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, Refi, and Cash Out Refi loans. Select Bank has a high proportion of conventional loans. Their top markets by origination volume include: Lynchburg, Richmond, Staunton, Roanoke, and Charlottesville among others. We have data for 14 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
120Origination Dollar Volume (All Markets)
$46,170,000Top 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) | 49 | $14,235,000 | $290,510 | $0 | 0.00% |
| RICHMOND, VA (FHA|USDA|VA) | 6 | $5,860,000 | $976,667 | $0 | 0.00% |
| STAUNTON, VA (FHA|USDA|VA) | 14 | $5,680,000 | $405,714 | $0 | 0.00% |
| ROANOKE, VA (FHA|USDA|VA) | 4 | $4,870,000 | $1,217,500 | $0 | 0.00% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 8 | $3,250,000 | $406,250 | $0 | 0.00% |
| BURLINGTON, NC (FHA|USDA|VA) | 14 | $3,140,000 | $224,286 | $0 | 0.00% |
| Outside of Metro Areas | 5 | $3,045,000 | $609,000 | $0 | 0.00% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 6 | $2,000,000 | $333,333 | $0 | 0.00% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $1,815,000 | $605,000 | $0 | 0.00% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 6 | $1,180,000 | $196,667 | $0 | 0.00% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $535,000 | $535,000 | $0 | 0.00% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 0.00% |
| Danville, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 120 | $46,170,000 | $384,750 | $0 | 0.00% |
For 2022, Select Bank's most frequently originated type of loan was Conventional, with 120 originations.
Loan Reason
For 2022, Select Bank's most frequently cited loan purpose was Home Purchase, with 57 originations. The 2nd most popular reason was Refi, with 48 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 120 | $46,170,000 | $384,750 | $0 | 0.00% |
For 2022, Select Bank's most frequently cited loan duration was Other, with 120 originations.
Loan Sizing
2022 saw Select Bank place emphasis on $100k-200k loans with 40 originations, totaling $5,600,000 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? $250k+, with 10 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 120 | $46,170,000 | $384,750 | $0 | 0.00% |
Select Bank lent most frequently to those with DTI ratios of Exempt%, with 120 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications99.23%
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 origination92.50%
Select Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 120 | $46,170,000 | $384,750 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SELECT PORTFOLIO SERVICING, INC. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 11.1% |
| SELECT PORTFOLIO SERVICING, INC. | Conventional home mortgage | Struggling to pay mortgage | 1 | 11.1% |
| SELECT PORTFOLIO SERVICING, INC. | Conventional home mortgage | Trouble during payment process | 6 | 66.7% |
| SELECT PORTFOLIO SERVICING, INC. | Other type of mortgage | Trouble during payment process | 1 | 11.1% |