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: Lubbock, Odessa, Midland, Mineral Wells, and Levelland 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%	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

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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

469

Origination Dollar Volume (All Markets)

$109,855,000

Employee count

121

Awards

Southwest Bank 30 Year Conventional Loans bronze

Show all (1) 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)	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.

Their top states include:

Texas (FHA|USDA|VA)

New Mexico (FHA|USDA|VA)

Similar Lenders

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Southwest Bank's most frequently originated type of loan was Conventional, with 269 originations. Their 2nd most popular type was FHA, with 185 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. 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 2021, Southwest Bank's most frequently cited loan purpose was Home Purchase, with 389 originations. The 2nd most popular reason was 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 2021, Southwest Bank's most frequently cited loan duration was 30 Year, with 371 originations. The 2nd most popular length was Other, with 43 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	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	5	$1,655,000	$331,000
$4k-5k	2	$470,000	$235,000
$5k+	1	$375,000	$375,000

Southwest Bank's average total fees were $6,259, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.21%, while their most frequently originated rate bucket for loans was 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
96.35%

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
84.01%

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

Item	Value (in 000's)
Total interest income	$23,873
Net interest income	$23,601
Total noninterest income	$8,685
Gross Fiduciary activities income	$2,393
Service charges on deposit accounts	$953
Trading account gains and fees	$0
Additional Noninterest Income	$5,339
Pre-tax net operating income	$10,509
Securities gains (or losses, -)	$0
Income before extraordinary items	$10,509
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$10,509
Minority interest net income	$57
Net income	$10,452
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$10,509

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.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	1.0%
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	$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