Palmetto State Bank Mortgage Rates, Fees & Info
Hampton, SCLEI: 549300RV76T00EYJVR19
Tax ID: 57-0200135
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Mortgage Data
Review & Overview
Palmetto State Bank is a smaller bank specializing in Home Purchase loans. Palmetto State Bank has a high proportion of conventional loans. Palmetto State Bank has a low ratio of conventional loans. Their top markets by origination volume include: Hilton Head Island, Charleston, Orangeburg, and Savannah among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Palmetto State Bank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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Originations
76Origination Dollar Volume (All Markets)
$17,910,000Top 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 |
|---|---|---|---|---|---|
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 34 | $11,500,000 | $338,235 | $0 | 0.00% |
| Outside of Metro Areas | 37 | $4,915,000 | $132,838 | $415 | 10.20% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $1,060,000 | $530,000 | $0 | 0.00% |
| Orangeburg, SC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 0.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 75 | $17,885,000 | $238,467 | $0 | 0.00% |
| Conventional | 1 | $25,000 | $25,000 | $415 | 10.20% |
For 2023, Palmetto State Bank's most frequently originated type of loan was Conventional, with 75 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2023, Palmetto State Bank's most frequently cited loan purpose was Home Purchase, with 41 originations. The 2nd most popular reason was Refi, with 11 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 76 | $17,910,000 | $235,658 | $415 | 10.20% |
For 2023, Palmetto State Bank's most frequently cited loan duration was Other, with 76 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $25,000 | $25,000 |
Palmetto State Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 1 | $25,000 | $25,000 |
During 2023, Palmetto State Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 1 originations.
Loan Sizing
2023 saw Palmetto State Bank place emphasis on $100,000 or less loans with 26 originations, totaling $1,290,000 in origination value.
Applicant Income
Palmetto State Bank lent most frequently to those with incomes in the $150k-250k range, with 19 originations. The second most popular income band? $50k or less, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 75 | $17,885,000 | $238,467 | $0 | 0.00% |
| <20% | 1 | $25,000 | $25,000 | $415 | 10.20% |
Palmetto State Bank lent most frequently to those with DTI ratios of Exempt%, with 75 originations. The next most common DTI ratio? <20%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.23%
Palmetto State Bank has an average approval rate.
Pick Rate
Approvals leading to origination92.11%
Palmetto State Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 75 | $17,885,000 | $238,467 |
| NA | 1 | $25,000 | $25,000 |