Preferred Community Bank Mortgage Rates, Fees & Info
FORT MYERS, FLLEI: 5493003WJQCO1MLD2F58
Tax ID: 20-3294197
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Mortgage Data
Review & Overview
Preferred Community Bank is a smaller bank specializing in Home Purchase loans. Preferred Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Cape Coral, Naples, Punta Gorda, and Clewiston among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Preferred Community 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. Preferred Community Bank is typically a high 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.
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Originations
38Origination Dollar Volume (All Markets)
$13,620,000Awards
Preferred Community Bank - 2018
Preferred Community Bank is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 31 | $10,445,000 | $336,935 | $8,526 | 4.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 5 | $2,715,000 | $543,000 | $14,343 | 4.75% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $8,953 | 4.00% |
| Clewiston, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,070 | 6.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Preferred Community Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 38 | $13,620,000 | $358,421 | $9,047 | 4.47% |
For 2018, Preferred Community Bank's most frequently originated type of loan was Conventional, with 38 originations.
Loan Reason
For 2018, Preferred Community Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
For 2018, Preferred Community Bank's most frequently cited loan duration was 30 Year, with 26 originations. The 2nd most popular length was 30+ year, with 8 originations.
Origination Fees/Closing Costs
Preferred Community Bank's average total fees were $9,324, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 16 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 19 | $7,545,000 | $397,105 |
| 3-4% | 15 | $5,325,000 | $355,000 |
| 5-6% | 3 | $605,000 | $201,667 |
| 6-7% | 1 | $145,000 | $145,000 |
During 2018, Preferred Community Bank's average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 19 originations.
Loan Sizing
2018 saw Preferred Community Bank place emphasis on $200k-400k loans with 18 originations, totaling $4,620,000 in origination value.
Applicant Income
Preferred Community Bank lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Preferred Community Bank lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.98%
Preferred Community Bank has an average approval rate.
Pick Rate
Approvals leading to origination71.05%
Preferred Community Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 38 | $13,620,000 | $358,421 |