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 and Refi loans. Southwest Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Lubbock, Midland, Odessa, Dallas, and Fredericksburg among others. We have data for 19 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%	12/2/24
30 Year Conventional Refi	6.48%	12/2/24
30 Year Cash-out Refi	6.89%	12/2/24
30 Year FHA Purchase	7.61%	12/2/24
30 Year FHA Refi	7.04%	12/2/24
30 Year VA Purchase	6.55%	12/2/24
15 Year Conventional Purchase	6.30%	12/2/24
15 Year Conventional Refi	6.49%	12/2/24
15 Year Cash-out Refi	6.49%	12/2/24
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

Purchase Price:

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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

537

Origination Dollar Volume (All Markets)

$124,345,000

Employee count

110

Awards

Southwest Bank 30 Year Conventional Loans gold

Show all (5) 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
LUBBOCK, TX (FHA\|USDA\|VA)	229	$46,195,000	$201,725	$4,907	3.12%
MIDLAND, TX (FHA\|USDA\|VA)	130	$36,370,000	$279,769	$6,144	3.42%
ODESSA, TX (FHA\|USDA\|VA)	120	$27,510,000	$229,250	$5,705	3.27%
Outside of Metro Areas	28	$5,870,000	$209,643	$5,758	3.10%
Dallas-Fort Worth-Arlington, TX (FHA\|USDA\|VA)	5	$1,685,000	$337,000	$5,224	2.85%
Fredericksburg, TX (FHA\|USDA\|VA)	2	$1,040,000	$520,000	$5,494	3.75%
Plainview, TX (FHA\|USDA\|VA)	5	$685,000	$137,000	$7,431	3.43%
Andrews, TX (FHA\|USDA\|VA)	2	$670,000	$335,000	$5,767	4.19%
COLLEGE STATION-BRYAN, TX (FHA\|USDA\|VA)	1	$605,000	$605,000	$0	5.75%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA\|USDA\|VA)	2	$570,000	$285,000	$4,784	3.00%
Big Spring, TX (FHA\|USDA\|VA)	3	$555,000	$185,000	$0	4.75%
Kerrville, TX (FHA\|USDA\|VA)	1	$515,000	$515,000	$5,680	3.50%
Ruidoso, NM (FHA\|USDA\|VA)	2	$460,000	$230,000	$3,292	3.00%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA\|USDA\|VA)	1	$395,000	$395,000	$5,279	2.63%
Bay City, TX (FHA\|USDA\|VA)	1	$345,000	$345,000	$4,735	2.75%
Levelland, TX (FHA\|USDA\|VA)	2	$270,000	$135,000	$4,435	3.44%
CORPUS CHRISTI, TX (FHA\|USDA\|VA)	1	$225,000	$225,000	$8,049	3.50%
Hobbs, NM (FHA\|USDA\|VA)	1	$215,000	$215,000	$3,151	2.75%
Del Rio, TX (FHA\|USDA\|VA)	1	$165,000	$165,000	$3,465	3.00%

Southwest Bank's top markets include Lubbock, Midland, Odessa, Dallas, and Fredericksburg 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.

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Similarity Rank: 2774

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	332	$82,910,000	$249,729	$4,079	3.33%
FHA	179	$35,275,000	$197,067	$7,502	3.14%
VA	26	$6,160,000	$236,923	$6,598	2.90%

For 2020, Southwest Bank's most frequently originated type of loan was Conventional, with 332 originations. Their 2nd most popular type was FHA, with 179 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	375	$83,075,000	$221,533	$6,083	3.29%
Refi	125	$31,255,000	$250,040	$3,736	3.03%
Cash Out Refi	34	$9,740,000	$286,471	$5,080	3.38%
Other	2	$230,000	$115,000	$4,468	4.31%
Home Improvement	1	$45,000	$45,000	$0	6.50%

For 2020, Southwest Bank's most frequently cited loan purpose was Home Purchase, with 375 originations. The 2nd most popular reason was Refi, with 125 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	421	$94,605,000	$224,715	$5,730	3.17%
15 Year	58	$15,400,000	$265,517	$3,750	2.84%
Other	30	$6,190,000	$206,333	$4,097	4.85%
20 Year	26	$5,850,000	$225,000	$3,651	3.46%
3 Year	1	$2,245,000	$2,245,000	$15,140	4.00%
5 Year	1	$55,000	$55,000	$2,829	4.25%

For 2020, Southwest Bank's most frequently cited loan duration was 30 Year, with 421 originations. The 2nd most popular length was 15 Year, with 58 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	439	$97,665,000	$222,472
$1k-2k	36	$8,550,000	$237,500
$2k-3k	16	$5,010,000	$313,125
$3k-4k	4	$1,450,000	$362,500
$5k+	3	$1,265,000	$421,667
$4k-5k	2	$690,000	$345,000

