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

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, Dallas, and San Angelo among others. We have data for 14 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%	4/21/24
30 Year Conventional Refi	6.48%	4/21/24
30 Year Cash-out Refi	6.89%	4/21/24
30 Year FHA Purchase	7.61%	4/21/24
30 Year FHA Refi	7.04%	4/21/24
30 Year VA Purchase	6.55%	4/21/24
15 Year Conventional Purchase	6.30%	4/21/24
15 Year Conventional Refi	6.49%	4/21/24
15 Year Cash-out Refi	6.49%	4/21/24
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

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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

319

Origination Dollar Volume (All Markets)

$68,555,000

Employee count

106

Awards

Show all (2) 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)	112	$24,450,000	$218,304	$6,229	4.33%
LUBBOCK, TX (FHA\|USDA\|VA)	124	$23,350,000	$188,306	$5,679	4.44%
MIDLAND, TX (FHA\|USDA\|VA)	48	$12,570,000	$261,875	$6,224	4.56%
Outside of Metro Areas	18	$4,560,000	$253,333	$6,209	4.31%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	5	$1,305,000	$261,000	$4,265	4.73%
SAN ANGELO, TX (FHA\|USDA\|VA)	2	$540,000	$270,000	$4,484	4.38%
Granbury, TX (FHA\|USDA\|VA)	1	$305,000	$305,000	$3,335	4.25%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	1	$255,000	$255,000	$4,112	3.63%
AMARILLO, TX (FHA\|USDA\|VA)	1	$245,000	$245,000	$7,926	4.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA\|USDA\|VA)	1	$225,000	$225,000	$0	5.50%
KILLEEN-TEMPLE, TX (FHA\|USDA\|VA)	1	$225,000	$225,000	$4,054	6.50%
Plainview, TX (FHA\|USDA\|VA)	2	$220,000	$110,000	$4,913	3.50%
Levelland, TX (FHA\|USDA\|VA)	2	$180,000	$90,000	$4,436	3.81%
Athens, TX (FHA\|USDA\|VA)	1	$125,000	$125,000	$5,280	3.63%

Southwest Bank's top markets include Odessa, Lubbock, Midland, Dallas, and San Angelo among others.

Their top states include:

Texas (FHA|USDA|VA)

Similar Lenders

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Southwest Bank
Similarity Rank: 1736

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	158	$37,010,000	$234,241	$4,360	4.76%
FHA	147	$28,105,000	$191,190	$7,267	4.09%
VA	14	$3,440,000	$245,714	$6,593	3.85%

For 2019, Southwest Bank's most frequently originated type of loan was Conventional, with 158 originations. Their 2nd most popular type was FHA, with 147 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	280	$59,160,000	$211,286	$6,142	4.35%
Refi	18	$3,930,000	$218,333	$2,868	5.07%
Cash Out Refi	17	$4,625,000	$272,059	$5,016	4.57%
Other	3	$805,000	$268,333	$5,114	4.54%
Home Improvement	1	$35,000	$35,000	$0	6.50%

For 2019, Southwest Bank's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 18 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	257	$55,505,000	$215,973	$6,144	4.20%
Other	29	$5,705,000	$196,724	$0	6.24%
15 Year	21	$5,185,000	$246,905	$4,980	4.00%
20 Year	6	$1,380,000	$230,000	$4,214	4.63%
10 Year	3	$275,000	$91,667	$1,468	5.50%
1 Year	2	$460,000	$230,000	$3,906	6.00%
5 Year	1	$45,000	$45,000	$1,790	5.75%

For 2019, Southwest Bank's most frequently cited loan duration was 30 Year, with 257 originations. The 2nd most popular length was Other, with 29 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	268	$57,890,000	$216,007
$2k-3k	11	$2,265,000	$205,909
$1k-2k	8	$1,740,000	$217,500
$3k-4k	3	$955,000	$318,333

Southwest Bank's average total fees were $6,144, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 268 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	140	$30,990,000	$221,357
4-5%	122	$27,100,000	$222,131
5-6%	33	$5,745,000	$174,091
6-7%	24	$4,720,000	$196,667

