Patriot Bank Mortgage Rates, Fees & Info

Millington, TN

LEI: 549300KM0M1BH7LBWW77

Tax ID: 76-0714702

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • 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

    Patriot Bank is a smaller bank specializing in Home Purchase loans. Patriot Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Nashville, Jackson, Athens, and Rome among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Patriot 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. Patriot Bank is typically an average 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.

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

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.51% 12/16/24
    30 Year Conventional Refi 6.52% 12/16/24
    30 Year Cash-out Refi 6.78% 12/16/24
    30 Year FHA Purchase 6.95% 12/16/24
    30 Year FHA Refi 6.37% 12/16/24
    30 Year VA Purchase 6.01% 12/16/24
    30 Year VA Refi 6.27% 12/16/24
    30 Year USDA Purchase 6.29% 12/16/24
    15 Year Conventional Purchase 5.83% 12/16/24
    15 Year Conventional Refi 5.95% 12/16/24
    15 Year Cash-out Refi 5.95% 12/16/24
    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.

    Patriot Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Patriot 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

    768

    Origination Dollar Volume (All Markets)

    $203,300,000

    Awards

    Patriot Bank 30 Year Conventional Loans silver Patriot Bank USDA Loans silver
    Show all (2) awards

    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) 718 $190,810,000 $265,752 $5,051 4.60%
    Outside of Metro Areas 16 $2,560,000 $160,000 $3,842 4.92%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 4 $1,400,000 $350,000 $6,595 4.59%
    JACKSON, TN (FHA|USDA|VA) 4 $870,000 $217,500 $4,803 4.97%
    ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) 1 $775,000 $775,000 $5,434 4.75%
    ROME, GA (FHA|USDA|VA) 1 $605,000 $605,000 $7,666 4.75%
    Brownsville, TN (FHA|USDA|VA) 3 $585,000 $195,000 $4,039 5.21%
    BOWLING GREEN, KY (FHA|USDA|VA) 1 $575,000 $575,000 $4,115 5.38%
    Batesville, AR (FHA|USDA|VA) 2 $520,000 $260,000 $2,946 5.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $415,000 $415,000 $5,684 5.13%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $415,000 $415,000 $2,634 3.50%
    Tupelo, MS (FHA|USDA|VA) 2 $400,000 $200,000 $3,147 5.50%
    CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $375,000 $375,000 $5,301 5.13%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $365,000 $365,000 $0 4.25%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $345,000 $345,000 $3,583 5.88%
    DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $305,000 $305,000 $3,479 5.25%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $295,000 $295,000 $4,018 5.63%
    Oxford, MS (FHA|USDA|VA) 1 $255,000 $255,000 $3,547 4.50%
    MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $235,000 $235,000 $4,052 5.38%
    Starkville, MS (FHA|USDA|VA) 1 $235,000 $235,000 $3,517 4.63%
    Shelbyville, TN (FHA|USDA|VA) 1 $205,000 $205,000 $2,514 6.63%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $195,000 $195,000 $3,215 3.13%
    PINE BLUFF, AR (FHA|USDA|VA) 1 $185,000 $185,000 $5,108 2.50%
    Union City, TN (FHA|USDA|VA) 1 $175,000 $175,000 $3,401 5.13%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.50%
    Dyersburg, TN (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.38%
    Patriot Bank's top markets include Memphis, Nashville, Jackson, Athens, and Rome among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Patriot Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Financial Federal Bank
    Similarity Rank: 672
    The Bank of Fayette County
    Similarity Rank: 1110
    First Citizens National Bank
    Similarity Rank: 1330
    BARTLETT MORTGAGE, INC.
    Similarity Rank: 2198
    Wyndham Capital Mortgage, Inc.
    Similarity Rank: 2460
    Independent Bank
    Similarity Rank: 2622
    Leaders Credit Union
    Similarity Rank: 2790
    Community Bank of Mississippi
    Similarity Rank: 3696
    AMERICAN MORTGAGE SERVICE COMPANY
    Similarity Rank: 3996
    Patriot Bank
    Similarity Rank: 4342

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 609 $158,665,000 $260,534 $3,990 4.63%
    FHA 68 $16,450,000 $241,912 $8,328 4.82%
    VA 58 $21,720,000 $374,483 $9,526 4.49%
    USDA 33 $6,465,000 $195,909 $5,621 4.28%

    For 2022, Patriot Bank's most frequently originated type of loan was Conventional, with 609 originations. Their 2nd most popular type was FHA, with 68 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 597 $176,135,000 $295,034 $5,242 4.95%
    Cash Out Refi 65 $14,635,000 $225,154 $4,337 4.30%
    Home Improvement 50 $520,000 $10,400 $952 1.44%
    Refi 49 $10,845,000 $221,327 $3,487 4.09%
    Other 7 $1,165,000 $166,429 $2,309 5.84%

