Sound Bank Mortgage Rates, Fees & Info
Raleigh, NCLEI: 549300D3SGJ9UCUF2779
Tax ID: 31-1763452
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Mortgage Data
Review & Overview
Sound Bank is a smaller bank specializing in Home Purchase loans. Sound Bank has a high proportion of conventional loans. Their top markets by origination volume include: Raleigh, Fayetteville, Wilmington, Charlotte, and Albemarle among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)Sound 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.
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Originations
49Origination Dollar Volume (All Markets)
$49,055,000Top 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 |
|---|---|---|---|---|---|
| RALEIGH-CARY, NC (FHA|USDA|VA) | 5 | $12,705,000 | $2,541,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 4 | $9,570,000 | $2,392,500 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 9 | $8,285,000 | $920,556 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 3 | $6,465,000 | $2,155,000 | $0 | 0.00% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $3,555,000 | $3,555,000 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 8 | $2,070,000 | $258,750 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $1,800,000 | $900,000 | $0 | 0.00% |
| GREENVILLE, NC (FHA|USDA|VA) | 5 | $1,155,000 | $231,000 | $0 | 0.00% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $855,000 | $285,000 | $0 | 0.00% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| NEW BERN, NC (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 0.00% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| Sanford, NC (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 49 | $49,055,000 | $1,001,122 | $0 | 0.00% |
For 2023, Sound Bank's most frequently originated type of loan was Conventional, with 49 originations.
Loan Reason
For 2023, Sound Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Refi, with 5 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 49 | $49,055,000 | $1,001,122 | $0 | 0.00% |
For 2023, Sound Bank's most frequently cited loan duration was Other, with 49 originations.
Loan Sizing
2023 saw Sound Bank place emphasis on $200k-400k loans with 12 originations, totaling $3,200,000 in origination value.
Applicant Income
Sound Bank lent most frequently to those with incomes in the $250k+ range, with 15 originations. The second most popular income band? $100k-150k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 49 | $49,055,000 | $1,001,122 | $0 | 0.00% |
Sound Bank lent most frequently to those with DTI ratios of Exempt%, with 49 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.67%
Sound Bank has an average approval rate.
Pick Rate
Approvals leading to origination87.76%
Sound Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 49 | $49,055,000 | $1,001,122 |