Southwest Bank Mortgage Rates, Fees & Info

Odessa, TX

LEI: 5493003JGY7VFGEGT744

Tax ID: 75-0749819

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Odessa, Lubbock, Midland, Brownwood, and Dallas among others. We have data for 13 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. They have a below average pick rate when compared to similar lenders. Southwest Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.87% 11/17/24
    30 Year Conventional Refi 6.48% 11/17/24
    30 Year Cash-out Refi 6.89% 11/17/24
    30 Year FHA Purchase 7.61% 11/17/24
    30 Year FHA Refi 7.04% 11/17/24
    30 Year VA Purchase 6.55% 11/17/24
    15 Year Conventional Purchase 6.30% 11/17/24
    15 Year Conventional Refi 6.49% 11/17/24
    15 Year Cash-out Refi 6.49% 11/17/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Southwest Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    233

    Origination Dollar Volume (All Markets)

    $49,025,000

    Employee count

    105 Show all (7) awards

    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
    ODESSA, TX (FHA|USDA|VA) 99 $19,005,000 $191,970 $6,178 4.69%
    LUBBOCK, TX (FHA|USDA|VA) 79 $18,515,000 $234,367 $5,205 4.89%
    MIDLAND, TX (FHA|USDA|VA) 26 $6,160,000 $236,923 $5,209 4.91%
    Outside of Metro Areas 17 $3,435,000 $202,059 $6,359 4.57%
    Brownwood, TX (FHA|USDA|VA) 2 $520,000 $260,000 $3,969 4.81%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $480,000 $240,000 $7,913 4.75%
    SAN ANGELO, TX (FHA|USDA|VA) 1 $235,000 $235,000 $7,801 4.13%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $220,000 $110,000 $2,689 5.75%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 1 $185,000 $185,000 $4,225 5.75%
    LONGVIEW, TX (FHA|USDA|VA) 1 $105,000 $105,000 $6,031 4.50%
    Plainview, TX (FHA|USDA|VA) 1 $95,000 $95,000 $4,484 5.13%
    Ruidoso, NM (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.25%
    Lamesa, TX (FHA|USDA|VA) 1 $25,000 $25,000 $0 5.75%
    Southwest Bank's top markets include Odessa, Lubbock, Midland, Brownwood, and Dallas among others.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • New Mexico (FHA|USDA|VA)

    • 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.

    My Community Credit Union
    Similarity Rank: 175
    Prosperity Bank
    Similarity Rank: 284
    TruHome Solutions, LLC
    Similarity Rank: 648
    First United Bank
    Similarity Rank: 780
    Cendera Funding Inc.
    Similarity Rank: 784
    LRS FINANCIAL NETWORK, INC.
    Similarity Rank: 805
    Southwest Bank
    Similarity Rank: 845
    Happy State Bank
    Similarity Rank: 882
    Amarillo National Bank
    Similarity Rank: 1008
    SIWELL, INC.
    Similarity Rank: 1159

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 127 $28,475,000 $224,213 $4,107 5.12%
    FHA 99 $19,145,000 $193,384 $7,291 4.42%
    VA 7 $1,405,000 $200,714 $6,064 4.39%

    For 2018, Southwest Bank's most frequently originated type of loan was Conventional, with 127 originations. Their 2nd most popular type was FHA, with 99 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 213 $44,435,000 $208,615 $5,935 4.73%
    Refi 10 $3,250,000 $325,000 $1,622 5.75%
    Cash Out Refi 5 $955,000 $191,000 $4,114 5.08%
    Home Improvement 4 $230,000 $57,500 $1,372 5.88%
    Other 1 $155,000 $155,000 $4,470 4.50%

    For 2018, Southwest Bank's most frequently cited loan purpose was Home Purchase, with 213 originations. The 2nd most popular reason was Refi, with 10 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 181 $38,355,000 $211,906 $6,066 4.58%
    5 Year 14 $1,580,000 $112,857 $0 5.95%
    15 Year 12 $2,890,000 $240,833 $3,610 4.56%
    20 Year 9 $2,385,000 $265,000 $6,373 5.53%
    Other 7 $2,695,000 $385,000 $2,467 6.10%
    1 Year 6 $880,000 $146,667 $1,770 6.04%
    10 Year 4 $240,000 $60,000 $955 5.88%

    For 2018, Southwest Bank's most frequently cited loan duration was 30 Year, with 181 originations. The 2nd most popular length was 5 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 193 $39,495,000 $204,637
    $1k-2k 8 $2,120,000 $265,000
    $3k-4k 2 $520,000 $260,000
    $2k-3k 1 $185,000 $185,000
    $4k-5k 1 $455,000 $455,000
    $5k+ 1 $1,105,000 $1,105,000

