Southwest Bank Mortgage Rates, Fees & Info

Odessa, TX

LEI: 5493003JGY7VFGEGT744

Tax ID: 75-0749819

3.3 stars - out of 5 stars, based on 22 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Southwest Bank is a smaller bank specializing in Home Purchase loans. Southwest Bank has a high proportion of conventional loans. They have a a high proportion of FHA loans. Their top markets include Lubbock, Odessa, Midland, Mineral Wells, and Levelland among others. Southwest Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Southwest Bank is typically a high fee lendor.


Originations

469

Origination Dollar Volume (All Markets)

$109,855,000

Employee count

121

Awards

Southwest Bank 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Southwest Bank's average 30 year fixed rate mortgage of loans were 3.21%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.06%.

Relative Fees

Southwest Bank's average total fees for a 30 year fixed rate mortgage are $6,259.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LUBBOCK, TX (FHA|USDA|VA) 191 $38,395,000 $201,021 $5,179 3.34%
ODESSA, TX (FHA|USDA|VA) 117 $31,415,000 $268,504 $6,343 3.35%
MIDLAND, TX (FHA|USDA|VA) 108 $27,600,000 $255,556 $7,125 3.41%
Outside of Metro Areas 25 $4,795,000 $191,800 $6,121 3.08%
Mineral Wells, TX (FHA|USDA|VA) 2 $1,760,000 $880,000 $5,281 3.81%
Levelland, TX (FHA|USDA|VA) 5 $1,475,000 $295,000 $5,577 3.10%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 3 $1,015,000 $338,333 $3,530 3.54%
Brownwood, TX (FHA|USDA|VA) 2 $520,000 $260,000 $3,250 2.88%
Andrews, TX (FHA|USDA|VA) 2 $500,000 $250,000 $8,853 2.88%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 2 $380,000 $190,000 $2,802 3.13%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 2 $350,000 $175,000 $6,055 3.06%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $320,000 $160,000 $2,818 4.50%
Plainview, TX (FHA|USDA|VA) 2 $310,000 $155,000 $3,892 2.44%
AMARILLO, TX (FHA|USDA|VA) 1 $245,000 $245,000 $4,092 2.63%
Alamogordo, NM (FHA|USDA|VA) 1 $225,000 $225,000 $3,235 4.88%
El Campo, TX (FHA|USDA|VA) 1 $205,000 $205,000 $7,834 2.88%
Ruidoso, NM (FHA|USDA|VA) 1 $145,000 $145,000 $2,395 2.25%
Big Spring, TX (FHA|USDA|VA) 1 $125,000 $125,000 $6,070 3.50%
Hobbs, NM (FHA|USDA|VA) 1 $75,000 $75,000 $3,301 3.75%

Southwest Bank's top markets include Lubbock, Odessa, Midland, Mineral Wells, and Levelland among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 269 $66,875,000 $248,606 $4,168 3.44%
FHA 185 $39,715,000 $214,676 $8,124 3.22%
VA 15 $3,265,000 $217,667 $5,517 2.98%

For the 2021 period, Southwest Bank's most frequently originated loan type of loans were Conventional, with 269 originations. Their 2nd most popular type is FHA, with 185 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 389 $87,785,000 $225,668 $6,459 3.35%
Refi 58 $17,350,000 $299,138 $3,288 3.12%
Cash Out Refi 13 $3,435,000 $264,231 $4,635 3.27%
Home Improvement 6 $360,000 $60,000 $1,977 5.29%
Other 3 $925,000 $308,333 $4,547 3.17%

For the 2021, Southwest Bank's most frequently cited loan purpose of loans were Home Purchase, with 389 originations. The 2nd most popular reason of loans were Refi, with 58 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 371 $85,035,000 $229,205 $6,259 3.21%
Other 43 $11,765,000 $273,605 $1,977 4.68%
15 Year 27 $5,715,000 $211,667 $3,751 2.60%
20 Year 23 $6,145,000 $267,174 $3,941 3.63%
1 Year 4 $980,000 $245,000 $2,820 4.63%
10 Year 1 $215,000 $215,000 $5,735 4.00%

For the 2021, Southwest Bank's most frequently cited loan length of loans were 30 Year, with 371 originations. The 2nd most popular length of loans were Other, with 43 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 361 $81,385,000 $225,443
$1k-2k 41 $9,795,000 $238,902
$2k-3k 8 $2,470,000 $308,750
$3k-4k 7 $2,125,000 $303,571
$5k+ 1 $375,000 $375,000

