Security Federal Bank Mortgage Rates, Fees & Info
Elizabethton, TNLEI: 254900RZ0M4WWEU4PD15
Tax ID: 62-0680504
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Security Federal Bank is a smaller bank specializing in Home Purchase loans. Security Federal Bank has a high proportion of conventional loans. Their top markets by origination volume include: Johnson City, Kingsport, Asheville, Morristown, and Greeneville among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Security Federal 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
64Origination Dollar Volume (All Markets)
$5,860,000Top 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 |
|---|---|---|---|---|---|
| JOHNSON CITY, TN (FHA|USDA|VA) | 51 | $4,525,000 | $88,725 | $0 | 0.00% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 9 | $825,000 | $91,667 | $0 | 0.00% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Greeneville, TN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 64 | $5,860,000 | $91,563 | $0 | 0.00% |
For 2019, Security Federal Bank's most frequently originated type of loan was Conventional, with 64 originations.
Loan Reason
For 2019, Security Federal Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 64 | $5,860,000 | $91,563 | $0 | 0.00% |
For 2019, Security Federal Bank's most frequently cited loan duration was Other, with 64 originations.
Loan Sizing
2019 saw Security Federal Bank place emphasis on $100,000 or less loans with 42 originations, totaling $2,400,000 in origination value.
Applicant Income
Security Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $50k or less, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 64 | $5,860,000 | $91,563 | $0 | 0.00% |
Security Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 64 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.44%
Security Federal Bank has a below average approval rate.
Pick Rate
Approvals leading to origination81.25%
Security Federal Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 64 | $5,860,000 | $91,563 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 3 | $115,000 | $38,333 |
| Single Family (1-4 Units):Site-Built | 61 | $5,745,000 | $94,180 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Security National Financial Corp | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| Security National Financial Corp | Other type of mortgage | Trouble during payment process | 1 | 33.3% |
| Security National Financial Corp | VA mortgage | Closing on a mortgage | 1 | 33.3% |