Prospect Bank Mortgage Rates, Fees & Info

Paris, IL

LEI: 549300QWYPPH283K6R36

Tax ID: 37-0258325

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Prospect Bank is a smaller bank specializing in Home Purchase and Refi loans. Prospect Bank has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Grand Rapids, Miami, Indianapolis, and Terre Haute among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Prospect Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Prospect Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    101

    Origination Dollar Volume (All Markets)

    $17,035,000

    Employee count

    90

    Awards

    Prospect Bank 30 Year Conventional Loans gold Prospect Bank 30 Year Conventional Loans gold Prospect Bank 30 Year Conventional Loans gold
    Show all (3) awards

    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
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 38 $9,230,000 $242,895 $1,198 5.24%
    Outside of Metro Areas 45 $3,715,000 $82,556 $1,262 5.24%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $965,000 $965,000 $3,241 4.95%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $905,000 $905,000 $6,481 4.50%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 2 $520,000 $260,000 $1,815 4.63%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $450,000 $225,000 $1,752 5.55%
    Charleston-Mattoon, IL (FHA|USDA|VA) 1 $275,000 $275,000 $1,233 4.63%
    DANVILLE, IL (FHA|USDA|VA) 3 $245,000 $81,667 $1,313 5.54%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $215,000 $71,667 $1,266 5.88%
    Holland, MI (FHA|USDA|VA) 1 $155,000 $155,000 $1,583 6.00%
    Centralia, IL (FHA|USDA|VA) 1 $135,000 $135,000 $1,673 5.25%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,850 4.25%
    KANKAKEE, IL (FHA|USDA|VA) 1 $65,000 $65,000 $1,501 4.88%
    DECATUR, IL (FHA|USDA|VA) 1 $55,000 $55,000 $1,452 5.75%
    Prospect Bank's top markets include Champaign, Grand Rapids, Miami, Indianapolis, and Terre Haute among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • 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.

    First Bank & Trust IL
    Similarity Rank: 45
    The Fisher National Bank
    Similarity Rank: 90
    Paramount Bond & Mortgage Co Inc.
    Similarity Rank: 270
    UNIVERSITY OF ILLINOIS COMMUNITY
    Similarity Rank: 275
    Marine Bank
    Similarity Rank: 287
    Prospect Bank
    Similarity Rank: 308
    First Mid Bank & Trust
    Similarity Rank: 406
    Heartland Bank and Trust Company
    Similarity Rank: 432
    INB
    Similarity Rank: 731
    First Financial Bank
    Similarity Rank: 1110

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 101 $17,035,000 $168,663 $1,411 5.24%

    For 2018, Prospect Bank's most frequently originated type of loan was Conventional, with 101 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 51 $6,105,000 $119,706 $1,593 5.39%
    Refi 33 $7,875,000 $238,636 $1,138 5.18%
    Cash Out Refi 10 $1,150,000 $115,000 $1,209 4.71%
    Other 4 $1,390,000 $347,500 $1,720 5.24%
    Home Improvement 3 $515,000 $171,667 $1,188 5.29%

    For 2018, Prospect Bank's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Refi, with 33 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 46 $7,010,000 $152,391 $1,400 5.23%
    15 Year 19 $5,435,000 $286,053 $1,386 4.80%
    Other 17 $2,135,000 $125,588 $677 5.80%
    20 Year 13 $1,225,000 $94,231 $1,419 5.01%
    10 Year 3 $105,000 $35,000 $831 6.34%
    1 Year 2 $950,000 $475,000 $6,481 5.00%
    5 Year 1 $175,000 $175,000 $1,027 5.75%

    For 2018, Prospect Bank's most frequently cited loan duration was 30 Year, with 46 originations. The 2nd most popular length was 15 Year, with 19 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 72 $9,920,000 $137,778

    Prospect Bank's average total fees were $1,400, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 72 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 47 $4,975,000 $105,851
    4-5% 39 $10,425,000 $267,308
    3-4% 6 $940,000 $156,667
    6-7% 6 $630,000 $105,000
    Over 8% 2 $40,000 $20,000

    During 2018, Prospect Bank's average interest rate for loans was 5.23%, while their most frequently originated rate bucket for loans was 5-6%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 51 $2,835,000 $55,588 $1,182 5.44%
    $100k-200k 35 $4,515,000 $129,000 $1,442 5.17%
    $200k-400k 9 $2,415,000 $268,333 $1,531 4.93%
    $400k-600k 3 $1,455,000 $485,000 $756 4.58%
    $600k-1MM 2 $1,870,000 $935,000 $4,861 4.73%
    $1MM+ 1 $3,945,000 $3,945,000 $0 4.25%

