Simply Bank Mortgage Rates, Fees & Info

Spring City, TN

LEI: 549300UF6Z8RGZ16RJ75

Tax ID: 62-0123640

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Mortgage Data

Review & Overview

Simply Bank is a smaller bank specializing in Home Purchase and Refi loans. Simply Bank has a high proportion of conventional loans. Their top markets by origination volume include: Chattanooga, Knoxville, Dayton, Dalton, and Cleveland among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Simply Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

61

Origination Dollar Volume (All Markets)

$17,585,000

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
CHATTANOOGA, TN-GA (FHA|USDA|VA) 40 $12,970,000 $324,250 $0 0.00%
KNOXVILLE, TN (FHA|USDA|VA) 5 $1,285,000 $257,000 $0 0.00%
Dayton, TN (FHA|USDA|VA) 5 $1,245,000 $249,000 $0 0.00%
Outside of Metro Areas 3 $675,000 $225,000 $0 0.00%
DALTON, GA (FHA|USDA|VA) 4 $660,000 $165,000 $0 0.00%
CLEVELAND, TN (FHA|USDA|VA) 2 $380,000 $190,000 $0 0.00%
Sevierville, TN (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
Crossville, TN (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Simply Bank's top markets include Chattanooga, Knoxville, Dayton, Dalton, and Cleveland among others.

Their top states include:
  • Tennessee (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 61 $17,585,000 $288,279 $0 0.00%

    For 2023, Simply Bank's most frequently originated type of loan was Conventional, with 61 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $11,765,000 $261,444 $0 0.00%
    Refi 14 $5,750,000 $410,714 $0 0.00%
    Home Improvement 1 $35,000 $35,000 $0 0.00%
    Other 1 $35,000 $35,000 $0 0.00%

    For 2023, Simply Bank's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 61 $17,585,000 $288,279 $0 0.00%

    For 2023, Simply Bank's most frequently cited loan duration was Other, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 21 $3,175,000 $151,190 $0 0.00%
    $200k-400k 17 $4,715,000 $277,353 $0 0.00%
    $100,000 or less 14 $900,000 $64,286 $0 0.00%
    $1MM+ 3 $4,955,000 $1,651,667 $0 0.00%
    $400k-600k 3 $1,375,000 $458,333 $0 0.00%
    $600k-1MM 3 $2,465,000 $821,667 $0 0.00%

    2023 saw Simply Bank place emphasis on $100k-200k loans with 21 originations, totaling $3,175,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 7 $1,305,000 $186,429 $0 0.00%
    $150k-250k 5 $1,765,000 $353,000 $0 0.00%
    $250k+ 3 $1,895,000 $631,667 $0 0.00%
    $50k or less 2 $70,000 $35,000 $0 0.00%
    $50k-75k 1 $55,000 $55,000 $0 0.00%

    Simply Bank lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $150k-250k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 61 $17,585,000 $288,279 $0 0.00%

    Simply Bank lent most frequently to those with DTI ratios of Exempt%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 42 $12,450,000 $296,429 $0 0.00%
    White 18 $5,100,000 $283,333 $0 0.00%
    Not provided 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    83.95%

    Simply Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    88.52%

    Simply Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 61 $17,585,000 $288,279

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    61 $17,585,000 $288,279