Southwest Bank's average total fees were $5,730, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 439 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
2.5-3%	210	$47,360,000	$225,524
3-4%	194	$46,700,000	$240,722
<2.5%	62	$14,840,000	$239,355
4-5%	58	$12,610,000	$217,414
5-6%	11	$2,715,000	$246,818
6-7%	2	$120,000	$60,000

During 2020, Southwest Bank's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 2.5-3%, with 210 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	241	$64,155,000	$266,203	$5,974	3.24%
$100k-200k	216	$33,650,000	$155,787	$4,998	3.17%
$400k-600k	41	$19,115,000	$466,220	$5,584	3.09%
$100,000 or less	34	$2,560,000	$75,294	$3,333	3.83%
$600k-1MM	4	$2,620,000	$655,000	$7,639	4.28%
$1MM+	1	$2,245,000	$2,245,000	$15,140	4.00%

2020 saw Southwest Bank place emphasis on $200k-400k loans with 241 originations, totaling $64,155,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	129	$31,995,000	$248,023	$5,211	3.17%
$50k-75k	113	$20,695,000	$183,142	$6,057	3.23%
$75k-100k	94	$19,680,000	$209,362	$5,680	3.14%
$150k-250k	63	$19,465,000	$308,968	$4,703	2.96%
$50k or less	61	$9,005,000	$147,623	$5,515	3.02%
$250k+	41	$15,345,000	$374,268	$4,848	3.29%

Southwest Bank lent most frequently to those with incomes in the $100k-150k range, with 129 originations. The second most popular income band? $50k-75k, with 113 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	113	$25,675,000	$227,212	$5,420	3.20%
20-30%	100	$22,620,000	$226,200	$4,805	3.00%
50-60%	42	$8,480,000	$201,905	$7,289	2.96%
<20%	34	$8,340,000	$245,294	$4,015	2.94%
36%	29	$7,165,000	$247,069	$4,944	3.20%
44%	19	$4,595,000	$241,842	$5,946	3.17%
46%	18	$4,790,000	$266,111	$6,336	3.47%
43%	18	$4,560,000	$253,333	$5,715	3.03%
37%	16	$3,980,000	$248,750	$4,950	3.08%
40%	16	$3,140,000	$196,250	$5,226	2.93%
39%	15	$2,865,000	$191,000	$5,469	3.48%
41%	13	$3,175,000	$244,231	$5,813	3.60%
48%	13	$2,715,000	$208,846	$5,562	2.88%
42%	12	$2,390,000	$199,167	$5,519	3.23%
38%	12	$2,930,000	$244,167	$5,915	3.28%
47%	11	$2,115,000	$192,273	$6,020	3.09%
49%	9	$2,115,000	$235,000	$4,761	3.12%
45%	5	$1,045,000	$209,000	$6,633	3.05%
>60%	2	$990,000	$495,000	$4,625	4.25%

Southwest Bank lent most frequently to those with DTI ratios of 30-36%, with 113 originations. The next most common DTI ratio? 20-30%, with 100 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	346	$80,830,000	$233,613	$5,384	3.15%
Not provided	128	$30,210,000	$236,016	$5,513	3.13%
Not applicable	33	$7,215,000	$218,636	$0	4.82%
Black	19	$3,545,000	$186,579	$5,798	3.22%
Asian	7	$1,695,000	$242,143	$5,203	3.00%
American Indian	2	$480,000	$240,000	$6,641	2.69%
Other Asian	1	$215,000	$215,000	$7,135	2.75%
Other Pacific Islander	1	$155,000	$155,000	$2,414	2.88%

Approval Rates

Total approvals of all applications
96.73%

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
80.26%

Southwest Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	537	$124,345,000	$231,555

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$1,030,000	$515,000
Single Family (1-4 Units):Site-Built	535	$123,315,000	$230,495

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	6	$1,700,000	$283,333	$3,899	4.39%
40-60%	37	$9,365,000	$253,108	$3,859	3.14%
60-80%	123	$31,025,000	$252,236	$4,215	3.35%
80-100%	362	$80,460,000	$222,265	$5,936	3.20%
Over 100%	5	$1,425,000	$285,000	$11,499	2.55%
Under 20%	4	$370,000	$92,500	$2,114	3.88%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
SOUTHWEST FUNDING, LP	VA mortgage	Closing on a mortgage	1	20.0%
SOUTHWEST FUNDING, LP	FHA mortgage	Closing on a mortgage	3	60.0%
SOUTHWEST FUNDING, LP	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	20.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Southwest Bank	10115 Quaker Avenue Lubbock, TX 79424	Full Service B&M	$54,525
Southwest Bank	1301 West Wall Street, Suite A Midland, TX 79701	Full Service B&M	$81,704
Southwest Bank	1901 W Loop 289 Ste 4 Lubbock, TX 79407	Full Service B&M	$5,855
Southwest Bank	4800 East 42nd Street Odessa, TX 79768	Full Service B&M	$254,237
Southwest Bank	5201 John Ben Shepperd Parkway Odessa, TX 79762	Full Service B&M	$48,692
Southwest Bank	600 West 8th Street Odessa, TX 79761	Full Service B&M	$94,545

