Southern Bancorp Bank Mortgage Rates, Fees & Info
Arkadelphia, ARLEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.20% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year FHA Purchase | 7.38% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 30 Year USDA Purchase | 7.45% | 11/17/24 |
| 15 Year Conventional Purchase | 6.35% | 11/17/24 |
| 15 Year Conventional Refi | 6.03% | 11/17/24 |
| 15 Year Cash-out Refi | 6.03% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
602Origination Dollar Volume (All Markets)
$85,230,000Relative 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% |
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications91.97%
Southern Bancorp Bank has an average approval rate.
Pick Rate
Approvals leading to origination89.70%
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 |