Old National Bank

Evansville, IN 47708

LEI: 549300AT7EB9FJAF0E61

Tax ID: 35-1729164

2019 Data | 2018 Data


Overview

Old National Bank is a small mortgage company specializing in Home Purchase and Refi loans. Old National Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Minneapolis, Grand Rapids, Madison, Indianapolis, and Ann Arbor among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Old National Bank is typically a low fee lendor.


Originations

9,932

Origination Dollar Volume (All Markets)

$2,047,000,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 9,641 $1,997,915,000 $207,231
FHA 178 $28,330,000 $159,157
VA 61 $14,015,000 $229,754
USDA 52 $6,740,000 $129,615

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 3,347 $902,995,000 $269,792
Home Improvement 1,367 $102,835,000 $75,227
Other 1,597 $168,055,000 $105,232
Refi 2,806 $663,980,000 $236,629
Cash Out Refi 815 $209,135,000 $256,607

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 1,196 $347,520,000 $290,569
Outside of Metro Areas 1,825 $252,455,000 $138,332
GRAND RAPIDS-KENTWOOD, MI 746 $188,490,000 $252,668
MADISON, WI 616 $185,390,000 $300,958
INDIANAPOLIS-CARMEL-ANDERSON, IN 932 $178,000,000 $190,987
ANN ARBOR, MI 435 $118,235,000 $271,805
EVANSVILLE, IN-KY 740 $112,700,000 $152,297
MILWAUKEE-WAUKESHA, WI 329 $97,535,000 $296,459
BLOOMINGTON, IN 333 $61,235,000 $183,889
LOUISVILLE/JEFFERSON COUNTY, KY-IN 187 $44,425,000 $237,567
WARREN-TROY-FARMINGTON HILLS, MI 129 $41,145,000 $318,953
FORT WAYNE, IN 188 $36,900,000 $196,277
LAFAYETTE-WEST LAFAYETTE, IN 250 $34,490,000 $137,960
LEXINGTON-FAYETTE, KY 91 $32,925,000 $361,813
SOUTH BEND-MISHAWAKA, IN-MI 132 $29,070,000 $220,227
OWENSBORO, KY 212 $28,620,000 $135,000
KALAMAZOO-PORTAGE, MI 157 $27,805,000 $177,102
TERRE HAUTE, IN 299 $27,045,000 $90,452
COLUMBUS, IN 114 $23,890,000 $209,561
APPLETON, WI 108 $17,060,000 $157,963
OSHKOSH-NEENAH, WI 113 $14,885,000 $131,726
DETROIT-DEARBORN-LIVONIA, MI 42 $14,220,000 $338,571
JANESVILLE-BELOIT, WI 112 $12,800,000 $114,286
MUNCIE, IN 118 $12,250,000 $103,814
MONROE, MI 59 $9,395,000 $159,237
JACKSON, MI 58 $8,450,000 $145,690
ELKHART-GOSHEN, IN 41 $6,125,000 $149,390
NILES, MI 33 $4,715,000 $142,879
BATTLE CREEK, MI 29 $4,535,000 $156,379
LANSING-EAST LANSING, MI 16 $4,450,000 $278,125
CAPE CORAL-FORT MYERS, FL 6 $3,950,000 $658,333
NORTH PORT-SARASOTA-BRADENTON, FL 10 $3,760,000 $376,000
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 7 $3,735,000 $533,571
MUSKEGON, MI 13 $3,675,000 $282,692
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 7 $3,125,000 $446,429
ST. CLOUD, MN 14 $2,590,000 $185,000
MANKATO, MN 13 $2,445,000 $188,077
DANVILLE, IL 29 $2,355,000 $81,207
PHOENIX-MESA-CHANDLER, AZ 6 $2,270,000 $378,333
GREEN BAY, WI 12 $2,170,000 $180,833
TAMPA-ST. PETERSBURG-CLEARWATER, FL 6 $2,070,000 $345,000
DENVER-AURORA-LAKEWOOD, CO 4 $1,870,000 $467,500
RACINE, WI 13 $1,865,000 $143,462
CHICAGO-NAPERVILLE-EVANSTON, IL 4 $1,850,000 $462,500
LAKE COUNTY-KENOSHA COUNTY, IL-WI 5 $1,645,000 $329,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 3 $1,535,000 $511,667
TOLEDO, OH 5 $1,425,000 $285,000
CINCINNATI, OH-KY-IN 6 $1,370,000 $228,333
FLINT, MI 8 $1,310,000 $163,750
BOULDER, CO 1 $1,275,000 $1,275,000
ST. LOUIS, MO-IL 3 $1,265,000 $421,667
WAUSAU-WESTON, WI 7 $1,215,000 $173,571
KOKOMO, IN 6 $1,140,000 $190,000
GREELEY, CO 1 $1,015,000 $1,015,000
NAPLES-MARCO ISLAND, FL 3 $1,005,000 $335,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $995,000 $995,000
EAU CLAIRE, WI 9 $945,000 $105,000
GARY, IN 8 $900,000 $112,500
FORT COLLINS, CO 2 $890,000 $445,000
ELIZABETHTOWN-FORT KNOX, KY 3 $725,000 $241,667
CLARKSVILLE, TN-KY 4 $720,000 $180,000
ALBUQUERQUE, NM 2 $720,000 $360,000
CHARLOTTE-CONCORD-GASTONIA, NC-SC 3 $675,000 $225,000
SHEBOYGAN, WI 5 $635,000 $127,000
FOND DU LAC, WI 9 $635,000 $70,556
LA CROSSE-ONALASKA, WI-MN 3 $605,000 $201,667
BOSTON, MA 1 $535,000 $535,000
SAGINAW, MI 1 $505,000 $505,000
CHAMPAIGN-URBANA, IL 3 $455,000 $151,667
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $445,000 $445,000
COLUMBUS, OH 2 $430,000 $215,000
ROCKFORD, IL 3 $385,000 $128,333
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 2 $380,000 $190,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $355,000 $355,000
TULSA, OK 1 $345,000 $345,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 2 $310,000 $155,000
TUCSON, AZ 1 $285,000 $285,000
JACKSONVILLE, FL 1 $265,000 $265,000
OKLAHOMA CITY, OK 1 $255,000 $255,000
SPOKANE-SPOKANE VALLEY, WA 1 $255,000 $255,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 1 $255,000 $255,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $245,000 $245,000
COLORADO SPRINGS, CO 1 $235,000 $235,000
DES MOINES-WEST DES MOINES, IA 1 $235,000 $235,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 1 $235,000 $235,000
ROCHESTER, MN 2 $230,000 $115,000
SALISBURY, MD-DE 1 $215,000 $215,000
LAKE HAVASU CITY-KINGMAN, AZ 1 $215,000 $215,000
ROANOKE, VA 1 $215,000 $215,000
MORRISTOWN, TN 1 $205,000 $205,000
PUNTA GORDA, FL 1 $205,000 $205,000
PORTLAND-SOUTH PORTLAND, ME 1 $205,000 $205,000
MICHIGAN CITY-LA PORTE, IN 1 $205,000 $205,000
BOWLING GREEN, KY 2 $200,000 $100,000
THE VILLAGES, FL 1 $195,000 $195,000
PHILADELPHIA, PA 1 $175,000 $175,000
BUFFALO-CHEEKTOWAGA, NY 1 $175,000 $175,000
BAY CITY, MI 3 $155,000 $51,667
JACKSON, TN 1 $145,000 $145,000
FARGO, ND-MN 1 $145,000 $145,000
GULFPORT-BILOXI, MS 1 $125,000 $125,000
STATE COLLEGE, PA 1 $125,000 $125,000
LAWTON, OK 1 $105,000 $105,000
ELGIN, IL 1 $95,000 $95,000
CARBONDALE-MARION, IL 1 $65,000 $65,000
DULUTH, MN-WI 1 $55,000 $55,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 411 $71,005,000 $172,762
2.5-3% 993 $159,725,000 $160,851
3-4% 5,400 $1,268,230,000 $234,857
4-5% 2,449 $441,745,000 $180,378
5-6% 566 $84,960,000 $150,106
6-7% 103 $21,155,000 $205,388
7-8% 2 $80,000 $40,000
Over 8% 3 $65,000 $21,667