    For 2022, Patriot Bank's most frequently cited loan purpose was Home Purchase, with 597 originations. The 2nd most popular reason was Cash Out Refi, with 65 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 642 $187,760,000 $292,461 $5,188 4.89%
    Other 45 $225,000 $5,000 $0 1.00%
    15 Year 44 $9,530,000 $216,591 $3,493 4.05%
    5 Year 19 $2,375,000 $125,000 $1,666 5.51%
    20 Year 11 $2,545,000 $231,364 $2,990 4.41%
    10 Year 7 $865,000 $123,571 $2,136 4.52%

    For 2022, Patriot Bank's most frequently cited loan duration was 30 Year, with 642 originations. The 2nd most popular length was Other, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 404 $107,660,000 $266,485
    $1k-2k 244 $62,830,000 $257,500
    $2k-3k 25 $8,025,000 $321,000
    $5k+ 18 $7,330,000 $407,222
    $4k-5k 11 $3,625,000 $329,545
    $3k-4k 9 $3,765,000 $418,333

    Patriot Bank's average total fees were $5,188, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 404 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 241 $65,825,000 $273,133
    4-5% 199 $57,555,000 $289,221
    3-4% 156 $45,660,000 $292,692
    6-7% 77 $20,365,000 $264,481
    <2.5% 55 $3,025,000 $55,000
    2.5-3% 29 $7,965,000 $274,655
    7-8% 10 $2,840,000 $284,000
    Over 8% 1 $65,000 $65,000

    During 2022, Patriot Bank's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 5-6%, with 241 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 384 $111,020,000 $289,115 $4,981 4.82%
    $100k-200k 169 $26,875,000 $159,024 $4,250 4.92%
    $400k-600k 104 $48,610,000 $467,404 $6,537 4.78%
    $100,000 or less 91 $3,425,000 $37,637 $2,645 3.07%
    $600k-1MM 20 $13,370,000 $668,500 $6,764 4.56%

    2022 saw Patriot Bank place emphasis on $200k-400k loans with 384 originations, totaling $111,020,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 205 $64,325,000 $313,780 $5,288 4.86%
    $50k-75k 165 $31,365,000 $190,091 $4,406 4.50%
    $75k-100k 147 $35,995,000 $244,864 $5,069 4.72%
    $150k-250k 115 $42,295,000 $367,783 $5,416 4.89%
    $50k or less 80 $8,460,000 $105,750 $4,283 3.54%
    $250k+ 44 $19,160,000 $435,455 $5,619 4.87%

    Patriot Bank lent most frequently to those with incomes in the $100k-150k range, with 205 originations. The second most popular income band? $50k-75k, with 165 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 166 $42,890,000 $258,373 $4,785 4.56%
    30-36% 154 $44,250,000 $287,338 $5,033 4.71%
    <20% 58 $12,480,000 $215,172 $4,240 4.06%
    38% 39 $9,955,000 $255,256 $4,625 4.86%
    39% 37 $9,665,000 $261,216 $4,595 4.45%
    42% 36 $9,830,000 $273,056 $5,522 4.47%
    43% 32 $8,830,000 $275,938 $4,720 4.69%
    44% 30 $7,730,000 $257,667 $5,155 5.13%
    36% 27 $8,685,000 $321,667 $5,809 4.57%
    45% 26 $6,970,000 $268,077 $4,520 4.69%
    37% 23 $6,445,000 $280,217 $5,539 4.61%
    49% 21 $6,445,000 $306,905 $4,749 4.27%
    40% 21 $5,845,000 $278,333 $4,991 4.92%
    46% 19 $4,905,000 $258,158 $5,333 4.94%
    41% 19 $4,775,000 $251,316 $5,132 4.95%
    48% 19 $6,055,000 $318,684 $5,357 5.50%
    47% 18 $4,580,000 $254,444 $6,598 3.96%
    50-60% 9 $1,135,000 $126,111 $7,397 3.78%

    Patriot Bank lent most frequently to those with DTI ratios of 20-30%, with 166 originations. The next most common DTI ratio? 30-36%, with 154 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 588 $164,330,000 $279,473 $4,913 4.85%
    Black 99 $16,595,000 $167,626 $5,802 3.23%
    Not provided 44 $12,190,000 $277,045 $5,688 4.66%
    Asian 22 $7,130,000 $324,091 $3,869 4.27%
    Asian Indian 5 $1,715,000 $343,000 $3,865 4.60%
    American Indian 3 $565,000 $188,333 $3,329 5.25%
    Native Hawaiian or Islander 2 $450,000 $225,000 $3,760 4.63%
    Not applicable 5 $325,000 $65,000 $0 6.30%

    Approval Rates

    Total approvals of all applications
    95.09%

    Patriot 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 origination
    79.43%

    Patriot Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 44 $220,000 $5,000
    NA 724 $203,080,000 $280,497

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    768 $203,300,000 $264,714

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $4,095,000 $124,091 $3,260 4.59%
    40-60% 71 $15,355,000 $216,268 $3,677 4.37%
    60-80% 243 $69,685,000 $286,770 $4,102 4.92%
    80-100% 346 $105,700,000 $305,491 $5,525 4.89%
    Over 100% 26 $7,860,000 $302,308 $11,679 4.54%
    Under 20% 49 $605,000 $12,347 $1,114 1.68%