Bank Of Utah Mortgage Rates, Fees & Info

Ogden, UT

LEI: 549300NNL9H573MWO110

Tax ID: 87-0218467

4.1 stars - out of 5 stars, based on 37 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Bank Of Utah is a smaller bank specializing in Home Purchase loans. Bank Of Utah has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Ogden, Logan, Salt Lake City, Provo, and Hailey among others. Bank Of Utah has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Bank Of Utah is typically an average fee lendor.


Originations

1,401

Origination Dollar Volume (All Markets)

$516,015,000

Employee count

371

Awards

Bank of Utah FHA Loans gold Bank of Utah FHA Loans gold
Show all (2) awards

Relative Rate

Bank Of Utah's average 30 year fixed rate mortgage of loans were 3.16%.

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

This yields a difference of 0.01%.

Relative Fees

Bank Of Utah's average total fees for a 30 year fixed rate mortgage are $5,642.

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
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 440 $167,220,000 $380,045 $5,697 2.97%
LOGAN, UT-ID (FHA|USDA|VA) 354 $104,580,000 $295,424 $5,512 2.96%
SALT LAKE CITY, UT (FHA|USDA|VA) 151 $75,095,000 $497,318 $6,085 3.08%
PROVO-OREM, UT (FHA|USDA|VA) 65 $47,895,000 $736,846 $6,112 3.13%
Hailey, ID (FHA|USDA|VA) 2 $24,300,000 $12,150,000 $7,793 3.75%
ST. GEORGE, UT (FHA|USDA|VA) 67 $19,545,000 $291,716 $5,623 3.04%
Price, UT (FHA|USDA|VA) 139 $18,485,000 $132,986 $3,897 3.67%
Outside of Metro Areas 56 $13,810,000 $246,607 $5,469 3.31%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $8,205,000 $8,205,000 $0 4.00%
Heber, UT (FHA|USDA|VA) 16 $7,380,000 $461,250 $7,760 3.06%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 15 $4,885,000 $325,667 $7,194 3.47%
Vernal, UT (FHA|USDA|VA) 21 $3,285,000 $156,429 $4,035 3.39%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $2,935,000 $587,000 $35,376 3.64%
Rexburg, ID (FHA|USDA|VA) 10 $2,150,000 $215,000 $8,134 3.80%
Cedar City, UT (FHA|USDA|VA) 9 $1,975,000 $219,444 $5,276 3.00%
POCATELLO, ID (FHA|USDA|VA) 8 $1,930,000 $241,250 $4,343 4.00%
Jackson, WY-ID (FHA|USDA|VA) 3 $1,435,000 $478,333 $5,725 3.13%
Outside of Metro Areas 2 $1,090,000 $545,000 $14,765 2.88%
BOISE CITY, ID (FHA|USDA|VA) 4 $1,090,000 $272,500 $4,192 3.03%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 4 $940,000 $235,000 $4,345 2.81%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $775,000 $258,333 $6,338 3.00%
IDAHO FALLS, ID (FHA|USDA|VA) 2 $670,000 $335,000 $6,671 2.88%
Newport, OR (FHA|USDA|VA) 1 $655,000 $655,000 $0 3.25%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $545,000 $545,000 $9,537 3.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $435,000 $435,000 $2,062 2.88%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 2 $410,000 $205,000 $5,595 3.44%
BAKERSFIELD, CA (FHA|USDA|VA) 1 $395,000 $395,000 $8,010 3.00%
CASPER, WY (FHA|USDA|VA) 1 $375,000 $375,000 $1,303 2.75%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $370,000 $185,000 $5,009 3.19%
BILLINGS, MT (FHA|USDA|VA) 1 $355,000 $355,000 $3,243 3.38%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 2 $350,000 $175,000 $5,063 3.13%
MERCED, CA (FHA|USDA|VA) 1 $325,000 $325,000 $6,953 2.88%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $315,000 $315,000 $5,707 3.13%
Blackfoot, ID (FHA|USDA|VA) 2 $310,000 $155,000 $0 2.75%
MODESTO, CA (FHA|USDA|VA) 1 $275,000 $275,000 $2,483 3.25%
Ontario, OR-ID (FHA|USDA|VA) 1 $245,000 $245,000 $5,431 2.25%
Bozeman, MT (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.50%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $175,000 $175,000 $0 3.38%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $165,000 $165,000 $4,871 3.13%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $0 4.75%
Nogales, AZ (FHA|USDA|VA) 1 $145,000 $145,000 $3,547 2.25%
KILLEEN-TEMPLE, TX (FHA|USDA|VA) 1 $105,000 $105,000 $3,574 2.88%

Bank Of Utah's top markets include Ogden, Logan, Salt Lake City, Provo, and Hailey among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,242 $470,190,000 $378,575 $5,267 3.13%
FHA 98 $24,040,000 $245,306 $7,909 3.09%
VA 43 $17,305,000 $402,442 $7,252 2.63%
USDA 18 $4,480,000 $248,889 $4,509 2.75%

For the 2021 period, Bank Of Utah's most frequently originated loan type of loans were Conventional, with 1,242 originations. Their 2nd most popular type is FHA, with 98 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 773 $338,495,000 $437,898 $5,553 3.17%
Refi 310 $83,840,000 $270,452 $5,021 2.91%
Cash Out Refi 306 $91,190,000 $298,007 $5,974 3.11%
Other 10 $1,890,000 $189,000 $4,031 3.09%
Home Improvement 2 $600,000 $300,000 $8,417 5.00%

For the 2021, Bank Of Utah's most frequently cited loan purpose of loans were Home Purchase, with 773 originations. The 2nd most popular reason of loans were Refi, with 310 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,163 $357,225,000 $307,158 $5,642 3.16%
15 Year 117 $29,795,000 $254,658 $5,219 2.52%
20 Year 72 $16,680,000 $231,667 $4,498 2.81%
10 Year 24 $7,670,000 $319,583 $3,334 3.39%
Other 19 $53,465,000 $2,813,947 $5,366 3.41%
5 Year 3 $1,595,000 $531,667 $0 4.34%
3 Year 2 $49,320,000 $24,660,000 $0 4.00%
1 Year 1 $265,000 $265,000 $0 4.25%

For the 2021, Bank Of Utah's most frequently cited loan length of loans were 30 Year, with 1,163 originations. The 2nd most popular length of loans were 15 Year, with 117 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$3k-4k 395 $121,055,000 $306,468
$<1k 296 $70,780,000 $239,122
$5k+ 250 $113,990,000 $455,960
$2k-3k 211 $45,525,000 $215,758
$1k-2k 126 $32,450,000 $257,540

$5,642 of loans were Bank Of Utah's average total fees, while their most frequently occuring range of origination fees were in the $3k-4k bucket, with 395 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 697 $224,115,000 $321,542
3-4% 459 $216,875,000 $472,495
<2.5% 153 $40,215,000 $262,843
4-5% 55 $33,935,000 $617,000
5-6% 36 $770,000 $21,389
6-7% 1 $105,000 $105,000

During 2021, Bank Of Utah's average interest rate of loans were 3.16%, while their most frequently originated rate bucket of loans were 2.5-3%, with 697 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 682 $202,650,000 $297,141 $5,398 3.00%
$400k-600k 284 $135,640,000 $477,606 $7,762 3.00%
$100k-200k 283 $45,065,000 $159,240 $4,052 3.00%
$100,000 or less 105 $4,025,000 $38,333 $1,439 4.24%
$600k-1MM 37 $25,855,000 $698,784 $13,038 3.19%
$1MM+ 10 $102,780,000 $10,278,000 $17,665 3.79%

2021 saw Bank Of Utah place emphasis on $200k-400k loans with 682 originations, totaling $202,650,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 358 $91,410,000 $255,335 $5,112 3.13%
$100k-150k 280 $98,270,000 $350,964 $6,184 2.98%
$75k-100k 269 $82,645,000 $307,230 $5,813 3.01%
$50k or less 214 $35,970,000 $168,084 $3,983 3.23%
$150k-250k 130 $52,360,000 $402,769 $6,541 3.01%
$250k+ 62 $29,690,000 $478,871 $9,354 3.09%

