Tower Community Bank Mortgage Rates, Fees & Info

Jasper, TN

LEI: 549300IBHFWCA2THLC52

Tax ID: 62-0806182

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Mortgage Data

Review & Overview

Tower Community Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Tower Community Bank has a high proportion of conventional loans. Their top markets by origination volume include: Nashville, Chattanooga, Tullahoma, Shelbyville, and Huntsville among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Tower Community 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.

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Originations

53

Origination Dollar Volume (All Markets)

$12,815,000

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
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 20 $8,910,000 $445,500 $0 0.00%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 25 $2,255,000 $90,200 $0 0.00%
Tullahoma-Manchester, TN (FHA|USDA|VA) 2 $590,000 $295,000 $0 0.00%
Shelbyville, TN (FHA|USDA|VA) 1 $485,000 $485,000 $0 0.00%
Outside of Metro Areas 3 $265,000 $88,333 $0 0.00%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Tower Community Bank's top markets include Nashville, Chattanooga, Tullahoma, Shelbyville, and Huntsville among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 53 $12,815,000 $241,792 $0 0.00%

    For 2019, Tower Community Bank's most frequently originated type of loan was Conventional, with 53 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 29 $5,905,000 $203,621 $0 0.00%
    Refi 11 $2,885,000 $262,273 $0 0.00%
    Cash Out Refi 8 $3,730,000 $466,250 $0 0.00%
    Home Improvement 5 $295,000 $59,000 $0 0.00%

    For 2019, Tower Community Bank's most frequently cited loan purpose was Home Purchase, with 29 originations. The 2nd most popular reason was Refi, with 11 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 53 $12,815,000 $241,792 $0 0.00%

    For 2019, Tower Community Bank's most frequently cited loan duration was Other, with 53 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 23 $1,125,000 $48,913 $0 0.00%
    $100k-200k 11 $1,625,000 $147,727 $0 0.00%
    $200k-400k 9 $2,435,000 $270,556 $0 0.00%
    $600k-1MM 5 $3,955,000 $791,000 $0 0.00%
    $400k-600k 3 $1,395,000 $465,000 $0 0.00%
    $1MM+ 2 $2,280,000 $1,140,000 $0 0.00%

    2019 saw Tower Community Bank place emphasis on $100,000 or less loans with 23 originations, totaling $1,125,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 9 $1,735,000 $192,778 $0 0.00%
    $50k-75k 9 $845,000 $93,889 $0 0.00%
    $50k or less 9 $835,000 $92,778 $0 0.00%
    $150k-250k 8 $2,890,000 $361,250 $0 0.00%
    $250k+ 7 $3,025,000 $432,143 $0 0.00%
    $75k-100k 7 $1,225,000 $175,000 $0 0.00%

    Tower Community Bank lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $50k-75k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 53 $12,815,000 $241,792 $0 0.00%

    Tower Community Bank lent most frequently to those with DTI ratios of Exempt%, with 53 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $10,990,000 $228,958 $0 0.00%
    Not applicable 3 $1,515,000 $505,000 $0 0.00%
    Asian 2 $310,000 $155,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.49%

    Tower Community 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
    96.23%

    Tower Community Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 53 $12,815,000 $241,792

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $1,175,000 $1,175,000
    Single Family (1-4 Units):Manufactured 10 $790,000 $79,000
    Single Family (1-4 Units):Site-Built 42 $10,850,000 $258,333