Southwest Bank Mortgage Rates, Fees & Info
Odessa, TXLEI: 5493003JGY7VFGEGT744
Tax ID: 75-0749819
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Mortgage Data
Review & Overview
Southwest Bank is a smaller bank specializing in Home Purchase and Refi loans. Southwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Odessa, Lubbock, Midland, and Dallas among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Southwest Bank has an above average approval rate when compared to the average across all lenders.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 15 Year Conventional Purchase | 6.00% | 4/5/25 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Southwest Bank Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
21Origination Dollar Volume (All Markets)
$7,515,000Top 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 |
|---|---|---|---|---|---|
| ODESSA, TX (FHA|USDA|VA) | 6 | $3,700,000 | $616,667 | $0 | 9.13% |
| LUBBOCK, TX (FHA|USDA|VA) | 9 | $2,505,000 | $278,333 | $0 | 8.67% |
| MIDLAND, TX (FHA|USDA|VA) | 4 | $910,000 | $227,500 | $912 | 9.44% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 9.00% |
| Outside of Metro Areas | 1 | $145,000 | $145,000 | $0 | 10.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Southwest Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 21 | $7,515,000 | $357,857 | $912 | 9.02% |
For 2024, Southwest Bank's most frequently originated type of loan was Conventional, with 21 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 15 | $3,935,000 | $262,333 | $912 | 8.95% |
| Refi | 4 | $3,460,000 | $865,000 | $0 | 9.06% |
| Home Improvement | 2 | $120,000 | $60,000 | $0 | 9.50% |
For 2024, Southwest Bank's most frequently cited loan purpose was Home Purchase, with 15 originations. The 2nd most popular reason was Refi, with 4 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 18 | $6,810,000 | $378,333 | $0 | 9.07% |
| 1 Year | 2 | $480,000 | $240,000 | $912 | 9.00% |
| 15 Year | 1 | $225,000 | $225,000 | $0 | 8.25% |
For 2024, Southwest Bank's most frequently cited loan duration was Other, with 18 originations. The 2nd most popular length was 1 Year, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 19 | $7,165,000 | $377,105 |
| 7-8% | 2 | $350,000 | $175,000 |
During 2024, Southwest Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 19 originations.
Loan Sizing
2024 saw Southwest Bank place emphasis on $100k-200k loans with 8 originations, totaling $1,210,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 3 | $825,000 | $275,000 | $912 | 8.92% |
| $75k-100k | 2 | $190,000 | $95,000 | $0 | 9.25% |
| $150k-250k | 1 | $105,000 | $105,000 | $0 | 8.75% |
Southwest Bank lent most frequently to those with incomes in the $250k+ range, with 3 originations. The second most popular income band? $75k-100k, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 7 | $4,125,000 | $589,286 | $912 | 8.89% |
| Not applicable | 14 | $3,390,000 | $242,143 | $0 | 9.09% |
Approval Rates
Total approvals of all applications95.45%
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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 21 | $7,515,000 | $357,857 |