Independent Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300RBN5KM5RUFOE42

Tax ID: 62-1730983

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Independent Bank is a smaller bank specializing in Home Purchase loans. Independent Bank has a high proportion of conventional loans. They have a a high proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Chattanooga, Nashville, Cleveland, and Los Angeles among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

Independent 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. Independent 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 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.

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

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.61%	4/18/24
30 Year Conventional Refi	6.51%	4/18/24
30 Year Cash-out Refi	6.92%	4/18/24
30 Year FHA Purchase	7.46%	4/18/24
30 Year FHA Refi	6.27%	4/18/24
30 Year VA Purchase	6.38%	4/18/24
30 Year USDA Purchase	6.42%	4/18/24
15 Year Conventional Purchase	5.89%	4/18/24
15 Year Conventional Refi	5.71%	4/18/24
15 Year Cash-out Refi	5.71%	4/18/24
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.

Independent Bank Mortgage Calculator

Purchase Price:

Loan Amount:

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% Deposit:

Interest Rate:

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Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Independent Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

379

Origination Dollar Volume (All Markets)

$71,735,000

Employee count

214

Awards

Independent Bank 30 Year Conventional Loans silver

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
MEMPHIS, TN-MS-AR (FHA\|USDA\|VA)	225	$42,335,000	$188,156	$4,573	4.65%
CHATTANOOGA, TN-GA (FHA\|USDA\|VA)	110	$19,860,000	$180,545	$4,660	4.58%
Outside of Metro Areas	10	$1,800,000	$180,000	$3,636	4.85%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA\|USDA\|VA)	4	$1,310,000	$327,500	$2,870	4.47%
CLEVELAND, TN (FHA\|USDA\|VA)	6	$780,000	$130,000	$5,873	4.60%
Los Angeles-Long Beach-Anaheim, CA (FHA\|USDA\|VA)	1	$495,000	$495,000	$7,159	4.06%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA\|USDA\|VA)	1	$455,000	$455,000	$5,229	4.75%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	1	$435,000	$435,000	$4,845	4.50%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$395,000	$395,000	$3,471	4.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA\|USDA\|VA)	1	$375,000	$375,000	$5,128	3.88%
FLORENCE-MUSCLE SHOALS, AL (FHA\|USDA\|VA)	2	$360,000	$180,000	$1,933	4.81%
Oxford, MS (FHA\|USDA\|VA)	1	$345,000	$345,000	$3,134	4.63%
Greeneville, TN (FHA\|USDA\|VA)	1	$295,000	$295,000	$2,613	4.38%
DALTON, GA (FHA\|USDA\|VA)	2	$290,000	$145,000	$5,552	4.75%
JACKSON, MS (FHA\|USDA\|VA)	1	$275,000	$275,000	$3,097	4.50%
SALT LAKE CITY, UT (FHA\|USDA\|VA)	1	$275,000	$275,000	$2,705	4.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$245,000	$245,000	$7,995	3.75%
SUMTER, SC (FHA\|USDA\|VA)	1	$215,000	$215,000	$2,949	4.50%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	1	$165,000	$165,000	$6,125	4.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	1	$165,000	$165,000	$5,092	4.13%
CLARKSVILLE, TN-KY (FHA\|USDA\|VA)	1	$155,000	$155,000	$5,407	4.38%
KNOXVILLE, TN (FHA\|USDA\|VA)	1	$145,000	$145,000	$7,130	4.88%
DECATUR, AL (FHA\|USDA\|VA)	1	$135,000	$135,000	$3,428	4.75%
Cookeville, TN (FHA\|USDA\|VA)	1	$125,000	$125,000	$2,631	4.25%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	1	$115,000	$115,000	$1,932	4.88%
JACKSON, TN (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,622	4.75%
Dayton, TN (FHA\|USDA\|VA)	1	$95,000	$95,000	$4,011	4.25%

Independent Bank's top markets include Memphis, Chattanooga, Nashville, Cleveland, and Los Angeles among others.

Their top states include:

Tennessee (FHA|USDA|VA)

Mississippi (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Alabama (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Independent Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

Chattanooga Federal Emp. Credit Union
Similarity Rank: 12

The Peoples Bank
Similarity Rank: 120

Guardian Savings Bank, A Federal Savings Bank
Similarity Rank: 162

Jefferson Credit Union
Similarity Rank: 228

BankPlus
Similarity Rank: 336

COMMONWEALTH
Similarity Rank: 345

First Harrison Bank
Similarity Rank: 357

CLASS ACT FEDERAL CREDIT UNION
Similarity Rank: 357

Eco Credit Union
Similarity Rank: 368

Abound Federal Credit Union
Similarity Rank: 375

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	201	$41,725,000	$207,587	$3,269	4.72%
FHA	141	$22,675,000	$160,816	$6,176	4.52%
VA	22	$4,970,000	$225,909	$6,130	4.53%
USDA	15	$2,365,000	$157,667	$4,239	4.46%

