Wells Bank Mortgage Rates, Fees & Info

Platte City, MO

LEI: 549300BJ6EOJ9EF6JB96

Tax ID: 44-0482800

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Wells Bank is a smaller bank specializing in Refi and Home Purchase loans. Wells Bank has a high proportion of conventional loans. Their top markets by origination volume include: Kansas City, Maryville, St. Joseph, Kirksville, and Columbia among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Wells 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.

    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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    Originations

    359

    Origination Dollar Volume (All Markets)

    $92,025,000

    Employee count

    54

    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
    KANSAS CITY, MO-KS (FHA|USDA|VA) 221 $65,335,000 $295,633 $0 0.00%
    Maryville, MO (FHA|USDA|VA) 83 $16,495,000 $198,735 $0 0.00%
    ST. JOSEPH, MO-KS (FHA|USDA|VA) 39 $7,815,000 $200,385 $0 0.00%
    Outside of Metro Areas 13 $1,715,000 $131,923 $0 0.00%
    Kirksville, MO (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
    COLUMBIA, MO (FHA|USDA|VA) 2 $300,000 $150,000 $0 0.00%
    Wells Bank's top markets include Kansas City, Maryville, St. Joseph, Kirksville, and Columbia among others.

    Their top states include:
  • Missouri (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 359 $92,025,000 $256,337 $0 0.00%

    For 2020, Wells Bank's most frequently originated type of loan was Conventional, with 359 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 173 $36,655,000 $211,879 $0 0.00%
    Home Purchase 127 $42,105,000 $331,535 $0 0.00%
    Cash Out Refi 53 $12,415,000 $234,245 $0 0.00%
    Other 4 $470,000 $117,500 $0 0.00%
    Home Improvement 2 $380,000 $190,000 $0 0.00%

    For 2020, Wells Bank's most frequently cited loan purpose was Refi, with 173 originations. The 2nd most popular reason was Home Purchase, with 127 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 359 $92,025,000 $256,337 $0 0.00%

    For 2020, Wells Bank's most frequently cited loan duration was Other, with 359 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 141 $39,065,000 $277,057 $0 0.00%
    $100k-200k 128 $18,330,000 $143,203 $0 0.00%
    $100,000 or less 59 $4,265,000 $72,288 $0 0.00%
    $400k-600k 15 $7,075,000 $471,667 $0 0.00%
    $1MM+ 14 $21,990,000 $1,570,714 $0 0.00%
    $600k-1MM 2 $1,300,000 $650,000 $0 0.00%

    2020 saw Wells Bank place emphasis on $200k-400k loans with 141 originations, totaling $39,065,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 62 $14,040,000 $226,452 $0 0.00%
    $75k-100k 59 $10,555,000 $178,898 $0 0.00%
    $50k-75k 52 $8,690,000 $167,115 $0 0.00%
    $150k-250k 47 $11,735,000 $249,681 $0 0.00%
    $250k+ 40 $11,930,000 $298,250 $0 0.00%
    $50k or less 28 $3,270,000 $116,786 $0 0.00%

    Wells Bank lent most frequently to those with incomes in the $100k-150k range, with 62 originations. The second most popular income band? $75k-100k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 359 $92,025,000 $256,337 $0 0.00%

    Wells Bank lent most frequently to those with DTI ratios of Exempt%, with 359 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 298 $74,480,000 $249,933 $0 0.00%
    Not applicable 50 $15,900,000 $318,000 $0 0.00%
    Not provided 5 $745,000 $149,000 $0 0.00%
    Asian Indian 1 $335,000 $335,000 $0 0.00%
    Black 2 $280,000 $140,000 $0 0.00%
    Asian 1 $155,000 $155,000 $0 0.00%
    American Indian 1 $75,000 $75,000 $0 0.00%
    Other Asian 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.55%

    Wells 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
    90.81%

    Wells Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 359 $92,025,000 $256,337

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 26 $25,750,000 $990,385
    Single Family (1-4 Units):Manufactured 1 $85,000 $85,000
    Single Family (1-4 Units):Site-Built 332 $66,190,000 $199,367

