Independent Bank Mortgage Rates, Fees & Info

Memphis, TN

LEI: 549300RBN5KM5RUFOE42

Tax ID: 62-1730983

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Mortgage Data

Bank 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 an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Memphis, Chattanooga, Nashville, Jackson, and Heber among others. We have data for 23 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% 3/28/24
30 Year Conventional Refi 6.51% 3/28/24
30 Year Cash-out Refi 6.92% 3/28/24
30 Year FHA Purchase 7.46% 3/28/24
30 Year FHA Refi 6.27% 3/28/24
30 Year VA Purchase 6.38% 3/28/24
30 Year USDA Purchase 6.42% 3/28/24
15 Year Conventional Purchase 5.89% 3/28/24
15 Year Conventional Refi 5.71% 3/28/24
15 Year Cash-out Refi 5.71% 3/28/24
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






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

431

Origination Dollar Volume (All Markets)

$90,835,000

Employee count

216

Awards

Independent Bank 30 Year Conventional Loans gold
Show all (1) 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) 269 $56,245,000 $209,089 $4,225 4.11%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 115 $23,665,000 $205,783 $4,274 4.09%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 6 $1,980,000 $330,000 $3,160 3.98%
Outside of Metro Areas 11 $1,725,000 $156,818 $3,126 4.15%
JACKSON, TN (FHA|USDA|VA) 5 $1,065,000 $213,000 $3,655 3.65%
Heber, UT (FHA|USDA|VA) 1 $885,000 $885,000 $4,395 4.00%
SALINAS, CA (FHA|USDA|VA) 1 $655,000 $655,000 $3,829 4.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 2 $550,000 $275,000 $4,330 3.94%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $490,000 $245,000 $3,748 4.19%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 2 $420,000 $210,000 $2,576 4.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $405,000 $405,000 $2,428 3.38%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $335,000 $335,000 $8,701 3.25%
DALTON, GA (FHA|USDA|VA) 1 $325,000 $325,000 $3,239 3.88%
JONESBORO, AR (FHA|USDA|VA) 1 $305,000 $305,000 $2,263 3.00%
KNOXVILLE, TN (FHA|USDA|VA) 2 $280,000 $140,000 $2,665 4.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $265,000 $265,000 $3,257 4.00%
CLEVELAND, TN (FHA|USDA|VA) 2 $260,000 $130,000 $2,560 4.81%
BATON ROUGE, LA (FHA|USDA|VA) 1 $235,000 $235,000 $3,517 4.00%
Corinth, MS (FHA|USDA|VA) 2 $200,000 $100,000 $3,646 3.81%
Athens, TN (FHA|USDA|VA) 1 $165,000 $165,000 $2,792 4.63%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $165,000 $165,000 $2,323 3.75%
Forrest City, AR (FHA|USDA|VA) 2 $160,000 $80,000 $2,935 4.06%
Union City, TN (FHA|USDA|VA) 1 $55,000 $55,000 $3,818 4.88%
Independent Bank's top markets include Memphis, Chattanooga, Nashville, Jackson, and Heber among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Arkansas (FHA|USDA|VA)
  • Utah (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.

    US COMMUNITY
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 297 $66,035,000 $222,340 $3,205 4.10%
    FHA 93 $15,705,000 $168,871 $6,311 4.11%
    VA 30 $7,520,000 $250,667 $6,684 3.90%
    USDA 10 $1,370,000 $137,000 $4,074 4.06%
    HELOC 1 $205,000 $205,000 n/a 6.50%

    For 2019, Independent Bank's most frequently originated type of loan was Conventional, with 297 originations. Their 2nd most popular type was FHA, with 93 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 343 $70,425,000 $205,321 $4,265 4.11%
    Refi 44 $13,260,000 $301,364 $3,534 3.63%
    Cash Out Refi 38 $5,910,000 $155,526 $3,534 4.49%
    Home Improvement 6 $1,240,000 $206,667 $5,293 4.15%

    For 2019, Independent Bank's most frequently cited loan purpose was Home Purchase, with 343 originations. The 2nd most popular reason was Refi, with 44 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 381 $78,725,000 $206,627 $4,239 4.15%
    15 Year 43 $10,655,000 $247,791 $3,295 3.59%
    20 Year 2 $460,000 $230,000 $6,021 3.81%
    Other 2 $640,000 $320,000 $2,430 3.56%
    1 Year 1 $205,000 $205,000 $0 6.50%
    5 Year 1 $25,000 $25,000 $0 4.15%
    10 Year 1 $125,000 $125,000 $3,121 3.63%

