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, Washington, Virginia Beach, Charlottesville, and Harrisonburg among others. We have data for 6 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 a below average pick rate when compared to similar lenders.

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Originations

63

Origination Dollar Volume (All Markets)

$16,715,000

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) 58 $15,220,000 $262,414 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $905,000 $905,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
ROANOKE, VA (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Select Bank's top markets include Lynchburg, Washington, Virginia Beach, Charlottesville, and Harrisonburg among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 63 $16,715,000 $265,317 $0 0.00%

    For 2019, Select Bank's most frequently originated type of loan was Conventional, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 33 $10,105,000 $306,212 $0 0.00%
    Refi 23 $6,015,000 $261,522 $0 0.00%
    Other 7 $595,000 $85,000 $0 0.00%

    For 2019, Select Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 63 $16,715,000 $265,317 $0 0.00%

    For 2019, Select Bank's most frequently cited loan duration was Other, with 63 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,210,000 $60,500 $0 0.00%
    $200k-400k 15 $3,875,000 $258,333 $0 0.00%
    $100k-200k 13 $1,945,000 $149,615 $0 0.00%
    $400k-600k 8 $4,010,000 $501,250 $0 0.00%
    $600k-1MM 7 $5,675,000 $810,714 $0 0.00%

    2019 saw Select Bank place emphasis on $100,000 or less loans with 20 originations, totaling $1,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 10 $4,300,000 $430,000 $0 0.00%
    $50k-75k 7 $935,000 $133,571 $0 0.00%
    $250k+ 6 $3,530,000 $588,333 $0 0.00%
    $50k or less 4 $980,000 $245,000 $0 0.00%
    $100k-150k 2 $520,000 $260,000 $0 0.00%
    $75k-100k 2 $430,000 $215,000 $0 0.00%

    Select Bank lent most frequently to those with incomes in the $150k-250k range, with 10 originations. The second most popular income band? $50k-75k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 63 $16,715,000 $265,317 $0 0.00%

    Select Bank lent most frequently to those with DTI ratios of Exempt%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 37 $11,935,000 $322,568 $0 0.00%
    Not applicable 23 $3,245,000 $141,087 $0 0.00%
    Not provided 1 $905,000 $905,000 $0 0.00%
    Asian 2 $630,000 $315,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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
    74.60%

    Select Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 63 $16,715,000 $265,317

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,680,000 $420,000
    Single Family (1-4 Units):Manufactured 1 $75,000 $75,000
    Single Family (1-4 Units):Site-Built 58 $14,960,000 $257,931

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Select Financial Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 20.0%
    Select Financial Services, Inc. Conventional home mortgage Trouble during payment process 1 20.0%
    Select Financial Services, Inc. FHA mortgage Struggling to pay mortgage 1 20.0%
    Select Financial Services, Inc. Other type of mortgage Closing on a mortgage 1 20.0%
    Select Financial Services, Inc. Other type of mortgage Trouble during payment process 1 20.0%