Progress Bank And Trust Mortgage Rates, Fees & Info
Huntsville, ALLEI: 549300E2RDLPC5BL1Z93
Tax ID: 26-1740755
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Mortgage Data
Review & Overview
Progress Bank And Trust is a smaller bank specializing in loans. Progress Bank And Trust 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 by origination volume include: Crestview, Huntsville, Tuscaloosa, Birmingham, and Florence among others. We have data for 47 markets. (Some data included below & more in-depth data is available with an active subscription.)Progress Bank And Trust 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. Progress Bank And Trust is typically a high 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 about average 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 |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.68% | 3/23/23 |
| 30 Year Conventional Purchase | 6.36% | 3/23/23 |
| 30 Year Conventional Refi | 6.22% | 3/23/23 |
| 30 Year Cash-out Refi | 6.55% | 3/23/23 |
| 30 Year FHA Purchase | 7.12% | 3/23/23 |
| 30 Year VA Purchase | 6.02% | 3/23/23 |
| 30 Year VA Refi | 5.61% | 3/23/23 |
| 30 Year USDA Purchase | 6.48% | 3/23/23 |
| 15 Year Conventional Purchase | 5.93% | 3/23/23 |
| 15 Year Conventional Refi | 5.99% | 3/23/23 |
| 15 Year Cash-out Refi | 5.99% | 3/23/23 |
| 15 Year VA Purchase | 5.71% | 3/23/23 |
| 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. | ||
Originations
1,268Origination Dollar Volume (All Markets)
$493,120,000Awards
Progress Bank and Trust - 2022
Progress Bank and Trust is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Progress Bank And Trust's average 30 year fixed mortgage rate was
4.72%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
Progress Bank And Trust's average total fees/closing costs for a 30 year fixed rate
mortgage were $8,542.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
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 |
|---|---|---|---|---|---|
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 365 | $201,505,000 | $552,068 | $12,265 | 4.87% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 297 | $93,915,000 | $316,212 | $6,636 | 4.67% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 59 | $31,665,000 | $536,695 | $4,963 | 4.65% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 117 | $28,615,000 | $244,573 | $4,573 | 4.99% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 93 | $20,405,000 | $219,409 | $4,983 | 5.08% |
| PANAMA CITY, FL (FHA|USDA|VA) | 54 | $20,080,000 | $371,852 | $8,456 | 5.08% |
| DECATUR, AL (FHA|USDA|VA) | 71 | $16,835,000 | $237,113 | $5,534 | 4.65% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 49 | $10,885,000 | $222,143 | $5,283 | 3.44% |
| Troy, AL (FHA|USDA|VA) | 2 | $9,570,000 | $4,785,000 | $0 | 4.11% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 23 | $8,255,000 | $358,913 | $9,126 | 4.56% |
| MOBILE, AL (FHA|USDA|VA) | 47 | $7,495,000 | $159,468 | $5,665 | 4.72% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $6,465,000 | $6,465,000 | $0 | 4.50% |
| Outside of Metro Areas | 15 | $5,385,000 | $359,000 | $6,300 | 4.27% |
| Albertville, AL (FHA|USDA|VA) | 14 | $4,120,000 | $294,286 | $4,431 | 4.80% |
| Scottsboro, AL (FHA|USDA|VA) | 9 | $3,845,000 | $427,222 | $7,375 | 4.33% |
| JACKSON, MS (FHA|USDA|VA) | 1 | $2,855,000 | $2,855,000 | $10,468 | 7.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $2,395,000 | $479,000 | $7,174 | 4.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $2,165,000 | $2,165,000 | $0 | 4.00% |
| Cullman, AL (FHA|USDA|VA) | 2 | $2,120,000 | $1,060,000 | $8,610 | 3.69% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 6 | $1,870,000 | $311,667 | $4,945 | 4.73% |
| MONTGOMERY, AL (FHA|USDA|VA) | 5 | $1,245,000 | $249,000 | $6,644 | 4.05% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 2 | $1,200,000 | $600,000 | $0 | 5.00% |
| Jasper, AL (FHA|USDA|VA) | 1 | $1,005,000 | $1,005,000 | $0 | 4.00% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 2 | $860,000 | $430,000 | $4,049 | 4.56% |
| Sevierville, TN (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $9,015 | 5.13% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $2,902 | 5.50% |
| Alexander City, AL (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $0 | 4.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $0 | 4.00% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $0 | 4.88% |
| Key West, FL (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 5.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 6.13% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $2,905 | 4.50% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $4,850 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 4.00% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $14,341 | 4.63% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $9,511 | 4.95% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $7,849 | 4.95% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $3,616 | 4.50% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $1,450 | 3.63% |
| Fort Payne, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,912 | 3.38% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 6.25% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 5.35% |
| DOTHAN, AL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 2.88% |
| Oxford, MS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 7.13% |
| LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,910 | 5.00% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 4.25% |
| GADSDEN, AL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.00% |
Similar Lenders
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Product Mix
For 2022, Progress Bank And Trust's most frequently originated type of loan was Conventional, with 795 originations. Their 2nd most popular type was HELOC, with 323 originations.
Loan Reason
For 2022, Progress Bank And Trust's most frequently cited loan purpose was Home Purchase, with 758 originations. The 2nd most popular reason was Other, with 177 originations.
Loan Duration/Length
For 2022, Progress Bank And Trust's most frequently cited loan duration was 30 Year, with 741 originations. The 2nd most popular length was Other, with 342 originations.
Origination Fees/Closing Costs
Progress Bank And Trust's average total fees were $8,542, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 212 originations.
Interest Rates
During 2022, Progress Bank And Trust's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 430 originations.
Loan Sizing
2022 saw Progress Bank And Trust place emphasis on $200k-400k loans with 450 originations, totaling $130,340,000 in origination value.
Applicant Income
Progress Bank And Trust lent most frequently to those with incomes in the $250k+ range, with 278 originations. The second most popular income band? $150k-250k, with 261 originations.
Applicant Debt to Income Ratio
Progress Bank And Trust lent most frequently to those with DTI ratios of 20-30%, with 245 originations. The next most common DTI ratio? 30-36%, with 213 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.01%
Progress Bank And Trust has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.44%
Progress Bank And Trust has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,268 | $493,120,000 | $388,896 |