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 3,452 $176,280,000 $51,066
$100k-200k 3,124 $443,420,000 $141,940
$200k-400k 2,333 $646,705,000 $277,199
$400k-600k 621 $298,315,000 $480,378
$600k-1000k 303 $220,215,000 $726,782
$Over $1MM 99 $262,065,000 $2,647,121

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,626 $153,650,000 $94,496
40-60% 1,291 $230,955,000 $178,896
60-80% 2,816 $726,310,000 $257,923
80-100% 2,721 $773,715,000 $284,350
Over 100% 64 $98,470,000 $1,538,594
Under 20% 1,413 $63,875,000 $45,205

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,863 $346,605,000 $186,047
$150k-250k 1,422 $382,720,000 $269,142
$50k-75k 1,833 $224,785,000 $122,632
$50k-or less 1,656 $145,850,000 $88,074
$75k-100k 1,536 $215,190,000 $140,098
$Over $250k 1,052 $456,880,000 $434,297

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 8,308 $1,579,570,000 $190,126
Not applicable 203 $214,425,000 $1,056,281
Not provided 999 $165,115,000 $165,280
Asian 170 $45,810,000 $269,471
Black 199 $33,025,000 $165,955
Asian Indian 17 $4,015,000 $236,176
American Indian 16 $2,280,000 $142,500
Other Asian 6 $930,000 $155,000
Chinese 3 $445,000 $148,333
Filipino 2 $440,000 $220,000
Japanese 2 $340,000 $170,000
Native Hawaiian 3 $275,000 $91,667
Vietnamese 2 $250,000 $125,000
Korean 1 $45,000 $45,000
Other Pacific Islander 1 $35,000 $35,000

Approval Rates

Total approvals of all applications
80.08%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
87.72%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 9,932 $2,047,000,000 $206,101

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 5,065 $1,095,725,000 $216,333
$1k-2k 1,259 $356,355,000 $283,046
$2k-3k 117 $30,545,000 $261,068
$3k-4k 71 $20,325,000 $286,268
$5k+ 28 $12,130,000 $433,214

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 74 $192,660,000 $2,603,514
Single Family (1-4 Units):Manufactured 37 $3,635,000 $98,243
Single Family (1-4 Units):Site-Built 9,821 $1,850,705,000 $188,444