Select Bank Mortgage Rates, Fees & Info

Lynchburg, VA

LEI: 549300X8XJW35HJ7M023

Tax ID: 20-4795895

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Mortgage Data

Review & Overview

Select Bank is a smaller bank specializing in Home Purchase and Refi loans. Select Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lynchburg, Staunton, Harrisonburg, Georgetown, and Richmond among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

Select 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

76

Origination Dollar Volume (All Markets)

$12,870,000

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
LYNCHBURG, VA (FHA|USDA|VA) 67 $10,555,000 $157,537 $0 0.00%
STAUNTON, VA (FHA|USDA|VA) 3 $815,000 $271,667 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
Georgetown, SC (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
ROANOKE, VA (FHA|USDA|VA) 2 $190,000 $95,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
Select Bank's top markets include Lynchburg, Staunton, Harrisonburg, Georgetown, and Richmond among others.

Their top states include:
  • Virginia (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 76 $12,870,000 $169,342 $0 0.00%

    For 2018, Select Bank's most frequently originated type of loan was Conventional, with 76 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 45 $7,845,000 $174,333 $0 0.00%
    Refi 28 $4,940,000 $176,429 $0 0.00%
    Other 2 $50,000 $25,000 $0 0.00%
    Home Improvement 1 $35,000 $35,000 $0 0.00%

    For 2018, Select Bank's most frequently cited loan purpose was Home Purchase, with 45 originations. The 2nd most popular reason was Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 76 $12,870,000 $169,342 $0 0.00%

    For 2018, Select Bank's most frequently cited loan duration was Other, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,860,000 $54,706 $0 0.00%
    $100k-200k 22 $3,370,000 $153,182 $0 0.00%
    $200k-400k 12 $3,290,000 $274,167 $0 0.00%
    $400k-600k 6 $2,900,000 $483,333 $0 0.00%
    $600k-1MM 2 $1,450,000 $725,000 $0 0.00%

    2018 saw Select Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,860,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 15 $3,075,000 $205,000 $0 0.00%
    $250k+ 8 $2,670,000 $333,750 $0 0.00%
    $50k-75k 7 $915,000 $130,714 $0 0.00%
    $75k-100k 5 $955,000 $191,000 $0 0.00%
    $100k-150k 4 $1,250,000 $312,500 $0 0.00%
    $50k or less 1 $5,000 $5,000 $0 0.00%

    Select Bank lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $250k+, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 76 $12,870,000 $169,342 $0 0.00%

    Select Bank lent most frequently to those with DTI ratios of Exempt%, with 76 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 38 $8,920,000 $234,737 $0 0.00%
    Not applicable 35 $3,815,000 $109,000 $0 0.00%
    Black 2 $100,000 $50,000 $0 0.00%
    Filipino 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.50%

    Select 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 origination
    97.37%

    Select 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 76 $12,870,000 $169,342

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 75 $12,725,000 $169,667

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Select Financial Services, Inc. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
    Select Financial Services, Inc. Conventional home mortgage Struggling to pay mortgage 2 22.2%
    Select Financial Services, Inc. Conventional home mortgage Trouble during payment process 2 22.2%
    Select Financial Services, Inc. FHA mortgage Struggling to pay mortgage 1 11.1%
    Select Financial Services, Inc. Other type of mortgage Struggling to pay mortgage 1 11.1%
    Select Financial Services, Inc. Other type of mortgage Trouble during payment process 2 22.2%