Sullivan Bank Mortgage Rates, Fees & Info

Sullivan, MO

LEI: 549300MK77IBUMJBI791

Tax ID: 43-0170310

5 stars - Updated: 12/5/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Sullivan Bank is a smaller bank specializing in Home Purchase loans. Sullivan Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: St. Louis, Springfield, Rolla, Crestview, and Branson among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Sullivan 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. Sullivan 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 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.

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 6.74% 12/5/24
30 Year Conventional Refi 6.53% 12/5/24
30 Year Cash-out Refi 6.80% 12/5/24
30 Year FHA Purchase 7.14% 12/5/24
30 Year USDA Purchase 6.42% 12/5/24
15 Year Conventional Purchase 5.86% 12/5/24
15 Year Conventional Refi 5.56% 12/5/24
15 Year Cash-out Refi 5.56% 12/5/24
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.

Sullivan Bank Mortgage Calculator






Your Estimates

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

This is not an official calculator from Sullivan 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

374

Origination Dollar Volume (All Markets)

$98,890,000

Awards

Sullivan Bank 30 Year Conventional Loans gold Sullivan Bank 30 Year Conventional Loans gold Sullivan Bank 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Sullivan Bank's average 30 year fixed mortgage rate was 7.25%.

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

This yields a difference of 0.77%.

Relative Fees (Closing Costs)

Sullivan Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,330.

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
ST. LOUIS, MO-IL (FHA|USDA|VA) 218 $52,240,000 $239,633 $2,312 7.78%
Outside of Metro Areas 95 $22,675,000 $238,684 $1,865 7.77%
SPRINGFIELD, MO (FHA|USDA|VA) 36 $16,740,000 $465,000 $888 8.18%
Rolla, MO (FHA|USDA|VA) 7 $1,965,000 $280,714 $2,260 8.68%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $1,765,000 $1,765,000 $0 8.25%
Branson, MO (FHA|USDA|VA) 5 $1,225,000 $245,000 $1,412 7.30%
JOPLIN, MO (FHA|USDA|VA) 4 $780,000 $195,000 $0 8.13%
KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $570,000 $285,000 $0 8.38%
COLUMBIA, MO (FHA|USDA|VA) 1 $355,000 $355,000 $2,212 7.38%
Harrison, AR (FHA|USDA|VA) 1 $255,000 $255,000 $2,743 7.50%
Fort Leonard Wood, MO (FHA|USDA|VA) 1 $125,000 $125,000 $0 8.25%
Poplar Bluff, MO (FHA|USDA|VA) 1 $75,000 $75,000 $1,361 8.50%
Lebanon, MO (FHA|USDA|VA) 1 $75,000 $75,000 $2,498 6.95%
Farmington, MO (FHA|USDA|VA) 1 $45,000 $45,000 $1,717 9.75%
Sullivan Bank's top markets include St. Louis, Springfield, Rolla, Crestview, and Branson among others.

Their top states include:
  • Missouri (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Similar Lenders

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

    BLUCURRENT
    Similarity Rank: 56
    1ST MIDAMERICA
    Similarity Rank: 286
    CNB Bank And Trust, N.A.
    Similarity Rank: 323
    FIRST COMMUNITY
    Similarity Rank: 336
    First National Bank of Waterloo
    Similarity Rank: 340
    United Bank of Union
    Similarity Rank: 360
    VANTAGE Credit Union
    Similarity Rank: 371
    Bank of Hillsboro
    Similarity Rank: 459
    ALLIANCE CREDIT UNION
    Similarity Rank: 520

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 368 $97,920,000 $266,087 $2,070 7.86%
    USDA 5 $755,000 $151,000 $4,506 6.35%
    FHA 1 $215,000 $215,000 $7,279 6.13%

    For 2023, Sullivan Bank's most frequently originated type of loan was Conventional, with 368 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 251 $68,345,000 $272,291 $2,540 7.70%
    Refi 55 $11,935,000 $217,000 $1,241 7.91%
    Cash Out Refi 48 $17,230,000 $358,958 $1,507 8.12%
    Home Improvement 10 $580,000 $58,000 $1,333 8.31%
    Other 10 $800,000 $80,000 $1,433 9.07%

    For 2023, Sullivan Bank's most frequently cited loan purpose was Home Purchase, with 251 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 139 $37,245,000 $267,950 $2,330 7.25%
    3 Year 59 $20,295,000 $343,983 $2,033 8.12%
    Other 54 $12,270,000 $227,222 $1,218 8.01%
    20 Year 52 $7,390,000 $142,115 $2,021 8.32%
    1 Year 38 $12,770,000 $336,053 $0 8.16%
    5 Year 14 $7,310,000 $522,143 $616 7.92%
    15 Year 9 $1,165,000 $129,444 $1,978 8.25%
    10 Year 9 $445,000 $49,444 $1,062 9.37%

