Anderson Brothers Bank Mortgage Rates, Fees & Info

Mullins, SC

LEI: 549300M4GZM7GG3EIV16

Tax ID: 57-0115230

5 stars - Updated: 6/23/24 - out of 5 stars, based on 20 reviews

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

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Mortgage Data

Review & Overview

Anderson Brothers Bank is a smaller bank specializing in Home Purchase loans. Anderson Brothers Bank has a high proportion of conventional loans. Their top markets by origination volume include: Myrtle Beach, Georgetown, Florence, Charleston, and Columbia among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Anderson Brothers 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. Anderson Brothers 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 relatively high 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

415

Origination Dollar Volume (All Markets)

$84,055,000

Relative Rate

Anderson Brothers Bank's average 30 year fixed mortgage rate was 6.93%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.45%.

Relative Fees (Closing Costs)

Anderson Brothers Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $5,898.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 285 $65,275,000 $229,035 $4,478 7.89%
Outside of Metro Areas 47 $4,915,000 $104,574 $2,944 8.52%
Georgetown, SC (FHA|USDA|VA) 22 $4,790,000 $217,727 $4,481 8.14%
FLORENCE, SC (FHA|USDA|VA) 34 $4,600,000 $135,294 $3,596 8.21%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 6 $1,340,000 $223,333 $5,370 7.69%
COLUMBIA, SC (FHA|USDA|VA) 4 $830,000 $207,500 $3,578 7.31%
SUMTER, SC (FHA|USDA|VA) 7 $765,000 $109,286 $3,551 8.05%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $555,000 $555,000 $11,186 6.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 2 $390,000 $195,000 $3,404 7.56%
Seneca, SC (FHA|USDA|VA) 1 $245,000 $245,000 $0 8.00%
Lumberton, NC (FHA|USDA|VA) 5 $175,000 $35,000 $1,000 9.10%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $175,000 $175,000 $4,784 7.00%
Anderson Brothers Bank's top markets include Myrtle Beach, Georgetown, Florence, Charleston, and Columbia among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Similar Lenders

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

    COASTAL Federal Credit Union
    Similarity Rank: 663
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    Similarity Rank: 1320
    STATE EMPLOYEES'
    Similarity Rank: 1552
    Coastal Carolina National Bank
    Similarity Rank: 1880
    South Atlantic Bank
    Similarity Rank: 1965
    CORNING
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 415 $84,055,000 $202,542 $4,260 8.00%

    For 2023, Anderson Brothers Bank's most frequently originated type of loan was Conventional, with 415 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 271 $60,905,000 $224,742 $4,881 7.83%
    Refi 75 $15,295,000 $203,933 $2,858 8.38%
    Other 33 $3,215,000 $97,424 $3,548 7.97%
    Home Improvement 29 $2,345,000 $80,862 $2,450 8.88%
    Cash Out Refi 7 $2,295,000 $327,857 $7,265 7.02%

    For 2023, Anderson Brothers Bank's most frequently cited loan purpose was Home Purchase, with 271 originations. The 2nd most popular reason was Refi, with 75 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 150 $32,140,000 $214,267 $1,826 8.47%
    30 Year 134 $35,910,000 $267,985 $5,898 6.93%
    5 Year 127 $15,315,000 $120,591 $2,518 8.63%
    10 Year 1 $145,000 $145,000 $6,058 7.00%
    20 Year 1 $265,000 $265,000 $4,714 5.50%
    15 Year 1 $225,000 $225,000 $6,213 6.25%
    1 Year 1 $55,000 $55,000 $2,470 8.80%

    For 2023, Anderson Brothers Bank's most frequently cited loan duration was Other, with 150 originations. The 2nd most popular length was 30 Year, with 134 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 149 $17,745,000 $119,094
    $2k-3k 62 $17,140,000 $276,452
    $5k+ 23 $10,075,000 $438,043
    $3k-4k 12 $3,230,000 $269,167
    $4k-5k 10 $2,300,000 $230,000
    $<1k 5 $535,000 $107,000