    Southwest Bank's average total fees were $6,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 193 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 135 $30,155,000 $223,370
    5-6% 58 $11,590,000 $199,828
    3-4% 29 $6,195,000 $213,621
    6-7% 10 $1,040,000 $104,000
    7-8% 1 $45,000 $45,000

    During 2018, Southwest Bank's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 103 $16,125,000 $156,553 $5,423 4.77%
    $200k-400k 95 $25,385,000 $267,211 $6,412 4.59%
    $100,000 or less 27 $1,665,000 $61,667 $2,588 5.65%
    $400k-600k 6 $2,640,000 $440,000 $5,494 4.56%
    $1MM+ 2 $3,210,000 $1,605,000 $13,789 5.98%

    2018 saw Southwest Bank place emphasis on $100k-200k loans with 103 originations, totaling $16,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 61 $11,135,000 $182,541 $5,910 4.57%
    $100k-150k 55 $12,415,000 $225,727 $6,277 4.73%
    $75k-100k 33 $6,215,000 $188,333 $5,938 4.75%
    $150k-250k 25 $6,025,000 $241,000 $5,167 4.79%
    $250k+ 25 $6,195,000 $247,800 $3,897 5.29%
    $50k or less 21 $3,215,000 $153,095 $5,673 4.40%

    Southwest Bank lent most frequently to those with incomes in the $50k-75k range, with 61 originations. The second most popular income band? $100k-150k, with 55 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 40 $8,640,000 $216,000 $5,175 4.67%
    30-36% 39 $7,235,000 $185,513 $5,183 4.70%
    50-60% 18 $3,460,000 $192,222 $7,180 4.50%
    <20% 16 $4,250,000 $265,625 $4,823 4.73%
    41% 12 $2,870,000 $239,167 $6,734 4.76%
    40% 11 $2,375,000 $215,909 $6,027 4.66%
    39% 9 $1,765,000 $196,111 $5,372 4.68%
    37% 8 $1,550,000 $193,750 $5,660 4.39%
    42% 8 $2,300,000 $287,500 $6,706 4.44%
    49% 8 $1,590,000 $198,750 $6,077 4.52%
    36% 8 $1,600,000 $200,000 $5,040 5.05%
    47% 6 $1,130,000 $188,333 $6,733 4.31%
    45% 5 $1,075,000 $215,000 $6,258 4.50%
    43% 5 $1,015,000 $203,000 $7,767 4.43%
    46% 4 $940,000 $235,000 $4,818 4.72%
    38% 4 $1,040,000 $260,000 $5,146 4.88%
    44% 2 $400,000 $200,000 $7,274 4.13%
    48% 2 $340,000 $170,000 $6,722 4.25%

    Southwest Bank lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 39 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 189 $39,315,000 $208,016 $5,551 4.72%
    Not applicable 12 $3,780,000 $315,000 $0 6.04%
    Black 12 $2,200,000 $183,333 $7,023 4.76%
    Asian 13 $2,135,000 $164,231 $6,414 4.99%
    Not provided 4 $810,000 $202,500 $7,020 4.75%
    Asian Indian 1 $455,000 $455,000 $5,528 5.00%
    American Indian 2 $330,000 $165,000 $6,697 4.06%

    Approval Rates

    Total approvals of all applications
    97.11%

    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
    84.55%

    Southwest Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 233 $49,025,000 $210,408

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $2,105,000 $2,105,000
    Single Family (1-4 Units):Manufactured 1 $125,000 $125,000
    Single Family (1-4 Units):Site-Built 231 $46,795,000 $202,576

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $985,000 $109,444 $2,274 5.62%
    40-60% 8 $1,510,000 $188,750 $3,647 4.81%
    60-80% 45 $11,275,000 $250,556 $4,559 5.20%
    80-100% 164 $34,560,000 $210,732 $6,286 4.61%
    Over 100% 1 $365,000 $365,000 $16,643 4.25%
    Under 20% 6 $330,000 $55,000 $1,022 6.00%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    SOUTHWEST FUNDING, LP Conventional home mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Southwest Bank 10115 Quaker Avenue Lubbock, TX 79424 Full Service B&M $30,228
    Southwest Bank 1301 West Wall Street, Suite A Midland, TX 79701 Full Service B&M $19,586
    Southwest Bank 1901 West Loop 289 #4 Lubbock, TX 79407 Full Service B&M $5,158
    Southwest Bank 4800 East 42nd Street Odessa, TX 79762 Full Service B&M $189,906
    Southwest Bank 5201 John Ben Shepperd Parkway Odessa, TX 79762 Full Service B&M $36,231
    Southwest Bank 600 West 8th Street Odessa, TX 79761 Full Service B&M $70,771

