Compass Bank

BIRMINGHAM, AL 35233

LEI: C90VT034M03BN29IRA40

Tax ID: 63-0476286

2019 Data | 2018 Data


Overview

Compass Bank is a small mortgage company specializing in Home Purchase loans. Compass Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Houston, Phoenix, Los Angeles, Austin, and Dallas among others. They have a below average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Compass Bank is typically a medium-low fee lendor.


Originations

13,621

Origination Dollar Volume (All Markets)

$4,498,365,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 13,078 $4,403,010,000 $336,673
FHA 435 $72,835,000 $167,437
VA 91 $19,295,000 $212,033
USDA 17 $3,225,000 $189,706

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 5,495 $2,363,985,000 $430,207
Home Improvement 1,826 $205,420,000 $112,497
Other 1,955 $236,225,000 $120,831
Refi 1,511 $870,205,000 $575,913
Cash Out Refi 2,834 $822,530,000 $290,236

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 1,399 $540,065,000 $386,036
PHOENIX-MESA-CHANDLER, AZ 1,286 $485,650,000 $377,644
LOS ANGELES-LONG BEACH-GLENDALE, CA 314 $283,980,000 $904,395
AUSTIN-ROUND ROCK-GEORGETOWN, TX 616 $249,670,000 $405,308
DALLAS-PLANO-IRVING, TX 1,005 $234,515,000 $233,348
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 294 $193,760,000 $659,048
DENVER-AURORA-LAKEWOOD, CO 537 $183,885,000 $342,430
BIRMINGHAM-HOOVER, AL 725 $149,295,000 $205,924
OAKLAND-BERKELEY-LIVERMORE, CA 204 $148,190,000 $726,422
Outside of Metro Areas 724 $140,810,000 $194,489
SAN ANTONIO-NEW BRAUNFELS, TX 422 $115,230,000 $273,057
SACRAMENTO-ROSEVILLE-FOLSOM, CA 182 $112,580,000 $618,571
FORT WORTH-ARLINGTON-GRAPEVINE, TX 557 $104,455,000 $187,531
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 329 $99,895,000 $303,632
ANAHEIM-SANTA ANA-IRVINE, CA 120 $92,260,000 $768,833
JACKSONVILLE, FL 382 $81,250,000 $212,696
PENSACOLA-FERRY PASS-BRENT, FL 109 $68,845,000 $631,606
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 72 $67,290,000 $934,583
COLORADO SPRINGS, CO 113 $67,155,000 $594,292
MIAMI-MIAMI BEACH-KENDALL, FL 102 $57,050,000 $559,314
HUNTSVILLE, AL 268 $54,790,000 $204,440
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 58 $51,420,000 $886,552
ORLANDO-KISSIMMEE-SANFORD, FL 165 $50,085,000 $303,545
TUCSON, AZ 208 $45,190,000 $217,260
ALBUQUERQUE, NM 158 $36,790,000 $232,848
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 98 $34,810,000 $355,204
STOCKTON, CA 143 $28,355,000 $198,287
MCALLEN-EDINBURG-MISSION, TX 204 $28,050,000 $137,500
MONTGOMERY, AL 184 $26,560,000 $144,348
MODESTO, CA 122 $26,220,000 $214,918
DAPHNE-FAIRHOPE-FOLEY, AL 147 $25,405,000 $172,823
FORT COLLINS, CO 72 $23,470,000 $325,972
FRESNO, CA 64 $23,140,000 $361,563
GREELEY, CO 68 $23,110,000 $339,853
LAKE HAVASU CITY-KINGMAN, AZ 106 $22,950,000 $216,509
PRESCOTT VALLEY-PRESCOTT, AZ 44 $22,030,000 $500,682
MERCED, CA 82 $19,630,000 $239,390
MOBILE, AL 142 $19,250,000 $135,563
LAREDO, TX 116 $18,880,000 $162,759
BROWNSVILLE-HARLINGEN, TX 124 $17,090,000 $137,823
BEAUMONT-PORT ARTHUR, TX 127 $16,575,000 $130,512
GAINESVILLE, FL 58 $16,140,000 $278,276
TAMPA-ST. PETERSBURG-CLEARWATER, FL 66 $15,600,000 $236,364
LAKE COUNTY-KENOSHA COUNTY, IL-WI 1 $15,425,000 $15,425,000
EL PASO, TX 80 $14,500,000 $181,250
LAS VEGAS-HENDERSON-PARADISE, NV 22 $13,800,000 $627,273
AUBURN-OPELIKA, AL 78 $13,490,000 $172,949
BOULDER, CO 46 $13,400,000 $291,304
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 19 $13,215,000 $695,526
SAN RAFAEL, CA 12 $11,820,000 $985,000
OXNARD-THOUSAND OAKS-VENTURA, CA 19 $11,615,000 $611,316
KILLEEN-TEMPLE, TX 70 $11,410,000 $163,000
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 21 $10,615,000 $505,476
LAS CRUCES, NM 45 $9,685,000 $215,222
WACO, TX 57 $9,055,000 $158,860
SANTA MARIA-SANTA BARBARA, CA 11 $9,035,000 $821,364
OCALA, FL 43 $7,905,000 $183,837
FLORENCE-MUSCLE SHOALS, AL 53 $7,895,000 $148,962
COLLEGE STATION-BRYAN, TX 40 $7,810,000 $195,250
SANTA ROSA-PETALUMA, CA 11 $7,785,000 $707,727
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 17 $7,745,000 $455,588
