State Bank Mortgage Rates, Fees & Info
Wonder Lake, ILLEI: 549300UOLN2P4VM4Z591
Tax ID: 36-3014230
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Mortgage Data
Review & Overview
State Bank is a smaller bank specializing in Refi and Home Purchase loans. State Bank has a high proportion of conventional loans. Their top two markets are Chicago and Whitewater .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
40Origination Dollar Volume (All Markets)
$7,560,000Top 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 37 | $7,165,000 | $193,649 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $7,560,000 | $189,000 | $0 | 0.00% |
For 2019, State Bank's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 21 | $3,355,000 | $159,762 | $0 | 0.00% |
| Home Purchase | 16 | $3,940,000 | $246,250 | $0 | 0.00% |
| Other | 3 | $265,000 | $88,333 | $0 | 0.00% |
For 2019, State Bank's most frequently cited loan purpose was Refi, with 21 originations. The 2nd most popular reason was Home Purchase, with 16 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 40 | $7,560,000 | $189,000 | $0 | 0.00% |
For 2019, State Bank's most frequently cited loan duration was Other, with 40 originations.
Loan Sizing
2019 saw State Bank place emphasis on $100,000 or less loans with 15 originations, totaling $985,000 in origination value.
Applicant Income
State Bank lent most frequently to those with incomes in the $100k-150k range, with 5 originations. The second most popular income band? $250k+, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 40 | $7,560,000 | $189,000 | $0 | 0.00% |
State Bank lent most frequently to those with DTI ratios of Exempt%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.67%
State 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 origination97.50%
State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 40 | $7,560,000 | $189,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 2 | $950,000 | $475,000 |
| Single Family (1-4 Units):Site-Built | 38 | $6,610,000 | $173,947 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE FARM BANK, FSB | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 16.7% |
| STATE FARM BANK, FSB | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Struggling to pay mortgage | 1 | 8.3% |
| STATE FARM BANK, FSB | Conventional home mortgage | Trouble during payment process | 5 | 41.7% |
| STATE FARM BANK, FSB | Home equity loan or line of credit (HELOC) | Trouble during payment process | 2 | 16.7% |
| STATE FARM BANK, FSB | VA mortgage | Trouble during payment process | 1 | 8.3% |