Southern States Bank Mortgage Rates, Fees & Info

Anniston, AL

LEI: 5493001XP7X9J8PCH525

Tax ID: 20-8866792

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Mortgage Data

Review & Overview

Southern States Bank is a smaller bank specializing in Home Purchase and Refi loans. Southern States Bank has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Atlanta, Louisville, Huntsville, and Rocky Mount among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southern States Bank 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

109

Origination Dollar Volume (All Markets)

$54,455,000

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
COLUMBUS, GA-AL (FHA|USDA|VA) 45 $14,315,000 $318,111 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 13 $8,025,000 $617,308 $0 0.00%
LOUISVILLE, KY (FHA|USDA|VA) 1 $5,725,000 $5,725,000 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $5,605,000 $5,605,000 $0 0.00%
ROCKY MOUNT, NC (FHA|USDA|VA) 1 $5,005,000 $5,005,000 $0 0.00%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 8 $4,230,000 $528,750 $0 0.00%
TUSCALOOSA, AL (FHA|USDA|VA) 2 $3,380,000 $1,690,000 $0 0.00%
Outside of Metro Areas 13 $1,925,000 $148,077 $0 0.00%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 1 $1,725,000 $1,725,000 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 2 $740,000 $370,000 $0 0.00%
DOTHAN, AL (FHA|USDA|VA) 1 $655,000 $655,000 $0 0.00%
Fort Payne, AL (FHA|USDA|VA) 1 $615,000 $615,000 $0 0.00%
Talladega-Sylacauga, AL (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
LaGrange, GA-AL (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
Douglas, GA (FHA|USDA|VA) 6 $240,000 $40,000 $0 0.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $240,000 $120,000 $0 0.00%
Alexander City, AL (FHA|USDA|VA) 3 $225,000 $75,000 $0 0.00%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Milledgeville, GA (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Jefferson, GA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
ANNISTON-OXFORD, AL (FHA|USDA|VA) 3 $125,000 $41,667 $0 0.00%
Southern States Bank's top markets include Columbus, Atlanta, Louisville, Huntsville, and Rocky Mount among others.

Their top states include:
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 109 $54,455,000 $499,587 $0 0.00%

    For 2023, Southern States Bank's most frequently originated type of loan was Conventional, with 109 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 57 $24,405,000 $428,158 $0 0.00%
    Refi 43 $27,315,000 $635,233 $0 0.00%
    Home Improvement 5 $2,035,000 $407,000 $0 0.00%
    Other 4 $700,000 $175,000 $0 0.00%

    For 2023, Southern States Bank's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Refi, with 43 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 109 $54,455,000 $499,587 $0 0.00%

    For 2023, Southern States Bank's most frequently cited loan duration was Other, with 109 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 49 $2,775,000 $56,633 $0 0.00%
    $100k-200k 20 $2,920,000 $146,000 $0 0.00%
    $200k-400k 19 $5,105,000 $268,684 $0 0.00%
    $1MM+ 12 $37,930,000 $3,160,833 $0 0.00%
    $600k-1MM 5 $3,685,000 $737,000 $0 0.00%
    $400k-600k 4 $2,040,000 $510,000 $0 0.00%

    2023 saw Southern States Bank place emphasis on $100,000 or less loans with 49 originations, totaling $2,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 10 $760,000 $76,000 $0 0.00%
    $150k-250k 8 $1,830,000 $228,750 $0 0.00%
    $100k-150k 7 $1,385,000 $197,857 $0 0.00%
    $250k+ 7 $7,635,000 $1,090,714 $0 0.00%
    $50k-75k 4 $150,000 $37,500 $0 0.00%
    $75k-100k 3 $625,000 $208,333 $0 0.00%

    Southern States Bank lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $150k-250k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 109 $54,455,000 $499,587 $0 0.00%

    Southern States Bank lent most frequently to those with DTI ratios of Exempt%, with 109 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 69 $41,985,000 $608,478 $0 0.00%
    Asian 10 $7,640,000 $764,000 $0 0.00%
    White 25 $4,165,000 $166,600 $0 0.00%
    Asian Indian 2 $400,000 $200,000 $0 0.00%
    Not provided 1 $225,000 $225,000 $0 0.00%
    Black 2 $40,000 $20,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.12%

    Southern States Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.72%

    Southern States Bank 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 109 $54,455,000 $499,587

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    109 $54,455,000 $499,587