$6,259 of loans were Southwest Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 361 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 195 $41,325,000 $211,923
2.5-3% 170 $42,450,000 $249,706
4-5% 52 $15,760,000 $303,077
<2.5% 35 $7,665,000 $219,000
5-6% 16 $2,360,000 $147,500
6-7% 1 $295,000 $295,000

During 2021, Southwest Bank's average interest rate of loans were 3.21%, while their most frequently originated rate bucket of loans were 3-4%, with 195 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 237 $62,145,000 $262,215 $6,616 3.21%
$100k-200k 180 $28,490,000 $158,278 $5,271 3.41%
$100,000 or less 25 $1,805,000 $72,200 $3,814 4.08%
$400k-600k 23 $10,695,000 $465,000 $5,342 3.11%
$1MM+ 2 $5,510,000 $2,755,000 $0 4.63%
$600k-1MM 2 $1,210,000 $605,000 $7,842 4.25%

2021 saw Southwest Bank place emphasis on $200k-400k loans with 237 originations, totaling $62,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 119 $24,045,000 $202,059 $6,515 3.28%
$75k-100k 100 $21,860,000 $218,600 $6,430 3.14%
$100k-150k 90 $23,640,000 $262,667 $5,591 3.06%
$150k-250k 45 $13,395,000 $297,667 $5,399 3.31%
$50k or less 44 $6,710,000 $152,500 $5,639 3.18%
$250k+ 26 $7,080,000 $272,308 $4,495 3.60%

Southwest Bank lent most frequently to those with incomes in the $50k-75k range, with 119 originations. The second most popular income band? $75k-100k, with 100 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
30-36% 86 $19,150,000 $222,674 $5,138 3.12%
20-30% 66 $14,840,000 $224,848 $4,995 3.11%
50-60% 52 $12,080,000 $232,308 $8,026 3.25%
44% 26 $5,790,000 $222,692 $6,302 3.21%
<20% 17 $3,505,000 $206,176 $4,423 3.09%
43% 16 $3,800,000 $237,500 $6,511 3.23%
38% 16 $3,560,000 $222,500 $6,253 3.28%
39% 15 $3,605,000 $240,333 $6,006 3.14%
40% 15 $4,085,000 $272,333 $5,623 2.99%
48% 15 $3,175,000 $211,667 $7,234 3.36%
37% 14 $3,670,000 $262,143 $5,465 3.04%
47% 13 $2,695,000 $207,308 $5,716 3.21%
49% 13 $2,635,000 $202,692 $5,727 3.06%
36% 13 $3,285,000 $252,692 $6,153 3.39%
41% 12 $3,080,000 $256,667 $7,426 3.21%
42% 10 $2,500,000 $250,000 $6,121 3.11%
45% 10 $2,690,000 $269,000 $5,906 3.38%
46% 7 $1,395,000 $199,286 $8,654 3.43%

Southwest Bank lent most frequently to those with DTI ratios of 30-36%, with 86 originations. The next most common DTI ratio? 20-30%, with 66 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 335 $77,335,000 $230,851 $6,002 3.23%
Not provided 69 $14,315,000 $207,464 $5,633 3.30%
Not applicable 36 $11,520,000 $320,000 $0 4.63%
Black 17 $4,005,000 $235,588 $6,853 3.19%
Asian 7 $1,805,000 $257,857 $6,042 3.09%
American Indian 5 $875,000 $175,000 $4,891 2.80%

Approval Rates

Total approvals of all applications
96.53%

Southwest Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
81.64%

Southwest Bank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 469 $109,855,000 $234,232

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
469 $109,855,000 $234,232

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 7 $1,085,000 $155,000 $2,998 3.38%
40-60% 26 $9,980,000 $383,846 $4,114 3.36%
60-80% 91 $21,365,000 $234,780 $3,969 3.47%
80-100% 335 $76,065,000 $227,060 $6,611 3.29%
Over 100% 4 $810,000 $202,500 $10,083 2.97%
Under 20% 6 $550,000 $91,667 $2,871 4.56%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SOUTHWEST FUNDING, LP VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
SOUTHWEST FUNDING, LP FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Southwest Bank 10115 Quaker Avenue Lubbock, TX 79424 Full Service B&M $69,313
Southwest Bank 1301 West Wall Street, Suite A Midland, TX 79701 Full Service B&M $63,835
Southwest Bank 1901 W Loop 289 Ste 4 Lubbock, TX 79407 Full Service B&M $12,610
Southwest Bank 4800 East 42nd Street Odessa, TX 79768 Full Service B&M $253,635
Southwest Bank 5201 John Ben Shepperd Parkway Odessa, TX 79762 Full Service B&M $42,451
Southwest Bank 600 West 8th Street Odessa, TX 79761 Full Service B&M $82,074

