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, Sevierville, Cleveland, Dayton, and Knoxville among others. We have data for 13 markets. (Some data included below & more in-depth data is available with an active subscription.)Simply 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
160Origination Dollar Volume (All Markets)
$50,130,000Top 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) | 103 | $36,355,000 | $352,961 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 6 | $4,690,000 | $781,667 | $0 | 0.00% |
| CLEVELAND, TN (FHA|USDA|VA) | 10 | $2,750,000 | $275,000 | $0 | 0.00% |
| Dayton, TN (FHA|USDA|VA) | 13 | $1,705,000 | $131,154 | $0 | 0.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 13 | $1,305,000 | $100,385 | $0 | 0.00% |
| DALTON, GA (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $0 | 0.00% |
| Outside of Metro Areas | 5 | $865,000 | $173,000 | $0 | 0.00% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| Crossville, TN (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $0 | 0.00% |
| Scottsboro, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 160 | $50,130,000 | $313,313 | $0 | 0.00% |
For 2022, Simply Bank's most frequently originated type of loan was Conventional, with 160 originations.
Loan Reason
For 2022, Simply Bank's most frequently cited loan purpose was Home Purchase, with 94 originations. The 2nd most popular reason was Refi, with 63 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 160 | $50,130,000 | $313,313 | $0 | 0.00% |
For 2022, Simply Bank's most frequently cited loan duration was Other, with 160 originations.
Loan Sizing
2022 saw Simply Bank place emphasis on $100k-200k loans with 64 originations, totaling $9,320,000 in origination value.
Applicant Income
Simply Bank lent most frequently to those with incomes in the $250k+ range, with 22 originations. The second most popular income band? $150k-250k, with 14 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 160 | $50,130,000 | $313,313 | $0 | 0.00% |
Simply Bank lent most frequently to those with DTI ratios of Exempt%, with 160 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.24%
Simply Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination90.00%
Simply Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 160 | $50,130,000 | $313,313 |