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    WELLS FARGO & COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 269 14.5%
    WELLS FARGO & COMPANY Conventional home mortgage Closing on a mortgage 89 4.8%
    WELLS FARGO & COMPANY Conventional home mortgage Credit monitoring or identity theft protection services 2 0.1%
    WELLS FARGO & COMPANY Conventional home mortgage Improper use of your report 1 0.1%
    WELLS FARGO & COMPANY Conventional home mortgage Incorrect information on your report 53 2.9%
    WELLS FARGO & COMPANY Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 10 0.5%
    WELLS FARGO & COMPANY Conventional home mortgage Struggling to pay mortgage 254 13.7%
    WELLS FARGO & COMPANY Conventional home mortgage Trouble during payment process 519 28.0%
    WELLS FARGO & COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 39 2.1%
    WELLS FARGO & COMPANY FHA mortgage Closing on a mortgage 8 0.4%
    WELLS FARGO & COMPANY FHA mortgage Improper use of your report 1 0.1%
    WELLS FARGO & COMPANY FHA mortgage Incorrect information on your report 18 1.0%
    WELLS FARGO & COMPANY FHA mortgage Problem with a credit reporting company's investigation into an existing problem 10 0.5%
    WELLS FARGO & COMPANY FHA mortgage Struggling to pay mortgage 82 4.4%
    WELLS FARGO & COMPANY FHA mortgage Trouble during payment process 95 5.1%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 48 2.6%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 10 0.5%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Improper use of your report 1 0.1%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 3 0.2%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Problem with a credit reporting company's investigation into an existing problem 1 0.1%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 17 0.9%
    WELLS FARGO & COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 49 2.6%
    WELLS FARGO & COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 26 1.4%
    WELLS FARGO & COMPANY Other type of mortgage Closing on a mortgage 15 0.8%
    WELLS FARGO & COMPANY Other type of mortgage Incorrect information on your report 12 0.6%
    WELLS FARGO & COMPANY Other type of mortgage Struggling to pay mortgage 26 1.4%
    WELLS FARGO & COMPANY Other type of mortgage Trouble during payment process 67 3.6%
    WELLS FARGO & COMPANY Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.1%
    WELLS FARGO & COMPANY Reverse mortgage Closing on a mortgage 2 0.1%
    WELLS FARGO & COMPANY Reverse mortgage Struggling to pay mortgage 2 0.1%
    WELLS FARGO & COMPANY Reverse mortgage Trouble during payment process 6 0.3%
    WELLS FARGO & COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 22 1.2%
    WELLS FARGO & COMPANY VA mortgage Closing on a mortgage 25 1.3%
    WELLS FARGO & COMPANY VA mortgage Incorrect information on your report 6 0.3%
    WELLS FARGO & COMPANY VA mortgage Struggling to pay mortgage 22 1.2%
    WELLS FARGO & COMPANY VA mortgage Trouble during payment process 41 2.2%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Wells Bank 1100 Branch Street Platte City, MO 64079 Full Service B&M $133,056
    Wells Bank 125 West Nodaway Street Oregon, MO 64473 Full Service B&M $26,819
    Wells Bank 2920 South Main Street Maryville, MO 64468 Full Service B&M $47,281
    Wells Bank 501 West Main Street Savannah, MO 64485 Full Service B&M $19,856
    Wells Bank 8500 N Green Hills Road Kansas City, MO 64151 Full Service B&M $13,868

    For 2020, Wells Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $12,493
    Net interest income $11,435
    Total noninterest income $2,356
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $252
    Trading account gains and fees $0
    Additional Noninterest Income $2,104
    Pre-tax net operating income $6,242
    Securities gains (or losses, -) $1
    Income before extraordinary items $6,243
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,243
    Minority interest net income $0
    Net income $6,243
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,242

    Wells Bank's gross interest income from loans was $12,493,000.
    Wells Bank's net interest income from loans was $11,435,000.
    Wells Bank's fee based income from loans was $252,000.
    Wells Bank's net income from loans was $6,243,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,058
    Provision for credit losses $1,200
    Total noninterest expense $6,349
    Salaries and employee benefits $3,650
    Premises and equipment expense $928
    Additional noninterest expense $1,771
    Applicable income taxes $0
    Net charge-offs $407
    Cash dividends $3,436

