Prospect Bank Mortgage Rates, Fees & Info
Paris, ILLEI: 549300QWYPPH283K6R36
Tax ID: 37-0258325
Latest/2023 | 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 and Refi loans. Prospect Bank has a high proportion of conventional loans. Their top markets by origination volume include: Champaign, Indianapolis, Terre Haute, Los Angeles, and Cape Coral among others. We have data for 15 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.
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.
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Originations
149Origination Dollar Volume (All Markets)
$57,395,000Top 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 |
|---|---|---|---|---|---|
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 28 | $27,720,000 | $990,000 | $0 | 0.00% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 2 | $9,610,000 | $4,805,000 | $0 | 0.00% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 41 | $8,515,000 | $207,683 | $0 | 0.00% |
| Outside of Metro Areas | 55 | $5,065,000 | $92,091 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $1,605,000 | $1,605,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $1,085,000 | $1,085,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $0 | 0.00% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 0.00% |
| DANVILLE, IL (FHA|USDA|VA) | 4 | $360,000 | $90,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 0.00% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 5 | $295,000 | $59,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $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: 90
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 149 | $57,395,000 | $385,201 | $0 | 0.00% |
For 2022, Prospect Bank's most frequently originated type of loan was Conventional, with 149 originations.
Loan Reason
For 2022, Prospect Bank's most frequently cited loan purpose was Home Purchase, with 93 originations. The 2nd most popular reason was Refi, with 45 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 149 | $57,395,000 | $385,201 | $0 | 0.00% |
For 2022, Prospect Bank's most frequently cited loan duration was Other, with 149 originations.
Loan Sizing
2022 saw Prospect Bank place emphasis on $100,000 or less loans with 63 originations, totaling $3,565,000 in origination value.
Applicant Income
Prospect Bank lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $50k or less, with 24 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 149 | $57,395,000 | $385,201 | $0 | 0.00% |
Prospect Bank lent most frequently to those with DTI ratios of Exempt%, with 149 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.81%
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 origination92.62%
Prospect Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 149 | $57,395,000 | $385,201 |