Western Bank Mortgage Rates, Fees & Info

Lubbock, TX

LEI: 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% 6/9/24
15 Year Conventional Refi 5.68% 6/9/24
15 Year Cash-out Refi 5.68% 6/9/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Western Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

81

Origination Dollar Volume (All Markets)

$26,165,000

Top 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%
Western Bank's top markets include Lubbock, Amarillo, Dallas, Abilene, and Steamboat Springs among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 55 $20,765,000 $377,545 $9,040 9.02%
    Cash Out Refi 16 $4,010,000 $250,625 $0 9.11%
    Refi 9 $1,135,000 $126,111 $0 9.11%
    Home Improvement 1 $255,000 $255,000 $5,359 10.25%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 52 $18,110,000 $348,269 $0 9.13%
    Other 18 $5,010,000 $278,333 $9,040 8.84%
    1 Year 6 $1,960,000 $326,667 $5,359 9.42%
    3 Year 5 $1,085,000 $217,000 $0 8.70%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 30 $4,060,000 $135,333 $0 9.02%
    $200k-400k 20 $5,190,000 $259,500 $5,359 9.38%
    $100,000 or less 15 $1,005,000 $67,000 $0 9.27%
    $1MM+ 8 $11,080,000 $1,385,000 $11,181 8.95%
    $600k-1MM 5 $3,545,000 $709,000 $9,388 7.77%
    $400k-600k 3 $1,285,000 $428,333 $6,203 8.83%

    2023 saw Western Bank place emphasis on $100k-200k loans with 30 originations, totaling $4,060,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $4,150,000 $518,750 $9,986 8.46%
    $100k-150k 3 $445,000 $148,333 $5,359 9.33%
    $150k-250k 3 $845,000 $281,667 $6,203 8.75%
    $75k-100k 3 $135,000 $45,000 $0 9.75%
    $50k-75k 1 $65,000 $65,000 $0 9.75%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    >60% 7 $505,000 $72,143 $0 9.46%
    30-36% 3 $2,125,000 $708,333 $10,190 7.74%
    50-60% 2 $140,000 $70,000 $0 9.50%
    <20% 1 $345,000 $345,000 $0 9.25%
    40% 1 $405,000 $405,000 $6,203 8.50%
    43% 1 $255,000 $255,000 $5,359 10.25%
    39% 1 $135,000 $135,000 $0 8.75%
    20-30% 1 $1,005,000 $1,005,000 $0 9.25%
    37% 1 $725,000 $725,000 $9,578 6.48%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 63 $20,525,000 $325,794 $0 9.10%
    White 17 $5,335,000 $313,824 $8,304 8.94%
    Asian Indian 1 $305,000 $305,000 $0 9.00%

    Approval Rates

    Total approvals of all applications
    93.55%

    Western Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.59%

    Western Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 81 $26,165,000 $323,025

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    81 $26,165,000 $323,025

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $300,000 $150,000 $5,359 10.00%
    40-60% 14 $4,120,000 $294,286 $0 9.29%
    60-80% 57 $18,725,000 $328,509 $9,040 8.99%
    80-100% 7 $2,905,000 $415,000 $0 8.89%
    Under 20% 1 $115,000 $115,000 $0 9.50%