First South Financial Mortgage Rates, Fees & Info
Bartlett, TNLEI: 549300K2JM6ID3V5LO24
Tax ID: 62-0579508
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Mortgage Data
Review & Overview
First South Financial is a smaller mortgage company specializing in Home Improvement and Home Purchase loans. First South Financial has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Jackson, Jackson, Nashville, and Dyersburg among others. We have data for 16 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.
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Originations
445Origination Dollar Volume (All Markets)
$64,555,000Top 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 |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 282 | $41,140,000 | $145,887 | $0 | 0.00% |
| Outside of Metro Areas | 88 | $10,980,000 | $124,773 | $0 | 0.00% |
| JACKSON, MS (FHA|USDA|VA) | 27 | $6,215,000 | $230,185 | $0 | 0.00% |
| JACKSON, TN (FHA|USDA|VA) | 12 | $1,710,000 | $142,500 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 11 | $1,505,000 | $136,818 | $0 | 0.00% |
| Dyersburg, TN (FHA|USDA|VA) | 12 | $1,290,000 | $107,500 | $0 | 0.00% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $0 | 0.00% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| JONESBORO, AR (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| HATTIESBURG, MS (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Tupelo, MS (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
| Brownsville, TN (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 0.00% |
Product Mix
For 2022, First South Financial's most frequently originated type of loan was Conventional, with 431 originations. Their 2nd most popular type was FHA, with 10 originations.
Loan Reason
For 2022, First South Financial's most frequently cited loan purpose was Home Improvement, with 170 originations. The 2nd most popular reason was Other, with 103 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 445 | $64,555,000 | $145,067 | $0 | 0.00% |
For 2022, First South Financial's most frequently cited loan duration was Other, with 445 originations.
Loan Sizing
2022 saw First South Financial place emphasis on $100,000 or less loans with 201 originations, totaling $11,955,000 in origination value.
Applicant Income
First South Financial lent most frequently to those with incomes in the $100k-150k range, with 112 originations. The second most popular income band? $150k-250k, with 94 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 445 | $64,555,000 | $145,067 | $0 | 0.00% |
First South Financial lent most frequently to those with DTI ratios of Exempt%, with 445 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.27%
First South Financial has a below average approval rate.
Pick Rate
Approvals leading to origination69.44%
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 | 445 | $64,555,000 | $145,067 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |