Morganton Savings Bank Mortgage Rates, Fees & Info

Morganton, NC

LEI: 549300OEXEKLSIBK2I37

Tax ID: 56-0327830

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
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Morganton Savings Bank is a smaller bank specializing in Home Purchase loans. Morganton Savings Bank has a high proportion of conventional loans. Their top markets by origination volume include: Hickory, Marion, and Forest City among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Morganton Savings 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.

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    Originations

    47

    Origination Dollar Volume (All Markets)

    $12,495,000

    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
    HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 42 $9,620,000 $229,048 $0 0.00%
    Marion, NC (FHA|USDA|VA) 4 $2,440,000 $610,000 $0 0.00%
    Forest City, NC (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
    Morganton Savings Bank's top markets include Hickory, Marion, and Forest City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 47 $12,495,000 $265,851 $0 0.00%

    For 2018, Morganton Savings Bank's most frequently originated type of loan was Conventional, with 47 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 31 $8,825,000 $284,677 $0 0.00%
    Cash Out Refi 6 $1,330,000 $221,667 $0 0.00%
    Refi 5 $995,000 $199,000 $0 0.00%
    Other 3 $1,105,000 $368,333 $0 0.00%
    Home Improvement 2 $240,000 $120,000 $0 0.00%

    For 2018, Morganton Savings Bank's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 47 $12,495,000 $265,851 $0 0.00%

    For 2018, Morganton Savings Bank's most frequently cited loan duration was Other, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 16 $4,650,000 $290,625 $0 0.00%
    $100k-200k 12 $1,790,000 $149,167 $0 0.00%
    $100,000 or less 9 $505,000 $56,111 $0 0.00%
    $400k-600k 7 $3,315,000 $473,571 $0 0.00%
    $600k-1MM 3 $2,235,000 $745,000 $0 0.00%

    2018 saw Morganton Savings Bank place emphasis on $200k-400k loans with 16 originations, totaling $4,650,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 10 $3,160,000 $316,000 $0 0.00%
    $50k-75k 9 $1,615,000 $179,444 $0 0.00%
    $150k-250k 8 $2,400,000 $300,000 $0 0.00%
    $50k or less 7 $515,000 $73,571 $0 0.00%
    $250k+ 5 $2,905,000 $581,000 $0 0.00%
    $75k-100k 4 $830,000 $207,500 $0 0.00%

    Morganton Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 10 originations. The second most popular income band? $50k-75k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 47 $12,495,000 $265,851 $0 0.00%

    Morganton Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 34 $9,150,000 $269,118 $0 0.00%
    Not applicable 10 $2,520,000 $252,000 $0 0.00%
    Not provided 2 $560,000 $280,000 $0 0.00%
    Asian Indian 1 $265,000 $265,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Morganton Savings 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
    87.23%

    Morganton Savings Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 47 $12,495,000 $265,851

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $505,000 $505,000
    Single Family (1-4 Units):Site-Built 46 $11,990,000 $260,652

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 1 33.3%
    MORGAN STANLEY & CO. LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    MORGAN STANLEY & CO. LLC Other type of mortgage Closing on a mortgage 1 33.3%