Bank 7 Mortgage Rates, Fees & Info

Oklahoma City, OK

LEI: 5493003OO8EG0RKSFX83

Tax ID: 73-0241651

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

Jump to:

Mortgage Data

Bank Data

Review & Overview

Bank 7 is a smaller bank specializing in Home Purchase and Refi loans. Bank 7 has a high proportion of conventional loans. Their top markets by origination volume include: Oklahoma City, Woodward, Denver, Las Vegas, and Dallas among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank 7 has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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.


Originations

121

Origination Dollar Volume (All Markets)

$27,875,000

Employee count

72

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
OKLAHOMA CITY, OK (FHA|USDA|VA) 99 $19,875,000 $200,758 $0 0.00%
Woodward, OK (FHA|USDA|VA) 12 $5,050,000 $420,833 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $825,000 $825,000 $0 0.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $705,000 $705,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $595,000 $595,000 $0 0.00%
Outside of Metro Areas 4 $300,000 $75,000 $0 0.00%
ODESSA, TX (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
FORT SMITH, AR-OK (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
ENID, OK (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Bank 7's top markets include Oklahoma City, Woodward, Denver, Las Vegas, and Dallas among others.

Their top states include:
  • Oklahoma (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 121 $27,875,000 $230,372 $0 0.00%

    For 2018, Bank 7's most frequently originated type of loan was Conventional, with 121 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 83 $15,255,000 $183,795 $0 0.00%
    Refi 35 $12,475,000 $356,429 $0 0.00%
    Home Improvement 3 $145,000 $48,333 $0 0.00%

    For 2018, Bank 7's most frequently cited loan purpose was Home Purchase, with 83 originations. The 2nd most popular reason was Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 121 $27,875,000 $230,372 $0 0.00%

    For 2018, Bank 7's most frequently cited loan duration was Other, with 121 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 68 $3,880,000 $57,059 $0 0.00%
    $100k-200k 23 $3,615,000 $157,174 $0 0.00%
    $200k-400k 14 $3,600,000 $257,143 $0 0.00%
    $400k-600k 7 $3,595,000 $513,571 $0 0.00%
    $600k-1MM 5 $3,775,000 $755,000 $0 0.00%
    $1MM+ 4 $9,410,000 $2,352,500 $0 0.00%

    2018 saw Bank 7 place emphasis on $100,000 or less loans with 68 originations, totaling $3,880,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 5 $4,985,000 $997,000 $0 0.00%
    $50k-75k 5 $545,000 $109,000 $0 0.00%
    $150k-250k 4 $1,130,000 $282,500 $0 0.00%
    $75k-100k 4 $360,000 $90,000 $0 0.00%
    $100k-150k 3 $225,000 $75,000 $0 0.00%
    $50k or less 2 $80,000 $40,000 $0 0.00%

    Bank 7 lent most frequently to those with incomes in the $250k+ range, with 5 originations. The second most popular income band? $50k-75k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 121 $27,875,000 $230,372 $0 0.00%

    Bank 7 lent most frequently to those with DTI ratios of Exempt%, with 121 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 98 $20,550,000 $209,694 $0 0.00%
    White 19 $6,125,000 $322,368 $0 0.00%
    Black 1 $645,000 $645,000 $0 0.00%
    American Indian 1 $305,000 $305,000 $0 0.00%
    Not provided 2 $250,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.52%

    Bank 7 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
    94.21%

    Bank 7 has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 121 $27,875,000 $230,372

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $6,975,000 $1,395,000
    Single Family (1-4 Units):Manufactured 2 $220,000 $110,000
    Single Family (1-4 Units):Site-Built 114 $20,680,000 $181,404

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank 7 100 South Broadway Camargo, OK 73835 Full Service B&M $32,810
    Bank 7 1003 Oklahoma Avenue Woodward, OK 73801 Full Service B&M $0
    Bank 7 1039 Nw 63rd Street Oklahoma City, OK 73116 Full Service B&M $345,047
    Bank 7 120 North First Street Medford, OK 73759 Full Service B&M $52,677
    Bank 7 209 North Aztec Street Montezuma, KS 67867 Full Service B&M $75,077
    Bank 7 210 North Santa Fe Street Copeland, KS 67837 Full Service B&M $0
    Bank 7 3300 Oklahoma Avenue Woodward, OK 73801 Full Service B&M $82,025
    Bank 7 5080 Spectrum Drive, Ste. 123w Addison, TX 75001 Limited, Administrative $0
    Bank 7 6460 North Macarthur Blvd Irving, TX 75039 Full Service B&M $54,412