    Wells Bank's interest expense for loans was $1,058,000.
    Wells Bank's payroll and benefits expense were $3,650,000.
    Wells Bank's property, plant and equipment expenses $928,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $266,644
    Deposits held in domestic offices $266,644
    Deposits by Individuals, partnerships, and corporations $222,091
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $44,305
    Deposits by Commercial banks and other depository institutions in U.S. $248
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $143,171
    Demand deposits $71,031
    Nontransaction accounts $123,473
    Money market deposit accounts (MMDAs) $70,915
    Other savings deposits (excluding MMDAs) $19,347
    Total time deposits $33,211
    Total time and savings deposits $195,613
    Noninterest-bearing deposits $71,031
    Interest-bearing deposits $195,613
    Retail deposits $262,747
    IRAs and Keogh plan accounts $4,805
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $293,261
    Cash & Balances due from depository institutions $41,538
    Interest-bearing balances $34,417
    Total securities $9,273
    Federal funds sold & reverse repurchase $11,383
    Net loans and leases $217,980
    Loan and leases loss allowance $2,871
    Trading account assets $0
    Bank premises and fixed assets $8,176
    Other real estate owned $175
    Goodwill and other intangibles $146
    All other assets $4,590

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $293,261
    Total Liabilities $266,989
    Total deposits $266,644
    Interest-bearing deposits $195,613
    Deposits held in domestic offices $266,644
    % insured (estimated) $80
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $345

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $217,980
    Loan and leases loss allowance $2,871
    Total loans and leases (domestic) $220,851
    All real estate loans $199,727
    Real estate loans in domestic offices $199,727
    Construction and development loans $30,147
    Residential 1-4 family construction $17,531
    Other construction, all land development and other land $12,616
    Loans secured by nonfarm nonresidential properties $64,556
    Nonfarm nonresidential secured by owner-occupied properties $26,233
    Commercial real estate & other non-farm, non-residential $38,323
    Multifamily residential real estate $22,345
    1-4 family residential loans $60,413
    Farmland loans $22,266
    Loans held in foreign offices $0
    Farm loans $3,523
    Commercial and industrial loans $13,618
    To non-U.S. addressees $0
    Loans to individuals $1,833
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $1,125
    Other loans to individuals $708
    All other loans & leases $2,150
    Loans to foreign governments and official institutions $0
    Other loans $27
    Loans to depository institutions and acceptances of other banks $1,875
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Wells Bank had $217,980,000 of loans outstanding in 2020. $199,727,000 of loans were in real estate loans. $30,147,000 of loans were in development loans. $22,345,000 of loans were in multifamily mortgage loans. $60,413,000 of loans were in 1-4 family mortgage loans. $3,523,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,125,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 114 $22,821 $200,184
    Nonfarm, nonresidential loans - <$100k 33 $1,548 $46,909
    Nonfarm, nonresidential loans - $100-250k 39 $4,513 $115,718
    Nonfarm, nonresidential loans - $250k-1MM 42 $16,760 $399,048
    Commercial & Industrial, US addressed loans - <$1MM 126 $6,572 $52,159
    Commercial & Industrial, US addressed loans - <$100k 101 $2,196 $21,743
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,939 $107,722
    Commercial & Industrial, US addressed loans - $250k-1MM 7 $2,437 $348,143
    Farmland loans - <$1MM 126 $17,522 $139,063
    Farmland loans - <$100k 44 $1,894 $43,045
    Farmland loans - $100-250k 55 $7,493 $136,236
    Farmland loans - $250k-1MM 27 $8,135 $301,296
    Agriculture operations loans - <$1MM 66 $2,619 $39,682
    Agriculture operations loans - <$100k 56 $1,092 $19,500
    Agriculture operations loans - $100-250k 8 $993 $124,125
    Agriculture operations loans - $250k-1MM 2 $534 $267,000