The Bank Of Marion Mortgage Rates, Fees & Info
MARION, VALEI: 254900V7NEE9M236MZ98
Tax ID: 54-0132780
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Mortgage Data
Review & Overview
The Bank Of Marion is a smaller bank specializing in Home Purchase and Refi loans. The Bank Of Marion has a high proportion of conventional loans. The Bank Of Marion has a low ratio of conventional loans. Their top markets by origination volume include: Kingsport, Johnson City, Bluefield, Blacksburg, and Sevierville among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)The Bank Of Marion has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders. The Bank Of Marion is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 5.79% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
The Bank Of Marion Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
413Origination Dollar Volume (All Markets)
$61,545,000Top 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 | 225 | $28,745,000 | $127,756 | $0 | 0.00% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 157 | $26,315,000 | $167,611 | $300 | 5.99% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 14 | $3,120,000 | $222,857 | $0 | 0.00% |
| Bluefield, WV-VA (FHA|USDA|VA) | 6 | $1,180,000 | $196,667 | $0 | 0.00% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $715,000 | $715,000 | $0 | 0.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| MORRISTOWN, TN (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 0.00% |
| Big Stone Gap, VA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 412 | $61,500,000 | $149,272 | $0 | 0.00% |
| Conventional | 1 | $45,000 | $45,000 | $300 | 5.99% |
For 2022, The Bank Of Marion's most frequently originated type of loan was Conventional, with 412 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2022, The Bank Of Marion's most frequently cited loan purpose was Home Purchase, with 199 originations. The 2nd most popular reason was Refi, with 149 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 412 | $61,500,000 | $149,272 | $0 | 0.00% |
| 30 Year | 1 | $45,000 | $45,000 | $300 | 5.99% |
For 2022, The Bank Of Marion's most frequently cited loan duration was Other, with 412 originations. The 2nd most popular length was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $45,000 | $45,000 |
The Bank Of Marion's average total fees were $300, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 1 | $45,000 | $45,000 |
During 2022, The Bank Of Marion's average interest rate for loans was 5.99%, while their most frequently originated rate bucket for loans was 5-6%, with 1 originations.
Loan Sizing
2022 saw The Bank Of Marion place emphasis on $100,000 or less loans with 176 originations, totaling $10,900,000 in origination value.
Applicant Income
The Bank Of Marion lent most frequently to those with incomes in the $50k or less range, with 131 originations. The second most popular income band? $50k-75k, with 96 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 412 | $61,500,000 | $149,272 | $0 | 0.00% |
| <20% | 1 | $45,000 | $45,000 | $300 | 5.99% |
The Bank Of Marion lent most frequently to those with DTI ratios of Exempt%, with 412 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 409 | $60,735,000 | $148,496 | $300 | 5.99% |
| Asian | 3 | $645,000 | $215,000 | $0 | 0.00% |
| Black | 1 | $165,000 | $165,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications80.54%
The Bank Of Marion has a below average approval rate.
Pick Rate
Approvals leading to origination90.80%
The Bank Of Marion has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 412 | $61,500,000 | $149,272 |
| NA | 1 | $45,000 | $45,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 80-100% | 1 | $45,000 | $45,000 | $300 | 5.99% |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |
| TD BANK US HOLDING COMPANY | Conventional home mortgage | Closing on a mortgage | 1 | 50.0% |