Southern Bancorp Bank Mortgage Rates, Fees & Info

Arkadelphia, AR

LEI: 549300JQEF6V2RNWCC75

Tax ID: 71-0051510

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Mortgage Data

Review & Overview

Southern Bancorp Bank is a smaller bank specializing in Home Purchase and Refi loans. Southern Bancorp Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hot Springs, Jackson, Little Rock, Arkadelphia, and Malvern among others. We have data for 36 markets. (Some data included below & more in-depth data is available with an active subscription.)

Southern Bancorp Bank 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. 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.20% 7/20/24
30 Year Conventional Refi 6.27% 7/20/24
30 Year FHA Purchase 7.38% 7/20/24
30 Year VA Purchase 6.27% 7/20/24
30 Year USDA Purchase 7.45% 7/20/24
15 Year Conventional Purchase 6.35% 7/20/24
15 Year Conventional Refi 6.03% 7/20/24
15 Year Cash-out Refi 6.03% 7/20/24
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.

Southern Bancorp Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Southern Bancorp Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

602

Origination Dollar Volume (All Markets)

$85,230,000

Relative Rate

Southern Bancorp Bank's average 30 year fixed mortgage rate was 8.5%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 2.02%.

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 156 $12,200,000 $78,205 $849 8.49%
HOT SPRINGS, AR (FHA|USDA|VA) 57 $11,505,000 $201,842 $1,783 8.16%
JACKSON, MS (FHA|USDA|VA) 33 $7,405,000 $224,394 $2,802 7.81%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 29 $6,815,000 $235,000 $1,604 7.41%
Arkadelphia, AR (FHA|USDA|VA) 39 $4,805,000 $123,205 $1,340 7.35%
Malvern, AR (FHA|USDA|VA) 36 $4,150,000 $115,278 $1,045 8.53%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 3 $4,115,000 $1,371,667 $0 8.33%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 17 $4,065,000 $239,118 $1,564 7.86%
JONESBORO, AR (FHA|USDA|VA) 27 $3,025,000 $112,037 $1,250 8.15%
El Dorado, AR (FHA|USDA|VA) 23 $2,785,000 $121,087 $1,370 7.77%
Blytheville, AR (FHA|USDA|VA) 34 $2,480,000 $72,941 $1,310 8.28%
Oxford, MS (FHA|USDA|VA) 3 $2,435,000 $811,667 $4,265 6.00%
Helena-West Helena, AR (FHA|USDA|VA) 33 $1,985,000 $60,152 $1,374 8.81%
Starkville, MS (FHA|USDA|VA) 2 $1,940,000 $970,000 $4,432 8.25%
HATTIESBURG, MS (FHA|USDA|VA) 8 $1,910,000 $238,750 $1,992 7.47%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 6 $1,680,000 $280,000 $2,439 5.83%
Indianola, MS (FHA|USDA|VA) 25 $1,675,000 $67,000 $625 8.28%
Clarksdale, MS (FHA|USDA|VA) 12 $1,490,000 $124,167 $1,193 8.10%
Greenville, MS (FHA|USDA|VA) 18 $1,280,000 $71,111 $1,527 8.48%
Cleveland, MS (FHA|USDA|VA) 11 $1,175,000 $106,818 $1,189 8.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 4 $1,090,000 $272,500 $1,194 8.50%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $715,000 $715,000 $0 7.99%
Russellville, AR (FHA|USDA|VA) 2 $690,000 $345,000 $0 8.38%
Greenwood, MS (FHA|USDA|VA) 2 $670,000 $335,000 $4,085 8.38%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $655,000 $655,000 $3,792 1.00%
Columbus, MS (FHA|USDA|VA) 1 $575,000 $575,000 $0 8.75%
Camden, AR (FHA|USDA|VA) 4 $570,000 $142,500 $929 8.10%
Picayune, MS (FHA|USDA|VA) 5 $505,000 $101,000 $1,462 8.10%
TEXARKANA, TX-AR (FHA|USDA|VA) 1 $155,000 $155,000 $2,309 8.25%
Ruston, LA (FHA|USDA|VA) 1 $145,000 $145,000 $0 8.25%
PINE BLUFF, AR (FHA|USDA|VA) 3 $125,000 $41,667 $222 8.67%
MONROE, LA (FHA|USDA|VA) 1 $125,000 $125,000 $269 6.50%
Grenada, MS (FHA|USDA|VA) 1 $115,000 $115,000 $3,942 8.25%
Forrest City, AR (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.00%
Hope, AR (FHA|USDA|VA) 1 $55,000 $55,000 $715 8.75%
Mountain Home, AR (FHA|USDA|VA) 1 $25,000 $25,000 $0 9.25%
Southern Bancorp Bank's top markets include Hot Springs, Jackson, Little Rock, Arkadelphia, and Malvern among others.

Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Florida (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 602 $85,230,000 $141,578 $1,336 8.14%

    For 2023, Southern Bancorp Bank's most frequently originated type of loan was Conventional, with 602 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 278 $51,310,000 $184,568 $2,138 8.09%
    Refi 242 $29,670,000 $122,603 $755 7.96%
    Home Improvement 60 $2,950,000 $49,167 $1,172 8.79%
    Other 22 $1,300,000 $59,091 $1,301 9.03%

    For 2023, Southern Bancorp Bank's most frequently cited loan purpose was Home Purchase, with 278 originations. The 2nd most popular reason was Refi, with 242 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 244 $40,050,000 $164,139 $1,510 8.24%
    20 Year 99 $21,685,000 $219,040 $1,554 6.82%
    15 Year 91 $7,565,000 $83,132 $1,114 8.75%
    5 Year 72 $4,960,000 $68,889 $710 8.32%
    10 Year 54 $2,070,000 $38,333 $864 8.42%
    1 Year 22 $5,680,000 $258,182 $2,592 8.68%
    3 Year 19 $3,055,000 $160,789 $651 8.72%
    30 Year 1 $165,000 $165,000 $0 8.50%

    For 2023, Southern Bancorp Bank's most frequently cited loan duration was Other, with 244 originations. The 2nd most popular length was 20 Year, with 99 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 322 $33,150,000 $102,950
    $1k-2k 36 $8,790,000 $244,167
    $2k-3k 4 $1,900,000 $475,000
    $3k-4k 3 $2,105,000 $701,667

    Southern Bancorp Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 322 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 403 $54,565,000 $135,397
    7-8% 145 $20,475,000 $141,207
    <2.5% 26 $7,000,000 $269,231
    6-7% 24 $2,770,000 $115,417
    4-5% 2 $40,000 $20,000
    5-6% 2 $380,000 $190,000

    During 2023, Southern Bancorp Bank's average interest rate for loans was 8.50%, while their most frequently originated rate bucket for loans was Over 8%, with 403 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 363 $16,485,000 $45,413 $894 8.46%
    $100k-200k 118 $16,670,000 $141,271 $1,525 8.19%
    $200k-400k 77 $20,875,000 $271,104 $2,296 7.12%
    $400k-600k 25 $12,035,000 $481,400 $2,686 6.62%
    $600k-1MM 12 $8,940,000 $745,000 $3,455 7.79%
    $1MM+ 7 $10,225,000 $1,460,714 $0 8.32%

    2023 saw Southern Bancorp Bank place emphasis on $100,000 or less loans with 363 originations, totaling $16,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 105 $7,845,000 $74,714 $1,164 8.42%
    $50k or less 98 $4,160,000 $42,449 $714 8.62%
    $100k-150k 87 $10,185,000 $117,069 $1,433 8.34%
    $75k-100k 81 $6,945,000 $85,741 $1,234 8.32%
    $250k+ 45 $12,005,000 $266,778 $2,286 8.38%
    $150k-250k 43 $8,055,000 $187,326 $1,781 8.43%

    Southern Bancorp Bank lent most frequently to those with incomes in the $50k-75k range, with 105 originations. The second most popular income band? $50k or less, with 98 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 125 $15,335,000 $122,680 $1,422 7.82%
    <20% 80 $7,500,000 $93,750 $1,248 7.60%
    30-36% 76 $10,200,000 $134,211 $1,433 7.96%
    37% 16 $2,030,000 $126,875 $1,509 8.60%
    38% 16 $2,380,000 $148,750 $1,247 8.27%
    36% 13 $1,335,000 $102,692 $1,243 8.68%
    39% 12 $2,030,000 $169,167 $1,819 8.06%
    50-60% 11 $1,515,000 $137,727 $1,054 7.54%
    >60% 10 $1,470,000 $147,000 $376 7.76%
    40% 8 $730,000 $91,250 $807 8.11%
    41% 4 $600,000 $150,000 $1,518 5.63%
    43% 3 $305,000 $101,667 $725 8.42%
    46% 2 $210,000 $105,000 $297 8.25%
    42% 2 $210,000 $105,000 $1,028 4.63%
    47% 2 $320,000 $160,000 $555 8.57%
    45% 1 $25,000 $25,000 $0 9.50%

    Southern Bancorp Bank lent most frequently to those with DTI ratios of 20-30%, with 125 originations. The next most common DTI ratio? <20%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 349 $44,975,000 $128,868 $1,353 8.01%
    Not applicable 110 $27,940,000 $254,000 $6,981 8.60%
    Black 124 $8,490,000 $68,468 $1,015 8.19%
    American Indian 10 $1,580,000 $158,000 $2,460 7.55%
    Asian 5 $1,565,000 $313,000 $1,881 6.60%
    Not provided 2 $630,000 $315,000 $3,212 8.13%
    Native Hawaiian or Islander 2 $50,000 $25,000 $1,624 9.27%

    Approval Rates

    Total approvals of all applications
    91.97%

    Southern Bancorp Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.70%

    Southern Bancorp Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    150.0 1 $5,000 $5,000
    161.0 1 $15,000 $15,000
    164.0 3 $65,000 $21,667
    NA 597 $85,145,000 $142,621

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    602 $85,230,000 $141,578

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 112 $8,220,000 $73,393 $1,135 8.38%
    40-60% 107 $14,755,000 $137,897 $886 8.18%
    60-80% 209 $38,065,000 $182,129 $1,470 8.15%
    80-100% 129 $22,385,000 $173,527 $1,840 7.75%
    Over 100% 1 $55,000 $55,000 $229 9.25%
    Under 20% 44 $1,750,000 $39,773 $894 8.53%