For 2020, Southwest Bank had 6 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$21,451
Net interest income	$20,997
Total noninterest income	$7,341
Gross Fiduciary activities income	$1,822
Service charges on deposit accounts	$881
Trading account gains and fees	$0
Additional Noninterest Income	$4,638
Pre-tax net operating income	$7,504
Securities gains (or losses, -)	$0
Income before extraordinary items	$7,504
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$7,504
Minority interest net income	$-7
Net income	$7,511
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$7,504

Southwest Bank's gross interest income from loans was $21,451,000.
Southwest Bank's net interest income from loans was $20,997,000.
Southwest Bank's fee based income from loans was $881,000.
Southwest Bank's net income from loans was $7,511,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$454
Provision for credit losses	$1,715
Total noninterest expense	$19,119
Salaries and employee benefits	$12,899
Premises and equipment expense	$1,458
Additional noninterest expense	$4,762
Applicable income taxes	$0
Net charge-offs	$1,025
Cash dividends	$4,548

Southwest Bank's interest expense for loans was $454,000.
Southwest Bank's payroll and benefits expense were $12,899,000.
Southwest Bank's property, plant and equipment expenses $1,458,000.

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	$488,426
Deposits held in domestic offices	$488,426
Deposits by Individuals, partnerships, and corporations	$484,207
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$4,218
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	$335,689
Demand deposits	$313,519
Nontransaction accounts	$152,736
Money market deposit accounts (MMDAs)	$69,755
Other savings deposits (excluding MMDAs)	$36,801
Total time deposits	$46,181
Total time and savings deposits	$174,906
Noninterest-bearing deposits	$313,519
Interest-bearing deposits	$174,907
Retail deposits	$458,093
IRAs and Keogh plan accounts	$1,967
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$534,227
Cash & Balances due from depository institutions	$82,975
Interest-bearing balances	$73,902
Total securities	$43,044
Federal funds sold & reverse repurchase	$0
Net loans and leases	$387,581
Loan and leases loss allowance	$4,345
Trading account assets	$0
Bank premises and fixed assets	$8,261
Other real estate owned	$415
Goodwill and other intangibles	$0
All other assets	$11,951

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$534,227
Total Liabilities	$492,549
Total deposits	$488,426
Interest-bearing deposits	$174,907
Deposits held in domestic offices	$488,426
% insured (estimated)	$51
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$0
Subordinated debt	$0
All other liabilities	$4,123

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$387,581
Loan and leases loss allowance	$4,345
Total loans and leases (domestic)	$391,926
All real estate loans	$185,021
Real estate loans in domestic offices	$185,021
Construction and development loans	$31,574
Residential 1-4 family construction	$16,892
Other construction, all land development and other land	$14,682
Loans secured by nonfarm nonresidential properties	$117,220
Nonfarm nonresidential secured by owner-occupied properties	$86,595
Commercial real estate & other non-farm, non-residential	$30,625
Multifamily residential real estate	$197
1-4 family residential loans	$31,987
Farmland loans	$4,043
Loans held in foreign offices	$0
Farm loans	$950
Commercial and industrial loans	$200,763
To non-U.S. addressees	$0
Loans to individuals	$2,721
Credit card loans	$0
Related Plans	$218
Consumer Auto Loans	$944
Other loans to individuals	$1,559
All other loans & leases	$2,471
Loans to foreign governments and official institutions	$0
Other loans	$51
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	$23
Non 1-4 family restructured loans & leases	$23
Total loans and leases (foreign)	$0

Southwest Bank had $387,581,000 of loans outstanding in 2020. $185,021,000 of loans were in real estate loans. $31,574,000 of loans were in development loans. $197,000 of loans were in multifamily mortgage loans. $31,987,000 of loans were in 1-4 family mortgage loans. $950,000 of loans were in farm loans. $0 of loans were in credit card loans. $944,000 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	$41,860	$261,625
Nonfarm, nonresidential loans - <$100k	23	$1,335	$58,043
Nonfarm, nonresidential loans - $100-250k	60	$7,380	$123,000
Nonfarm, nonresidential loans - $250k-1MM	77	$33,145	$430,455
Commercial & Industrial, US addressed loans - <$1MM	998	$89,741	$89,921
Commercial & Industrial, US addressed loans - <$100k	610	$19,314	$31,662
Commercial & Industrial, US addressed loans - $100-250k	205	$2,484	$12,117
Commercial & Industrial, US addressed loans - $250k-1MM	183	$67,943	$371,273
Farmland loans - <$1MM	1	$236	$236,000
Farmland loans - $100-250k	1	$236	$236,000
Agriculture operations loans - <$1MM	2	$100	$50,000
Agriculture operations loans - <$100k	2	$100	$50,000