Beverly - Hanks Mortgage Services Rates, Fees & Info
Asheville, NCLEI: 5493000JHK8ZOZKD8J96
Tax ID: 56-2172712
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Mortgage Data
Review & Overview
Beverly - Hanks Mortgage Services is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Beverly - Hanks Mortgage Services has a high proportion of conventional loans. Their top (well, only) market is Asheville.Beverly - Hanks Mortgage Services 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. Beverly - Hanks Mortgage Services is typically an average 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 about average rates.
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Originations
8Origination Dollar Volume (All Markets)
$1,390,000Top 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 |
|---|---|---|---|---|---|
| ASHEVILLE, NC (FHA|USDA|VA) | 8 | $1,390,000 | $173,750 | $5,485 | 5.55% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 6 | $780,000 | $130,000 | n/a | 5.94% |
| Conventional | 2 | $610,000 | $305,000 | $5,485 | 4.38% |
For 2019, Beverly - Hanks Mortgage Services's most frequently originated type of loan was HELOC, with 6 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 5 | $725,000 | $145,000 | $2,772 | 5.05% |
| Cash Out Refi | 2 | $560,000 | $280,000 | $8,198 | 6.81% |
| Refi | 1 | $105,000 | $105,000 | $0 | 5.50% |
For 2019, Beverly - Hanks Mortgage Services's most frequently cited loan purpose was Home Purchase, with 5 originations. The 2nd most popular reason was Cash Out Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 7 | $1,285,000 | $183,571 | $8,198 | 5.79% |
| 15 Year | 1 | $105,000 | $105,000 | $2,772 | 3.88% |
For 2019, Beverly - Hanks Mortgage Services's most frequently cited loan duration was 30 Year, with 7 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $105,000 | $105,000 |
| $5k+ | 1 | $505,000 | $505,000 |
Beverly - Hanks Mortgage Services's average total fees were $8,198, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 4 | $650,000 | $162,500 |
| 4-5% | 2 | $580,000 | $290,000 |
| 3-4% | 1 | $105,000 | $105,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2019, Beverly - Hanks Mortgage Services's average interest rate for loans was 5.79%, while their most frequently originated rate bucket for loans was 5-6%, with 4 originations.
Loan Sizing
2019 saw Beverly - Hanks Mortgage Services place emphasis on $100k-200k loans with 5 originations, totaling $755,000 in origination value.
Applicant Income
Beverly - Hanks Mortgage Services lent most frequently to those with incomes in the $100k-150k range, with 3 originations. The second most popular income band? $150k-250k, with 2 originations.
Applicant Debt to Income Ratio
Beverly - Hanks Mortgage Services lent most frequently to those with DTI ratios of 30-36%, with 4 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 2 | $700,000 | $350,000 | $8,198 | 5.19% |
| White | 6 | $690,000 | $115,000 | $2,772 | 5.67% |
Approval Rates
Total approvals of all applications88.89%
Beverly - Hanks Mortgage Services has an average approval rate.
Pick Rate
Approvals leading to origination-1,112.50%
Beverly - Hanks Mortgage Services has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 8 | $1,390,000 | $173,750 |