    For 2018, Bank 7 had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $47,122
    Net interest income $40,128
    Total noninterest income $1,148
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $347
    Trading account gains and fees $0
    Additional Noninterest Income $801
    Pre-tax net operating income $26,287
    Securities gains (or losses, -) $0
    Income before extraordinary items $25,452
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $25,452
    Minority interest net income $0
    Net income $25,452
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $25,452

    Bank 7's gross interest income from loans was $47,122,000.
    Bank 7's net interest income from loans was $40,128,000.
    Bank 7's fee based income from loans was $347,000.
    Bank 7's net income from loans was $25,452,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,994
    Provision for credit losses $200
    Total noninterest expense $14,789
    Salaries and employee benefits $7,958
    Premises and equipment expense $2,385
    Additional noninterest expense $4,446
    Applicable income taxes $835
    Net charge-offs $23
    Cash dividends $11,930

    Bank 7's interest expense for loans was $6,994,000.
    Bank 7's payroll and benefits expense were $7,958,000.
    Bank 7's property, plant and equipment expenses $2,385,000.

    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 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 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 $676,251
    Deposits held in domestic offices $676,251
    Deposits by Individuals, partnerships, and corporations $570,529
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $58,905
    Deposits by Commercial banks and other depository institutions in U.S. $46,818
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $293,964
    Demand deposits $276,772
    Nontransaction accounts $382,288
    Money market deposit accounts (MMDAs) $117,590
    Other savings deposits (excluding MMDAs) $69,548
    Total time deposits $195,150
    Total time and savings deposits $399,480
    Noninterest-bearing deposits $180,946
    Interest-bearing deposits $495,305
    Retail deposits $620,288
    IRAs and Keogh plan accounts $2,843
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $769,508
    Cash & Balances due from depository institutions $159,893
    Interest-bearing balances $143,366
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $592,590
    Loan and leases loss allowance $7,832
    Trading account assets $0
    Bank premises and fixed assets $7,755
    Other real estate owned $111
    Goodwill and other intangibles $984
    All other assets $8,175

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $769,509
    Total Liabilities $682,132
    Total deposits $676,251
    Interest-bearing deposits $495,305
    Deposits held in domestic offices $676,251
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $5,881

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $592,590
    Loan and leases loss allowance $7,832
    Total loans and leases (domestic) $600,422
    All real estate loans $327,251
    Real estate loans in domestic offices $327,251
    Construction and development loans $87,267
    Residential 1-4 family construction $35,215
    Other construction, all land development and other land $52,052
    Loans secured by nonfarm nonresidential properties $155,740
    Nonfarm nonresidential secured by owner-occupied properties $39,968
    Commercial real estate & other non-farm, non-residential $115,772
    Multifamily residential real estate $4,207
    1-4 family residential loans $45,162
    Farmland loans $34,875
    Loans held in foreign offices $0
    Farm loans $27,969
    Commercial and industrial loans $244,770
    To non-U.S. addressees $0
    Loans to individuals $2,339
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $764
    Other loans to individuals $1,575
    All other loans & leases $85
    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 $501
    Non 1-4 family restructured loans & leases $501
    Total loans and leases (foreign) $0

    Bank 7 had $592,590,000 of loans outstanding in 2018. $327,251,000 of loans were in real estate loans. $87,267,000 of loans were in development loans. $4,207,000 of loans were in multifamily mortgage loans. $45,162,000 of loans were in 1-4 family mortgage loans. $27,969,000 of loans were in farm loans. $0 of loans were in credit card loans. $764,000 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 66 $21,669 $328,318
    Nonfarm, nonresidential loans - <$100k 9 $504 $56,000
    Nonfarm, nonresidential loans - $100-250k 24 $4,962 $206,750
    Nonfarm, nonresidential loans - $250k-1MM 33 $16,203 $491,000
    Commercial & Industrial, US addressed loans - <$1MM 277 $53,479 $193,065
    Commercial & Industrial, US addressed loans - <$100k 159 $5,783 $36,371
    Commercial & Industrial, US addressed loans - $100-250k 52 $9,401 $180,788
    Commercial & Industrial, US addressed loans - $250k-1MM 66 $38,295 $580,227
    Farmland loans - <$1MM 80 $13,009 $162,613
    Farmland loans - <$100k 34 $1,932 $56,824
    Farmland loans - $100-250k 26 $4,612 $177,385
    Farmland loans - $250k-1MM 20 $6,465 $323,250
    Agriculture operations loans - <$1MM 301 $27,244 $90,512
    Agriculture operations loans - <$100k 230 $9,304 $40,452
    Agriculture operations loans - $100-250k 42 $6,865 $163,452
    Agriculture operations loans - $250k-1MM 29 $11,075 $381,897