Legends Bank Mortgage Rates, Fees & Info
Clarksville, TNLEI: 549300R0L43GUZ8EW811
Tax ID: 62-1734402
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Mortgage Data
Review & Overview
Legends Bank is a smaller bank specializing in Home Purchase loans. Legends Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Nashville, Clarksville, Chattanooga, Martin, and Tullahoma among others. We have data for 34 markets. (Some data included below & more in-depth data is available with an active subscription.)Legends 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. Legends Bank is typically an average 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 about average 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.80% | 11/21/24 |
| 30 Year Conventional Refi | 6.86% | 11/21/24 |
| 30 Year Cash-out Refi | 6.86% | 11/21/24 |
| 30 Year FHA Purchase | 7.46% | 11/21/24 |
| 30 Year FHA Refi | 6.98% | 11/21/24 |
| 30 Year VA Purchase | 6.17% | 11/21/24 |
| 30 Year USDA Purchase | 6.93% | 11/21/24 |
| 15 Year Conventional Purchase | 6.40% | 11/21/24 |
| 15 Year Conventional Refi | 6.45% | 11/21/24 |
| 15 Year Cash-out Refi | 6.45% | 11/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Legends Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
400Origination Dollar Volume (All Markets)
$153,350,000Awards
Legends Bank - 2022
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For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 158 | $83,110,000 | $526,013 | $5,584 | 4.79% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 98 | $33,630,000 | $343,163 | $4,765 | 5.12% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 30 | $9,090,000 | $303,000 | $4,434 | 5.07% |
| Outside of Metro Areas | 31 | $7,515,000 | $242,419 | $4,047 | 4.85% |
| Martin, TN (FHA|USDA|VA) | 14 | $2,630,000 | $187,857 | $3,694 | 4.87% |
| Tullahoma-Manchester, TN (FHA|USDA|VA) | 10 | $2,410,000 | $241,000 | $3,575 | 5.23% |
| JACKSON, TN (FHA|USDA|VA) | 9 | $1,495,000 | $166,111 | $3,575 | 4.74% |
| Cookeville, TN (FHA|USDA|VA) | 5 | $1,325,000 | $265,000 | $4,275 | 4.87% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $5,111 | 3.88% |
| McMinnville, TN (FHA|USDA|VA) | 7 | $1,055,000 | $150,714 | $5,295 | 4.96% |
| Shelbyville, TN (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $3,629 | 4.06% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $905,000 | $905,000 | $0 | 4.99% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $0 | 6.49% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $865,000 | $288,333 | $4,719 | 6.04% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 4 | $790,000 | $197,500 | $3,079 | 5.72% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $2,873 | 5.63% |
| KNOXVILLE, TN (FHA|USDA|VA) | 4 | $640,000 | $160,000 | $3,456 | 4.94% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,845 | 3.75% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $2,893 | 5.06% |
| Paris, TN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $7,142 | 5.25% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,909 | 6.38% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 3.88% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $9,501 | 6.13% |
| Starkville, MS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,874 | 6.50% |
| Lawrenceburg, TN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,045 | 5.99% |
| Crossville, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $6,329 | 6.38% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,037 | 7.13% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.99% |
| Union City, TN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,920 | 5.38% |
| Dayton, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.99% |
| Lewisburg, TN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,179 | 5.99% |
| Fort Payne, AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,883 | 3.25% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,366 | 5.38% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,207 | 5.38% |
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Product Mix
For 2022, Legends Bank's most frequently originated type of loan was Conventional, with 338 originations. Their 2nd most popular type was USDA, with 26 originations.
Loan Reason
For 2022, Legends Bank's most frequently cited loan purpose was Home Purchase, with 280 originations. The 2nd most popular reason was Refi, with 61 originations.
Loan Duration/Length
For 2022, Legends Bank's most frequently cited loan duration was 30 Year, with 322 originations. The 2nd most popular length was 15 Year, with 32 originations.
Origination Fees/Closing Costs
Legends Bank's average total fees were $5,004, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 206 originations.
Interest Rates
During 2022, Legends Bank's average interest rate for loans was 5.00%, while their most frequently originated rate bucket for loans was 5-6%, with 133 originations.
Loan Sizing
2022 saw Legends Bank place emphasis on $200k-400k loans with 161 originations, totaling $45,785,000 in origination value.
Applicant Income
Legends Bank lent most frequently to those with incomes in the $100k-150k range, with 90 originations. The second most popular income band? $50k-75k, with 70 originations.
Applicant Debt to Income Ratio
Legends Bank lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? 30-36%, with 67 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.44%
Legends 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 origination74.50%
Legends Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 400 | $153,350,000 | $383,375 |