TUSCALOOSA, AL 32 $7,450,000 $232,813
FLAGSTAFF, AZ 24 $6,760,000 $281,667
DECATUR, AL 57 $6,725,000 $117,982
SAN LUIS OBISPO-PASO ROBLES, CA 8 $6,650,000 $831,250
ANNISTON-OXFORD, AL 62 $6,140,000 $99,032
GADSDEN, AL 47 $5,825,000 $123,936
BAKERSFIELD, CA 13 $5,765,000 $443,462
CORPUS CHRISTI, TX 28 $5,750,000 $205,357
SALINAS, CA 8 $5,310,000 $663,750
DOTHAN, AL 41 $5,075,000 $123,780
CHICO, CA 8 $5,030,000 $628,750
SANTA FE, NM 13 $4,865,000 $374,231
NORTH PORT-SARASOTA-BRADENTON, FL 10 $4,440,000 $444,000
SEATTLE-BELLEVUE-KENT, WA 5 $4,365,000 $873,000
TYLER, TX 21 $4,065,000 $193,571
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 6 $4,050,000 $675,000
SANTA CRUZ-WATSONVILLE, CA 5 $3,685,000 $737,000
PANAMA CITY, FL 8 $3,550,000 $443,750
LUBBOCK, TX 19 $3,525,000 $185,526
LAKELAND-WINTER HAVEN, FL 11 $3,395,000 $308,636
LONGVIEW, TX 23 $3,065,000 $133,261
PALM BAY-MELBOURNE-TITUSVILLE, FL 5 $3,025,000 $605,000
VALLEJO, CA 5 $2,865,000 $573,000
GRAND JUNCTION, CO 5 $2,795,000 $559,000
REDDING, CA 4 $2,770,000 $692,500
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 5 $2,625,000 $525,000
SIERRA VISTA-DOUGLAS, AZ 20 $2,470,000 $123,500
COEUR D'ALENE, ID 2 $2,440,000 $1,220,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 4 $2,400,000 $600,000
OKLAHOMA CITY, OK 4 $2,160,000 $540,000
TACOMA-LAKEWOOD, WA 4 $2,090,000 $522,500
PORT ST. LUCIE, FL 4 $2,070,000 $517,500
BOSTON, MA 3 $1,855,000 $618,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 6 $1,850,000 $308,333
HOMOSASSA SPRINGS, FL 15 $1,805,000 $120,333
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 7 $1,755,000 $250,714
OLYMPIA-LACEY-TUMWATER, WA 2 $1,680,000 $840,000
BOISE CITY, ID 2 $1,630,000 $815,000
ODESSA, TX 9 $1,595,000 $177,222
NEW ORLEANS-METAIRIE, LA 2 $1,550,000 $775,000
SHERMAN-DENISON, TX 8 $1,490,000 $186,250
RENO, NV 3 $1,485,000 $495,000
SAVANNAH, GA 1 $1,485,000 $1,485,000
SAN ANGELO, TX 4 $1,410,000 $352,500
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $1,350,000 $675,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 2 $1,340,000 $670,000
ABILENE, TX 8 $1,320,000 $165,000
MADERA, CA 9 $1,315,000 $146,111
MIDLAND, TX 6 $1,280,000 $213,333
MOUNT VERNON-ANACORTES, WA 1 $1,235,000 $1,235,000
SALEM, OR 2 $1,090,000 $545,000
VISALIA, CA 3 $1,025,000 $341,667
CAPE CORAL-FORT MYERS, FL 5 $1,015,000 $203,000
PHILADELPHIA, PA 1 $1,005,000 $1,005,000
AMARILLO, TX 2 $870,000 $435,000
BELLINGHAM, WA 1 $775,000 $775,000
LAFAYETTE, LA 1 $765,000 $765,000
NAPA, CA 2 $740,000 $370,000
KNOXVILLE, TN 1 $685,000 $685,000
CORVALLIS, OR 1 $675,000 $675,000
BEND, OR 1 $655,000 $655,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $655,000 $655,000
WINCHESTER, VA-WV 1 $645,000 $645,000
WENATCHEE, WA 1 $645,000 $645,000
CHATTANOOGA, TN-GA 3 $635,000 $211,667
CLEVELAND-ELYRIA, OH 1 $595,000 $595,000
YUMA, AZ 1 $585,000 $585,000
TULSA, OK 1 $575,000 $575,000
HARRISONBURG, VA 1 $565,000 $565,000
MEDFORD, OR 1 $555,000 $555,000
TALLAHASSEE, FL 2 $480,000 $240,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $465,000 $465,000
PUEBLO, CO 3 $415,000 $138,333
CARSON CITY, NV 1 $385,000 $385,000
KANSAS CITY, MO-KS 1 $385,000 $385,000
EL CENTRO, CA 2 $350,000 $175,000
EUGENE-SPRINGFIELD, OR 1 $315,000 $315,000
YORK-HANOVER, PA 1 $305,000 $305,000
YUBA CITY, CA 2 $280,000 $140,000
CINCINNATI, OH-KY-IN 1 $275,000 $275,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $275,000 $275,000
COLUMBUS, GA-AL 3 $245,000 $81,667
VICTORIA, TX 2 $230,000 $115,000
HOT SPRINGS, AR 1 $205,000 $205,000
SHREVEPORT-BOSSIER CITY, LA 1 $195,000 $195,000
RICHMOND, VA 1 $175,000 $175,000
GRANTS PASS, OR 1 $165,000 $165,000
LEWISTON, ID-WA 1 $125,000 $125,000
PITTSBURGH, PA 1 $115,000 $115,000
PUNTA GORDA, FL 1 $25,000 $25,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 1 $1,985,000 $1,985,000
2.5-3% 119 $120,775,000 $1,014,916
3-4% 3,294 $2,014,410,000 $611,539
4-5% 3,500 $1,313,940,000 $375,411
5-6% 3,350 $613,490,000 $183,131
6-7% 2,484 $358,630,000 $144,376
7-8% 630 $55,780,000 $88,540
Over 8% 243 $19,355,000 $79,650

