Bank Of Wolcott Mortgage Rates, Fees & Info

Wolcott, IN

LEI: 549300HTZK86GTZ3J496

Tax ID: 35-0786722

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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)

    • Review & Overview

    Bank Of Wolcott is a smaller bank specializing in Home Purchase and Refi loans. Bank Of Wolcott has a high proportion of conventional loans. Their top markets by origination volume include: Lafayette, Chicago, and Bloomington among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Of Wolcott has an above average approval rate when compared to the average across all lenders. Bank Of Wolcott is typically a low 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 relatively high 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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    Originations

    33

    Origination Dollar Volume (All Markets)

    $2,975,000

    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
    Outside of Metro Areas 19 $1,995,000 $105,000 $1,573 5.59%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 8 $480,000 $60,000 $1,382 4.96%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 5 $325,000 $65,000 $2,543 6.27%
    BLOOMINGTON, IN (FHA|USDA|VA) 1 $175,000 $175,000 $2,014 3.95%
    Bank Of Wolcott's top markets include Lafayette, Chicago, and Bloomington among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $2,975,000 $90,152 $1,577 5.49%

    For 2018, Bank Of Wolcott's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $1,395,000 $82,059 $1,649 5.54%
    Refi 12 $1,330,000 $110,833 $1,474 5.30%
    Home Improvement 4 $250,000 $62,500 $1,550 5.88%

    For 2018, Bank Of Wolcott's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 8 $470,000 $58,750 $1,560 4.99%
    30 Year 7 $835,000 $119,286 $1,553 5.39%
    Other 7 $1,055,000 $150,714 $1,556 5.23%
    1 Year 4 $190,000 $47,500 $0 7.31%
    20 Year 3 $135,000 $45,000 $1,592 5.93%
    10 Year 3 $235,000 $78,333 $1,689 5.10%
    5 Year 1 $55,000 $55,000 $0 4.70%

    For 2018, Bank Of Wolcott's most frequently cited loan duration was 15 Year, with 8 originations. The 2nd most popular length was 30 Year, with 7 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 21 $2,115,000 $100,714

    Bank Of Wolcott's average total fees were $1,553, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 21 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 18 $1,650,000 $91,667
    4-5% 9 $915,000 $101,667
    7-8% 3 $175,000 $58,333
    6-7% 2 $60,000 $30,000
    3-4% 1 $175,000 $175,000

    During 2018, Bank Of Wolcott's average interest rate for loans was 5.39%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 22 $1,240,000 $56,364 $1,541 5.67%
    $100k-200k 10 $1,460,000 $146,000 $1,616 5.06%
    $200k-400k 1 $275,000 $275,000 $0 5.90%

    2018 saw Bank Of Wolcott place emphasis on $100,000 or less loans with 22 originations, totaling $1,240,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 7 $425,000 $60,714 $1,535 5.75%
    $100k-150k 6 $450,000 $75,000 $1,647 4.95%
    $50k-75k 6 $480,000 $80,000 $1,551 5.22%
    $250k+ 5 $495,000 $99,000 $1,480 5.42%
    $75k-100k 3 $435,000 $145,000 $1,551 5.33%
    $150k-250k 1 $175,000 $175,000 $2,014 3.95%

    Bank Of Wolcott lent most frequently to those with incomes in the $50k or less range, with 7 originations. The second most popular income band? $100k-150k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 8 $560,000 $70,000 $1,675 5.28%
    30-36% 7 $625,000 $89,286 $1,521 4.73%
    20-30% 5 $655,000 $131,000 $1,491 5.24%
    >60% 3 $165,000 $55,000 $0 6.63%
    50-60% 2 $230,000 $115,000 $1,578 5.38%
    38% 1 $55,000 $55,000 $0 5.65%
    41% 1 $135,000 $135,000 $1,757 4.85%
    37% 1 $35,000 $35,000 $1,558 5.65%

    Bank Of Wolcott lent most frequently to those with DTI ratios of <20%, with 8 originations. The next most common DTI ratio? 30-36%, with 7 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 28 $2,460,000 $87,857 $1,577 5.30%
    Not applicable 5 $515,000 $103,000 $0 6.59%

    Approval Rates

    Total approvals of all applications
    97.06%

    Bank Of Wolcott 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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 33 $2,975,000 $90,152

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $85,000 $85,000
    Single Family (1-4 Units):Manufactured 2 $140,000 $70,000
    Single Family (1-4 Units):Site-Built 30 $2,750,000 $91,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 5 $345,000 $69,000 $1,759 5.14%
    60-80% 20 $2,240,000 $112,000 $1,607 5.59%
    80-100% 7 $375,000 $53,571 $1,358 5.31%
    Under 20% 1 $15,000 $15,000 $0 6.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 3 11.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 5 18.5%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Incorrect information on your report 2 7.4%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 1 3.7%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 14.8%
    BANK OF THE WEST FHA mortgage Closing on a mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 1 3.7%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 3.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 2 7.4%