During 2019, Southwest Bank's average interest rate for loans was 4.20%, while their most frequently originated rate bucket for loans was 3-4%, with 140 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	152	$40,140,000	$264,079	$6,501	4.28%
$100k-200k	125	$19,865,000	$158,920	$5,592	4.35%
$100,000 or less	30	$2,300,000	$76,667	$3,866	5.26%
$400k-600k	10	$4,570,000	$457,000	$6,170	4.26%
$600k-1MM	2	$1,680,000	$840,000	$0	6.03%

2019 saw Southwest Bank place emphasis on $200k-400k loans with 152 originations, totaling $40,140,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	82	$14,590,000	$177,927	$6,291	4.34%
$100k-150k	61	$15,125,000	$247,951	$6,361	4.24%
$75k-100k	59	$11,935,000	$202,288	$6,165	4.23%
$150k-250k	47	$12,195,000	$259,468	$5,051	4.53%
$50k or less	34	$4,790,000	$140,882	$5,658	4.06%
$250k+	18	$5,700,000	$316,667	$4,797	4.47%

Southwest Bank lent most frequently to those with incomes in the $50k-75k range, with 82 originations. The second most popular income band? $100k-150k, with 61 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	59	$12,875,000	$218,220	$5,836	4.36%
20-30%	50	$11,490,000	$229,800	$5,055	4.10%
50-60%	33	$5,995,000	$181,667	$6,776	4.17%
42%	16	$3,330,000	$208,125	$5,183	4.21%
<20%	15	$4,325,000	$288,333	$4,997	4.13%
44%	13	$2,525,000	$194,231	$6,152	4.16%
45%	12	$2,690,000	$224,167	$6,761	4.23%
37%	11	$2,775,000	$252,273	$4,834	4.69%
39%	11	$2,305,000	$209,545	$6,514	4.09%
38%	10	$2,170,000	$217,000	$8,114	4.20%
43%	9	$1,955,000	$217,222	$6,423	4.18%
41%	8	$1,550,000	$193,750	$6,320	4.03%
49%	8	$1,760,000	$220,000	$6,494	3.61%
36%	8	$1,630,000	$203,750	$5,879	4.34%
40%	7	$1,475,000	$210,714	$5,771	4.13%
46%	6	$1,310,000	$218,333	$7,323	4.15%
48%	6	$980,000	$163,333	$6,773	4.31%
47%	5	$955,000	$191,000	$6,552	4.40%
>60%	1	$295,000	$295,000	$4,407	6.25%

Southwest Bank lent most frequently to those with DTI ratios of 30-36%, with 59 originations. The next most common DTI ratio? 20-30%, with 50 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	248	$52,760,000	$212,742	$5,730	4.33%
Not provided	27	$6,465,000	$239,444	$6,859	4.26%
Not applicable	16	$3,980,000	$248,750	$0	6.18%
Black	21	$3,945,000	$187,857	$6,807	4.29%
Asian	6	$1,130,000	$188,333	$6,562	4.02%
American Indian	1	$275,000	$275,000	$11,828	4.50%

Approval Rates

Total approvals of all applications
96.04%

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
78.37%

Southwest Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	319	$68,555,000	$214,906

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$930,000	$465,000
Single Family (1-4 Units):Site-Built	317	$67,625,000	$213,328

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	3	$185,000	$61,667	$1,076	6.08%
40-60%	10	$2,020,000	$202,000	$5,074	4.89%
60-80%	58	$13,530,000	$233,276	$4,757	4.58%
80-100%	244	$52,380,000	$214,672	$6,322	4.31%
Over 100%	1	$205,000	$205,000	$8,586	4.13%
Under 20%	3	$235,000	$78,333	$1,270	6.08%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
SOUTHWEST FUNDING, LP	FHA 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	$33,378
Southwest Bank	1301 West Wall Street, Suite A Midland, TX 79701	Full Service B&M	$23,576
Southwest Bank	1901 W Loop 289 Ste 4 Lubbock, TX 79407	Full Service B&M	$6,659
Southwest Bank	4800 East 42nd Street Odessa, TX 79768	Full Service B&M	$207,267
Southwest Bank	5201 John Ben Shepperd Parkway Odessa, TX 79762	Full Service B&M	$39,200
Southwest Bank	600 West 8th Street Odessa, TX 79761	Full Service B&M	$78,537

