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
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Mortgage Data
Bank 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
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Southwest Bank - 2021
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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
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.
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 |
