Crossroads Bank Mortgage Rates, Fees & Info

Wabash, IN

LEI: 549300KTSX5SM2W0VV58

Tax ID: 35-1131741

5 stars - out of 5 stars, based on 25 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Crossroads Bank is a smaller bank specializing in Refi, Home Purchase, and Cash Out Refi loans. Crossroads Bank has a high proportion of conventional loans. Their top markets include Wabash, Fort Wayne, Warsaw, Peru, and Indianapolis among others. Crossroads Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Crossroads Bank is typically a low fee lendor.


Originations

620

Origination Dollar Volume (All Markets)

$96,310,000

Employee count

90 Show all (7) awards

Relative Rate

Crossroads Bank's average 30 year fixed rate mortgage of loans were 3.06%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.09%.

Relative Fees

Crossroads Bank's average total fees for a 30 year fixed rate mortgage are $1,913.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Wabash, IN (FHA|USDA|VA) 244 $32,010,000 $131,189 $1,662 2.96%
FORT WAYNE, IN (FHA|USDA|VA) 133 $21,665,000 $162,895 $1,861 3.12%
Warsaw, IN (FHA|USDA|VA) 105 $20,195,000 $192,333 $1,920 3.11%
Peru, IN (FHA|USDA|VA) 42 $5,200,000 $123,810 $2,237 3.05%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 13 $2,785,000 $214,231 $2,067 2.90%
Kendallville, IN (FHA|USDA|VA) 15 $2,505,000 $167,000 $1,376 2.91%
Marion, IN (FHA|USDA|VA) 13 $1,715,000 $131,923 $1,611 3.09%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 8 $1,700,000 $212,500 $1,751 2.89%
KOKOMO, IN (FHA|USDA|VA) 12 $1,390,000 $115,833 $2,181 3.57%
MUNCIE, IN (FHA|USDA|VA) 3 $1,345,000 $448,333 $1,435 3.04%
Huntington, IN (FHA|USDA|VA) 8 $1,290,000 $161,250 $1,885 3.05%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 3 $1,025,000 $341,667 $2,720 3.13%
Plymouth, IN (FHA|USDA|VA) 2 $720,000 $360,000 $1,426 3.56%
Logansport, IN (FHA|USDA|VA) 4 $540,000 $135,000 $2,129 2.78%
Outside of Metro Areas 6 $470,000 $78,333 $1,681 3.38%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $405,000 $405,000 $3,071 2.75%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $380,000 $190,000 $1,871 2.63%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $325,000 $325,000 $3,571 2.88%
Angola, IN (FHA|USDA|VA) 1 $175,000 $175,000 $1,353 3.00%
Auburn, IN (FHA|USDA|VA) 2 $170,000 $85,000 $1,906 3.44%
TERRE HAUTE, IN (FHA|USDA|VA) 1 $155,000 $155,000 $1,705 3.00%
Decatur, IN (FHA|USDA|VA) 1 $145,000 $145,000 $1,606 2.38%

Crossroads Bank's top markets include Wabash, Fort Wayne, Warsaw, Peru, and Indianapolis among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 620 $96,310,000 $155,339 $1,807 3.04%

For the 2021 period, Crossroads Bank's most frequently originated loan type of loans were Conventional, with 620 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 210 $31,950,000 $152,143 $1,749 2.77%
Home Purchase 203 $32,605,000 $160,616 $1,720 3.35%
Cash Out Refi 192 $30,110,000 $156,823 $1,971 3.02%
Other 8 $810,000 $101,250 $1,458 2.97%
Home Improvement 7 $835,000 $119,286 $1,970 3.21%

For the 2021, Crossroads Bank's most frequently cited loan purpose of loans were Refi, with 210 originations. The 2nd most popular reason of loans were Home Purchase, with 203 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 272 $49,810,000 $183,125 $1,913 3.06%
15 Year 156 $21,760,000 $139,487 $1,682 2.58%
20 Year 146 $20,040,000 $137,260 $1,841 3.34%
10 Year 26 $2,420,000 $93,077 $1,532 2.61%
1 Year 11 $1,665,000 $151,364 $1,380 5.80%
Other 7 $545,000 $77,857 $1,505 3.66%
5 Year 2 $70,000 $35,000 $1,323 3.38%

For the 2021, Crossroads Bank's most frequently cited loan length of loans were 30 Year, with 272 originations. The 2nd most popular length of loans were 15 Year, with 156 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 391 $59,485,000 $152,136
$1k-2k 104 $16,290,000 $156,635
$2k-3k 33 $5,965,000 $180,758
$3k-4k 13 $2,935,000 $225,769
$5k+ 3 $765,000 $255,000