    2018 saw Prospect Bank place emphasis on $100,000 or less loans with 51 originations, totaling $2,835,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 23 $1,445,000 $62,826 $1,200 5.21%
    $100k-150k 18 $2,970,000 $165,000 $1,363 4.80%
    $50k-75k 18 $1,840,000 $102,222 $1,451 5.22%
    $75k-100k 12 $1,270,000 $105,833 $1,307 5.12%
    $150k-250k 7 $1,615,000 $230,714 $2,058 5.81%
    $250k+ 4 $1,330,000 $332,500 $1,951 5.58%

    Prospect Bank lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $100k-150k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 21 $2,105,000 $100,238 $1,274 5.02%
    <20% 15 $1,385,000 $92,333 $1,341 5.17%
    30-36% 15 $2,165,000 $144,333 $1,304 5.20%
    >60% 6 $2,240,000 $373,333 $2,583 5.26%
    38% 4 $530,000 $132,500 $1,357 5.16%
    36% 3 $245,000 $81,667 $1,298 4.71%
    42% 2 $170,000 $85,000 $1,474 4.50%
    50-60% 2 $170,000 $85,000 $1,240 5.75%
    39% 2 $250,000 $125,000 $1,427 5.31%
    40% 2 $150,000 $75,000 $1,111 5.25%
    44% 1 $385,000 $385,000 $1,110 5.00%
    43% 1 $115,000 $115,000 $1,538 5.13%
    45% 1 $115,000 $115,000 $1,162 5.13%

    Prospect Bank lent most frequently to those with DTI ratios of 20-30%, with 21 originations. The next most common DTI ratio? <20%, with 15 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 81 $10,495,000 $129,568 $1,411 5.18%
    Not applicable 16 $6,300,000 $393,750 $0 5.52%
    Black 2 $140,000 $70,000 $1,985 5.88%
    Guamanian 1 $65,000 $65,000 $1,013 5.50%
    Asian 1 $35,000 $35,000 $1,228 4.50%

    Approval Rates

    Total approvals of all applications
    88.37%

    Prospect Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.12%

    Prospect Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 101 $17,035,000 $168,663

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $25,000 $25,000
    Multifamily:Site-Built 4 $5,090,000 $1,272,500
    Single Family (1-4 Units):Manufactured 5 $195,000 $39,000
    Single Family (1-4 Units):Site-Built 91 $11,725,000 $128,846

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $5,035,000 $387,308 $1,377 5.06%
    40-60% 16 $1,730,000 $108,125 $1,265 4.94%
    60-80% 39 $5,395,000 $138,333 $1,316 5.16%
    80-100% 27 $4,295,000 $159,074 $1,750 5.37%
    Under 20% 5 $555,000 $111,000 $788 6.63%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Prospect Mortgage, LLC FHA mortgage Struggling to pay mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Prospect Bank 134 South Main Street Homer, IL 61849 Full Service B&M $18,422
    Prospect Bank 141 Veterans Parkway Watseka, IL 60970 Full Service B&M $26,324
    Prospect Bank 10 West Ashmore Street Ashmore, IL 61912 Full Service B&M $19,258
    Prospect Bank 101 S. Front Street Kansas, IL 61933 Full Service B&M $17,213
    Prospect Bank 1601 South Prospect Avenue Champaign, IL 61820 Full Service B&M $97,122
    Prospect Bank 177 West Wood Street Paris, IL 61944 Full Service B&M $180,706
    Prospect Bank 209 South Crescent Street Gilman, IL 60938 Full Service B&M $54,089
    Prospect Bank 212-214 North Main Street Paris, IL 61944 Limited, Drive-thru $0
    Prospect Bank 301 W 3rd Street Brocton, IL 61917 Limited, Drive-thru $4,505
    Prospect Bank 504 North Chicago Street Sidell, IL 61876 Full Service B&M $13,076

    For 2018, Prospect Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $18,760
    Net interest income $14,553
    Total noninterest income $2,698
    Gross Fiduciary activities income $841
    Service charges on deposit accounts $436
    Trading account gains and fees $0
    Additional Noninterest Income $1,421
    Pre-tax net operating income $5,027
    Securities gains (or losses, -) $-155
    Income before extraordinary items $4,866
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,866
    Minority interest net income $0
    Net income $4,866
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,021

    Prospect Bank's gross interest income from loans was $18,760,000.
    Prospect Bank's net interest income from loans was $14,553,000.
    Prospect Bank's fee based income from loans was $436,000.
    Prospect Bank's net income from loans was $4,866,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,207
    Provision for credit losses $0
    Total noninterest expense $12,224
    Salaries and employee benefits $6,558
    Premises and equipment expense $1,091
    Additional noninterest expense $4,575
    Applicable income taxes $6
    Net charge-offs $108
    Cash dividends $2,766

    Prospect Bank's interest expense for loans was $4,207,000.
    Prospect Bank's payroll and benefits expense were $6,558,000.
    Prospect Bank's property, plant and equipment expenses $1,091,000.