Bank Of Utah lent most frequently to those with incomes in the $50k-75k range, with 358 originations. The second most popular income band? $100k-150k, with 280 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 305 $88,865,000 $291,361 $5,076 2.97%
30-36% 244 $74,430,000 $305,041 $5,565 3.05%
<20% 124 $35,650,000 $287,500 $4,936 2.90%
41% 64 $19,060,000 $297,813 $5,430 3.09%
44% 61 $17,415,000 $285,492 $6,085 3.19%
36% 60 $19,400,000 $323,333 $5,438 3.11%
40% 57 $17,345,000 $304,298 $5,730 3.18%
50-60% 53 $10,945,000 $206,509 $6,687 3.58%
38% 51 $14,465,000 $283,627 $5,997 3.18%
43% 50 $15,190,000 $303,800 $5,620 3.08%
39% 47 $14,435,000 $307,128 $4,999 3.09%
42% 42 $13,060,000 $310,952 $5,304 3.25%
45% 42 $14,140,000 $336,667 $7,254 3.09%
47% 38 $10,730,000 $282,368 $5,146 3.03%
37% 33 $9,665,000 $292,879 $4,630 3.17%
48% 33 $10,765,000 $326,212 $6,282 3.24%
46% 32 $10,080,000 $315,000 $5,794 2.95%
49% 30 $10,320,000 $344,000 $6,566 3.12%

Bank Of Utah lent most frequently to those with DTI ratios of 20-30%, with 305 originations. The next most common DTI ratio? 30-36%, with 244 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,205 $353,355,000 $293,241 $5,521 3.10%
Not applicable 23 $106,375,000 $4,625,000 $0 4.41%
Not provided 123 $41,005,000 $333,374 $5,724 2.95%
Asian 27 $8,065,000 $298,704 $5,237 2.99%
American Indian 10 $2,990,000 $299,000 $4,808 2.99%
Black 8 $2,480,000 $310,000 $5,517 3.34%
Native Hawaiian 4 $1,450,000 $362,500 $4,667 2.91%
Other Asian 1 $295,000 $295,000 $5,905 3.13%

Approval Rates

Total approvals of all applications
98.07%

Bank Of Utah 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
77.31%

Bank Of Utah has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,401 $516,015,000 $368,319

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,401 $516,015,000 $368,319

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 110 $21,240,000 $193,091 $4,209 2.84%
40-60% 242 $117,540,000 $485,702 $5,040 2.92%
60-80% 544 $231,690,000 $425,901 $5,992 3.10%
80-100% 416 $139,880,000 $336,250 $6,265 3.00%
Over 100% 7 $2,885,000 $412,143 $15,408 2.59%
Under 20% 82 $2,780,000 $33,902 $992 4.58%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Bank of Utah 100 South 500 West Bountiful, UT 84010 Full Service B&M $37,311
Bank of Utah 25 North Tremont Tremonton, UT 84337 Full Service B&M $66,280
Bank of Utah 2605 Washington Blvd Ogden, UT 84401 Full Service B&M $487,275
Bank of Utah 3670 North University Avenue Provo, UT 84604 Full Service B&M $39,656
Bank of Utah 4605 Harrison Blvd. Suite 100 Ogden, UT 84403 Full Service B&M $106,192
Bank of Utah 5 East 1400 North Logan, UT 84341 Full Service B&M $77,813
Bank of Utah 50 South 200 East Salt Lake City, UT 84111 Limited, Trust Office $0
Bank of Utah 50 South 200 East Salt Lake City, UT 84111 Full Service B&M $32,899
Bank of Utah 5729 South 1900 West Roy, UT 84067 Full Service B&M $59,027
Bank of Utah 620 West 100 South Heber City, UT 84032 Full Service B&M $94,008
Bank of Utah 717 West Antelope Drive Layton, UT 84041 Full Service B&M $111,206
Bank of Utah 80 East 800 South Brigham City, UT 84302 Full Service B&M $75,763
Bank of Utah 9320 South State Street Sandy, UT 84070 Full Service B&M $174,859
Bank of Utah 980 West 830 North Orem, UT 84059 Full Service B&M $94,530
Bank of Utah 115 Washington Boulevard Ogden, UT 84404 Full Service B&M $118,015
Bank of Utah 121 North Gateway Drive Providence, UT 84332 Full Service B&M $40,261
Bank of Utah 144 South State Street Lindon, UT 84042 Full Service B&M $43,358
Bank of Utah 2309 South Redwood Road Salt Lake City, UT 84119 Full Service B&M $30,794

For 2021, Bank Of Utah had 18 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $69,508
Net interest income $65,721
Total noninterest income $29,951
Gross Fiduciary activities income $12,902
Service charges on deposit accounts $981
Trading account gains and fees $0
Additional Noninterest Income $16,068
Pre-tax net operating income $41,013
Securities gains (or losses, -) $-219
Income before extraordinary items $31,623
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $31,623
Minority interest net income $0
Net income $31,623
Sale, conversion, retirement of capital stock, net $0
Net operating income $31,796

Bank Of Utah's gross interest income from loans was $69,508,000.
Bank Of Utah's net interest income from loans was $65,721,000.
Bank Of Utah's fee based income from loans was $981,000.
Bank Of Utah's net income from loans was $31,623,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $3,787
Provision for credit losses $1,100
Total noninterest expense $53,559
Salaries and employee benefits $33,918
Premises and equipment expense $3,846
Additional noninterest expense $15,795
Applicable income taxes $9,171
Net charge-offs $15
Cash dividends $6,580

Bank Of Utah's interest expense for loans was $3,787,000.
Bank Of Utah's payroll and benefits expense were $33,918,000.
Bank Of Utah's property, plant and equipment expenses $3,846,000.