For 2018, Independent Bank's most frequently originated type of loan was Conventional, with 201 originations. Their 2nd most popular type was FHA, with 141 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	341	$65,865,000	$193,152	$4,676	4.60%
Cash Out Refi	23	$3,635,000	$158,043	$3,507	5.04%
Refi	14	$2,140,000	$152,857	$3,470	4.54%
Home Improvement	1	$95,000	$95,000	$2,604	4.88%

For 2018, Independent Bank's most frequently cited loan purpose was Home Purchase, with 341 originations. The 2nd most popular reason was Cash Out Refi, with 23 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	344	$65,160,000	$189,419	$4,671	4.65%
15 Year	23	$4,395,000	$191,087	$3,382	4.33%
10 Year	6	$1,250,000	$208,333	$4,075	3.94%
20 Year	6	$930,000	$155,000	$2,864	4.88%

For 2018, Independent Bank's most frequently cited loan duration was 30 Year, with 344 originations. The 2nd most popular length was 15 Year, with 23 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	298	$58,560,000	$196,510
$1k-2k	50	$7,650,000	$153,000
$2k-3k	22	$3,830,000	$174,091
$3k-4k	8	$1,540,000	$192,500
$4k-5k	1	$155,000	$155,000

Independent Bank's average total fees were $4,671, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 298 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	285	$54,695,000	$191,912
5-6%	51	$7,005,000	$137,353
3-4%	40	$9,660,000	$241,500
6-7%	3	$375,000	$125,000

During 2018, Independent Bank's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 4-5%, with 285 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-200k	167	$25,665,000	$153,683	$4,661	4.68%
$200k-400k	117	$31,805,000	$271,838	$5,098	4.44%
$100,000 or less	75	$5,475,000	$73,000	$3,603	4.83%
$400k-600k	20	$8,790,000	$439,500	$4,056	4.42%

2018 saw Independent Bank place emphasis on $100k-200k loans with 167 originations, totaling $25,665,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k-75k	111	$18,485,000	$166,532	$5,036	4.60%
$50k or less	103	$11,825,000	$114,806	$4,434	4.71%
$75k-100k	59	$12,125,000	$205,508	$4,541	4.62%
$100k-150k	55	$13,185,000	$239,727	$4,518	4.58%
$150k-250k	32	$10,190,000	$318,438	$3,899	4.50%
$250k+	19	$5,925,000	$311,842	$3,651	4.61%

Independent Bank lent most frequently to those with incomes in the $50k-75k range, with 111 originations. The second most popular income band? $50k or less, with 103 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	81	$15,655,000	$193,272	$4,054	4.67%
30-36%	61	$10,515,000	$172,377	$4,371	4.59%
50-60%	31	$5,735,000	$185,000	$6,304	4.44%
<20%	22	$5,220,000	$237,273	$3,774	4.49%
49%	20	$4,150,000	$207,500	$4,712	4.66%
41%	17	$3,105,000	$182,647	$4,360	4.65%
37%	17	$3,655,000	$215,000	$5,126	4.45%
42%	16	$3,560,000	$222,500	$5,253	4.63%
48%	15	$3,285,000	$219,000	$4,823	4.83%
38%	14	$2,170,000	$155,000	$4,085	4.71%
47%	12	$2,010,000	$167,500	$4,308	4.88%
39%	12	$2,250,000	$187,500	$4,315	4.56%
44%	11	$2,045,000	$185,909	$4,941	4.49%
36%	11	$1,815,000	$165,000	$4,831	4.78%
40%	11	$1,735,000	$157,727	$4,364	4.61%
43%	10	$1,690,000	$169,000	$3,428	4.74%
46%	9	$1,645,000	$182,778	$6,362	4.46%
45%	8	$1,390,000	$173,750	$3,582	4.75%
>60%	1	$105,000	$105,000	$4,536	4.88%

Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 81 originations. The next most common DTI ratio? 30-36%, with 61 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	286	$57,290,000	$200,315	$4,470	4.61%
Black	82	$12,480,000	$152,195	$4,954	4.67%
Asian	10	$1,930,000	$193,000	$3,971	4.58%
Not provided	1	$35,000	$35,000	$1,857	4.75%

Approval Rates

Total approvals of all applications
93.44%

Independent Bank has an average approval rate.

Pick Rate

Approvals leading to origination
79.95%

Independent Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	379	$71,735,000	$189,274

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	17	$1,865,000	$109,706
Single Family (1-4 Units):Site-Built	362	$69,870,000	$193,011

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	5	$755,000	$151,000	$3,705	4.40%
40-60%	10	$1,350,000	$135,000	$2,775	4.71%
60-80%	68	$13,720,000	$201,765	$3,269	4.81%
80-100%	286	$53,760,000	$187,972	$4,813	4.59%
Over 100%	10	$2,150,000	$215,000	$8,110	4.38%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Independent Bank	1711 Union Avenue Memphis, TN 38104	Full Service B&M	$37,095
Independent Bank	2116 West Poplar Collierville, TN 38017	Full Service B&M	$49,090
Independent Bank	3295 Poplar Avenue Memphis, TN 38111	Full Service B&M	$32,791
Independent Bank	40 South Main Street Memphis, TN 38103	Full Service B&M	$15,277
Independent Bank	450 Perkins Extd Memphis, TN 38117	Full Service B&M	$33,562
Independent Bank	5050 Poplar Avenue Memphis, TN 38157	Full Service B&M	$570,130
Independent Bank	5995 Stage Road Bartlett, TN 38134	Full Service B&M	$25,668
Independent Bank	6209 Poplar Avenue Memphis, TN 38119	Full Service B&M	$40,980
Independent Bank	7635 Poplar Avenue Germantown, TN 38138	Full Service B&M	$50,370

