Renasant Bank

TUPELO, MS 38802-0709

LEI: 5493002RF1ERFA2XR050

Tax ID: 64-0220550

2019 Data | 2018 Data


Overview

Renasant Bank is a small mortgage company specializing in Home Purchase and Refi loans. Renasant Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Atlanta, Birmingham, Nashville, Jackson, and Memphis among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Renasant Bank is typically a low fee lendor.


Originations

15,393

Origination Dollar Volume (All Markets)

$3,201,105,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 12,208 $2,617,880,000 $214,440
FHA 1,477 $251,845,000 $170,511
VA 852 $209,350,000 $245,716
USDA 856 $122,030,000 $142,558

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 8,909 $1,919,075,000 $215,409
Home Improvement 434 $32,710,000 $75,369
Other 842 $75,590,000 $89,774
Refi 3,278 $782,080,000 $238,585
Cash Out Refi 1,930 $391,650,000 $202,927

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
Outside of Metro Areas 4,415 $695,195,000 $157,462
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 1,271 $346,195,000 $272,380
BIRMINGHAM-HOOVER, AL 994 $243,190,000 $244,658
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 783 $200,445,000 $255,996
JACKSON, MS 838 $169,460,000 $202,220
MEMPHIS, TN-MS-AR 724 $147,770,000 $204,102
CHARLESTON-NORTH CHARLESTON, SC 346 $122,250,000 $353,324
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 301 $114,565,000 $380,615
AUBURN-OPELIKA, AL 343 $86,005,000 $250,743
MONTGOMERY, AL 277 $55,795,000 $201,426
DOTHAN, AL 268 $53,290,000 $198,843
ROANOKE, VA 225 $44,605,000 $198,244
LYNCHBURG, VA 222 $42,810,000 $192,838
HUNTSVILLE, AL 178 $39,840,000 $223,820
SAVANNAH, GA 190 $38,490,000 $202,579
JACKSONVILLE, FL 185 $37,195,000 $201,054
PANAMA CITY, FL 187 $37,035,000 $198,048
COLUMBUS, GA-AL 214 $35,740,000 $167,009
TUSCALOOSA, AL 156 $34,140,000 $218,846
MACON-BIBB COUNTY, GA 160 $29,150,000 $182,188
MOBILE, AL 154 $28,930,000 $187,857
DECATUR, AL 197 $28,795,000 $146,168
GREENVILLE-ANDERSON, SC 133 $28,085,000 $211,165
KNOXVILLE, TN 131 $26,305,000 $200,802
VALDOSTA, GA 151 $25,165,000 $166,656
DAPHNE-FAIRHOPE-FOLEY, AL 86 $21,890,000 $254,535
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 103 $21,345,000 $207,233
CHARLOTTE-CONCORD-GASTONIA, NC-SC 100 $21,100,000 $211,000
RALEIGH-CARY, NC 67 $18,755,000 $279,925
ALBANY, GA 202 $17,810,000 $88,168
GADSDEN, AL 116 $17,180,000 $148,103
SPARTANBURG, SC 95 $17,175,000 $180,789
FLORENCE-MUSCLE SHOALS, AL 89 $15,795,000 $177,472
COLUMBIA, SC 71 $13,445,000 $189,366
CHATTANOOGA, TN-GA 67 $12,365,000 $184,552
ANNISTON-OXFORD, AL 71 $11,745,000 $165,423
WARNER ROBINS, GA 49 $10,895,000 $222,347
WILMINGTON, NC 32 $10,790,000 $337,188
BRUNSWICK, GA 32 $10,510,000 $328,438
CHARLOTTESVILLE, VA 31 $10,225,000 $329,839
WINSTON-SALEM, NC 38 $10,180,000 $267,895
PHOENIX-MESA-CHANDLER, AZ 44 $9,880,000 $224,545
BLACKSBURG-CHRISTIANSBURG, VA 39 $8,625,000 $221,154
KINGSPORT-BRISTOL, TN-VA 50 $8,040,000 $160,800
HICKORY-LENOIR-MORGANTON, NC 41 $7,405,000 $180,610
GREENVILLE, NC 30 $6,950,000 $231,667
