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, 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
63Origination Dollar Volume (All Markets)
$16,715,000Top 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) | 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% |
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
2019 saw Select Bank place emphasis on $100,000 or less loans with 20 originations, totaling $1,210,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications100.00%
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 origination74.60%
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
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% |