$1,913 of loans were Crossroads Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 391 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 305 $51,745,000 $169,656
<2.5% 169 $22,075,000 $130,621
3-4% 78 $14,040,000 $180,000
4-5% 54 $6,830,000 $126,481
5-6% 14 $1,620,000 $115,714

During 2021, Crossroads Bank's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 2.5-3%, with 305 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 265 $36,825,000 $138,962 $1,833 2.95%
$100,000 or less 216 $14,700,000 $68,056 $1,521 3.16%
$200k-400k 112 $29,360,000 $262,143 $2,186 3.02%
$400k-600k 19 $9,235,000 $486,053 $1,969 2.96%
$600k-1MM 6 $4,030,000 $671,667 $1,593 3.54%
$1MM+ 2 $2,160,000 $1,080,000 $2,484 3.19%

2021 saw Crossroads Bank place emphasis on $100k-200k loans with 265 originations, totaling $36,825,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 153 $14,295,000 $93,431 $1,589 3.02%
$50k-75k 136 $16,350,000 $120,221 $1,862 2.98%
$75k-100k 113 $18,885,000 $167,124 $1,916 2.91%
$100k-150k 96 $17,370,000 $180,938 $1,870 3.01%
$150k-250k 53 $13,805,000 $260,472 $1,885 2.81%
$250k+ 24 $7,800,000 $325,000 $2,215 3.02%

Crossroads Bank lent most frequently to those with incomes in the $50k or less range, with 153 originations. The second most popular income band? $50k-75k, with 136 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 188 $29,450,000 $156,649 $1,844 2.92%
<20% 150 $21,650,000 $144,333 $1,777 2.72%
30-36% 92 $13,990,000 $152,065 $1,744 2.99%
37% 17 $2,705,000 $159,118 $2,010 3.09%
36% 13 $2,595,000 $199,615 $1,863 3.12%
40% 13 $2,355,000 $181,154 $2,061 2.76%
39% 11 $2,155,000 $195,909 $1,870 2.90%
43% 10 $2,160,000 $216,000 $1,760 2.85%
42% 9 $875,000 $97,222 $1,490 2.68%
44% 8 $1,060,000 $132,500 $1,196 3.50%
38% 7 $1,445,000 $206,429 $2,508 3.14%
50-60% 6 $1,680,000 $280,000 $2,031 3.60%
41% 6 $670,000 $111,667 $1,653 3.40%
>60% 4 $1,190,000 $297,500 $1,026 2.97%
49% 4 $610,000 $152,500 $2,683 2.66%
48% 3 $825,000 $275,000 $2,124 2.79%
45% 3 $495,000 $165,000 $1,454 2.75%
46% 3 $595,000 $198,333 $1,650 2.54%
47% 3 $195,000 $65,000 $1,189 3.00%

Crossroads Bank lent most frequently to those with DTI ratios of 20-30%, with 188 originations. The next most common DTI ratio? <20%, with 150 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 574 $88,800,000 $154,704 $1,809 2.98%
Not applicable 36 $6,010,000 $166,944 $0 4.21%
Not provided 8 $1,010,000 $126,250 $1,704 2.56%
Black 2 $490,000 $245,000 $1,682 3.13%

Approval Rates

Total approvals of all applications
93.62%

Crossroads Bank has an average approval rate.

Pick Rate

Approvals leading to origination
91.47%

Crossroads Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 620 $96,310,000 $155,339

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
620 $96,310,000 $155,339

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 51 $6,095,000 $119,510 $1,500 2.82%
40-60% 126 $16,320,000 $129,524 $1,602 2.87%
60-80% 299 $48,905,000 $163,562 $1,917 3.10%
80-100% 137 $24,635,000 $179,818 $1,940 3.08%
Under 20% 7 $355,000 $50,714 $900 4.45%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Crossroads Systems Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
Crossroads Systems Inc. Other type of mortgage Struggling to pay mortgage 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Crossroads Bank 500 South Huntington Street Syracuse, IN 46567 Full Service B&M $42,281
Crossroads Bank 1205 N Cass Street Wabash, IN 46992 Full Service B&M $226,243
Crossroads Bank 1404 State Road 114 West North Manchester, IN 46962 Full Service B&M $42,813
Crossroads Bank 207 South State Street South Whitley, IN 46787 Full Service B&M $41,497
Crossroads Bank 526 W. Connexion Way Columbia City, IN 46725 Full Service B&M $52,522
Crossroads Bank 855 N Broadway Peru, IN 46970 Full Service B&M $18,150
Crossroads Bank 895 N. Parker Street Warsaw, IN 46580 Full Service B&M $11,668

