Sunstate Bank Mortgage Rates, Fees & Info
West Miami, FLLEI: 254900KN1X8B3CQDSO97
Tax ID: 65-0878433
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Mortgage Data
Review & Overview
Sunstate Bank is a smaller bank specializing in Home Purchase and Refi loans. Sunstate Bank has a high proportion of conventional loans. Their top (well, only) market is Miami.Sunstate Bank has an above average approval rate when compared to the average across all lenders.
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Originations
14Origination Dollar Volume (All Markets)
$3,530,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 14 | $3,530,000 | $252,143 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 14 | $3,530,000 | $252,143 | $0 | 0.00% |
For 2018, Sunstate Bank's most frequently originated type of loan was Conventional, with 14 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $2,055,000 | $293,571 | $0 | 0.00% |
| Refi | 6 | $1,420,000 | $236,667 | $0 | 0.00% |
| Home Improvement | 1 | $55,000 | $55,000 | $0 | 0.00% |
For 2018, Sunstate Bank's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Refi, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 14 | $3,530,000 | $252,143 | $0 | 0.00% |
For 2018, Sunstate Bank's most frequently cited loan duration was Other, with 14 originations.
Loan Sizing
2018 saw Sunstate Bank place emphasis on $200k-400k loans with 8 originations, totaling $2,270,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 1 | $95,000 | $95,000 | $0 | 0.00% |
| $50k-75k | 1 | $265,000 | $265,000 | $0 | 0.00% |
| $50k or less | 1 | $255,000 | $255,000 | $0 | 0.00% |
Sunstate Bank lent most frequently to those with incomes in the $100k-150k range, with 1 originations. The second most popular income band? $50k-75k, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 14 | $3,530,000 | $252,143 | $0 | 0.00% |
Sunstate Bank lent most frequently to those with DTI ratios of Exempt%, with 14 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 10 | $2,760,000 | $276,000 | $0 | 0.00% |
| White | 4 | $770,000 | $192,500 | $0 | 0.00% |
Approval Rates
Total approvals of all applications100.00%
Sunstate 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 14 | $3,530,000 | $252,143 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 4 | $1,650,000 | $412,500 |
| Single Family (1-4 Units):Site-Built | 10 | $1,880,000 | $188,000 |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SUN WEST MORTGAGE COMPANY, INC. | Conventional home mortgage | Trouble during payment process | 1 | 10.0% |
| SUN WEST MORTGAGE COMPANY, INC. | FHA mortgage | Closing on a mortgage | 1 | 10.0% |
| SUN WEST MORTGAGE COMPANY, INC. | FHA mortgage | Struggling to pay mortgage | 1 | 10.0% |
| SUN WEST MORTGAGE COMPANY, INC. | FHA mortgage | Trouble during payment process | 3 | 30.0% |
| SUN WEST MORTGAGE COMPANY, INC. | Other type of mortgage | Struggling to pay mortgage | 2 | 20.0% |
| SUN WEST MORTGAGE COMPANY, INC. | VA mortgage | Trouble during payment process | 2 | 20.0% |