Independent Bank Mortgage Rates, Fees & Info
Memphis, TNLEI: 549300RBN5KM5RUFOE42
Tax ID: 62-1730983
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Mortgage Data
Review & Overview
Independent Bank is a smaller bank specializing in Home Purchase and Refi 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, Florence, Nashville, and Dallas among others. We have data for 38 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 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 | 6.61% | 10/13/24 |
| 30 Year Conventional Refi | 6.51% | 10/13/24 |
| 30 Year Cash-out Refi | 6.92% | 10/13/24 |
| 30 Year FHA Purchase | 7.46% | 10/13/24 |
| 30 Year FHA Refi | 6.27% | 10/13/24 |
| 30 Year VA Purchase | 6.38% | 10/13/24 |
| 30 Year USDA Purchase | 6.42% | 10/13/24 |
| 15 Year Conventional Purchase | 5.89% | 10/13/24 |
| 15 Year Conventional Refi | 5.71% | 10/13/24 |
| 15 Year Cash-out Refi | 5.71% | 10/13/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
245Origination Dollar Volume (All Markets)
$79,635,000Awards
Independent Bank - 2022
Independent Bank is a 2022 , due to their low .
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 |
|---|---|---|---|---|---|
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 154 | $48,680,000 | $316,104 | $4,743 | 4.69% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 38 | $10,610,000 | $279,211 | $4,489 | 5.18% |
| Outside of Metro Areas | 10 | $3,290,000 | $329,000 | $5,228 | 4.24% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $2,005,000 | $2,005,000 | $8,206 | 6.25% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $1,175,000 | $391,667 | $6,102 | 3.62% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $1,170,000 | $585,000 | $6,329 | 5.04% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $1,060,000 | $530,000 | $4,564 | 3.59% |
| HOT SPRINGS, AR (FHA|USDA|VA) | 1 | $985,000 | $985,000 | $2,957 | 4.95% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $850,000 | $425,000 | $3,491 | 4.75% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $6,136 | 4.88% |
| CLEVELAND, TN (FHA|USDA|VA) | 3 | $785,000 | $261,667 | $5,047 | 4.50% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $4,137 | 6.25% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $6,095 | 4.95% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $3,218 | 6.38% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $18,564 | 6.00% |
| ASHEVILLE, NC (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $20,111 | 4.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $6,047 | 5.13% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $3,807 | 5.63% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,208 | 3.25% |
| Batesville, AR (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,455 | 4.95% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $9,025 | 5.50% |
| Oxford, MS (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,723 | 3.99% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,091 | 3.62% |
| DALTON, GA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,354 | 3.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $8,808 | 3.88% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,060 | 2.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,312 | 2.75% |
| Summerville, GA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,592 | 3.50% |
| Scottsboro, AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,879 | 4.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,516 | 5.50% |
| Augusta-Waterville, ME (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,767 | 2.75% |
| Grenada, MS (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,701 | 4.88% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,144 | 7.62% |
| BATON ROUGE, LA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,569 | 2.25% |
| Blytheville, AR (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,508 | 4.88% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $5,045 | 3.88% |
| Kennett, MO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,317 | 5.75% |
| Forrest City, AR (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $3,273 | 4.99% |
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.
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Product Mix
For 2022, Independent Bank's most frequently originated type of loan was Conventional, with 211 originations. Their 2nd most popular type was FHA, with 25 originations.
Loan Reason
For 2022, Independent Bank's most frequently cited loan purpose was Home Purchase, with 173 originations. The 2nd most popular reason was Refi, with 39 originations.
Loan Duration/Length
For 2022, Independent Bank's most frequently cited loan duration was 30 Year, with 214 originations. The 2nd most popular length was 15 Year, with 15 originations.
Origination Fees/Closing Costs
Independent Bank's average total fees were $4,984, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 135 originations.
Interest Rates
During 2022, Independent Bank's average interest rate for loans was 4.78%, while their most frequently originated rate bucket for loans was 3-4%, with 68 originations.
Loan Sizing
2022 saw Independent Bank place emphasis on $200k-400k loans with 112 originations, totaling $32,440,000 in origination value.
Applicant Income
Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 47 originations. The second most popular income band? $150k-250k, with 47 originations.
Applicant Debt to Income Ratio
Independent Bank lent most frequently to those with DTI ratios of 30-36%, with 42 originations. The next most common DTI ratio? 20-30%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.00%
Independent Bank has an average approval rate.
Pick Rate
Approvals leading to origination73.06%
Independent Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 245 | $79,635,000 | $325,041 |