The North Salem State Bank Mortgage Rates, Fees & Info

North Salem, IN

LEI: 5493005ANYGQWRPVGU61

Tax ID: 35-0551480

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

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Mortgage Data

Review & Overview

The North Salem State Bank is a smaller bank specializing in Home Purchase and Refi loans. The North Salem State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Indianapolis, Cullowhee, Tampa, Naples, and Terre Haute among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

The North Salem State Bank 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.

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Originations

125

Origination Dollar Volume (All Markets)

$35,065,000

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 109 $29,345,000 $269,220 $0 0.00%
Cullowhee, NC (FHA|USDA|VA) 1 $2,405,000 $2,405,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $655,000 $655,000 $0 0.00%
TERRE HAUTE, IN (FHA|USDA|VA) 3 $495,000 $165,000 $0 0.00%
Crawfordsville, IN (FHA|USDA|VA) 3 $475,000 $158,333 $0 0.00%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Warsaw, IN (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
New Castle, IN (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Outside of Metro Areas 1 $55,000 $55,000 $0 0.00%
Marion, IN (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
The North Salem State Bank's top markets include Indianapolis, Cullowhee, Tampa, Naples, and Terre Haute among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 125 $35,065,000 $280,520 $0 0.00%

    For 2023, The North Salem State Bank's most frequently originated type of loan was Conventional, with 125 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 75 $24,725,000 $329,667 $0 0.00%
    Refi 31 $8,325,000 $268,548 $0 0.00%
    Other 10 $1,340,000 $134,000 $0 0.00%
    Home Improvement 9 $675,000 $75,000 $0 0.00%

    For 2023, The North Salem State Bank's most frequently cited loan purpose was Home Purchase, with 75 originations. The 2nd most popular reason was Refi, with 31 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 125 $35,065,000 $280,520 $0 0.00%

    For 2023, The North Salem State Bank's most frequently cited loan duration was Other, with 125 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 39 $5,775,000 $148,077 $0 0.00%
    $100,000 or less 30 $1,650,000 $55,000 $0 0.00%
    $200k-400k 29 $8,225,000 $283,621 $0 0.00%
    $400k-600k 14 $6,570,000 $469,286 $0 0.00%
    $600k-1MM 10 $7,740,000 $774,000 $0 0.00%
    $1MM+ 3 $5,105,000 $1,701,667 $0 0.00%

    2023 saw The North Salem State Bank place emphasis on $100k-200k loans with 39 originations, totaling $5,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 20 $3,080,000 $154,000 $0 0.00%
    $75k-100k 18 $4,090,000 $227,222 $0 0.00%
    $250k+ 17 $8,515,000 $500,882 $0 0.00%
    $150k-250k 14 $4,090,000 $292,143 $0 0.00%
    $50k or less 14 $2,060,000 $147,143 $0 0.00%
    $100k-150k 13 $3,125,000 $240,385 $0 0.00%

    The North Salem State Bank lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $75k-100k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 125 $35,065,000 $280,520 $0 0.00%

    The North Salem State Bank lent most frequently to those with DTI ratios of Exempt%, with 125 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 96 $24,960,000 $260,000 $0 0.00%
    Not applicable 29 $10,105,000 $348,448 $0 0.00%

    Approval Rates

    Total approvals of all applications
    95.80%

    The North Salem State 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
    90.40%

    The North Salem State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 125 $35,065,000 $280,520

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $35,065,000 $280,520