    For 2019, Independent Bank's most frequently cited loan duration was 30 Year, with 381 originations. The 2nd most popular length was 15 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 341 $74,605,000 $218,783
    $1k-2k 56 $9,570,000 $170,893
    $2k-3k 26 $4,680,000 $180,000
    $5k+ 3 $995,000 $331,667
    $3k-4k 2 $480,000 $240,000
    $4k-5k 1 $275,000 $275,000

    Independent Bank's average total fees were $4,239, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 341 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 215 $52,255,000 $243,047
    4-5% 178 $31,070,000 $174,551
    5-6% 23 $3,445,000 $149,783
    2.5-3% 12 $3,790,000 $315,833
    6-7% 3 $275,000 $91,667

    During 2019, Independent Bank's average interest rate for loans was 4.15%, while their most frequently originated rate bucket for loans was 3-4%, with 215 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 171 $48,005,000 $280,731 $4,502 3.91%
    $100k-200k 155 $23,325,000 $150,484 $4,081 4.24%
    $100,000 or less 74 $4,920,000 $66,486 $3,142 4.45%
    $400k-600k 29 $13,045,000 $449,828 $4,868 3.52%
    $600k-1MM 2 $1,540,000 $770,000 $4,112 4.13%

    2019 saw Independent Bank place emphasis on $200k-400k loans with 171 originations, totaling $48,005,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 103 $12,185,000 $118,301 $4,043 4.19%
    $50k-75k 87 $15,875,000 $182,471 $4,451 4.11%
    $75k-100k 81 $17,345,000 $214,136 $4,163 4.18%
    $100k-150k 79 $20,685,000 $261,835 $4,263 4.05%
    $150k-250k 48 $12,950,000 $269,792 $3,881 3.99%
    $250k+ 25 $9,455,000 $378,200 $3,865 3.90%

    Independent Bank lent most frequently to those with incomes in the $50k or less range, with 103 originations. The second most popular income band? $50k-75k, with 87 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 91 $21,295,000 $234,011 $3,837 3.98%
    30-36% 90 $15,810,000 $175,667 $3,754 4.20%
    <20% 43 $9,115,000 $211,977 $3,269 4.01%
    50-60% 29 $7,415,000 $255,690 $6,721 3.91%
    42% 20 $5,170,000 $258,500 $4,955 3.91%
    43% 18 $4,720,000 $262,222 $4,683 4.22%
    40% 16 $3,940,000 $246,250 $4,695 3.83%
    49% 15 $2,745,000 $183,000 $4,158 4.16%
    38% 15 $1,925,000 $128,333 $3,918 4.46%
    36% 13 $2,515,000 $193,462 $3,454 4.48%
    47% 13 $2,995,000 $230,385 $3,973 4.13%
    44% 12 $2,190,000 $182,500 $3,863 4.08%
    41% 12 $1,860,000 $155,000 $3,506 4.23%
    39% 10 $1,990,000 $199,000 $4,032 4.14%
    45% 9 $1,825,000 $202,778 $4,373 4.21%
    46% 8 $1,840,000 $230,000 $6,785 3.81%
    37% 8 $1,510,000 $188,750 $4,117 4.33%
    48% 6 $1,190,000 $198,333 $3,438 4.10%

    Independent Bank lent most frequently to those with DTI ratios of 20-30%, with 91 originations. The next most common DTI ratio? 30-36%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 340 $75,420,000 $221,824 $3,993 4.06%
    Black 83 $13,125,000 $158,133 $4,706 4.24%
    Asian 8 $2,290,000 $286,250 $4,567 3.88%

    Approval Rates

    Total approvals of all applications
    95.33%

    Independent 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 origination
    73.55%

    Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 431 $90,835,000 $210,754

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $345,000 $115,000
    Single Family (1-4 Units):Site-Built 428 $90,490,000 $211,425

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $855,000 $122,143 $2,829 3.95%
    40-60% 21 $6,265,000 $298,333 $3,790 3.74%
    60-80% 112 $22,670,000 $202,411 $3,275 4.22%
    80-100% 285 $59,385,000 $208,368 $4,390 4.08%
    Over 100% 5 $1,625,000 $325,000 $12,631 3.78%
    Under 20% 1 $35,000 $35,000 $2,798 3.88%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Independent Bank 1711 Union Avenue Memphis, TN 38104 Full Service B&M $36,617
    Independent Bank 2116 West Poplar Collierville, TN 38017 Full Service B&M $49,397
    Independent Bank 3295 Poplar Avenue Memphis, TN 38111 Full Service B&M $30,485
    Independent Bank 40 South Main Street Memphis, TN 38103 Full Service B&M $13,428
    Independent Bank 450 Perkins Extd Memphis, TN 38117 Full Service B&M $38,093
    Independent Bank 5050 Poplar Avenue Memphis, TN 38157 Full Service B&M $574,287
    Independent Bank 5995 Stage Road Bartlett, TN 38134 Full Service B&M $25,936
    Independent Bank 6209 Poplar Avenue Memphis, TN 38119 Full Service B&M $46,022
    Independent Bank 7635 Poplar Avenue Germantown, TN 38138 Full Service B&M $58,478