    Anderson Brothers Bank's average total fees were $5,898, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 149 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 203 $27,305,000 $134,507
    7-8% 126 $35,410,000 $281,032
    6-7% 74 $18,360,000 $248,108
    5-6% 11 $2,875,000 $261,364

    During 2023, Anderson Brothers Bank's average interest rate for loans was 6.93%, while their most frequently originated rate bucket for loans was Over 8%, with 203 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 142 $8,270,000 $58,239 $2,556 8.68%
    $200k-400k 119 $32,585,000 $273,824 $5,522 7.42%
    $100k-200k 115 $16,685,000 $145,087 $3,532 7.93%
    $400k-600k 24 $11,310,000 $471,250 $6,110 7.59%
    $600k-1MM 11 $7,265,000 $660,455 $11,797 7.32%
    $1MM+ 4 $7,940,000 $1,985,000 $0 7.84%

    2023 saw Anderson Brothers Bank place emphasis on $100,000 or less loans with 142 originations, totaling $8,270,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 68 $9,690,000 $142,500 $3,843 8.00%
    $50k or less 68 $6,420,000 $94,412 $3,204 8.19%
    $100k-150k 67 $13,615,000 $203,209 $4,418 7.74%
    $75k-100k 59 $9,805,000 $166,186 $4,114 8.00%
    $150k-250k 47 $12,035,000 $256,064 $6,124 7.84%
    $250k+ 27 $11,695,000 $433,148 $7,074 7.83%

    Anderson Brothers Bank lent most frequently to those with incomes in the $50k-75k range, with 68 originations. The second most popular income band? $50k or less, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 63 $9,465,000 $150,238 $4,458 7.93%
    30-36% 54 $7,540,000 $139,630 $3,515 8.30%
    <20% 31 $3,965,000 $127,903 $3,214 8.28%
    >60% 23 $7,085,000 $308,043 $2,501 8.29%
    50-60% 23 $5,215,000 $226,739 $3,139 7.87%
    45% 18 $3,330,000 $185,000 $4,291 7.92%
    49% 15 $3,445,000 $229,667 $5,252 7.73%
    43% 13 $2,815,000 $216,538 $5,045 7.53%
    47% 12 $2,620,000 $218,333 $6,802 7.60%
    46% 12 $3,750,000 $312,500 $6,638 7.74%
    41% 12 $2,220,000 $185,000 $4,203 7.73%
    38% 9 $1,505,000 $167,222 $4,408 7.38%
    42% 9 $1,995,000 $221,667 $4,920 7.97%
    44% 9 $2,055,000 $228,333 $4,653 7.36%
    36% 9 $1,905,000 $211,667 $4,246 7.63%
    40% 8 $1,510,000 $188,750 $4,028 8.19%
    37% 7 $1,595,000 $227,857 $4,417 7.42%
    48% 6 $1,350,000 $225,000 $5,773 7.67%
    39% 2 $170,000 $85,000 $3,395 7.81%

    Anderson Brothers Bank lent most frequently to those with DTI ratios of 20-30%, with 63 originations. The next most common DTI ratio? 30-36%, with 54 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 284 $50,940,000 $179,366 $3,901 8.01%
    Not applicable 73 $19,315,000 $264,589 $0 8.31%
    Not provided 39 $11,005,000 $282,179 $6,773 7.10%
    Black 18 $2,580,000 $143,333 $3,486 8.70%
    Asian 1 $215,000 $215,000 $3,292 7.63%

    Approval Rates

    Total approvals of all applications
    90.10%

    Anderson Brothers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    67.71%

    Anderson Brothers Bank 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
    600.0 2 $90,000 $45,000
    665.0 1 $55,000 $55,000
    NA 412 $83,910,000 $203,665

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    415 $84,055,000 $202,542

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 72 $9,510,000 $132,083 $3,421 8.07%
    40-60% 81 $17,535,000 $216,481 $4,276 7.68%
    60-80% 137 $30,585,000 $223,248 $4,460 8.15%
    80-100% 99 $24,535,000 $247,828 $5,214 7.88%
    Over 100% 1 $425,000 $425,000 $0 7.00%
    Under 20% 25 $1,465,000 $58,600 $2,269 8.58%