First South Financial Mortgage Rates, Fees & Info

Bartlett, TN

LEI: 549300K2JM6ID3V5LO24

Tax ID: 62-0579508

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

    First South Financial is a smaller mortgage company specializing in Refi and Cash Out Refi loans. First South Financial has a high proportion of conventional loans. First South Financial has an average proportion of conventional loans. First South Financial has an average proportion of conventional loans. Their top markets by origination volume include: Memphis, Nashville, Jackson, Dyersburg, and Fayetteville among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First South Financial has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First South Financial 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 about average 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

    321

    Origination Dollar Volume (All Markets)

    $61,685,000

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 279 $53,055,000 $190,161 $2,673 3.35%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 8 $2,270,000 $283,750 $0 0.00%
    Outside of Metro Areas 12 $1,950,000 $162,500 $3,280 3.62%
    JACKSON, TN (FHA|USDA|VA) 9 $1,245,000 $138,333 $2,713 3.25%
    Dyersburg, TN (FHA|USDA|VA) 7 $1,015,000 $145,000 $2,312 3.13%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $790,000 $395,000 $0 0.00%
    Vicksburg, MS (FHA|USDA|VA) 1 $465,000 $465,000 $0 0.00%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
    Sevierville, TN (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
    Tupelo, MS (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
    First South Financial's top markets include Memphis, Nashville, Jackson, Dyersburg, and Fayetteville among others.

    Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 248 $47,790,000 $192,702 $0 0.00%
    Conventional 49 $9,845,000 $200,918 $0 0.00%
    Conventional 24 $4,050,000 $168,750 $2,712 3.36%

    For 2020, First South Financial's most frequently originated type of loan was Conventional, with 248 originations. Their 2nd most popular type was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 179 $34,085,000 $190,419 $2,634 3.20%
    Cash Out Refi 87 $16,555,000 $190,287 $2,478 3.35%
    Home Purchase 54 $10,940,000 $202,593 $3,091 3.57%
    Home Improvement 1 $105,000 $105,000 $0 0.00%

    For 2020, First South Financial's most frequently cited loan purpose was Refi, with 179 originations. The 2nd most popular reason was Cash Out Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 297 $57,635,000 $194,057 $0 0.00%
    15 Year 14 $2,090,000 $149,286 $2,745 3.32%
    30 Year 6 $1,300,000 $216,667 $2,592 3.67%
    10 Year 4 $660,000 $165,000 $2,782 3.05%

    For 2020, First South Financial's most frequently cited loan duration was Other, with 297 originations. The 2nd most popular length was 15 Year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 17 $2,665,000 $156,765
    $<1k 7 $1,385,000 $197,857

    First South Financial's average total fees were $2,592, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 17 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 21 $3,595,000 $171,190
    2.5-3% 3 $455,000 $151,667

    During 2020, First South Financial's average interest rate for loans was 3.67%, while their most frequently originated rate bucket for loans was 3-4%, with 21 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 128 $19,570,000 $152,891 $2,569 3.31%
    $200k-400k 109 $29,115,000 $267,110 $2,852 3.51%
    $100,000 or less 68 $4,930,000 $72,500 $2,466 3.28%
    $400k-600k 14 $6,500,000 $464,286 $4,309 3.13%
    $600k-1MM 2 $1,570,000 $785,000 $0 0.00%

    2020 saw First South Financial place emphasis on $100k-200k loans with 128 originations, totaling $19,570,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 103 $19,795,000 $192,184 $2,581 3.22%
    $50k-75k 59 $7,375,000 $125,000 $2,520 3.27%
    $75k-100k 56 $10,430,000 $186,250 $2,817 3.53%
    $150k-250k 46 $12,070,000 $262,391 $3,168 3.40%
    $50k or less 35 $3,355,000 $95,857 $2,465 3.43%
    $250k+ 22 $8,660,000 $393,636 $2,834 3.25%

    First South Financial lent most frequently to those with incomes in the $100k-150k range, with 103 originations. The second most popular income band? $50k-75k, with 59 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 297 $57,635,000 $194,057 $0 0.00%
    20-30% 8 $1,430,000 $178,750 $2,832 3.36%
    <20% 7 $945,000 $135,000 $2,515 3.29%
    30-36% 6 $1,150,000 $191,667 $2,741 3.41%
    39% 1 $125,000 $125,000 $2,537 2.99%
    40% 1 $235,000 $235,000 $3,202 3.63%
    41% 1 $165,000 $165,000 $2,443 3.75%

    First South Financial lent most frequently to those with DTI ratios of Exempt%, with 297 originations. The next most common DTI ratio? 20-30%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 260 $48,940,000 $188,231 $2,586 3.37%
    Black 25 $4,175,000 $167,000 $3,202 3.63%
    Not provided 17 $3,995,000 $235,000 $2,863 3.25%
    Asian 12 $2,840,000 $236,667 $4,309 3.13%
    Not applicable 7 $1,735,000 $247,857 $0 0.00%

    Approval Rates

    Total approvals of all applications
    74.64%

    First South Financial has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    26.79%

    First South Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 297 $57,635,000 $194,057
    NA 24 $4,050,000 $168,750

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 321 $61,685,000 $192,165

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $110,000 $55,000 $2,391 3.25%
    40-60% 9 $1,425,000 $158,333 $2,466 3.29%
    60-80% 8 $1,320,000 $165,000 $2,913 3.30%
    80-100% 5 $1,195,000 $239,000 $3,002 3.65%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    FIRST FINANCIAL BANCORP Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 28.6%
    FIRST FINANCIAL BANCORP Conventional home mortgage Trouble during payment process 1 14.3%
    FIRST FINANCIAL BANCORP Conventional home mortgage Struggling to pay mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Other type of mortgage Closing on a mortgage 1 14.3%
    FIRST FINANCIAL BANCORP Home equity loan or line of credit (HELOC) Trouble during payment process 1 14.3%