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, Key West, Morehead City, New Bern, and Wilmington among others. We have data for 12 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.
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Originations
40Origination Dollar Volume (All Markets)
$23,700,000Top 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) | 4 | $8,290,000 | $2,072,500 | $0 | 0.00% |
| Key West, FL (FHA|USDA|VA) | 1 | $2,805,000 | $2,805,000 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 12 | $2,730,000 | $227,500 | $0 | 0.00% |
| NEW BERN, NC (FHA|USDA|VA) | 6 | $2,380,000 | $396,667 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 6 | $1,990,000 | $331,667 | $0 | 0.00% |
| Kinston, NC (FHA|USDA|VA) | 1 | $1,705,000 | $1,705,000 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $1,110,000 | $555,000 | $0 | 0.00% |
| JACKSONVILLE, NC (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $895,000 | $895,000 | $0 | 0.00% |
| GREENVILLE, NC (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $295,000 | $295,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $23,700,000 | $592,500 | $0 | 0.00% |
For 2019, Sound Bank's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
For 2019, Sound Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 40 | $23,700,000 | $592,500 | $0 | 0.00% |
For 2019, Sound Bank's most frequently cited loan duration was Other, with 40 originations.
Loan Sizing
2019 saw Sound Bank place emphasis on $100k-200k loans with 12 originations, totaling $1,780,000 in origination value.
Applicant Income
Sound Bank lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $250k+, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 40 | $23,700,000 | $592,500 | $0 | 0.00% |
Sound Bank lent most frequently to those with DTI ratios of Exempt%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.56%
Sound 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 40 | $23,700,000 | $592,500 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SUMMIT FUNDING, INC. | Conventional home mortgage | Closing on a mortgage | 1 | 20.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Closing on a mortgage | 1 | 20.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Struggling to pay mortgage | 1 | 20.0% |
| SUMMIT FUNDING, INC. | FHA mortgage | Trouble during payment process | 1 | 20.0% |
| SUMMIT FUNDING, INC. | Other type of mortgage | Closing on a mortgage | 1 | 20.0% |