Better Banks Mortgage Rates, Fees & Info
Peoria, ILLEI: 254900UAJ26M2YIF0822
Tax ID: 37-0253320
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Better Banks is a smaller bank specializing in Home Purchase loans. Better Banks has a high proportion of conventional loans. Their top markets by origination volume include: Peoria, Galesburg, Bloomington, Des Moines, and Springfield among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Better Banks 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
161Origination Dollar Volume (All Markets)
$24,005,000Top 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 |
|---|---|---|---|---|---|
| PEORIA, IL (FHA|USDA|VA) | 142 | $20,240,000 | $142,535 | $0 | 0.00% |
| Outside of Metro Areas | 6 | $1,160,000 | $193,333 | $0 | 0.00% |
| Galesburg, IL (FHA|USDA|VA) | 3 | $745,000 | $248,333 | $0 | 0.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| SPRINGFIELD, IL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Macomb, IL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Ottawa, IL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 161 | $24,005,000 | $149,099 | $0 | 0.00% |
For 2022, Better Banks's most frequently originated type of loan was Conventional, with 161 originations.
Loan Reason
For 2022, Better Banks's most frequently cited loan purpose was Home Purchase, with 108 originations. The 2nd most popular reason was Cash Out Refi, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 161 | $24,005,000 | $149,099 | $0 | 0.00% |
For 2022, Better Banks's most frequently cited loan duration was Other, with 161 originations.
Loan Sizing
2022 saw Better Banks place emphasis on $100,000 or less loans with 66 originations, totaling $3,930,000 in origination value.
Applicant Income
Better Banks lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $100k-150k, with 32 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 161 | $24,005,000 | $149,099 | $0 | 0.00% |
Better Banks lent most frequently to those with DTI ratios of Exempt%, with 161 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.48%
Better Banks has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination95.03%
Better Banks 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 | 161 | $24,005,000 | $149,099 |