PlainLender

Bank Independent

Sheffield, AL

Bank Independent processed 1,114 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 862 loans with a 9.2% denial rate. Home Purchase was the primary loan purpose. Based in Sheffield, AL. The approval rate of 77.4% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. Bank Independent processed 1,114 HMDA-reported mortgage applications in 2024, originating 862 loans and denying 102 for a denial rate of 9.2% (applicants themselves withdrew 118 files before a decision). The average loan amount was $179,910 at a 7.801% average note rate, and applicants self-reported an average income of $33,000. The lender reports under LEI 549300A7W1NQ3BYZCB68 from Sheffield, AL.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Bank Independent's 77.4% origination rate tells you how often an application turned into funded money; the 9.2% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Credit history, Debt-to-income ratio, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (1,047 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

1,114
Applications
862
Originated
9.2%
Denial Rate
$179,910
Avg Loan Amount
Avg Interest Rate: 7.801% Avg Applicant Income: $33,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 1,047 818 94 $177,130
FHA 44 24 8 $204,545
VA 16 14 0 $285,000
USDA 7 6 0 $200,714

Top loan types — Bank Independent

Top loan types — Bank Independent Horizontal bar chart of the top 4 items by value (applications). Top loan types — Bank Independent Top 4 1. Conventional 1,047 2. FHA 44 3. VA 16 4. USDA 7 Top 5 loan types by application volume at Bank Independent (HMDA 2023). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for Bank Independent (LEI: 549300A7W1NQ3BYZCB68) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Credit history
60
Debt-to-income ratio
42
Collateral
8
Other
6
Employment history
3

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 461 364 $276,518
Refinancing 373 322 $116,126
Other 161 96 $111,460
Home Improvement 90 61 $73,889
Cash-out Refinancing 29 19 $173,621

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 870 78.7% 9.0%
Black or African American 67 71.6% 14.9%
Joint 18 61.1% 16.7%
Asian 16 62.5% 18.8%
American Indian or Alaska Native 5 40.0% 40.0%
Native Hawaiian or Other Pacific Islander 2 50.0% 0.0%
2 or more minority races 1 0.0% 0.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 942 77.9% 9.4%
Hispanic or Latino 19 68.4% 21.1%
Joint 18 55.6% 22.2%

Nearby Lenders in AL

Other HMDA-reporting lenders in AL with similar activity. Compare any two side-by-side.

REGIONS BANK

BIRMINGHAM, AL

70,436 apps 29,337 originated 39.6% denied

CSL Financial LLC

Birmingham, AL

10,109 apps 1,011 originated 60.3% denied

REDSTONE FEDERAL CREDIT UNION

HUNTSVILLE, AL

5,601 apps 3,166 originated 21.9% denied

TJC MORTGAGE INC

BIRMINGHAM, AL

2,788 apps 1,704 originated 3.2% denied

ALL IN CREDIT UNION

DOTHAN, AL

2,355 apps 1,018 originated 32.0% denied
Compare Bank Independent vs REGIONS BANK →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did Bank Independent process?
Bank Independent processed 1,114 mortgage applications in the 2023 HMDA reporting year. Of these, 862 were originated (approved and funded), 118 were withdrawn by the applicant, and 102 were denied.
What is Bank Independent's mortgage approval rate?
Bank Independent has an approval (origination) rate of 77.4%, meaning 77.4% of all applications resulted in a funded mortgage. The denial rate is 9.2%.
What is the average loan amount at Bank Independent?
The average mortgage loan amount at Bank Independent is $179,910. The average interest rate is 7.801%. The average applicant income is $33,000.
What are the most common reasons for mortgage denial at Bank Independent?
The most common reasons for mortgage denial at Bank Independent are: Credit history, Debt-to-income ratio, Collateral. In total, 102 applications were denied out of 1,114 total applications.
What types of mortgage loans does Bank Independent offer?
Bank Independent processes Conventional, FHA, VA, USDA loans. The most common type is Conventional with 1,047 applications and an average loan amount of $177,130.
What loan purposes does Bank Independent serve?
Bank Independent serves the following loan purposes: Home Purchase (461 applications), Refinancing (373 applications), Other (161 applications), Home Improvement (90 applications), Cash-out Refinancing (29 applications). Home Purchase is the most common purpose.
Where is Bank Independent located?
Bank Independent is headquartered in Sheffield, AL. The lender is identified by LEI 549300A7W1NQ3BYZCB68 in HMDA data.
How does Bank Independent compare in lending across racial demographics?
Bank Independent reports demographic lending data under HMDA requirements. White applicants have an approval rate of 78.7% and denial rate of 9.0%; Black or African American applicants have an approval rate of 71.6% and denial rate of 14.9%; Joint applicants have an approval rate of 61.1% and denial rate of 16.7%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.