BATON ROUGE, LA 27 $6,825,000 $252,778
LEXINGTON-FAYETTE, KY 31 $6,295,000 $203,065
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 18 $6,210,000 $345,000
JOHNSON CITY, TN 54 $6,110,000 $113,148
GAINESVILLE, FL 32 $6,030,000 $188,438
DURHAM-CHAPEL HILL, NC 19 $5,995,000 $315,526
PENSACOLA-FERRY PASS-BRENT, FL 26 $5,970,000 $229,615
GAINESVILLE, GA 20 $5,270,000 $263,500
GREENSBORO-HIGH POINT, NC 21 $4,625,000 $220,238
DALLAS-PLANO-IRVING, TX 15 $4,115,000 $274,333
HILTON HEAD ISLAND-BLUFFTON, SC 14 $4,050,000 $289,286
ORLANDO-KISSIMMEE-SANFORD, FL 15 $3,955,000 $263,667
KANSAS CITY, MO-KS 17 $3,895,000 $229,118
HARRISONBURG, VA 13 $3,795,000 $291,923
HATTIESBURG, MS 21 $3,655,000 $174,048
JACKSONVILLE, NC 18 $3,620,000 $201,111
WARREN-TROY-FARMINGTON HILLS, MI 17 $3,615,000 $212,647
ASHEVILLE, NC 15 $3,595,000 $239,667
LAS VEGAS-HENDERSON-PARADISE, NV 11 $3,515,000 $319,545
NEW ORLEANS-METAIRIE, LA 14 $3,480,000 $248,571
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 16 $3,470,000 $216,875
RICHMOND, VA 16 $3,340,000 $208,750
SALT LAKE CITY, UT 9 $3,065,000 $340,556
OKLAHOMA CITY, OK 14 $2,910,000 $207,857
GULFPORT-BILOXI, MS 16 $2,830,000 $176,875
CINCINNATI, OH-KY-IN 9 $2,825,000 $313,889
COLORADO SPRINGS, CO 8 $2,710,000 $338,750
RENO, NV 8 $2,650,000 $331,250
JACKSON, TN 17 $2,605,000 $153,235
ST. LOUIS, MO-IL 11 $2,535,000 $230,455
CLEVELAND-ELYRIA, OH 9 $2,535,000 $281,667
FORT WORTH-ARLINGTON-GRAPEVINE, TX 10 $2,530,000 $253,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 8 $2,450,000 $306,250
OCALA, FL 17 $2,395,000 $140,882
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 4 $2,250,000 $562,500
ATHENS-CLARKE COUNTY, GA 12 $2,180,000 $181,667
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 8 $2,140,000 $267,500
TALLAHASSEE, FL 8 $2,130,000 $266,250
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 9 $2,095,000 $232,778
TAMPA-ST. PETERSBURG-CLEARWATER, FL 7 $2,085,000 $297,857
DENVER-AURORA-LAKEWOOD, CO 7 $2,065,000 $295,000
LOUISVILLE/JEFFERSON COUNTY, KY-IN 7 $2,055,000 $293,571
BOWLING GREEN, KY 9 $2,005,000 $222,778
SANTA FE, NM 6 $1,910,000 $318,333
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 3 $1,875,000 $625,000
INDIANAPOLIS-CARMEL-ANDERSON, IN 9 $1,805,000 $200,556
AUGUSTA-RICHMOND COUNTY, GA-SC 8 $1,720,000 $215,000
PROVO-OREM, UT 5 $1,625,000 $325,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 6 $1,550,000 $258,333
NEW BERN, NC 5 $1,475,000 $295,000
COLUMBUS, OH 6 $1,430,000 $238,333
CLEVELAND, TN 7 $1,395,000 $199,286
ALBUQUERQUE, NM 6 $1,350,000 $225,000
NORTH PORT-SARASOTA-BRADENTON, FL 3 $1,315,000 $438,333
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR 6 $1,270,000 $211,667
STAUNTON, VA 6 $1,230,000 $205,000
OMAHA-COUNCIL BLUFFS, NE-IA 6 $1,200,000 $200,000
BOULDER, CO 2 $1,080,000 $540,000
THE VILLAGES, FL 5 $1,075,000 $215,000
FLORENCE, SC 6 $1,060,000 $176,667
ROME, GA 7 $1,055,000 $150,714
GARY, IN 4 $990,000 $247,500
FAYETTEVILLE, NC 6 $970,000 $161,667
BOISE CITY, ID 4 $940,000 $235,000
LAFAYETTE, LA 5 $915,000 $183,000
