The Bank Of Fayette County Mortgage Rates, Fees & Info
Piperton, TNLEI: 5493004VB8XJ1L0EOO76
Tax ID: 62-0301070
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
The Bank Of Fayette County is a smaller bank specializing in Home Purchase loans. The Bank Of Fayette County has a high proportion of conventional loans. Their top markets by origination volume include: Memphis, Oxford, Waco, Washington, and Jackson among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)The Bank Of Fayette County 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.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.60% | 4/30/24 |
| 30 Year Conventional Refi | 7.70% | 4/30/24 |
| 15 Year Conventional Purchase | 7.02% | 4/30/24 |
| 15 Year Conventional Refi | 7.19% | 4/30/24 |
| 15 Year Cash-out Refi | 7.19% | 4/30/24 |
| 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. | ||
The Bank Of Fayette County Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
173Origination Dollar Volume (All Markets)
$30,735,000Top 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 |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 119 | $22,935,000 | $192,731 | $3,130 | 8.35% |
| Outside of Metro Areas | 35 | $3,665,000 | $104,714 | $2,402 | 8.24% |
| Oxford, MS (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $5,341 | 7.22% |
| WACO, TX (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $5,031 | 8.12% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $5,894 | 7.25% |
| JACKSON, TN (FHA|USDA|VA) | 3 | $415,000 | $138,333 | $2,710 | 7.28% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $4,687 | 7.65% |
| Paris, TN (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $1,828 | 8.33% |
| Brownsville, TN (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $2,202 | 8.05% |
| Starkville, MS (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $4,504 | 7.65% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,848 | 6.59% |
| Tupelo, MS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,384 | 8.05% |
| Corinth, MS (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 8.29% |
Similar Lenders
We use machine learning to identify the top lenders compared against The Bank of Fayette County 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 | 173 | $30,735,000 | $177,659 | $3,023 | 8.26% |
For 2023, The Bank Of Fayette County's most frequently originated type of loan was Conventional, with 173 originations.
Loan Reason
For 2023, The Bank Of Fayette County's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Other, with 37 originations.
Loan Duration/Length
For 2023, The Bank Of Fayette County's most frequently cited loan duration was Other, with 129 originations. The 2nd most popular length was 5 Year, with 26 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 66 | $5,230,000 | $79,242 |
| $1k-2k | 39 | $7,425,000 | $190,385 |
| $2k-3k | 15 | $7,095,000 | $473,000 |
| $3k-4k | 9 | $5,445,000 | $605,000 |
The Bank Of Fayette County's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 66 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 103 | $11,215,000 | $108,883 |
| 7-8% | 50 | $13,060,000 | $261,200 |
| 6-7% | 19 | $6,445,000 | $339,211 |
| 5-6% | 1 | $15,000 | $15,000 |
During 2023, The Bank Of Fayette County's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 103 originations.
Loan Sizing
2023 saw The Bank Of Fayette County place emphasis on $100,000 or less loans with 81 originations, totaling $4,525,000 in origination value.
Applicant Income
The Bank Of Fayette County lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 32 originations.
Applicant Debt to Income Ratio
The Bank Of Fayette County lent most frequently to those with DTI ratios of 20-30%, with 36 originations. The next most common DTI ratio? <20%, with 30 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.91%
The Bank Of Fayette County has an average approval rate.
Pick Rate
Approvals leading to origination75.72%
The Bank Of Fayette County has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $55,000 | $55,000 |
| NA | 172 | $30,680,000 | $178,372 |