Anderson Brothers Bank Mortgage Rates, Fees & Info
Mullins, SCLEI: 549300M4GZM7GG3EIV16
Tax ID: 57-0115230
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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.
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Originations
415Origination Dollar Volume (All Markets)
$84,055,000Relative 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% |
Their top states include:
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.
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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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications90.10%
Anderson Brothers Bank has an average approval rate.
Pick Rate
Approvals leading to origination67.71%
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 |