Simply Bank Mortgage Rates, Fees & Info
Spring City, TNLEI: 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
61Origination Dollar Volume (All Markets)
$17,585,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
2023 saw Simply Bank place emphasis on $100k-200k loans with 21 originations, totaling $3,175,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications83.95%
Simply Bank has a below average approval rate.
Pick Rate
Approvals leading to origination88.52%
Simply Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 61 | $17,585,000 | $288,279 |