Crossroads Bank Mortgage Rates, Fees & Info

Wabash, IN

LEI: 549300KTSX5SM2W0VV58

Tax ID: 35-1131741

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
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Wabash, Fort Wayne, Warsaw, Peru, and Indianapolis among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Crossroads 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. Crossroads Bank 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.

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

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.57% 11/17/24
    30 Year Conventional Refi 6.51% 11/17/24
    30 Year Cash-out Refi 6.59% 11/17/24
    15 Year Conventional Purchase 6.36% 11/17/24
    15 Year Conventional Refi 6.22% 11/17/24
    15 Year Cash-out Refi 6.22% 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.

    Crossroads Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Crossroads 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

    620

    Origination Dollar Volume (All Markets)

    $96,310,000

    Employee count

    90 Show all (7) 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
    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.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Similar Lenders

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

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    Product Mix

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

    For 2021, Crossroads Bank's most frequently originated type of loan was Conventional, with 620 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Crossroads Bank's most frequently cited loan purpose was Refi, with 210 originations. The 2nd most popular reason was 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 2021, Crossroads Bank's most frequently cited loan duration was 30 Year, with 272 originations. The 2nd most popular length was 15 Year, with 156 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 11 $2,555,000 $232,273
    $5k+ 3 $765,000 $255,000
    $4k-5k 2 $380,000 $190,000

    Crossroads Bank's average total fees were $1,913, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.06%, while their most frequently originated rate bucket for loans was 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
    92.83%

    Crossroads Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.35%

    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 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 500 South Huntington Street Syracuse, IN 46567 Full Service B&M $42,281
    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