    For 2019, Independent Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $52,467
    Net interest income $41,566
    Total noninterest income $16,558
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $945
    Trading account gains and fees $0
    Additional Noninterest Income $15,613
    Pre-tax net operating income $17,373
    Securities gains (or losses, -) $0
    Income before extraordinary items $13,803
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,803
    Minority interest net income $0
    Net income $13,803
    Sale, conversion, retirement of capital stock, net $338
    Net operating income $13,803

    Independent Bank's gross interest income from loans was $52,467,000.
    Independent Bank's net interest income from loans was $41,566,000.
    Independent Bank's fee based income from loans was $945,000.
    Independent Bank's net income from loans was $13,803,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $10,901
    Provision for credit losses $3,770
    Total noninterest expense $36,981
    Salaries and employee benefits $22,471
    Premises and equipment expense $3,961
    Additional noninterest expense $10,549
    Applicable income taxes $3,570
    Net charge-offs $3,784
    Cash dividends $6,000

    Independent Bank's interest expense for loans was $10,901,000.
    Independent Bank's payroll and benefits expense were $22,471,000.
    Independent Bank's property, plant and equipment expenses $3,961,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    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 1.0%
    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 $915,613
    Deposits held in domestic offices $915,613
    Deposits by Individuals, partnerships, and corporations $913,112
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $2,501
    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 $186,152
    Demand deposits $163,664
    Nontransaction accounts $729,461
    Money market deposit accounts (MMDAs) $362,884
    Other savings deposits (excluding MMDAs) $68,875
    Total time deposits $297,703
    Total time and savings deposits $751,949
    Noninterest-bearing deposits $163,664
    Interest-bearing deposits $751,949
    Retail deposits $772,089
    IRAs and Keogh plan accounts $16,801
    Brokered deposits $98,650
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,110,566
    Cash & Balances due from depository institutions $36,860
    Interest-bearing balances $13,954
    Total securities $7,087
    Federal funds sold & reverse repurchase $0
    Net loans and leases $898,264
    Loan and leases loss allowance $8,622
    Trading account assets $0
    Bank premises and fixed assets $5,596
    Other real estate owned $6,979
    Goodwill and other intangibles $14,732
    All other assets $141,048

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,110,566
    Total Liabilities $974,526
    Total deposits $915,613
    Interest-bearing deposits $751,949
    Deposits held in domestic offices $915,613
    % insured (estimated) $67
    Federal funds purchased and repurchase agreements $12,746
    Trading liabilities $0
    Other borrowed funds $42,000
    Subordinated debt $0
    All other liabilities $4,167

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $898,264
    Loan and leases loss allowance $8,622
    Total loans and leases (domestic) $906,886
    All real estate loans $247,475
    Real estate loans in domestic offices $247,475
    Construction and development loans $16,334
    Residential 1-4 family construction $15,415
    Other construction, all land development and other land $919
    Loans secured by nonfarm nonresidential properties $158,345
    Nonfarm nonresidential secured by owner-occupied properties $39,544
    Commercial real estate & other non-farm, non-residential $118,801
    Multifamily residential real estate $37,061
    1-4 family residential loans $35,735
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $96,240
    To non-U.S. addressees $0
    Loans to individuals $489,336
    Credit card loans $0
    Related Plans $7
    Consumer Auto Loans $442,727
    Other loans to individuals $46,602
    All other loans & leases $73,835
    Loans to foreign governments and official institutions $0
    Other loans $73,835
    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 $711
    Non 1-4 family restructured loans & leases $711
    Total loans and leases (foreign) $0

    Independent Bank had $898,264,000 of loans outstanding in 2019. $247,475,000 of loans were in real estate loans. $16,334,000 of loans were in development loans. $37,061,000 of loans were in multifamily mortgage loans. $35,735,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $442,727,000 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 37 $10,117 $273,432
    Nonfarm, nonresidential loans - <$100k 2 $23 $11,500
    Nonfarm, nonresidential loans - $100-250k 14 $1,717 $122,643
    Nonfarm, nonresidential loans - $250k-1MM 21 $8,377 $398,905
    Commercial & Industrial, US addressed loans - <$1MM 188 $20,238 $107,649
    Commercial & Industrial, US addressed loans - <$100k 99 $2,613 $26,394
    Commercial & Industrial, US addressed loans - $100-250k 37 $3,579 $96,730
    Commercial & Industrial, US addressed loans - $250k-1MM 52 $14,046 $270,115