Heritage Bank Mortgage Rates, Fees & Info
Erlanger, KYLEI: 549300XT5WP4TMNXL317
Tax ID: 61-1174806
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Mortgage Data
Review & Overview
Heritage Bank is a smaller bank specializing in Other, Refi, and Home Purchase loans. Heritage Bank has a high proportion of conventional loans. Their top two markets are Cincinnati and Richmond .Heritage 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
331Origination Dollar Volume (All Markets)
$54,855,000Top 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 |
|---|---|---|---|---|---|
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 306 | $51,490,000 | $168,268 | $0 | 0.00% |
| Outside of Metro Areas | 24 | $3,130,000 | $130,417 | $0 | 0.00% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 331 | $54,855,000 | $165,725 | $0 | 0.00% |
For 2023, Heritage Bank's most frequently originated type of loan was Conventional, with 331 originations.
Loan Reason
For 2023, Heritage Bank's most frequently cited loan purpose was Other, with 177 originations. The 2nd most popular reason was Refi, with 65 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 331 | $54,855,000 | $165,725 | $0 | 0.00% |
For 2023, Heritage Bank's most frequently cited loan duration was Other, with 331 originations.
Loan Sizing
2023 saw Heritage Bank place emphasis on $100,000 or less loans with 168 originations, totaling $8,740,000 in origination value.
Applicant Income
Heritage Bank lent most frequently to those with incomes in the $100k-150k range, with 66 originations. The second most popular income band? $150k-250k, with 62 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 331 | $54,855,000 | $165,725 | $0 | 0.00% |
Heritage Bank lent most frequently to those with DTI ratios of Exempt%, with 331 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.42%
Heritage 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 origination99.70%
Heritage 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 | 331 | $54,855,000 | $165,725 |