Central Bank Mortgage Rates, Fees & Info
Little Rock, ARLEI: 5493008ETVHBTJEF0O91
Tax ID: 20-5445884
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Mortgage Data
Review & Overview
Central Bank is a smaller bank specializing in Home Purchase and Refi loans. Central Bank has a high proportion of conventional loans. Their top markets by origination volume include: Little Rock, Fayetteville, and Hot Springs among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Central 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. Central Bank is typically a low 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 relatively high 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.68% | 4/28/24 |
| 30 Year Conventional Refi | 6.63% | 4/28/24 |
| 30 Year Cash-out Refi | 6.47% | 4/28/24 |
| 15 Year Conventional Purchase | 5.68% | 4/28/24 |
| 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. | ||
Central Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
52Origination Dollar Volume (All Markets)
$25,560,000Top 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 |
|---|---|---|---|---|---|
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 40 | $19,790,000 | $494,750 | $2,224 | 5.82% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 8 | $4,990,000 | $623,750 | $0 | 6.19% |
| HOT SPRINGS, AR (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $0 | 6.08% |
| Outside of Metro Areas | 2 | $150,000 | $75,000 | $0 | 6.37% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 51 | $25,055,000 | $491,275 | $2,224 | 5.92% |
| HELOC | 1 | $505,000 | $505,000 | n/a | 5.25% |
For 2019, Central Bank's most frequently originated type of loan was Conventional, with 51 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2019, Central Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 19 originations.
Loan Duration/Length
For 2019, Central Bank's most frequently cited loan duration was 5 Year, with 24 originations. The 2nd most popular length was Other, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $105,000 | $105,000 |
Central Bank's average total fees were $2,224, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 27 | $11,245,000 | $416,481 |
| 6-7% | 19 | $11,505,000 | $605,526 |
| 4-5% | 5 | $2,685,000 | $537,000 |
| 7-8% | 1 | $125,000 | $125,000 |
During 2019, Central Bank's average interest rate for loans was 5.79%, while their most frequently originated rate bucket for loans was 5-6%, with 27 originations.
Loan Sizing
2019 saw Central Bank place emphasis on $100k-200k loans with 18 originations, totaling $2,410,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k or less | 1 | $105,000 | $105,000 | $2,224 | 5.58% |
Central Bank lent most frequently to those with incomes in the $50k or less range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 37% | 1 | $105,000 | $105,000 | $2,224 | 5.58% |
Central Bank lent most frequently to those with DTI ratios of 37%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.83%
Central 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 origination82.69%
Central Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 52 | $25,560,000 | $491,538 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| CENTERSTATE BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 1 | 50.0% |
| CENTERSTATE BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 50.0% |