The Bank Of Forest Mortgage Rates, Fees & Info

Forest, MS

LEI: 549300XYMV9W4308FO60

Tax ID: 64-0157923

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    The Bank Of Forest is a smaller bank specializing in Home Purchase and Refi loans. The Bank Of Forest has a high proportion of conventional loans. Their top two markets are Jackson and Gulfport .

    The Bank Of Forest 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    73

    Origination Dollar Volume (All Markets)

    $6,075,000

    Employee count

    54

    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
    Outside of Metro Areas 66 $4,910,000 $74,394 $1,030 5.64%
    JACKSON, MS (FHA|USDA|VA) 6 $980,000 $163,333 $247 4.97%
    GULFPORT-BILOXI, MS (FHA|USDA|VA) 1 $185,000 $185,000 $0 5.25%
    The Bank Of Forest's top markets include Jackson and Gulfport among others.

    Their top states include:
  • Mississippi (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 73 $6,075,000 $83,219 $1,011 5.58%

    For 2021, The Bank Of Forest's most frequently originated type of loan was Conventional, with 73 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 34 $3,460,000 $101,765 $1,799 5.52%
    Refi 23 $2,005,000 $87,174 $484 5.48%
    Home Improvement 7 $155,000 $22,143 $1,017 5.74%
    Cash Out Refi 7 $405,000 $57,857 $863 6.13%
    Other 2 $50,000 $25,000 $266 5.20%

    For 2021, The Bank Of Forest's most frequently cited loan purpose was Home Purchase, with 34 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 64 $4,680,000 $73,125 $1,011 5.65%
    5 Year 5 $1,005,000 $201,000 $0 5.12%
    1 Year 4 $390,000 $97,500 $0 5.09%

    For 2021, The Bank Of Forest's most frequently cited loan duration was Other, with 64 originations. The 2nd most popular length was 5 Year, with 5 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 42 $2,670,000 $63,571

    The Bank Of Forest's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 42 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 45 $3,245,000 $72,111
    4-5% 12 $1,500,000 $125,000
    6-7% 12 $390,000 $32,500
    3-4% 3 $925,000 $308,333
    7-8% 1 $15,000 $15,000

    During 2021, The Bank Of Forest's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 45 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 58 $2,680,000 $46,207 $1,015 5.74%
    $100k-200k 11 $1,655,000 $150,455 $970 5.05%
    $200k-400k 2 $560,000 $280,000 $1,002 5.13%
    $400k-600k 1 $555,000 $555,000 $0 4.95%
    $600k-1MM 1 $625,000 $625,000 $0 3.90%

    2021 saw The Bank Of Forest place emphasis on $100,000 or less loans with 58 originations, totaling $2,680,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 21 $1,065,000 $50,714 $1,541 5.91%
    $50k or less 16 $590,000 $36,875 $863 5.66%
    $75k-100k 11 $635,000 $57,727 $821 5.76%
    $100k-150k 7 $685,000 $97,857 $723 5.16%
    $150k-250k 5 $745,000 $149,000 $297 4.85%

    The Bank Of Forest lent most frequently to those with incomes in the $50k-75k range, with 21 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 15 $1,095,000 $73,000 $1,035 5.48%
    30-36% 13 $805,000 $61,923 $1,079 5.74%
    <20% 7 $425,000 $60,714 $1,192 5.14%
    38% 5 $225,000 $45,000 $247 6.11%
    >60% 4 $310,000 $77,500 $589 5.61%
    37% 3 $185,000 $61,667 $1,218 5.50%
    44% 3 $285,000 $95,000 $844 5.22%
    36% 2 $100,000 $50,000 $1,259 5.20%
    41% 2 $70,000 $35,000 $1,357 5.65%
    50-60% 2 $80,000 $40,000 $0 6.35%
    45% 1 $15,000 $15,000 $751 7.50%
    46% 1 $25,000 $25,000 $0 6.50%
    48% 1 $35,000 $35,000 $241 5.75%
    42% 1 $65,000 $65,000 $771 5.25%
    43% 1 $15,000 $15,000 $0 6.50%

    The Bank Of Forest lent most frequently to those with DTI ratios of 20-30%, with 15 originations. The next most common DTI ratio? 30-36%, with 13 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 46 $3,180,000 $69,130 $975 5.48%
    Not applicable 12 $2,340,000 $195,000 $0 5.28%
    Black 15 $555,000 $37,000 $1,139 6.13%

    Approval Rates

    Total approvals of all applications
    93.98%

    The Bank Of Forest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    95.89%

    The Bank Of Forest 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
    NA 73 $6,075,000 $83,219

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    73 $6,075,000 $83,219

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $580,000 $36,250 $671 5.38%
    40-60% 15 $845,000 $56,333 $1,093 5.68%
    60-80% 28 $3,080,000 $110,000 $1,217 5.54%
    80-100% 11 $1,505,000 $136,818 $1,096 5.68%
    Under 20% 3 $65,000 $21,667 $907 6.15%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 24 16.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 13 9.2%
    TD BANK US HOLDING COMPANY Conventional home mortgage Improper use of your report 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Incorrect information on your report 4 2.8%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 6 4.2%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 37 26.1%
    TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.7%
    TD BANK US HOLDING COMPANY FHA mortgage Struggling to pay mortgage 2 1.4%
    TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 15 10.6%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 6 4.2%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Incorrect information on your report 1 0.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Struggling to pay mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 11 7.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 7 4.9%
    TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 1 0.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Struggling to pay mortgage 1 0.7%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 6 4.2%
    TD BANK US HOLDING COMPANY VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY VA mortgage Trouble during payment process 1 0.7%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    The Bank of Forest 101 Chadwick Ave Walnut Grove, MS 39189 Full Service B&M $44,630
    The Bank of Forest 1698 Old Fannin Road Flowood, MS 39232 Full Service B&M $12,669
    The Bank of Forest 211 West Third Street Forest, MS 39074 Full Service B&M $146,019

