First State Bank Of The South Mortgage Rates, Fees & Info

Sulligent, AL

LEI: 549300ZABGDYBUG68F18

Tax ID: 63-0903224

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

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

    • Review & Overview

    First State Bank Of The South is a smaller bank specializing in Home Purchase and Refi loans. First State Bank Of The South has a high proportion of conventional loans. Their top markets by origination volume include: Tuscaloosa, Huntsville, Birmingham, Florence, and Jasper among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    First State Bank Of The South has an above average approval rate when compared to the average across all 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

    52

    Origination Dollar Volume (All Markets)

    $7,090,000

    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
    TUSCALOOSA, AL (FHA|USDA|VA) 10 $2,860,000 $286,000 $3,671 8.57%
    Outside of Metro Areas 32 $2,580,000 $80,625 $1,460 8.68%
    HUNTSVILLE, AL (FHA|USDA|VA) 7 $1,175,000 $167,857 $0 8.61%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $345,000 $345,000 $2,123 6.50%
    FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) 1 $85,000 $85,000 $2,576 7.75%
    Jasper, AL (FHA|USDA|VA) 1 $45,000 $45,000 $953 8.50%
    First State Bank Of The South's top markets include Tuscaloosa, Huntsville, Birmingham, Florence, and Jasper among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 52 $7,090,000 $136,346 $1,952 8.59%

    For 2023, First State Bank Of The South's most frequently originated type of loan was Conventional, with 52 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $4,660,000 $211,818 $2,657 8.55%
    Refi 18 $1,460,000 $81,111 $1,147 8.53%
    Cash Out Refi 10 $900,000 $90,000 $1,663 8.80%
    Home Improvement 1 $35,000 $35,000 $0 8.50%
    Other 1 $35,000 $35,000 $1,750 8.50%

    For 2023, First State Bank Of The South's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 30 $5,020,000 $167,333 $2,166 8.45%
    5 Year 22 $2,070,000 $94,091 $955 8.78%

    For 2023, First State Bank Of The South's most frequently cited loan duration was Other, with 30 originations. The 2nd most popular length was 5 Year, with 22 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 18 $1,070,000 $59,444
    $1k-2k 12 $1,760,000 $146,667
    $2k-3k 2 $530,000 $265,000
    $4k-5k 1 $725,000 $725,000
    $5k+ 1 $905,000 $905,000

    First State Bank Of The South's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 18 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 45 $5,875,000 $130,556
    7-8% 6 $870,000 $145,000
    6-7% 1 $345,000 $345,000

    During 2023, First State Bank Of The South's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 45 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 31 $1,315,000 $42,419 $1,330 8.75%
    $100k-200k 10 $1,470,000 $147,000 $2,324 8.55%
    $200k-400k 8 $2,260,000 $282,500 $2,281 8.16%
    $600k-1MM 2 $1,630,000 $815,000 $7,024 8.38%
    $400k-600k 1 $415,000 $415,000 $3,420 7.99%

    2023 saw First State Bank Of The South place emphasis on $100,000 or less loans with 31 originations, totaling $1,315,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 10 $360,000 $36,000 $1,264 8.55%
    $100k-150k 8 $1,250,000 $156,250 $2,474 8.53%
    $50k-75k 8 $240,000 $30,000 $1,235 9.06%
    $75k-100k 8 $1,050,000 $131,250 $1,958 8.56%
    $150k-250k 4 $1,350,000 $337,500 $2,776 7.94%
    $250k+ 2 $920,000 $460,000 $8,630 8.50%

    First State Bank Of The South lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 10 $820,000 $82,000 $1,342 8.37%
    <20% 9 $455,000 $50,556 $1,402 8.97%
    >60% 3 $1,605,000 $535,000 $4,873 8.16%
    50-60% 3 $1,315,000 $438,333 $3,610 8.33%
    30-36% 2 $170,000 $85,000 $1,267 8.63%
    38% 2 $90,000 $45,000 $1,940 8.50%
    42% 1 $295,000 $295,000 $1,786 8.50%
    48% 1 $65,000 $65,000 $1,618 8.50%
    36% 1 $75,000 $75,000 $1,793 8.50%
    43% 1 $15,000 $15,000 $715 9.99%
    40% 1 $85,000 $85,000 $2,576 7.75%

    First State Bank Of The South lent most frequently to those with DTI ratios of 20-30%, with 10 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 39 $5,315,000 $136,282 $1,986 8.55%
    Not applicable 11 $1,705,000 $155,000 $0 8.61%
    Black 2 $70,000 $35,000 $1,422 9.25%

    Approval Rates

    Total approvals of all applications
    100.00%

    First State Bank Of The South has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 52 $7,090,000 $136,346

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    52 $7,090,000 $136,346

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $810,000 $67,500 $1,345 8.64%
    40-60% 14 $2,130,000 $152,143 $2,484 8.41%
    60-80% 17 $2,215,000 $130,294 $1,992 8.66%
    80-100% 9 $1,935,000 $215,000 $2,190 8.66%