Tower Community Bank Mortgage Rates, Fees & Info
Jasper, TNLEI: 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
53Origination Dollar Volume (All Markets)
$12,815,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
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
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
Approval Rates
Total approvals of all applications96.49%
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 origination96.23%
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 |