For 2018, Independent Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$46,475
Net interest income	$40,489
Total noninterest income	$14,355
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$979
Trading account gains and fees	$0
Additional Noninterest Income	$13,376
Pre-tax net operating income	$15,658
Securities gains (or losses, -)	$0
Income before extraordinary items	$12,256
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$12,256
Minority interest net income	$0
Net income	$12,256
Sale, conversion, retirement of capital stock, net	$305
Net operating income	$12,256

Independent Bank's gross interest income from loans was $46,475,000.
Independent Bank's net interest income from loans was $40,489,000.
Independent Bank's fee based income from loans was $979,000.
Independent Bank's net income from loans was $12,256,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$5,986
Provision for credit losses	$4,954
Total noninterest expense	$34,232
Salaries and employee benefits	$21,161
Premises and equipment expense	$3,888
Additional noninterest expense	$9,183
Applicable income taxes	$3,402
Net charge-offs	$4,418
Cash dividends	$5,000

Independent Bank's interest expense for loans was $5,986,000.
Independent Bank's payroll and benefits expense were $21,161,000.
Independent Bank's property, plant and equipment expenses $3,888,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	1.0%
Real Estate loans	1.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	1.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	2.0%
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	$892,443
Deposits held in domestic offices	$892,443
Deposits by Individuals, partnerships, and corporations	$891,271
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$1,172
Deposits by Commercial banks and other depository institutions in U.S.	$0
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$197,621
Demand deposits	$178,798
Nontransaction accounts	$694,822
Money market deposit accounts (MMDAs)	$366,419
Other savings deposits (excluding MMDAs)	$54,285
Total time deposits	$274,118
Total time and savings deposits	$713,645
Noninterest-bearing deposits	$178,539
Interest-bearing deposits	$713,904
Retail deposits	$738,769
IRAs and Keogh plan accounts	$14,742
Brokered deposits	$121,907
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,062,153
Cash & Balances due from depository institutions	$41,879
Interest-bearing balances	$21,499
Total securities	$6,725
Federal funds sold & reverse repurchase	$0
Net loans and leases	$856,936
Loan and leases loss allowance	$8,636
Trading account assets	$0
Bank premises and fixed assets	$6,230
Other real estate owned	$2,256
Goodwill and other intangibles	$14,732
All other assets	$133,395

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,062,153
Total Liabilities	$934,265
Total deposits	$892,443
Interest-bearing deposits	$713,904
Deposits held in domestic offices	$892,443
% insured (estimated)	$67
Federal funds purchased and repurchase agreements	$17,039
Trading liabilities	$0
Other borrowed funds	$20,000
Subordinated debt	$0
All other liabilities	$4,783

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$856,936
Loan and leases loss allowance	$8,636
Total loans and leases (domestic)	$865,572
All real estate loans	$204,915
Real estate loans in domestic offices	$204,915
Construction and development loans	$19,397
Residential 1-4 family construction	$16,919
Other construction, all land development and other land	$2,478
Loans secured by nonfarm nonresidential properties	$132,069
Nonfarm nonresidential secured by owner-occupied properties	$27,033
Commercial real estate & other non-farm, non-residential	$105,036
Multifamily residential real estate	$16,902
1-4 family residential loans	$33,117
Farmland loans	$3,430
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$84,030
To non-U.S. addressees	$0
Loans to individuals	$498,669
Credit card loans	$0
Related Plans	$5
Consumer Auto Loans	$454,627
Other loans to individuals	$44,037
All other loans & leases	$77,958
Loans to foreign governments and official institutions	$0
Other loans	$77,958
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	$712
Non 1-4 family restructured loans & leases	$712
Total loans and leases (foreign)	$0

Independent Bank had $856,936,000 of loans outstanding in 2018. $204,915,000 of loans were in real estate loans. $19,397,000 of loans were in development loans. $16,902,000 of loans were in multifamily mortgage loans. $33,117,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $454,627,000 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	38	$12,276	$323,053
Nonfarm, nonresidential loans - <$100k	2	$22	$11,000
Nonfarm, nonresidential loans - $100-250k	11	$1,443	$131,182
Nonfarm, nonresidential loans - $250k-1MM	25	$10,811	$432,440
Commercial & Industrial, US addressed loans - <$1MM	190	$19,538	$102,832
Commercial & Industrial, US addressed loans - <$100k	107	$3,176	$29,682
Commercial & Industrial, US addressed loans - $100-250k	38	$3,163	$83,237
Commercial & Industrial, US addressed loans - $250k-1MM	45	$13,199	$293,311