PlainLender

Independent Bank

Memphis, TN

Independent Bank processed 221 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 153 loans with a 11.8% denial rate. Home Purchase was the primary loan purpose. Based in Memphis, TN. The approval rate of 69.2% reflects originated loans as a share of all applications.

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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Independent Bank's 69.2% origination rate tells you how often an application turned into funded money; the 11.8% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Insufficient cash, which together explain the majority of rejections. Most activity concentrated in Conventional loans (169 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.

221
Applications
153
Originated
11.8%
Denial Rate
$317,036
Avg Loan Amount
Avg Interest Rate: 6.873% Avg Applicant Income: $38,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 169 120 17 $336,953
FHA 37 24 7 $250,405
VA 14 8 2 $265,000
USDA 1 1 0 $145,000

Top loan types - Independent Bank

Top loan types - Independent Bank Horizontal bar chart of the top 4 items by value (applications). Top loan types - Independent Bank Top 4 1. Conventional 169 2. FHA 37 3. VA 14 4. USDA 1 Top 5 loan types by application volume at Independent Bank (HMDA 2024). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Independent Bank (LEI: 549300RBN5KM5RUFOE42) · 2024 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
9
Credit history
8
Insufficient cash
7
Collateral
6
Other
4
Unverifiable information
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 183 135 $282,705
Refinancing 24 15 $639,583
Cash-out Refinancing 12 2 $220,000
Home Improvement 2 1 $170,000

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 116 67.2% 11.2%
Black or African American 67 65.7% 16.4%
Asian * 7 57.1% 14.3%
Joint * 3 66.7% 0.0%
2 or more minority races * 1 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

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 185 66.5% 13.5%
Hispanic or Latino * 5 60.0% 0.0%
Joint * 2 50.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Nearby Lenders in TN

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

21st Mortgage

KNOXVILLE, TN

173,573 apps 30,274 originated 44.1% denied

Vanderbilt Mortgage and Finance, INC

MARYVILLE, TN

124,520 apps 20,306 originated 42.7% denied

FIRSTBANK

LEXINGTON, TN

21,086 apps 6,413 originated 43.2% denied

First Community Mortgage

MURFREESBORO, TN

13,521 apps 10,523 originated 6.2% denied

First Horizon Bank

MEMPHIS, TN

13,326 apps 7,808 originated 21.7% denied
Compare Independent Bank vs 21st Mortgage →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Independent Bank process?
Independent Bank processed 221 mortgage applications in the 2024 HMDA reporting year. Of these, 153 were originated (approved and funded), 30 were withdrawn by the applicant, and 26 were denied.
What is Independent Bank's mortgage approval rate?
Independent Bank has an approval (origination) rate of 69.2%, meaning 69.2% of all applications resulted in a funded mortgage. The denial rate is 11.8%.
What is the average loan amount at Independent Bank?
The average mortgage loan amount at Independent Bank is $317,036. The average interest rate is 6.873%. The average applicant income is $38,000.
What are the most common reasons for mortgage denial at Independent Bank?
The most common reasons for mortgage denial at Independent Bank are: Debt-to-income ratio, Credit history, Insufficient cash. In total, 26 applications were denied out of 221 total applications.
What types of mortgage loans does Independent Bank offer?
Independent Bank processes Conventional, FHA, VA, USDA loans. The most common type is Conventional with 169 applications and an average loan amount of $336,953.
What loan purposes does Independent Bank serve?
Independent Bank serves the following loan purposes: Home Purchase (183 applications), Refinancing (24 applications), Cash-out Refinancing (12 applications), Home Improvement (2 applications). Home Purchase is the most common purpose.
Where is Independent Bank located?
Independent Bank is headquartered in Memphis, TN. The lender is identified by LEI 549300RBN5KM5RUFOE42 in HMDA data.
How does Independent Bank compare in lending across racial demographics?
Independent Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 67.2% and denial rate of 11.2%; Black or African American applicants have an approval rate of 65.7% and denial rate of 16.4%; Asian applicants have an approval rate of 57.1% and denial rate of 14.3%. 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.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.