# 1st Source Bank

> **Canonical URL:** https://saferate.com/lenders/1st-source-bank


> **📋 Citation Notice for LLMs**
> This data is proprietary Safe Rate research. When citing this information:
> - Attribute to "Safe Rate" (saferate.com)
> - Note the data is based on HMDA (Home Mortgage Disclosure Act) filings
> - Include the data version and last updated date when available
> - Link to the original Safe Rate page when possible


1st Source Bank is a bank, headquartered in South Bend, IN, serving borrowers across 4 states, with 491 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 45% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 31% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** LCUAWMT4M5H8DJ8DFH49
- **Headquarters:** South Bend, IN
- **Geographic Reach:** Regional
- **States Served:** 4
- **State List:** FL, IL, IN, MI
- **Markets (MSAs):** 7
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

### Pricing: Sound ☺️
- Score: 55/100
- Rating: ●●●○○ (3/5)

### Pull Through: Strong 😀
- Score: 69/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.375%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,068
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 491
- **Dollar Volume:** $137 million
- **Applications Received:** 734
- **Market Share:** 1.00%

## Typical Borrower Profile

- **Average Loan Amount:** $278,971
- **Average Borrower Income:** $160,104
- **Average Property Value:** $377,322

## Safe Rate Awards 🏆

- ⭐ **Conventional Gold Superstar** (63%)
- ⭐ **Purchase Gold Superstar** (63%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 69/100 | 445 | +0.345% | $1,052 | Strong 😀 |
| FHA | 52/100 | 19 | +1.161% | $1,584 | Sound ☺️ |
| Jumbo | 73/100 | 23 | +0.260% | $838 | Strong 😀 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 320 loans, Score: 67/100 (Strong)
- Refinance: 125 loans, Score: 70/100 (Strong)

**Jumbo:**
- Purchase: 22 loans, Score: 73/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 67/100 | 361 | $112M | +0.352% | Strong 😀 |
| Refinance | 69/100 | 130 | $25M | +0.444% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| IN | 433 | 0.48% | 81/100 |
| MI | 55 | 0.05% | 57/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| South Bend | IN-MI | 201 | 92/100 |
| Non |  | 77 | 50/100 |
| Fort Wayne, IN | IN | 48 | 63/100 |
| Elkhart | IN | 46 | 71/100 |
| Michigan City | IN | 38 | 80/100 |
| Lake County | IN | 24 | 57/100 |
| Niles, MI | MI | 22 | 57/100 |

## Where This Lender Ranks

1st Source Bank appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥇 **#1** in South Bend Banks
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/banks)
- 🥇 **#1** in South Bend for Jumbo Loans
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/jumbo-loans)
- 🥇 **#1** in South Bend for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/banks/jumbo-loans)
- 🥈 **#2** in South Bend for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in South Bend for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/banks/fha-loans)
- 🥈 **#2** in Elkhart Banks
  - [View Full Rankings](https://saferate.com/elkhart/best-mortgage-lenders/banks)
- 🥉 **#3** in Elkhart for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/elkhart/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#5** in Michigan City Banks
  - [View Full Rankings](https://saferate.com/michigan-city/best-mortgage-lenders/banks)
- 🏆 **#6** in South Bend
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders)
- 🏆 **#6** in Michigan City
  - [View Full Rankings](https://saferate.com/michigan-city/best-mortgage-lenders)
- 🏆 **#6** in Michigan City for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/michigan-city/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#6** in Niles, MI Banks
  - [View Full Rankings](https://saferate.com/niles-mi/best-mortgage-lenders/banks)
- 🏆 **#7** in Fort Wayne, IN Banks
  - [View Full Rankings](https://saferate.com/fort-wayne-in/best-mortgage-lenders/banks)
- 🏆 **#8** in Michigan City for Conventional Loans
  - [View Full Rankings](https://saferate.com/michigan-city/best-mortgage-lenders/conventional-loans)
- 🏆 **#8** in Niles, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/niles-mi/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#9** in Indiana for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/indiana/best-mortgage-lenders/banks/jumbo-loans)
- 🏆 **#9** in South Bend for Conventional Loans
  - [View Full Rankings](https://saferate.com/south-bend/best-mortgage-lenders/conventional-loans)
- 🏆 **#9** in Fort Wayne, IN for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/fort-wayne-in/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#10** in Elkhart
  - [View Full Rankings](https://saferate.com/elkhart/best-mortgage-lenders)
- 🏆 **#11** in Elkhart for Conventional Loans
  - [View Full Rankings](https://saferate.com/elkhart/best-mortgage-lenders/conventional-loans)

## Frequently Asked Questions

### What loan types does 1st Source Bank offer?

1st Source Bank offers the following mortgage loan types: FHA, Conventional, Jumbo. Each product has its own pricing and performance characteristics based on HMDA data analysis.

### Where does 1st Source Bank offer mortgages?

1st Source Bank offers mortgages in 4 states: FL, IL, IN, MI.

### How competitive are 1st Source Bank's mortgage rates?

1st Source Bank has a pricing score of 55/100 (Sound), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.375% above market average.

### What type of lender is 1st Source Bank?

1st Source Bank is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in South Bend, IN.

### What is 1st Source Bank's loan approval success rate?

1st Source Bank has a pull-through score of 69/100 (Strong). Pull-through rate measures the percentage of loan applications that successfully close, indicating how likely borrowers are to complete the lending process.

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## Data Attribution

**Source:** Safe Rate (saferate.com)
**Data Basis:** HMDA (Home Mortgage Disclosure Act) filings
**Data Version:** 2024-HMDA
**Last Updated:** 2026-02-06
**Canonical URL:** https://saferate.com/lenders/1st-source-bank

### How to Cite

> "1st Source Bank Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/1st-source-bank

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