Magnolia State Bank Mortgage Rates, Fees & Info

Bay Springs, MS

LEI: 5493007YWPQ2TU6YIG45

Tax ID: 64-0565094

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

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Mortgage Data

Review & Overview

Magnolia State Bank is a smaller bank specializing in Home Purchase and Refi loans. Magnolia State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hattiesburg, Gulfport, Laurel, Daphne, and Pensacola among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

Magnolia 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

184

Origination Dollar Volume (All Markets)

$36,180,000

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
HATTIESBURG, MS (FHA|USDA|VA) 108 $20,580,000 $190,556 $0 0.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 8 $4,880,000 $610,000 $0 0.00%
Laurel, MS (FHA|USDA|VA) 41 $3,445,000 $84,024 $0 0.00%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 4 $2,020,000 $505,000 $0 0.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $1,525,000 $1,525,000 $0 0.00%
Outside of Metro Areas 16 $1,310,000 $81,875 $0 0.00%
Sevierville, TN (FHA|USDA|VA) 2 $1,190,000 $595,000 $0 0.00%
Oxford, MS (FHA|USDA|VA) 1 $715,000 $715,000 $0 0.00%
HOUMA-THIBODAUX, LA (FHA|USDA|VA) 2 $390,000 $195,000 $0 0.00%
JACKSON, MS (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
Magnolia State Bank's top markets include Hattiesburg, Gulfport, Laurel, Daphne, and Pensacola among others.

Their top states include:
  • Mississippi (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 184 $36,180,000 $196,630 $0 0.00%

    For 2023, Magnolia State Bank's most frequently originated type of loan was Conventional, with 184 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 103 $25,995,000 $252,379 $0 0.00%
    Refi 60 $8,970,000 $149,500 $0 0.00%
    Other 16 $850,000 $53,125 $0 0.00%
    Home Improvement 5 $365,000 $73,000 $0 0.00%

    For 2023, Magnolia State Bank's most frequently cited loan purpose was Home Purchase, with 103 originations. The 2nd most popular reason was Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 184 $36,180,000 $196,630 $0 0.00%

    For 2023, Magnolia State Bank's most frequently cited loan duration was Other, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 81 $4,355,000 $53,765 $0 0.00%
    $100k-200k 54 $7,890,000 $146,111 $0 0.00%
    $200k-400k 34 $9,470,000 $278,529 $0 0.00%
    $400k-600k 6 $2,960,000 $493,333 $0 0.00%
    $600k-1MM 6 $4,700,000 $783,333 $0 0.00%
    $1MM+ 3 $6,805,000 $2,268,333 $0 0.00%

    2023 saw Magnolia State Bank place emphasis on $100,000 or less loans with 81 originations, totaling $4,355,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 26 $1,520,000 $58,462 $0 0.00%
    $100k-150k 24 $4,680,000 $195,000 $0 0.00%
    $75k-100k 20 $2,020,000 $101,000 $0 0.00%
    $50k-75k 17 $1,485,000 $87,353 $0 0.00%
    $150k-250k 16 $4,160,000 $260,000 $0 0.00%
    $250k+ 15 $5,555,000 $370,333 $0 0.00%

    Magnolia State Bank lent most frequently to those with incomes in the $50k or less range, with 26 originations. The second most popular income band? $100k-150k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 184 $36,180,000 $196,630 $0 0.00%

    Magnolia State Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 108 $18,250,000 $168,981 $0 0.00%
    Not applicable 58 $16,350,000 $281,897 $0 0.00%
    Black 17 $1,405,000 $82,647 $0 0.00%
    Not provided 1 $175,000 $175,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.03%

    Magnolia 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
    91.85%

    Magnolia State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 184 $36,180,000 $196,630

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    184 $36,180,000 $196,630