    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 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 0.0%
    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 $424,066
    Deposits held in domestic offices $424,066
    Deposits by Individuals, partnerships, and corporations $364,895
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $59,052
    Deposits by Commercial banks and other depository institutions in U.S. $119
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $163,066
    Demand deposits $48,455
    Nontransaction accounts $261,000
    Money market deposit accounts (MMDAs) $16,610
    Other savings deposits (excluding MMDAs) $35,743
    Total time deposits $208,647
    Total time and savings deposits $375,611
    Noninterest-bearing deposits $47,954
    Interest-bearing deposits $376,112
    Retail deposits $321,367
    IRAs and Keogh plan accounts $11,323
    Brokered deposits $64,953
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $516,706
    Cash & Balances due from depository institutions $16,070
    Interest-bearing balances $11,269
    Total securities $196,433
    Federal funds sold & reverse repurchase $2,110
    Net loans and leases $278,271
    Loan and leases loss allowance $2,303
    Trading account assets $0
    Bank premises and fixed assets $8,352
    Other real estate owned $637
    Goodwill and other intangibles $2,670
    All other assets $12,163

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $516,706
    Total Liabilities $471,112
    Total deposits $424,066
    Interest-bearing deposits $376,112
    Deposits held in domestic offices $424,066
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $19,258
    Trading liabilities $0
    Other borrowed funds $25,000
    Subordinated debt $0
    All other liabilities $2,788

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $278,271
    Loan and leases loss allowance $2,303
    Total loans and leases (domestic) $280,574
    All real estate loans $210,456
    Real estate loans in domestic offices $210,456
    Construction and development loans $20,368
    Residential 1-4 family construction $827
    Other construction, all land development and other land $19,541
    Loans secured by nonfarm nonresidential properties $80,616
    Nonfarm nonresidential secured by owner-occupied properties $26,205
    Commercial real estate & other non-farm, non-residential $54,411
    Multifamily residential real estate $35,375
    1-4 family residential loans $47,567
    Farmland loans $26,530
    Loans held in foreign offices $0
    Farm loans $13,235
    Commercial and industrial loans $51,541
    To non-U.S. addressees $0
    Loans to individuals $2,711
    Credit card loans $0
    Related Plans $31
    Consumer Auto Loans $942
    Other loans to individuals $1,738
    All other loans & leases $2,631
    Loans to foreign governments and official institutions $0
    Other loans $50
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $1,398
    Non 1-4 family restructured loans & leases $1,228
    Total loans and leases (foreign) $0

    Prospect Bank had $278,271,000 of loans outstanding in 2018. $210,456,000 of loans were in real estate loans. $20,368,000 of loans were in development loans. $35,375,000 of loans were in multifamily mortgage loans. $47,567,000 of loans were in 1-4 family mortgage loans. $13,235,000 of loans were in farm loans. $0 of loans were in credit card loans. $942,000 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 147 $23,561 $160,279
    Nonfarm, nonresidential loans - <$100k 51 $1,944 $38,118
    Nonfarm, nonresidential loans - $100-250k 42 $4,841 $115,262
    Nonfarm, nonresidential loans - $250k-1MM 54 $16,776 $310,667
    Commercial & Industrial, US addressed loans - <$1MM 291 $22,924 $78,777
    Commercial & Industrial, US addressed loans - <$100k 194 $5,071 $26,139
    Commercial & Industrial, US addressed loans - $100-250k 52 $6,275 $120,673
    Commercial & Industrial, US addressed loans - $250k-1MM 45 $11,578 $257,289
    Farmland loans - <$1MM 57 $8,570 $150,351
    Farmland loans - <$100k 15 $682 $45,467
    Farmland loans - $100-250k 26 $3,765 $144,808
    Farmland loans - $250k-1MM 16 $4,123 $257,688
    Agriculture operations loans - <$1MM 87 $6,162 $70,828
    Agriculture operations loans - <$100k 56 $1,647 $29,411
    Agriculture operations loans - $100-250k 22 $2,090 $95,000
    Agriculture operations loans - $250k-1MM 9 $2,425 $269,444