FORT COLLINS, CO 3 $895,000 $298,333
OGDEN-CLEARFIELD, UT 3 $885,000 $295,000
FLAGSTAFF, AZ 3 $875,000 $291,667
GOLDSBORO, NC 4 $830,000 $207,500
MISSOULA, MT 2 $760,000 $380,000
SAN ANTONIO-NEW BRAUNFELS, TX 3 $715,000 $238,333
SEATTLE-BELLEVUE-KENT, WA 1 $715,000 $715,000
SUMTER, SC 4 $660,000 $165,000
AKRON, OH 2 $640,000 $320,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 3 $635,000 $211,667
HINESVILLE, GA 4 $600,000 $150,000
HUNTINGTON-ASHLAND, WV-KY-OH 3 $585,000 $195,000
BURLINGTON, NC 3 $565,000 $188,333
TUCSON, AZ 3 $545,000 $181,667
NAPLES-MARCO ISLAND, FL 3 $515,000 $171,667
LINCOLN, NE 3 $505,000 $168,333
ANN ARBOR, MI 2 $500,000 $250,000
TOLEDO, OH 2 $490,000 $245,000
WINCHESTER, VA-WV 2 $490,000 $245,000
YUMA, AZ 3 $485,000 $161,667
HOMOSASSA SPRINGS, FL 4 $480,000 $120,000
GRAND RAPIDS-KENTWOOD, MI 1 $475,000 $475,000
JONESBORO, AR 2 $470,000 $235,000
CHICAGO-NAPERVILLE-EVANSTON, IL 1 $465,000 $465,000
LUBBOCK, TX 1 $455,000 $455,000
DAYTON-KETTERING, OH 2 $440,000 $220,000
MIDLAND, TX 1 $435,000 $435,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $415,000 $415,000
PRESCOTT VALLEY-PRESCOTT, AZ 2 $400,000 $200,000
COEUR D'ALENE, ID 1 $385,000 $385,000
DALTON, GA 2 $380,000 $190,000
BILLINGS, MT 1 $345,000 $345,000
ST. GEORGE, UT 1 $345,000 $345,000
LAKE CHARLES, LA 1 $335,000 $335,000
CHARLESTON, WV 1 $325,000 $325,000
CLARKSVILLE, TN-KY 2 $320,000 $160,000
CARSON CITY, NV 1 $315,000 $315,000
SHERMAN-DENISON, TX 1 $285,000 $285,000
PORT ST. LUCIE, FL 1 $275,000 $275,000
IDAHO FALLS, ID 1 $275,000 $275,000
MONROE, MI 1 $265,000 $265,000
KALAMAZOO-PORTAGE, MI 1 $265,000 $265,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $260,000 $130,000
TERRE HAUTE, IN 1 $255,000 $255,000
FLINT, MI 2 $250,000 $125,000
DETROIT-DEARBORN-LIVONIA, MI 1 $245,000 $245,000
MANKATO, MN 1 $245,000 $245,000
HAGERSTOWN-MARTINSBURG, MD-WV 1 $245,000 $245,000
WICHITA, KS 1 $245,000 $245,000
LANSING-EAST LANSING, MI 1 $235,000 $235,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $235,000 $235,000
TYLER, TX 1 $235,000 $235,000
SEBASTIAN-VERO BEACH, FL 1 $225,000 $225,000
DULUTH, MN-WI 1 $225,000 $225,000
TULSA, OK 1 $215,000 $215,000
MONROE, LA 1 $215,000 $215,000
COLLEGE STATION-BRYAN, TX 1 $205,000 $205,000
SAGINAW, MI 1 $195,000 $195,000
GRAND JUNCTION, CO 1 $195,000 $195,000
SOUTH BEND-MISHAWAKA, IN-MI 1 $195,000 $195,000
PUEBLO, CO 1 $185,000 $185,000
FORT WAYNE, IN 1 $185,000 $185,000
SHREVEPORT-BOSSIER CITY, LA 2 $170,000 $85,000
LIMA, OH 1 $165,000 $165,000
COLUMBUS, IN 1 $165,000 $165,000
CANTON-MASSILLON, OH 1 $145,000 $145,000
COLUMBIA, MO 1 $145,000 $145,000
MORRISTOWN, TN 1 $135,000 $135,000
LONGVIEW, TX 1 $115,000 $115,000
MICHIGAN CITY-LA PORTE, IN 1 $105,000 $105,000
ROCKY MOUNT, NC 1 $85,000 $85,000
EVANSVILLE, IN-KY 1 $85,000 $85,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 47 $715,000 $15,213
2.5-3% 159 $36,885,000 $231,981
3-4% 6,346 $1,536,540,000 $242,127
4-5% 5,313 $1,181,625,000 $222,403
5-6% 2,930 $398,760,000 $136,096
6-7% 412 $37,020,000 $89,854
7-8% 125 $7,855,000 $62,840
Over 8% 60 $1,690,000 $28,167