    For 2018, Southwest Bank had 6 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,125
    Net interest income $19,686
    Total noninterest income $4,482
    Gross Fiduciary activities income $1,463
    Service charges on deposit accounts $776
    Trading account gains and fees $0
    Additional Noninterest Income $2,243
    Pre-tax net operating income $7,539
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,539
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,539
    Minority interest net income $450
    Net income $7,089
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,539

    Southwest Bank's gross interest income from loans was $20,125,000.
    Southwest Bank's net interest income from loans was $19,686,000.
    Southwest Bank's fee based income from loans was $776,000.
    Southwest Bank's net income from loans was $7,089,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $439
    Provision for credit losses $605
    Total noninterest expense $16,024
    Salaries and employee benefits $10,336
    Premises and equipment expense $1,446
    Additional noninterest expense $4,242
    Applicable income taxes $0
    Net charge-offs $720
    Cash dividends $5,377

    Southwest Bank's interest expense for loans was $439,000.
    Southwest Bank's payroll and benefits expense were $10,336,000.
    Southwest Bank's property, plant and equipment expenses $1,446,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    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 $374,209
    Deposits held in domestic offices $374,209
    Deposits by Individuals, partnerships, and corporations $370,543
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $3,666
    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 $236,631
    Demand deposits $225,196
    Nontransaction accounts $137,578
    Money market deposit accounts (MMDAs) $71,176
    Other savings deposits (excluding MMDAs) $23,280
    Total time deposits $43,121
    Total time and savings deposits $149,013
    Noninterest-bearing deposits $225,196
    Interest-bearing deposits $149,013
    Retail deposits $346,052
    IRAs and Keogh plan accounts $1,184
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $417,655
    Cash & Balances due from depository institutions $78,222
    Interest-bearing balances $70,286
    Total securities $63,739
    Federal funds sold & reverse repurchase $0
    Net loans and leases $254,759
    Loan and leases loss allowance $3,621
    Trading account assets $0
    Bank premises and fixed assets $9,022
    Other real estate owned $0
    Goodwill and other intangibles $425
    All other assets $11,488

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $417,656
    Total Liabilities $381,311
    Total deposits $374,209
    Interest-bearing deposits $149,013
    Deposits held in domestic offices $374,209
    % insured (estimated) $57
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $7,102

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $254,759
    Loan and leases loss allowance $3,621
    Total loans and leases (domestic) $258,380
    All real estate loans $120,918
    Real estate loans in domestic offices $120,918
    Construction and development loans $13,199
    Residential 1-4 family construction $6,721
    Other construction, all land development and other land $6,478
    Loans secured by nonfarm nonresidential properties $79,918
    Nonfarm nonresidential secured by owner-occupied properties $60,794
    Commercial real estate & other non-farm, non-residential $19,124
    Multifamily residential real estate $0
    1-4 family residential loans $26,367
    Farmland loans $1,434
    Loans held in foreign offices $0
    Farm loans $57
    Commercial and industrial loans $131,373
    To non-U.S. addressees $0
    Loans to individuals $3,551
    Credit card loans $0
    Related Plans $47
    Consumer Auto Loans $965
    Other loans to individuals $2,539
    All other loans & leases $2,481
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $1
    Non 1-4 family restructured loans & leases $1
    Total loans and leases (foreign) $0

    Southwest Bank had $254,759,000 of loans outstanding in 2018. $120,918,000 of loans were in real estate loans. $13,199,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $26,367,000 of loans were in 1-4 family mortgage loans. $57,000 of loans were in farm loans. $0 of loans were in credit card loans. $965,000 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 147 $32,581 $221,639
    Nonfarm, nonresidential loans - <$100k 20 $994 $49,700
    Nonfarm, nonresidential loans - $100-250k 57 $6,265 $109,912
    Nonfarm, nonresidential loans - $250k-1MM 70 $25,322 $361,743
    Commercial & Industrial, US addressed loans - <$1MM 646 $57,862 $89,570
    Commercial & Industrial, US addressed loans - <$100k 385 $11,534 $29,958
    Commercial & Industrial, US addressed loans - $100-250k 141 $14,763 $104,702
    Commercial & Industrial, US addressed loans - $250k-1MM 120 $31,565 $263,042
    Agriculture operations loans - <$1MM 3 $57 $19,000
    Agriculture operations loans - <$100k 2 $43 $21,500
    Agriculture operations loans - $100-250k 1 $14 $14,000