Bankplus Mortgage Rates, Fees & Info
Belzoni, MSLEI: 549300SFG15JDKI5MD22
Tax ID: 64-0134513
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Mortgage Data
Review & Overview
Bankplus is a smaller bank specializing in Home Purchase and Refi loans. Bankplus has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Jackson, New Orleans, Memphis, Tupelo, and Oxford among others. We have data for 70 markets. (Some data included below & more in-depth data is available with an active subscription.)Bankplus 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. Bankplus 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 3.02% | 4/21/24 |
| 30 Year Conventional Purchase | 6.54% | 4/21/24 |
| 30 Year Conventional Refi | 6.48% | 4/21/24 |
| 30 Year Cash-out Refi | 6.62% | 4/21/24 |
| 30 Year FHA Purchase | 7.18% | 4/21/24 |
| 30 Year FHA Refi | 7.23% | 4/21/24 |
| 30 Year VA Purchase | 6.16% | 4/21/24 |
| 30 Year USDA Purchase | 6.90% | 4/21/24 |
| 15 Year Conventional Purchase | 6.13% | 4/21/24 |
| 15 Year Conventional Refi | 6.01% | 4/21/24 |
| 15 Year Cash-out Refi | 6.01% | 4/21/24 |
| 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. | ||
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,733Origination Dollar Volume (All Markets)
$789,355,000Awards
BankPlus - 2022
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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 |
|---|---|---|---|---|---|
| JACKSON, MS (FHA|USDA|VA) | 1,119 | $280,865,000 | $250,996 | $3,485 | 4.06% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 174 | $119,240,000 | $685,287 | $3,995 | 4.02% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 171 | $42,715,000 | $249,795 | $4,011 | 3.09% |
| Tupelo, MS (FHA|USDA|VA) | 165 | $40,365,000 | $244,636 | $2,711 | 3.94% |
| Oxford, MS (FHA|USDA|VA) | 84 | $38,150,000 | $454,167 | $3,926 | 4.50% |
| Outside of Metro Areas | 180 | $31,580,000 | $175,444 | $2,624 | 4.84% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 32 | $25,800,000 | $806,250 | $3,687 | 3.63% |
| BATON ROUGE, LA (FHA|USDA|VA) | 86 | $24,950,000 | $290,116 | $3,339 | 4.92% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 43 | $22,975,000 | $534,302 | $8,054 | 4.99% |
| Picayune, MS (FHA|USDA|VA) | 87 | $13,495,000 | $155,115 | $3,069 | 4.23% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $13,255,000 | $13,255,000 | $0 | 5.82% |
| PANAMA CITY, FL (FHA|USDA|VA) | 29 | $10,725,000 | $369,828 | $7,368 | 5.52% |
| Meridian, MS (FHA|USDA|VA) | 92 | $9,770,000 | $106,196 | $2,118 | 5.13% |
| GULFPORT-BILOXI, MS (FHA|USDA|VA) | 37 | $8,845,000 | $239,054 | $3,873 | 4.78% |
| MOBILE, AL (FHA|USDA|VA) | 36 | $8,620,000 | $239,444 | $3,936 | 2.74% |
| Brookhaven, MS (FHA|USDA|VA) | 56 | $8,300,000 | $148,214 | $2,380 | 3.10% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 18 | $7,340,000 | $407,778 | $2,537 | 4.13% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 11 | $7,165,000 | $651,364 | $6,508 | 3.95% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 8 | $6,030,000 | $753,750 | $5,599 | 5.62% |
| Grenada, MS (FHA|USDA|VA) | 42 | $5,380,000 | $128,095 | $2,274 | 4.66% |
| HAMMOND, LA (FHA|USDA|VA) | 19 | $5,205,000 | $273,947 | $4,338 | 5.12% |
| DOTHAN, AL (FHA|USDA|VA) | 32 | $5,170,000 | $161,563 | $2,437 | 4.54% |
| Enterprise, AL (FHA|USDA|VA) | 21 | $4,745,000 | $225,952 | $5,311 | 4.27% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 7 | $4,595,000 | $656,429 | $3,424 | 4.74% |
| Starkville, MS (FHA|USDA|VA) | 13 | $3,805,000 | $292,692 | $3,984 | 4.98% |
| Greenwood, MS (FHA|USDA|VA) | 30 | $3,420,000 | $114,000 | $3,338 | 3.79% |
| Laurel, MS (FHA|USDA|VA) | 12 | $2,980,000 | $248,333 | $2,953 | 4.23% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $2,310,000 | $577,500 | $9,237 | 5.19% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 4 | $2,180,000 | $545,000 | $4,579 | 4.03% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 2 | $2,150,000 | $1,075,000 | $9,022 | 4.20% |
| Corinth, MS (FHA|USDA|VA) | 4 | $1,970,000 | $492,500 | $3,037 | 4.88% |
| LAFAYETTE, LA (FHA|USDA|VA) | 6 | $1,920,000 | $320,000 | $5,241 | 4.37% |
| HATTIESBURG, MS (FHA|USDA|VA) | 9 | $1,885,000 | $209,444 | $3,818 | 4.61% |
| Vicksburg, MS (FHA|USDA|VA) | 9 | $1,785,000 | $198,333 | $5,259 | 5.29% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $1,745,000 | $349,000 | $3,866 | 2.99% |
| Cleveland, MS (FHA|USDA|VA) | 14 | $1,690,000 | $120,714 | $3,540 | 4.60% |
| McComb, MS (FHA|USDA|VA) | 15 | $1,265,000 | $84,333 | $2,549 | 4.97% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 2 | $1,120,000 | $560,000 | $4,241 | 3.60% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $1,030,000 | $515,000 | $4,902 | 4.54% |