    For 2021, The Bank Of Forest had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,326
    Net interest income $7,511
    Total noninterest income $2,161
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $594
    Trading account gains and fees $0
    Additional Noninterest Income $1,567
    Pre-tax net operating income $2,732
    Securities gains (or losses, -) $-4
    Income before extraordinary items $2,728
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,728
    Minority interest net income $0
    Net income $2,728
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,732

    The Bank Of Forest's gross interest income from loans was $8,326,000.
    The Bank Of Forest's net interest income from loans was $7,511,000.
    The Bank Of Forest's fee based income from loans was $594,000.
    The Bank Of Forest's net income from loans was $2,728,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $815
    Provision for credit losses $290
    Total noninterest expense $6,650
    Salaries and employee benefits $3,704
    Premises and equipment expense $642
    Additional noninterest expense $2,304
    Applicable income taxes $0
    Net charge-offs $225
    Cash dividends $1,485

    The Bank Of Forest's interest expense for loans was $815,000.
    The Bank Of Forest's payroll and benefits expense were $3,704,000.
    The Bank Of Forest's property, plant and equipment expenses $642,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 3.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 0.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.6%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $208,812
    Deposits held in domestic offices $208,812
    Deposits by Individuals, partnerships, and corporations $191,703
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $17,109
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $97,291
    Demand deposits $52,518
    Nontransaction accounts $111,521
    Money market deposit accounts (MMDAs) $13,445
    Other savings deposits (excluding MMDAs) $20,658
    Total time deposits $77,418
    Total time and savings deposits $156,294
    Noninterest-bearing deposits $52,518
    Interest-bearing deposits $156,294
    Retail deposits $189,923
    IRAs and Keogh plan accounts $14,269
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $239,583
    Cash & Balances due from depository institutions $11,184
    Interest-bearing balances $5,459
    Total securities $104,237
    Federal funds sold & reverse repurchase $0
    Net loans and leases $110,269
    Loan and leases loss allowance $1,443
    Trading account assets $0
    Bank premises and fixed assets $4,884
    Other real estate owned $433
    Goodwill and other intangibles $652
    All other assets $7,924

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $239,583
    Total Liabilities $210,317
    Total deposits $208,812
    Interest-bearing deposits $156,294
    Deposits held in domestic offices $208,812
    % insured (estimated) $79
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $7
    Subordinated debt $0
    All other liabilities $1,498

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $110,269
    Loan and leases loss allowance $1,443
    Total loans and leases (domestic) $111,712
    All real estate loans $91,285
    Real estate loans in domestic offices $91,285
    Construction and development loans $26,000
    Residential 1-4 family construction $7,768
    Other construction, all land development and other land $18,232
    Loans secured by nonfarm nonresidential properties $36,633
    Nonfarm nonresidential secured by owner-occupied properties $10,798
    Commercial real estate & other non-farm, non-residential $25,835
    Multifamily residential real estate $933
    1-4 family residential loans $19,864
    Farmland loans $7,855
    Loans held in foreign offices $0
    Farm loans $2,207
    Commercial and industrial loans $9,644
    To non-U.S. addressees $0
    Loans to individuals $7,235
    Credit card loans $316
    Related Plans $132
    Consumer Auto Loans $2,001
    Other loans to individuals $4,786
    All other loans & leases $1,341
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $156
    Non 1-4 family restructured loans & leases $109
    Total loans and leases (foreign) $0

    The Bank of Forest had $110,269,000 of loans outstanding in 2021. $91,285,000 of loans were in real estate loans. $26,000,000 of loans were in development loans. $933,000 of loans were in multifamily mortgage loans. $19,864,000 of loans were in 1-4 family mortgage loans. $2,207,000 of loans were in farm loans. $316,000 of loans were in credit card loans. $2,001,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 133 $15,931 $119,782
    Nonfarm, nonresidential loans - <$100k 71 $2,446 $34,451
    Nonfarm, nonresidential loans - $100-250k 40 $4,593 $114,825
    Nonfarm, nonresidential loans - $250k-1MM 22 $8,892 $404,182
    Commercial & Industrial, US addressed loans - <$1MM 309 $8,821 $28,547
    Commercial & Industrial, US addressed loans - <$100k 282 $5,063 $17,954
    Commercial & Industrial, US addressed loans - $100-250k 18 $1,926 $107,000
    Commercial & Industrial, US addressed loans - $250k-1MM 9 $1,832 $203,556
    Farmland loans - <$1MM 114 $6,665 $58,465
    Farmland loans - <$100k 83 $2,559 $30,831
    Farmland loans - $100-250k 22 $2,064 $93,818
    Farmland loans - $250k-1MM 9 $2,042 $226,889
    Agriculture operations loans - <$1MM 169 $2,206 $13,053
    Agriculture operations loans - <$100k 167 $2,031 $12,162
    Agriculture operations loans - $100-250k 2 $175 $87,500