Mckenzie Banking Company Mortgage Rates, Fees & Info

McKenzie, TN

LEI: 5493001TKHVR1XBO7H51

Tax ID: 62-1252500

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mckenzie Banking Company is a smaller bank specializing in Home Purchase loans. Mckenzie Banking Company has a high proportion of conventional loans. Their top markets by origination volume include: Jackson, Paris, Memphis, St. Louis, and Clarksville among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mckenzie Banking Company 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. Mckenzie Banking Company 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 about average rates.

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    Originations

    68

    Origination Dollar Volume (All Markets)

    $5,870,000

    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
    JACKSON, TN (FHA|USDA|VA) 38 $3,660,000 $96,316 $1,503 5.76%
    Paris, TN (FHA|USDA|VA) 11 $605,000 $55,000 $1,257 6.15%
    Outside of Metro Areas 8 $530,000 $66,250 $1,223 6.81%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $255,000 $255,000 $101 4.75%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $195,000 $195,000 $2,346 4.25%
    CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $195,000 $195,000 $2,225 4.38%
    Union City, TN (FHA|USDA|VA) 3 $185,000 $61,667 $1,651 6.25%
    Martin, TN (FHA|USDA|VA) 4 $160,000 $40,000 $1,340 6.69%
    Brownsville, TN (FHA|USDA|VA) 1 $85,000 $85,000 $709 7.75%
    Mckenzie Banking Company's top markets include Jackson, Paris, Memphis, St. Louis, and Clarksville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 68 $5,870,000 $86,324 $1,410 5.99%

    For 2018, Mckenzie Banking Company's most frequently originated type of loan was Conventional, with 68 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $4,150,000 $103,750 $1,827 5.54%
    Other 12 $410,000 $34,167 $880 7.75%
    Cash Out Refi 8 $470,000 $58,750 $991 6.06%
    Refi 5 $645,000 $129,000 $308 5.33%
    Home Improvement 2 $170,000 $85,000 $1,243 6.00%
    NA 1 $25,000 $25,000 $0 5.75%

    For 2018, Mckenzie Banking Company's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Other, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 26 $2,770,000 $106,538 $1,557 5.28%
    Other 18 $940,000 $52,222 $1,290 7.04%
    30 Year 10 $1,370,000 $137,000 $1,971 4.63%
    10 Year 9 $335,000 $37,222 $649 6.92%
    20 Year 3 $425,000 $141,667 $1,897 6.07%
    5 Year 2 $30,000 $15,000 $658 8.38%

    For 2018, Mckenzie Banking Company's most frequently cited loan duration was 15 Year, with 26 originations. The 2nd most popular length was Other, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 54 $4,650,000 $86,111

    Mckenzie Banking Company's average total fees were $1,971, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 54 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 27 $3,915,000 $145,000
    6-7% 14 $700,000 $50,000
    5-6% 11 $705,000 $64,091
    7-8% 10 $370,000 $37,000
    Over 8% 5 $105,000 $21,000
    3-4% 1 $75,000 $75,000

    During 2018, Mckenzie Banking Company's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 45 $2,205,000 $49,000 $1,149 6.71%
    $100k-200k 19 $2,705,000 $142,368 $1,940 4.57%
    $200k-400k 4 $960,000 $240,000 $1,005 4.64%

    2018 saw Mckenzie Banking Company place emphasis on $100,000 or less loans with 45 originations, totaling $2,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 21 $1,585,000 $75,476 $1,340 5.79%
    $50k or less 20 $1,140,000 $57,000 $1,416 6.88%
    $75k-100k 14 $1,600,000 $114,286 $1,560 5.48%
    $100k-150k 7 $1,015,000 $145,000 $1,231 5.42%
    $150k-250k 3 $165,000 $55,000 $1,340 6.92%
    $250k+ 1 $105,000 $105,000 $2,012 4.50%

    Mckenzie Banking Company lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $50k or less, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 20 $1,800,000 $90,000 $1,461 6.00%
    20-30% 18 $1,730,000 $96,111 $1,386 5.63%
    30-36% 13 $925,000 $71,154 $1,464 6.45%
    40% 3 $215,000 $71,667 $987 6.00%
    37% 3 $265,000 $88,333 $1,771 5.96%
    42% 3 $215,000 $71,667 $1,250 6.75%
    39% 2 $300,000 $150,000 $922 5.88%
    50-60% 1 $25,000 $25,000 $0 6.75%
    43% 1 $105,000 $105,000 $1,928 4.38%
    49% 1 $55,000 $55,000 $1,297 7.00%

    Mckenzie Banking Company lent most frequently to those with DTI ratios of <20%, with 20 originations. The next most common DTI ratio? 20-30%, with 18 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 64 $5,770,000 $90,156 $1,442 5.87%
    Not provided 2 $70,000 $35,000 $490 6.88%
    Black 2 $30,000 $15,000 $1,015 9.00%

    Approval Rates

    Total approvals of all applications
    77.34%

    Mckenzie Banking Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    54.41%

    Mckenzie Banking Company 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 68 $5,870,000 $86,324

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $55,000 $55,000
    Multifamily:Site-Built 1 $285,000 $285,000
    Single Family (1-4 Units):Manufactured 6 $290,000 $48,333
    Single Family (1-4 Units):Site-Built 60 $5,240,000 $87,333

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $480,000 $48,000 $912 6.48%
    40-60% 8 $400,000 $50,000 $1,321 6.95%
    60-80% 17 $1,945,000 $114,412 $1,557 5.20%
    80-100% 25 $2,755,000 $110,200 $1,771 5.55%
    Under 20% 8 $290,000 $36,250 $891 7.48%