Exchange State Bank Mortgage Rates, Fees & Info
Ames, IALEI: 254900ORL3AOAHZ46F19
Tax ID: 42-0239000
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Mortgage Data
Review & Overview
Exchange State Bank is a smaller bank specializing in Home Purchase and Refi loans. Exchange State Bank has a high proportion of conventional loans. Exchange State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Ames, Iowa City, Des Moines, and Marshalltown among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Exchange 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
52Origination Dollar Volume (All Markets)
$8,410,000Top 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 |
|---|---|---|---|---|---|
| AMES, IA (FHA|USDA|VA) | 36 | $6,960,000 | $193,333 | $698 | 4.76% |
| Outside of Metro Areas | 12 | $900,000 | $75,000 | $971 | 4.86% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $1,334 | 4.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $682 | 4.25% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $549 | 5.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 34 | $3,920,000 | $115,294 | $802 | 4.75% |
| Conventional | 18 | $4,490,000 | $249,444 | $0 | 0.00% |
For 2018, Exchange State Bank's most frequently originated type of loan was Conventional, with 34 originations. Their 2nd most popular type was Conventional, with 18 originations.
Loan Reason
For 2018, Exchange State Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 19 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 44 | $6,880,000 | $156,364 | $756 | 4.82% |
| 5 Year | 6 | $1,000,000 | $166,667 | $0 | 4.71% |
| 30+ year | 2 | $530,000 | $265,000 | $1,103 | 4.00% |
For 2018, Exchange State Bank's most frequently cited loan duration was Other, with 44 originations. The 2nd most popular length was 5 Year, with 6 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 15 | $1,735,000 | $115,667 |
Exchange State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 15 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 29 | $3,175,000 | $109,483 |
| 5-6% | 3 | $215,000 | $71,667 |
| 3-4% | 2 | $530,000 | $265,000 |
During 2018, Exchange State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 29 originations.
Loan Sizing
2018 saw Exchange State Bank place emphasis on $100,000 or less loans with 29 originations, totaling $1,415,000 in origination value.
Applicant Income
Exchange State Bank lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $150k-250k, with 7 originations.
Applicant Debt to Income Ratio
Exchange State Bank lent most frequently to those with DTI ratios of Exempt%, with 18 originations. The next most common DTI ratio? 20-30%, with 5 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 38 | $5,510,000 | $145,000 | $802 | 4.72% |
| Not applicable | 14 | $2,900,000 | $207,143 | $0 | 4.82% |
Approval Rates
Total approvals of all applications100.00%
Exchange 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 origination98.08%
Exchange 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 | 18 | $4,490,000 | $249,444 |
| NA | 34 | $3,920,000 | $115,294 |