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 3,513 $211,935,000 $60,329
$100k-200k 3,771 $543,055,000 $144,008
$200k-400k 2,974 $824,300,000 $277,169
$400k-600k 1,255 $622,485,000 $496,004
$600k-1000k 1,237 $951,835,000 $769,470
$Over $1MM 871 $1,344,755,000 $1,543,921

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 2,070 $329,380,000 $159,121
40-60% 1,565 $584,795,000 $373,671
60-80% 3,508 $1,637,770,000 $466,867
80-100% 4,551 $1,774,155,000 $389,838
Over 100% 21 $4,975,000 $236,905
Under 20% 1,904 $165,470,000 $86,907

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,005 $410,735,000 $204,855
$150k-250k 2,224 $798,110,000 $358,862
$50k-75k 2,206 $300,720,000 $136,319
$50k-or less 2,016 $215,450,000 $106,870
$75k-100k 1,577 $252,185,000 $159,914
$Over $250k 3,182 $2,323,040,000 $730,057

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 10,390 $3,081,230,000 $296,557
Not provided 1,291 $654,355,000 $506,859
Asian 765 $341,995,000 $447,052
Black 837 $188,525,000 $225,239
Not applicable 3 $103,855,000 $34,618,333
Asian Indian 71 $61,245,000 $862,606
American Indian 187 $31,795,000 $170,027
Other Asian 17 $13,405,000 $788,529
Filipino 15 $7,085,000 $472,333
Native Hawaiian 30 $6,560,000 $218,667
Korean 4 $3,620,000 $905,000
Chinese 5 $2,205,000 $441,000
Vietnamese 4 $1,720,000 $430,000
Other Pacific Islander 2 $770,000 $385,000

Approval Rates

Total approvals of all applications
63.86%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
75.22%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 13,621 $4,498,365,000 $330,252

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,352 $229,940,000 $170,074
$1k-2k 4,604 $2,159,390,000 $469,025
$2k-3k 831 $316,145,000 $380,439
$3k-4k 706 $301,520,000 $427,082
$5k+ 630 $607,140,000 $963,714

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 3 $103,855,000 $34,618,333
Single Family (1-4 Units):Site-Built 13,618 $4,394,510,000 $322,699