    For 2023, Sullivan Bank's most frequently cited loan duration was 30 Year, with 139 originations. The 2nd most popular length was 3 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 166 $41,090,000 $247,530
    $1k-2k 4 $680,000 $170,000

    Sullivan Bank's average total fees were $2,330, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 166 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 171 $43,425,000 $253,947
    7-8% 117 $33,415,000 $285,598
    6-7% 76 $19,920,000 $262,105
    5-6% 10 $2,130,000 $213,000

    During 2023, Sullivan Bank's average interest rate for loans was 7.25%, while their most frequently originated rate bucket for loans was Over 8%, with 171 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 134 $18,590,000 $138,731 $2,099 7.75%
    $100,000 or less 98 $5,820,000 $59,388 $1,540 8.32%
    $200k-400k 92 $26,030,000 $282,935 $2,579 7.49%
    $400k-600k 27 $13,145,000 $486,852 $1,919 7.73%
    $1MM+ 13 $27,505,000 $2,115,769 $3,682 8.03%
    $600k-1MM 10 $7,800,000 $780,000 $3,027 7.65%

    2023 saw Sullivan Bank place emphasis on $100k-200k loans with 134 originations, totaling $18,590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 45 $7,065,000 $157,000 $2,344 7.63%
    $100k-150k 44 $9,380,000 $213,182 $2,010 7.84%
    $50k or less 29 $3,105,000 $107,069 $1,859 7.78%
    $150k-250k 28 $8,890,000 $317,500 $2,149 7.45%
    $75k-100k 24 $3,660,000 $152,500 $2,117 7.78%
    $250k+ 19 $13,265,000 $698,158 $2,719 7.85%

    Sullivan Bank lent most frequently to those with incomes in the $50k-75k range, with 45 originations. The second most popular income band? $100k-150k, with 44 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 35 $7,105,000 $203,000 $2,011 7.29%
    30-36% 34 $5,920,000 $174,118 $2,497 7.26%
    <20% 16 $3,260,000 $203,750 $2,010 7.80%
    50-60% 12 $3,670,000 $305,833 $1,757 8.43%
    40% 11 $3,105,000 $282,273 $2,151 7.94%
    41% 11 $2,805,000 $255,000 $2,690 7.60%
    37% 8 $1,160,000 $145,000 $1,892 7.94%
    >60% 6 $4,620,000 $770,000 $2,881 9.00%
    38% 6 $1,350,000 $225,000 $2,096 7.31%
    43% 5 $885,000 $177,000 $2,301 6.95%
    36% 3 $485,000 $161,667 $2,041 7.50%
    48% 3 $1,225,000 $408,333 $881 7.08%
    39% 3 $745,000 $248,333 $2,381 7.82%
    42% 3 $705,000 $235,000 $2,038 6.63%
    46% 3 $1,105,000 $368,333 $1,608 7.92%
    47% 3 $445,000 $148,333 $2,383 7.00%
    44% 2 $490,000 $245,000 $2,620 6.69%
    45% 2 $740,000 $370,000 $2,199 7.94%
    49% 1 $95,000 $95,000 $1,694 12.00%

    Sullivan Bank lent most frequently to those with DTI ratios of 20-30%, with 35 originations. The next most common DTI ratio? 30-36%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 177 $50,885,000 $287,486 $0 8.03%
    White 192 $45,510,000 $237,031 $2,181 7.66%
    Not provided 3 $1,485,000 $495,000 $1,134 8.05%
    Asian Indian 1 $535,000 $535,000 $0 8.00%
    Black 1 $475,000 $475,000 $1,730 8.25%

    Approval Rates

    Total approvals of all applications
    97.71%

    Sullivan 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
    86.10%

    Sullivan Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 374 $98,890,000 $264,412

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    374 $98,890,000 $264,412

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $8,205,000 $356,739 $1,713 7.71%
    40-60% 45 $9,955,000 $221,222 $1,990 7.51%
    60-80% 142 $42,420,000 $298,732 $2,284 7.89%
    80-100% 136 $33,030,000 $242,868 $2,462 7.73%
    Over 100% 2 $180,000 $90,000 $4,150 7.44%
    Under 20% 26 $5,100,000 $196,154 $1,022 8.86%