For 2021, Crossroads Bank had 7 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $16,535
Net interest income $14,967
Total noninterest income $4,667
Gross Fiduciary activities income $0
Service charges on deposit accounts $458
Trading account gains and fees $0
Additional Noninterest Income $4,209
Pre-tax net operating income $6,577
Securities gains (or losses, -) $27
Income before extraordinary items $5,707
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,707
Minority interest net income $0
Net income $5,707
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,683

Crossroads Bank's gross interest income from loans was $16,535,000.
Crossroads Bank's net interest income from loans was $14,967,000.
Crossroads Bank's fee based income from loans was $458,000.
Crossroads Bank's net income from loans was $5,707,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,568
Provision for credit losses $145
Total noninterest expense $12,912
Salaries and employee benefits $6,737
Premises and equipment expense $1,302
Additional noninterest expense $4,873
Applicable income taxes $897
Net charge-offs $19
Cash dividends $2,600

Crossroads Bank's interest expense for loans was $1,568,000.
Crossroads Bank's payroll and benefits expense were $6,737,000.
Crossroads Bank's property, plant and equipment expenses $1,302,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 1.0%
HELOC loans 1.0%
All other family 1.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 2.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $469,780
Deposits held in domestic offices $469,780
Deposits by Individuals, partnerships, and corporations $343,493
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $125,685
Deposits by Commercial banks and other depository institutions in U.S. $602
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $304,932
Demand deposits $80,642
Nontransaction accounts $164,848
Money market deposit accounts (MMDAs) $24,876
Other savings deposits (excluding MMDAs) $72,342
Total time deposits $67,629
Total time and savings deposits $389,138
Noninterest-bearing deposits $56,478
Interest-bearing deposits $413,302
Retail deposits $457,877
IRAs and Keogh plan accounts $9,870
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $524,027
Cash & Balances due from depository institutions $67,677
Interest-bearing balances $59,357
Total securities $114,878
Federal funds sold & reverse repurchase $5,149
Net loans and leases $310,816
Loan and leases loss allowance $4,252
Trading account assets $0
Bank premises and fixed assets $8,709
Other real estate owned $29
Goodwill and other intangibles $2,008
All other assets $14,761

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $524,027
Total Liabilities $474,842
Total deposits $469,780
Interest-bearing deposits $413,302
Deposits held in domestic offices $469,780
% insured (estimated) $69
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $5,062

Issued Loan Types

Type Value (in 000's)
Net loans and leases $310,816
Loan and leases loss allowance $4,252
Total loans and leases (domestic) $315,068
All real estate loans $233,418
Real estate loans in domestic offices $233,418
Construction and development loans $11,276
Residential 1-4 family construction $4,322
Other construction, all land development and other land $6,954
Loans secured by nonfarm nonresidential properties $40,374
Nonfarm nonresidential secured by owner-occupied properties $24,041
Commercial real estate & other non-farm, non-residential $16,333
Multifamily residential real estate $3,512
1-4 family residential loans $151,854
Farmland loans $26,402
Loans held in foreign offices $0
Farm loans $5,898
Commercial and industrial loans $25,652
To non-U.S. addressees $0
Loans to individuals $14,321
Credit card loans $0
Related Plans $0
Consumer Auto Loans $9,516
Other loans to individuals $4,805
All other loans & leases $35,779
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $858
Non 1-4 family restructured loans & leases $27
Total loans and leases (foreign) $0

Crossroads Bank had $310,816,000 of loans outstanding in 2021. $233,418,000 of loans were in real estate loans. $11,276,000 of loans were in development loans. $3,512,000 of loans were in multifamily mortgage loans. $151,854,000 of loans were in 1-4 family mortgage loans. $5,898,000 of loans were in farm loans. $0 of loans were in credit card loans. $9,516,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 177 $31,164 $176,068
Nonfarm, nonresidential loans - <$100k 56 $2,587 $46,196
Nonfarm, nonresidential loans - $100-250k 67 $8,925 $133,209
Nonfarm, nonresidential loans - $250k-1MM 54 $19,652 $363,926
Commercial & Industrial, US addressed loans - <$1MM 390 $20,451 $52,438
Commercial & Industrial, US addressed loans - <$100k 296 $6,992 $23,622
Commercial & Industrial, US addressed loans - $100-250k 62 $5,804 $93,613
Commercial & Industrial, US addressed loans - $250k-1MM 32 $7,655 $239,219
Farmland loans - <$1MM 75 $13,006 $173,413
Farmland loans - <$100k 12 $510 $42,500
Farmland loans - $100-250k 39 $5,118 $131,231
Farmland loans - $250k-1MM 24 $7,378 $307,417
Agriculture operations loans - <$1MM 113 $4,962 $43,912
Agriculture operations loans - <$100k 91 $1,602 $17,604
Agriculture operations loans - $100-250k 15 $1,196 $79,733
Agriculture operations loans - $250k-1MM 7 $2,164 $309,143