Prospect Bank Mortgage Rates, Fees & Info
Paris, ILLEI: 549300QWYPPH283K6R36
Tax ID: 37-0258325
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Prospect Bank is a smaller bank specializing in Home Purchase loans. Prospect Bank has a high proportion of conventional loans. Their top markets by origination volume include: Terre Haute, Champaign, Bloomington, Danville, and Charleston among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Prospect 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
92Origination Dollar Volume (All Markets)
$13,420,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 47 | $4,855,000 | $103,298 | $0 | 0.00% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 22 | $4,550,000 | $206,818 | $0 | 0.00% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 14 | $2,530,000 | $180,714 | $0 | 0.00% |
| BLOOMINGTON, IL (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 0.00% |
| DANVILLE, IL (FHA|USDA|VA) | 5 | $475,000 | $95,000 | $0 | 0.00% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $0 | 0.00% |
| Effingham, IL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Prospect Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 32
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Similarity Rank: 1700
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 92 | $13,420,000 | $145,870 | $0 | 0.00% |
For 2024, Prospect Bank's most frequently originated type of loan was Conventional, with 92 originations.
Loan Reason
For 2024, Prospect Bank's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 92 | $13,420,000 | $145,870 | $0 | 0.00% |
For 2024, Prospect Bank's most frequently cited loan duration was Other, with 92 originations.
Loan Sizing
2024 saw Prospect Bank place emphasis on $100,000 or less loans with 38 originations, totaling $2,250,000 in origination value.
Applicant Income
Prospect Bank lent most frequently to those with incomes in the $50k-75k range, with 22 originations. The second most popular income band? $100k-150k, with 16 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 92 | $13,420,000 | $145,870 | $0 | 0.00% |
Prospect Bank lent most frequently to those with DTI ratios of Exempt%, with 92 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.12%
Prospect 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 origination90.22%
Prospect Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 92 | $13,420,000 | $145,870 |