Mckenzie Banking Company Mortgage Rates, Fees & Info

McKenzie, TN

LEI: 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

60

Origination Dollar Volume (All Markets)

$5,180,000

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) 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%
Mckenzie Banking Company's top markets include Jackson, Paris, Martin, Union City, and Dallas among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • 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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 38 $4,040,000 $106,316 $0 0.00%
    Other 6 $170,000 $28,333 $0 0.00%
    Cash Out Refi 6 $410,000 $68,333 $0 0.00%
    Home Improvement 5 $125,000 $25,000 $0 0.00%
    Refi 5 $435,000 $87,000 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 42 $2,150,000 $51,190 $0 0.00%
    $100k-200k 13 $1,755,000 $135,000 $0 0.00%
    $200k-400k 5 $1,275,000 $255,000 $0 0.00%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 24 $1,590,000 $66,250 $0 0.00%
    $50k-75k 17 $1,285,000 $75,588 $0 0.00%
    $100k-150k 8 $880,000 $110,000 $0 0.00%
    $75k-100k 6 $320,000 $53,333 $0 0.00%
    $150k-250k 3 $835,000 $278,333 $0 0.00%
    $250k+ 2 $270,000 $135,000 $0 0.00%

    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 applications
    71.43%

    Mckenzie Banking Company has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    63.33%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $25,000 $25,000
    Single Family (1-4 Units):Manufactured 3 $215,000 $71,667
    Single Family (1-4 Units):Site-Built 56 $4,940,000 $88,214