For 2021, Southwest Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $23,873
Net interest income $23,601
Total noninterest income $8,685
Gross Fiduciary activities income $2,393
Service charges on deposit accounts $953
Trading account gains and fees $0
Additional Noninterest Income $5,339
Pre-tax net operating income $10,509
Securities gains (or losses, -) $0
Income before extraordinary items $10,509
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $10,509
Minority interest net income $57
Net income $10,452
Sale, conversion, retirement of capital stock, net $0
Net operating income $10,509

Southwest Bank's gross interest income from loans was $23,873,000.
Southwest Bank's net interest income from loans was $23,601,000.
Southwest Bank's fee based income from loans was $953,000.
Southwest Bank's net income from loans was $10,452,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $272
Provision for credit losses $575
Total noninterest expense $21,202
Salaries and employee benefits $14,467
Premises and equipment expense $1,633
Additional noninterest expense $5,102
Applicable income taxes $0
Net charge-offs $-297
Cash dividends $4,487

Southwest Bank's interest expense for loans was $272,000.
Southwest Bank's payroll and benefits expense were $14,467,000.
Southwest Bank's property, plant and equipment expenses $1,633,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 1.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $685,435
Deposits held in domestic offices $685,435
Deposits by Individuals, partnerships, and corporations $680,158
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $5,277
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $496,523
Demand deposits $478,257
Nontransaction accounts $188,912
Money market deposit accounts (MMDAs) $103,776
Other savings deposits (excluding MMDAs) $42,388
Total time deposits $42,748
Total time and savings deposits $207,178
Noninterest-bearing deposits $478,257
Interest-bearing deposits $207,178
Retail deposits $657,834
IRAs and Keogh plan accounts $1,983
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $748,697
Cash & Balances due from depository institutions $242,498
Interest-bearing balances $237,480
Total securities $101,409
Federal funds sold & reverse repurchase $0
Net loans and leases $381,689
Loan and leases loss allowance $5,217
Trading account assets $0
Bank premises and fixed assets $11,128
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $11,973

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $748,697
Total Liabilities $690,774
Total deposits $685,435
Interest-bearing deposits $207,178
Deposits held in domestic offices $685,435
% insured (estimated) $40
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,339

Issued Loan Types

Type Value (in 000's)
Net loans and leases $381,689
Loan and leases loss allowance $5,217
Total loans and leases (domestic) $386,906
All real estate loans $224,326
Real estate loans in domestic offices $224,326
Construction and development loans $39,923
Residential 1-4 family construction $20,080
Other construction, all land development and other land $19,843
Loans secured by nonfarm nonresidential properties $140,376
Nonfarm nonresidential secured by owner-occupied properties $108,922
Commercial real estate & other non-farm, non-residential $31,454
Multifamily residential real estate $184
1-4 family residential loans $39,053
Farmland loans $4,790
Loans held in foreign offices $0
Farm loans $929
Commercial and industrial loans $157,382
To non-U.S. addressees $0
Loans to individuals $2,281
Credit card loans $0
Related Plans $197
Consumer Auto Loans $755
Other loans to individuals $1,329
All other loans & leases $1,988
Loans to foreign governments and official institutions $0
Other loans $270
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $16
Non 1-4 family restructured loans & leases $16
Total loans and leases (foreign) $0

Southwest Bank had $381,689,000 of loans outstanding in 2021. $224,326,000 of loans were in real estate loans. $39,923,000 of loans were in development loans. $184,000 of loans were in multifamily mortgage loans. $39,053,000 of loans were in 1-4 family mortgage loans. $929,000 of loans were in farm loans. $0 of loans were in credit card loans. $755,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 161 $45,794 $284,435
Nonfarm, nonresidential loans - <$100k 26 $1,455 $55,962
Nonfarm, nonresidential loans - $100-250k 53 $7,118 $134,302
Nonfarm, nonresidential loans - $250k-1MM 82 $37,221 $453,915
Commercial & Industrial, US addressed loans - <$1MM 669 $82,156 $122,804
Commercial & Industrial, US addressed loans - <$100k 366 $11,814 $32,279
Commercial & Industrial, US addressed loans - $100-250k 151 $16,291 $107,887
Commercial & Industrial, US addressed loans - $250k-1MM 152 $54,051 $355,599
Agriculture operations loans - <$1MM 1 $80 $80,000
Agriculture operations loans - <$100k 1 $80 $80,000