Western Bank Mortgage Rates, Fees & Info
Lubbock, TXLEI: 5493000EAQ6YVQD0ZB49
Tax ID: 74-0962510
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Mortgage Data
Review & Overview
Western Bank is a smaller bank specializing in Home Purchase loans. Western Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lubbock, Amarillo, Dallas, Abilene, and Steamboat Springs among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)Western 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.
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 |
|---|---|---|
| 15 Year Conventional Purchase | 5.68% | 4/18/24 |
| 15 Year Conventional Refi | 5.68% | 4/18/24 |
| 15 Year Cash-out Refi | 5.68% | 4/18/24 |
| 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. | ||
Western Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
81Origination Dollar Volume (All Markets)
$26,165,000Top 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 |
|---|---|---|---|---|---|
| LUBBOCK, TX (FHA|USDA|VA) | 24 | $8,290,000 | $345,417 | $0 | 9.20% |
| AMARILLO, TX (FHA|USDA|VA) | 35 | $7,215,000 | $206,143 | $0 | 9.04% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 6 | $4,810,000 | $801,667 | $8,327 | 8.06% |
| Outside of Metro Areas | 4 | $1,550,000 | $387,500 | $5,359 | 9.56% |
| ABILENE, TX (FHA|USDA|VA) | 7 | $1,505,000 | $215,000 | $11,181 | 9.38% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $1,345,000 | $1,345,000 | $0 | 8.75% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 1 | $615,000 | $615,000 | $0 | 8.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $0 | 9.00% |
| Big Spring, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 9.50% |
| Plainview, TX (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 9.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 80 | $25,390,000 | $317,375 | $8,304 | 9.06% |
| HELOC | 1 | $775,000 | $775,000 | n/a | 9.00% |
For 2023, Western Bank's most frequently originated type of loan was Conventional, with 80 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2023, Western Bank's most frequently cited loan purpose was Home Purchase, with 55 originations. The 2nd most popular reason was Cash Out Refi, with 16 originations.
Loan Duration/Length
For 2023, Western Bank's most frequently cited loan duration was 5 Year, with 52 originations. The 2nd most popular length was Other, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 2 | $660,000 | $330,000 |
| $3k-4k | 2 | $1,430,000 | $715,000 |
| $5k+ | 1 | $1,115,000 | $1,115,000 |
Western Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 76 | $22,920,000 | $301,579 |
| 7-8% | 3 | $1,815,000 | $605,000 |
| 6-7% | 2 | $1,430,000 | $715,000 |
During 2023, Western Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 76 originations.
Loan Sizing
2023 saw Western Bank place emphasis on $100k-200k loans with 30 originations, totaling $4,060,000 in origination value.
Applicant Income
Western Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $100k-150k, with 3 originations.
Applicant Debt to Income Ratio
Western Bank lent most frequently to those with DTI ratios of >60%, with 7 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.55%
Western Bank has an average approval rate.
Pick Rate
Approvals leading to origination92.59%
Western Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 81 | $26,165,000 | $323,025 |