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 3,518 $198,120,000 $56,316
$100k-200k 5,580 $831,970,000 $149,099
$200k-400k 4,881 $1,327,615,000 $271,997
$400k-600k 1,071 $495,155,000 $462,330
$600k-1000k 230 $170,950,000 $743,261
$Over $1MM 113 $177,295,000 $1,568,982

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,199 $149,975,000 $125,083
40-60% 1,462 $297,040,000 $203,174
60-80% 4,150 $1,009,400,000 $243,229
80-100% 7,198 $1,600,960,000 $222,417
Over 100% 251 $63,005,000 $251,016
Under 20% 1,013 $47,135,000 $46,530

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,745 $638,725,000 $232,687
$150k-250k 1,903 $522,735,000 $274,690
$50k-75k 3,390 $547,540,000 $161,516
$50k-or less 2,982 $337,580,000 $113,206
$75k-100k 2,361 $441,155,000 $186,851
$Over $250k 1,265 $536,495,000 $424,107

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 12,275 $2,571,705,000 $209,508
Not provided 1,190 $247,970,000 $208,378
Black 1,143 $187,385,000 $163,941
Not applicable 426 $103,800,000 $243,662
Asian 270 $68,670,000 $254,333
Asian Indian 27 $7,335,000 $271,667
American Indian 27 $6,305,000 $233,519
Other Asian 14 $3,830,000 $273,571
Native Hawaiian 12 $2,570,000 $214,167
Chinese 3 $495,000 $165,000
Korean 2 $440,000 $220,000
Other Pacific Islander 2 $330,000 $165,000
Filipino 1 $235,000 $235,000
Native Hawiian 1 $35,000 $35,000

Approval Rates

Total approvals of all applications
94.39%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
84.21%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 15,393 $3,201,105,000 $207,958

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 6,728 $1,566,440,000 $232,824
$1k-2k 2,939 $568,805,000 $193,537
$2k-3k 1,178 $245,780,000 $208,642
$3k-4k 705 $200,925,000 $285,000
$5k+ 324 $172,470,000 $532,315

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Manufactured 2 $580,000 $290,000
Multifamily:Site-Built 97 $58,535,000 $603,454
Single Family (1-4 Units):Manufactured 160 $7,400,000 $46,250
Single Family (1-4 Units):Site-Built 15,134 $3,134,590,000 $207,122