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 markets by origination volume include: Jackson, Brookhaven, Tuscaloosa, and Laurel among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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

    65

    Origination Dollar Volume (All Markets)

    $4,755,000

    Employee count

    53

    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 56 $3,290,000 $58,750 $1,035 5.91%
    JACKSON, MS (FHA|USDA|VA) 6 $860,000 $143,333 $0 5.23%
    Brookhaven, MS (FHA|USDA|VA) 1 $355,000 $355,000 $0 4.30%
    TUSCALOOSA, AL (FHA|USDA|VA) 1 $225,000 $225,000 $2,390 5.50%
    Laurel, MS (FHA|USDA|VA) 1 $25,000 $25,000 $0 6.50%
    The Bank Of Forest's top markets include Jackson, Brookhaven, Tuscaloosa, and Laurel among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $4,755,000 $73,154 $1,068 5.83%

    For 2020, The Bank Of Forest's most frequently originated type of loan was Conventional, with 65 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 28 $2,490,000 $88,929 $1,467 5.69%
    Refi 22 $1,590,000 $72,273 $799 5.63%
    Home Improvement 7 $255,000 $36,429 $1,018 6.21%
    Other 4 $150,000 $37,500 $1,057 6.98%
    Cash Out Refi 4 $270,000 $67,500 $878 5.94%

    For 2020, The Bank Of Forest's most frequently cited loan purpose was Home Purchase, with 28 originations. The 2nd most popular reason was Refi, with 22 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 53 $3,685,000 $69,528 $1,067 5.81%
    5 Year 8 $620,000 $77,500 $1,106 5.92%
    1 Year 4 $450,000 $112,500 $0 5.78%

    For 2020, The Bank Of Forest's most frequently cited loan duration was Other, with 53 originations. The 2nd most popular length was 5 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 41 $2,335,000 $56,951

    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 41 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 28 $2,400,000 $85,714
    6-7% 22 $900,000 $40,909
    4-5% 12 $1,390,000 $115,833
    7-8% 1 $15,000 $15,000
    Over 8% 1 $15,000 $15,000

    During 2020, 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 28 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 48 $1,950,000 $40,625 $993 6.02%
    $100k-200k 13 $1,775,000 $136,538 $1,274 5.34%
    $200k-400k 4 $1,030,000 $257,500 $2,390 5.11%

    2020 saw The Bank Of Forest place emphasis on $100,000 or less loans with 48 originations, totaling $1,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 18 $590,000 $32,778 $1,032 6.14%
    $50k-75k 17 $875,000 $51,471 $897 6.13%
    $100k-150k 9 $665,000 $73,889 $1,403 5.48%
    $75k-100k 9 $835,000 $92,778 $1,367 5.73%
    $150k-250k 3 $175,000 $58,333 $1,024 5.58%

    The Bank Of Forest lent most frequently to those with incomes in the $50k or less range, with 18 originations. The second most popular income band? $50k-75k, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 12 $700,000 $58,333 $1,231 5.75%
    <20% 9 $345,000 $38,333 $828 5.88%
    30-36% 9 $565,000 $62,778 $1,415 5.72%
    >60% 4 $160,000 $40,000 $847 6.30%
    50-60% 4 $220,000 $55,000 $577 6.51%
    46% 3 $205,000 $68,333 $1,065 4.97%
    38% 3 $235,000 $78,333 $1,200 6.30%
    45% 2 $200,000 $100,000 $756 6.05%
    42% 2 $100,000 $50,000 $1,076 6.48%
    41% 2 $130,000 $65,000 $1,159 6.30%
    36% 1 $55,000 $55,000 $0 6.50%
    37% 1 $25,000 $25,000 $0 6.25%
    39% 1 $55,000 $55,000 $1,024 5.00%
    40% 1 $65,000 $65,000 $503 5.90%
    44% 1 $35,000 $35,000 $0 6.25%
    47% 1 $45,000 $45,000 $1,693 6.00%

    The Bank Of Forest lent most frequently to those with DTI ratios of 20-30%, with 12 originations. The next most common DTI ratio? <20%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 41 $2,815,000 $68,659 $1,078 5.78%
    Not applicable 8 $1,480,000 $185,000 $0 5.23%
    Black 16 $460,000 $28,750 $1,044 6.23%

    Approval Rates

    Total approvals of all applications
    90.67%

    The Bank Of Forest has an average approval rate.

    Pick Rate

    Approvals leading to origination
    96.92%

    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 65 $4,755,000 $73,154

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $320,000 $160,000
    Single Family (1-4 Units):Manufactured 18 $800,000 $44,444
    Single Family (1-4 Units):Site-Built 45 $3,635,000 $80,778

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 7 $285,000 $40,714 $852 5.90%
    40-60% 19 $1,015,000 $53,421 $1,058 5.73%
    60-80% 26 $2,410,000 $92,692 $1,208 5.87%
    80-100% 11 $995,000 $90,455 $942 5.78%
    Under 20% 2 $50,000 $25,000 $756 6.05%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    TD BANK US HOLDING COMPANY Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 22 14.9%
    TD BANK US HOLDING COMPANY Conventional home mortgage Closing on a mortgage 17 11.5%
    TD BANK US HOLDING COMPANY Conventional home mortgage Credit monitoring or identity theft protection services 1 0.7%
    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 1 0.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Struggling to pay mortgage 4 2.7%
    TD BANK US HOLDING COMPANY Conventional home mortgage Trouble during payment process 51 34.5%
    TD BANK US HOLDING COMPANY FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY FHA mortgage Trouble during payment process 3 2.0%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 5 3.4%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Closing on a mortgage 7 4.7%
    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 4 2.7%
    TD BANK US HOLDING COMPANY Home equity loan or line of credit (HELOC) Trouble during payment process 17 11.5%
    TD BANK US HOLDING COMPANY Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Closing on a mortgage 2 1.4%
    TD BANK US HOLDING COMPANY Other type of mortgage Trouble during payment process 8 5.4%

