Mckenzie Banking Company Mortgage Rates, Fees & Info
McKenzie, TNLEI: 5493001TKHVR1XBO7H51
Tax ID: 62-1252500
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Mortgage Data
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, Martin, Union City, and Dallas among others. We have data for 11 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.
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Originations
60Origination Dollar Volume (All Markets)
$5,180,000Top 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 |
|---|---|---|---|---|---|
| JACKSON, TN (FHA|USDA|VA) | 20 | $1,970,000 | $98,500 | $0 | 0.00% |
| Outside of Metro Areas | 11 | $1,015,000 | $92,273 | $0 | 0.00% |
| Paris, TN (FHA|USDA|VA) | 10 | $680,000 | $68,000 | $0 | 0.00% |
| Martin, TN (FHA|USDA|VA) | 6 | $540,000 | $90,000 | $0 | 0.00% |
| Union City, TN (FHA|USDA|VA) | 7 | $335,000 | $47,857 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| Dyersburg, TN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 60 | $5,180,000 | $86,333 | $0 | 0.00% |
For 2019, Mckenzie Banking Company's most frequently originated type of loan was Conventional, with 60 originations.
Loan Reason
For 2019, Mckenzie Banking Company's most frequently cited loan purpose was Home Purchase, with 38 originations. The 2nd most popular reason was Other, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 60 | $5,180,000 | $86,333 | $0 | 0.00% |
For 2019, Mckenzie Banking Company's most frequently cited loan duration was Other, with 60 originations.
Loan Sizing
2019 saw Mckenzie Banking Company place emphasis on $100,000 or less loans with 42 originations, totaling $2,150,000 in origination value.
Applicant Income
Mckenzie Banking Company lent most frequently to those with incomes in the $50k or less range, with 24 originations. The second most popular income band? $50k-75k, with 17 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 60 | $5,180,000 | $86,333 | $0 | 0.00% |
Mckenzie Banking Company lent most frequently to those with DTI ratios of Exempt%, with 60 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 50 | $4,370,000 | $87,400 | $0 | 0.00% |
| Not provided | 8 | $780,000 | $97,500 | $0 | 0.00% |
| Black | 2 | $30,000 | $15,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications71.43%
Mckenzie Banking Company has a below average approval rate.
Pick Rate
Approvals leading to origination63.33%
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 |
|---|---|---|---|
| Exempt | 60 | $5,180,000 | $86,333 |