Resource Bank Mortgage Rates, Fees & Info

Covington, LA

LEI: 549300OMHGOGEWTCI138

Tax ID: 72-1410047

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Mortgage Data

Review & Overview

Resource Bank is a smaller bank specializing in Home Purchase and Refi loans. Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: New Orleans, Baton Rouge, Gulfport, Hammond, and Bogalusa among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Resource Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

247

Origination Dollar Volume (All Markets)

$78,185,000

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
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 203 $60,295,000 $297,020 $0 0.00%
BATON ROUGE, LA (FHA|USDA|VA) 19 $12,255,000 $645,000 $0 0.00%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 8 $2,180,000 $272,500 $0 0.00%
HAMMOND, LA (FHA|USDA|VA) 6 $1,430,000 $238,333 $0 0.00%
Bogalusa, LA (FHA|USDA|VA) 7 $1,095,000 $156,429 $0 0.00%
JACKSON, MS (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
Picayune, MS (FHA|USDA|VA) 1 $365,000 $365,000 $0 0.00%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
Resource Bank's top markets include New Orleans, Baton Rouge, Gulfport, Hammond, and Bogalusa among others.

Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 247 $78,185,000 $316,538 $0 0.00%

    For 2023, Resource Bank's most frequently originated type of loan was Conventional, with 247 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 139 $52,095,000 $374,784 $0 0.00%
    Refi 87 $21,285,000 $244,655 $0 0.00%
    Home Improvement 18 $4,170,000 $231,667 $0 0.00%
    Other 3 $635,000 $211,667 $0 0.00%

    For 2023, Resource Bank's most frequently cited loan purpose was Home Purchase, with 139 originations. The 2nd most popular reason was Refi, with 87 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 247 $78,185,000 $316,538 $0 0.00%

    For 2023, Resource Bank's most frequently cited loan duration was Other, with 247 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 101 $27,345,000 $270,743 $0 0.00%
    $100k-200k 49 $7,475,000 $152,551 $0 0.00%
    $100,000 or less 40 $2,040,000 $51,000 $0 0.00%
    $400k-600k 26 $12,480,000 $480,000 $0 0.00%
    $600k-1MM 23 $17,415,000 $757,174 $0 0.00%
    $1MM+ 8 $11,430,000 $1,428,750 $0 0.00%

    2023 saw Resource Bank place emphasis on $200k-400k loans with 101 originations, totaling $27,345,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 37 $18,685,000 $505,000 $0 0.00%
    $150k-250k 33 $11,145,000 $337,727 $0 0.00%
    $100k-150k 14 $2,650,000 $189,286 $0 0.00%
    $75k-100k 12 $2,040,000 $170,000 $0 0.00%
    $50k-75k 8 $940,000 $117,500 $0 0.00%
    $50k or less 6 $410,000 $68,333 $0 0.00%

    Resource Bank lent most frequently to those with incomes in the $250k+ range, with 37 originations. The second most popular income band? $150k-250k, with 33 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 247 $78,185,000 $316,538 $0 0.00%

    Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 247 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 134 $41,610,000 $310,522 $0 0.00%
    White 98 $32,840,000 $335,102 $0 0.00%
    Not provided 9 $2,165,000 $240,556 $0 0.00%
    Black 6 $1,570,000 $261,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.04%

    Resource 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
    93.93%

    Resource Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 247 $78,185,000 $316,538

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    247 $78,185,000 $316,538