For 2019, Southwest Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$21,725
Net interest income	$21,266
Total noninterest income	$5,732
Gross Fiduciary activities income	$1,619
Service charges on deposit accounts	$1,008
Trading account gains and fees	$0
Additional Noninterest Income	$3,105
Pre-tax net operating income	$7,657
Securities gains (or losses, -)	$0
Income before extraordinary items	$7,657
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,657
Minority interest net income	$105
Net income	$7,552
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,657

Southwest Bank's gross interest income from loans was $21,725,000.
Southwest Bank's net interest income from loans was $21,266,000.
Southwest Bank's fee based income from loans was $1,008,000.
Southwest Bank's net income from loans was $7,552,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$459
Provision for credit losses	$1,221
Total noninterest expense	$18,120
Salaries and employee benefits	$11,826
Premises and equipment expense	$1,590
Additional noninterest expense	$4,704
Applicable income taxes	$0
Net charge-offs	$1,187
Cash dividends	$6,700

Southwest Bank's interest expense for loans was $459,000.
Southwest Bank's payroll and benefits expense were $11,826,000.
Southwest Bank's property, plant and equipment expenses $1,590,000.

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	$414,766
Deposits held in domestic offices	$414,766
Deposits by Individuals, partnerships, and corporations	$408,416
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$6,349
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	$273,194
Demand deposits	$259,046
Nontransaction accounts	$141,571
Money market deposit accounts (MMDAs)	$71,796
Other savings deposits (excluding MMDAs)	$25,609
Total time deposits	$44,166
Total time and savings deposits	$155,719
Noninterest-bearing deposits	$259,046
Interest-bearing deposits	$155,720
Retail deposits	$384,247
IRAs and Keogh plan accounts	$1,909
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$456,302
Cash & Balances due from depository institutions	$86,336
Interest-bearing balances	$76,265
Total securities	$57,217
Federal funds sold & reverse repurchase	$0
Net loans and leases	$292,406
Loan and leases loss allowance	$3,655
Trading account assets	$0
Bank premises and fixed assets	$8,689
Other real estate owned	$0
Goodwill and other intangibles	$209
All other assets	$11,445

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$456,302
Total Liabilities	$418,019
Total deposits	$414,766
Interest-bearing deposits	$155,720
Deposits held in domestic offices	$414,766
% insured (estimated)	$54
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$3,253

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$292,406
Loan and leases loss allowance	$3,655
Total loans and leases (domestic)	$296,061
All real estate loans	$151,051
Real estate loans in domestic offices	$151,051
Construction and development loans	$29,093
Residential 1-4 family construction	$12,330
Other construction, all land development and other land	$16,763
Loans secured by nonfarm nonresidential properties	$93,102
Nonfarm nonresidential secured by owner-occupied properties	$69,045
Commercial real estate & other non-farm, non-residential	$24,057
Multifamily residential real estate	$207
1-4 family residential loans	$26,926
Farmland loans	$1,723
Loans held in foreign offices	$0
Farm loans	$48
Commercial and industrial loans	$138,118
To non-U.S. addressees	$0
Loans to individuals	$3,005
Credit card loans	$0
Related Plans	$249
Consumer Auto Loans	$1,040
Other loans to individuals	$1,716
All other loans & leases	$3,838
Loans to foreign governments and official institutions	$0
Other loans	$396
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	$58
Non 1-4 family restructured loans & leases	$7
Total loans and leases (foreign)	$0

Southwest Bank had $292,406,000 of loans outstanding in 2019. $151,051,000 of loans were in real estate loans. $29,093,000 of loans were in development loans. $207,000 of loans were in multifamily mortgage loans. $26,926,000 of loans were in 1-4 family mortgage loans. $48,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,040,000 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	160	$38,887	$243,044
Nonfarm, nonresidential loans - <$100k	23	$1,197	$52,043
Nonfarm, nonresidential loans - $100-250k	63	$7,407	$117,571
Nonfarm, nonresidential loans - $250k-1MM	74	$30,283	$409,230
Commercial & Industrial, US addressed loans - <$1MM	650	$65,080	$100,123
Commercial & Industrial, US addressed loans - <$100k	374	$10,813	$28,912
Commercial & Industrial, US addressed loans - $100-250k	144	$14,103	$97,938
Commercial & Industrial, US addressed loans - $250k-1MM	132	$40,164	$304,273
Agriculture operations loans - <$1MM	2	$48	$24,000
Agriculture operations loans - <$100k	1	$22	$22,000
Agriculture operations loans - $100-250k	1	$26	$26,000