Select Bank Mortgage Rates, Fees & Info
Lynchburg, VALEI: 549300X8XJW35HJ7M023
Tax ID: 20-4795895
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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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
76Origination Dollar Volume (All Markets)
$12,870,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
2018 saw Select Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,860,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications97.50%
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 origination97.37%
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% |