frequently cited loan duration was 30 Year, with 788 originations. The 2nd most popular length was 5 Year, with 33 originations.
Origination Fees/Closing Costs
Southpoint Bank's average total fees were $5,732, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 288 originations.
Interest Rates
During 2022, Southpoint Bank's average interest rate for loans was 4.91%, while their most frequently originated rate bucket for loans was 4-5%, with 295 originations.
Loan Sizing
2022 saw Southpoint Bank place emphasis on $200k-400k loans with 418 originations, totaling $117,240,000 in origination value.
Applicant Income
Southpoint Bank lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $100k-150k, with 169 originations.
Applicant Debt to Income Ratio
Southpoint Bank lent most frequently to those with DTI ratios of 30-36%, with 167 originations. The next most common DTI ratio? 20-30%, with 155 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.06%
Southpoint 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 origination77.46%
Southpoint Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 883 | $265,095,000 | $300,221 |