Palmetto State Bank Mortgage Rates, Fees & Info

Hampton, SC

LEI: 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. Their top markets by origination volume include: Hilton Head Island, Savannah, Atlanta, Columbia, and Charleston among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Palmetto State Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

122

Origination Dollar Volume (All Markets)

$31,380,000

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
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 60 $23,380,000 $389,667 $0 0.00%
Outside of Metro Areas 50 $4,710,000 $94,200 $0 0.00%
SAVANNAH, GA (FHA|USDA|VA) 5 $1,605,000 $321,000 $0 0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $565,000 $565,000 $0 0.00%
COLUMBIA, SC (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 2 $320,000 $160,000 $0 0.00%
SPARTANBURG, SC (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Palmetto State Bank's top markets include Hilton Head Island, Savannah, Atlanta, Columbia, and Charleston among others.

Their top states include:
  • South Carolina (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 122 $31,380,000 $257,213 $0 0.00%

    For 2022, Palmetto State Bank's most frequently originated type of loan was Conventional, with 122 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 66 $21,750,000 $329,545 $0 0.00%
    Refi 22 $4,320,000 $196,364 $0 0.00%
    Cash Out Refi 19 $3,825,000 $201,316 $0 0.00%
    Other 9 $1,125,000 $125,000 $0 0.00%
    Home Improvement 6 $360,000 $60,000 $0 0.00%

    For 2022, Palmetto State Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 122 $31,380,000 $257,213 $0 0.00%

    For 2022, Palmetto State Bank's most frequently cited loan duration was Other, with 122 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 36 $4,940,000 $137,222 $0 0.00%
    $100,000 or less 35 $1,935,000 $55,286 $0 0.00%
    $200k-400k 30 $8,500,000 $283,333 $0 0.00%
    $400k-600k 13 $6,155,000 $473,462 $0 0.00%
    $600k-1MM 5 $3,415,000 $683,000 $0 0.00%
    $1MM+ 3 $6,435,000 $2,145,000 $0 0.00%

    2022 saw Palmetto State Bank place emphasis on $100k-200k loans with 36 originations, totaling $4,940,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 27 $4,275,000 $158,333 $0 0.00%
    $50k-75k 22 $3,120,000 $141,818 $0 0.00%
    $100k-150k 20 $4,420,000 $221,000 $0 0.00%
    $150k-250k 18 $6,110,000 $339,444 $0 0.00%
    $50k or less 15 $1,285,000 $85,667 $0 0.00%
    $250k+ 12 $9,800,000 $816,667 $0 0.00%

    Palmetto State Bank lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 122 $31,380,000 $257,213 $0 0.00%

    Palmetto State Bank lent most frequently to those with DTI ratios of Exempt%, with 122 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 90 $25,480,000 $283,111 $0 0.00%
    Not applicable 8 $2,370,000 $296,250 $0 0.00%
    Black 16 $1,520,000 $95,000 $0 0.00%
    Not provided 4 $1,300,000 $325,000 $0 0.00%
    Asian 3 $675,000 $225,000 $0 0.00%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.57%

    Palmetto State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    92.62%

    Palmetto State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 122 $31,380,000 $257,213

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    122 $31,380,000 $257,213

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 1 50.0%
    PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 1 50.0%