Loan Performance

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

Deposits

Type Value (in 000's)
Total deposits $1,831,712
Deposits held in domestic offices $1,831,712
Deposits by Individuals, partnerships, and corporations $1,711,699
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $120,013
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $1,044,189
Demand deposits $714,568
Nontransaction accounts $787,523
Money market deposit accounts (MMDAs) $507,481
Other savings deposits (excluding MMDAs) $199,322
Total time deposits $80,720
Total time and savings deposits $1,117,144
Noninterest-bearing deposits $732,568
Interest-bearing deposits $1,099,144
Retail deposits $1,784,554
IRAs and Keogh plan accounts $13,864
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $2,149,308
Cash & Balances due from depository institutions $228,294
Interest-bearing balances $208,359
Total securities $305,349
Federal funds sold & reverse repurchase $1,893
Net loans and leases $1,509,426
Loan and leases loss allowance $18,986
Trading account assets $0
Bank premises and fixed assets $23,483
Other real estate owned $0
Goodwill and other intangibles $9,285
All other assets $71,578

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $2,149,308
Total Liabilities $1,906,506
Total deposits $1,831,712
Interest-bearing deposits $1,099,144
Deposits held in domestic offices $1,831,712
% insured (estimated) $37
Federal funds purchased and repurchase agreements $45,064
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $29,730

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,509,426
Loan and leases loss allowance $18,986
Total loans and leases (domestic) $1,528,412
All real estate loans $1,089,323
Real estate loans in domestic offices $1,089,323
Construction and development loans $293,505
Residential 1-4 family construction $98,805
Other construction, all land development and other land $194,700
Loans secured by nonfarm nonresidential properties $665,823
Nonfarm nonresidential secured by owner-occupied properties $228,996
Commercial real estate & other non-farm, non-residential $436,827
Multifamily residential real estate $27,289
1-4 family residential loans $95,446
Farmland loans $7,260
Loans held in foreign offices $0
Farm loans $3,418
Commercial and industrial loans $124,087
To non-U.S. addressees $0
Loans to individuals $5,026
Credit card loans $0
Related Plans $565
Consumer Auto Loans $3,764
Other loans to individuals $697
All other loans & leases $309,482
Loans to foreign governments and official institutions $0
Other loans $19
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $5,971
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $357
Non 1-4 family restructured loans & leases $357
Total loans and leases (foreign) $0

Bank of Utah had $1,509,426,000 of loans outstanding in 2021. $1,089,323,000 of loans were in real estate loans. $293,505,000 of loans were in development loans. $27,289,000 of loans were in multifamily mortgage loans. $95,446,000 of loans were in 1-4 family mortgage loans. $3,418,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,764,000 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 260 $85,705 $329,635
Nonfarm, nonresidential loans - <$100k 15 $610 $40,667
Nonfarm, nonresidential loans - $100-250k 47 $5,248 $111,660
Nonfarm, nonresidential loans - $250k-1MM 198 $79,847 $403,268
Commercial & Industrial, US addressed loans - <$1MM 517 $58,326 $112,816
Commercial & Industrial, US addressed loans - <$100k 330 $9,861 $29,882
Commercial & Industrial, US addressed loans - $100-250k 107 $17,927 $167,542
Commercial & Industrial, US addressed loans - $250k-1MM 80 $30,538 $381,725
Farmland loans - <$1MM 18 $2,638 $146,556
Farmland loans - <$100k 9 $441 $49,000
Farmland loans - $100-250k 5 $798 $159,600
Farmland loans - $250k-1MM 4 $1,399 $349,750
Agriculture operations loans - <$1MM 4 $729 $182,250
Agriculture operations loans - <$100k 2 $49 $24,500
Agriculture operations loans - $100-250k 1 $292 $292,000
Agriculture operations loans - $250k-1MM 1 $388 $388,000