Herring Bank Mortgage Rates, Fees & Info

Amarillo, TX

LEI: 549300OUFGVRFN8PZB89

Tax ID: 75-0330569

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Mortgage Data

Review & Overview

Herring Bank is a smaller bank specializing in Home Purchase loans. Herring Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Amarillo, Dallas, Kerrville, Vernon, and Sherman among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)

Herring 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

106

Origination Dollar Volume (All Markets)

$21,490,000

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
AMARILLO, TX (FHA|USDA|VA) 39 $10,375,000 $266,026 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 25 $5,405,000 $216,200 $0 0.00%
Outside of Metro Areas 16 $1,890,000 $118,125 $0 0.00%
Kerrville, TX (FHA|USDA|VA) 1 $675,000 $675,000 $0 0.00%
Vernon, TX (FHA|USDA|VA) 9 $565,000 $62,778 $0 0.00%
SHERMAN-DENISON, TX (FHA|USDA|VA) 1 $515,000 $515,000 $0 0.00%
Andrews, TX (FHA|USDA|VA) 2 $440,000 $220,000 $0 0.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
Lufkin, TX (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Borger, TX (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Altus, OK (FHA|USDA|VA) 4 $200,000 $50,000 $0 0.00%
BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
WICHITA FALLS, TX (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Pampa, TX (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Herring Bank's top markets include Amarillo, Dallas, Kerrville, Vernon, and Sherman among others.

Their top states include:
  • Texas (FHA|USDA|VA)
  • Oklahoma (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 87 $16,465,000 $189,253 $0 0.00%
    FHA 18 $4,690,000 $260,556 $0 0.00%
    VA 1 $335,000 $335,000 $0 0.00%

    For 2023, Herring Bank's most frequently originated type of loan was Conventional, with 87 originations. Their 2nd most popular type was FHA, with 18 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 73 $16,825,000 $230,479 $0 0.00%
    Home Improvement 13 $795,000 $61,154 $0 0.00%
    Cash Out Refi 9 $935,000 $103,889 $0 0.00%
    Refi 6 $2,390,000 $398,333 $0 0.00%
    Other 5 $545,000 $109,000 $0 0.00%

    For 2023, Herring Bank's most frequently cited loan purpose was Home Purchase, with 73 originations. The 2nd most popular reason was Home Improvement, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 106 $21,490,000 $202,736 $0 0.00%

    For 2023, Herring Bank's most frequently cited loan duration was Other, with 106 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,870,000 $55,000 $0 0.00%
    $100k-200k 31 $4,595,000 $148,226 $0 0.00%
    $200k-400k 28 $7,790,000 $278,214 $0 0.00%
    $400k-600k 10 $5,010,000 $501,000 $0 0.00%
    $600k-1MM 3 $2,225,000 $741,667 $0 0.00%

    2023 saw Herring Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,870,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 20 $5,910,000 $295,500 $0 0.00%
    $75k-100k 20 $3,260,000 $163,000 $0 0.00%
    $100k-150k 18 $3,230,000 $179,444 $0 0.00%
    $50k-75k 13 $1,475,000 $113,462 $0 0.00%
    $250k+ 11 $4,055,000 $368,636 $0 0.00%
    $50k or less 11 $1,005,000 $91,364 $0 0.00%

    Herring Bank lent most frequently to those with incomes in the $150k-250k range, with 20 originations. The second most popular income band? $75k-100k, with 20 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 106 $21,490,000 $202,736 $0 0.00%

    Herring Bank lent most frequently to those with DTI ratios of Exempt%, with 106 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 86 $19,140,000 $222,558 $0 0.00%
    Not applicable 10 $1,740,000 $174,000 $0 0.00%
    Not provided 4 $290,000 $72,500 $0 0.00%
    Asian 2 $230,000 $115,000 $0 0.00%
    Black 4 $90,000 $22,500 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.48%

    Herring 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
    70.75%

    Herring Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 106 $21,490,000 $202,736

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    106 $21,490,000 $202,736