State Bank Mortgage Rates, Fees & Info
Waverly, IALEI: 254900O1WT2BXINL9612
Tax ID: 42-0515775
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
State Bank is a smaller bank specializing in Home Purchase and Refi loans. State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Waterloo, Des Moines, Show Low, Cedar Rapids, and Davenport among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)State 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
126Origination Dollar Volume (All Markets)
$16,180,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 76 | $9,350,000 | $123,026 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 38 | $5,220,000 | $137,368 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 5 | $785,000 | $157,000 | $0 | 0.00% |
| Show Low, AZ (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Mason City, IA (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 126 | $16,180,000 | $128,413 | $0 | 0.00% |
For 2019, State Bank's most frequently originated type of loan was Conventional, with 126 originations.
Loan Reason
For 2019, State Bank's most frequently cited loan purpose was Home Purchase, with 61 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 126 | $16,180,000 | $128,413 | $0 | 0.00% |
For 2019, State Bank's most frequently cited loan duration was Other, with 126 originations.
Loan Sizing
2019 saw State Bank place emphasis on $100,000 or less loans with 63 originations, totaling $3,535,000 in origination value.
Applicant Income
State Bank lent most frequently to those with incomes in the $50k-75k range, with 31 originations. The second most popular income band? $50k or less, with 25 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 126 | $16,180,000 | $128,413 | $0 | 0.00% |
State Bank lent most frequently to those with DTI ratios of Exempt%, with 126 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 121 | $14,715,000 | $121,612 | $0 | 0.00% |
| Not applicable | 5 | $1,465,000 | $293,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications98.48%
State 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 origination96.83%
State 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 | 126 | $16,180,000 | $128,413 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE FARM BANK, FSB | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 16.7% |
| STATE FARM BANK, FSB | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Struggling to pay mortgage | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Trouble during payment process | 5 | 41.7% |
| STATE FARM BANK, FSB | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 16.7% |
| STATE FARM BANK, FSB | VA mortgage | Trouble during payment process | 1 | 8.3% |