    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 $45,718
    The Bank of Forest 1698 Old Fannin Road Flowood, MS 39232 Full Service B&M $12,418
    The Bank of Forest 211 West Third Street Forest, MS 39074 Full Service B&M $135,171

    For 2020, The Bank Of Forest had 3 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $8,331
    Net interest income $7,015
    Total noninterest income $1,950
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $636
    Trading account gains and fees $0
    Additional Noninterest Income $1,314
    Pre-tax net operating income $2,336
    Securities gains (or losses, -) $37
    Income before extraordinary items $2,373
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $2,373
    Minority interest net income $0
    Net income $2,373
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $2,336

    The Bank Of Forest's gross interest income from loans was $8,331,000.
    The Bank Of Forest's net interest income from loans was $7,015,000.
    The Bank Of Forest's fee based income from loans was $636,000.
    The Bank Of Forest's net income from loans was $2,373,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,316
    Provision for credit losses $255
    Total noninterest expense $6,374
    Salaries and employee benefits $3,495
    Premises and equipment expense $655
    Additional noninterest expense $2,224
    Applicable income taxes $0
    Net charge-offs $109
    Cash dividends $2,030

    The Bank Of Forest's interest expense for loans was $1,316,000.
    The Bank Of Forest's payroll and benefits expense were $3,495,000.
    The Bank Of Forest's property, plant and equipment expenses $655,000.

    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 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 1.3%
    Other individual loans 0.0%
    Auto loans 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $192,885
    Deposits held in domestic offices $192,885
    Deposits by Individuals, partnerships, and corporations $178,142
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $14,743
    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 $85,401
    Demand deposits $45,217
    Nontransaction accounts $107,484
    Money market deposit accounts (MMDAs) $12,492
    Other savings deposits (excluding MMDAs) $18,574
    Total time deposits $76,418
    Total time and savings deposits $147,668
    Noninterest-bearing deposits $45,217
    Interest-bearing deposits $147,668
    Retail deposits $175,325
    IRAs and Keogh plan accounts $13,913
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $225,560
    Cash & Balances due from depository institutions $16,408
    Interest-bearing balances $9,826
    Total securities $80,242
    Federal funds sold & reverse repurchase $0
    Net loans and leases $115,307
    Loan and leases loss allowance $1,378
    Trading account assets $0
    Bank premises and fixed assets $4,930
    Other real estate owned $358
    Goodwill and other intangibles $652
    All other assets $7,663

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $225,560
    Total Liabilities $195,842
    Total deposits $192,885
    Interest-bearing deposits $147,668
    Deposits held in domestic offices $192,885
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $614
    Subordinated debt $0
    All other liabilities $2,343

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $115,307
    Loan and leases loss allowance $1,378
    Total loans and leases (domestic) $116,685
    All real estate loans $90,315
    Real estate loans in domestic offices $90,315
    Construction and development loans $25,185
    Residential 1-4 family construction $7,918
    Other construction, all land development and other land $17,267
    Loans secured by nonfarm nonresidential properties $34,074
    Nonfarm nonresidential secured by owner-occupied properties $11,471
    Commercial real estate & other non-farm, non-residential $22,603
    Multifamily residential real estate $532
    1-4 family residential loans $21,742
    Farmland loans $8,782
    Loans held in foreign offices $0
    Farm loans $2,566
    Commercial and industrial loans $14,011
    To non-U.S. addressees $0
    Loans to individuals $8,217
    Credit card loans $316
    Related Plans $131
    Consumer Auto Loans $2,133
    Other loans to individuals $5,637
    All other loans & leases $1,576
    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 $172
    Non 1-4 family restructured loans & leases $131
    Total loans and leases (foreign) $0

    The Bank of Forest had $115,307,000 of loans outstanding in 2020. $90,315,000 of loans were in real estate loans. $25,185,000 of loans were in development loans. $532,000 of loans were in multifamily mortgage loans. $21,742,000 of loans were in 1-4 family mortgage loans. $2,566,000 of loans were in farm loans. $316,000 of loans were in credit card loans. $2,133,000 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 160 $17,587 $109,919
    Nonfarm, nonresidential loans - <$100k 93 $3,183 $34,226
    Nonfarm, nonresidential loans - $100-250k 43 $5,429 $126,256
    Nonfarm, nonresidential loans - $250k-1MM 24 $8,975 $373,958
    Commercial & Industrial, US addressed loans - <$1MM 391 $12,273 $31,389
    Commercial & Industrial, US addressed loans - <$100k 345 $6,205 $17,986
    Commercial & Industrial, US addressed loans - $100-250k 37 $3,815 $103,108
    Commercial & Industrial, US addressed loans - $250k-1MM 9 $2,253 $250,333
    Farmland loans - <$1MM 133 $7,185 $54,023
    Farmland loans - <$100k 99 $2,830 $28,586
    Farmland loans - $100-250k 25 $2,490 $99,600
    Farmland loans - $250k-1MM 9 $1,865 $207,222
    Agriculture operations loans - <$1MM 197 $2,566 $13,025
    Agriculture operations loans - <$100k 195 $2,357 $12,087
    Agriculture operations loans - $100-250k 2 $209 $104,500