| TUSCALOOSA, AL (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $3,107 | 4.31% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $825,000 | $825,000 | $0 | 4.75% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $755,000 | $755,000 | $3,960 | 6.00% |
| Columbus, MS (FHA|USDA|VA) | 2 | $680,000 | $340,000 | $3,695 | 4.47% |
| LAKE CHARLES, LA (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $0 | 4.75% |
| Key West, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,052 | 3.25% |
| Ozark, AL (FHA|USDA|VA) | 3 | $635,000 | $211,667 | $6,136 | 3.21% |
| AMARILLO, TX (FHA|USDA|VA) | 1 | $625,000 | $625,000 | $7,485 | 3.85% |
| Indianola, MS (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $2,534 | 4.06% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $0 | 3.75% |
| HOUMA-THIBODAUX, LA (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $2,083 | 4.28% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $2,740 | 3.15% |
| MONROE, LA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,067 | 5.50% |
| Greenville, MS (FHA|USDA|VA) | 4 | $460,000 | $115,000 | $2,995 | 4.94% |
| Opelousas, LA (FHA|USDA|VA) | 6 | $350,000 | $58,333 | $1,368 | 3.98% |
| SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $3,228 | 3.15% |
| BILLINGS, MT (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,924 | 3.15% |
| Alexander City, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $7,694 | 7.25% |
| Cullman, AL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $19,354 | 3.88% |
| DECATUR, AL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 6.50% |
| Albertville, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 4.00% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,761 | 5.63% |
| West Point, MS (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,708 | 3.63% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,680 | 4.38% |
| Jackson, WY-ID (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.00% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,079 | 3.95% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $170,000 | $85,000 | $3,439 | 5.44% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $2,382 | 4.20% |
| Forest City, NC (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $3,679 | 5.38% |
| Natchez, MS-LA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Troy, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
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Product Mix
For 2022, Bankplus's most frequently originated type of loan was Conventional, with 1,820 originations. Their 2nd most popular type was HELOC, with 832 originations.
Loan Reason
For 2022, Bankplus's most frequently cited loan purpose was Home Purchase, with 1,255 originations. The 2nd most popular reason was Refi, with 897 originations.
Loan Duration/Length
For 2022, Bankplus's most frequently cited loan duration was Other, with 1,531 originations. The 2nd most popular length was 30 Year, with 629 originations.
Origination Fees/Closing Costs
Bankplus's average total fees were $4,487, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 715 originations.
Interest Rates
During 2022, Bankplus's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 4-5%, with 618 originations.
Loan Sizing
2022 saw Bankplus place emphasis on $100,000 or less loans with 958 originations, totaling $50,130,000 in origination value.
Applicant Income
Bankplus lent most frequently to those with incomes in the $150k-250k range, with 455 originations. The second most popular income band? $100k-150k, with 454 originations.
Applicant Debt to Income Ratio
Bankplus lent most frequently to those with DTI ratios of 20-30%, with 541 originations. The next most common DTI ratio? 30-36%, with 409 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.01%
Bankplus has an average approval rate.
Pick Rate
Approvals leading to origination79.36%
Bankplus has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 105.0 | 3 | $55,000 | $18,333 |
| 196.0 | 2 | $30,000 | $15,000 |
| 446.0 | 1 | $25,000 | $25,000 |
| 469.49 | 1 | $25,000 | $25,000 |
| 80.0 | 1 | $5,000 | $5,000 |
| 868.97 | 1 | $65,000 | $65,000 |
| NA | 2,724 | $789,150,000 | $289,703 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANK OF AMERICA, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 6.7% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 3 | 20.0% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 1 | 6.7% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 1 | 6.7% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 7 | 46.7% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | FHA mortgage | Struggling to pay mortgage | 1 | 6.7% |
| BANK OF AMERICA, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 1 | 6.7% |