Cortrust Bank Mortgage Rates, Fees & Info

Mitchell, SD

LEI: 2138004QPZ7FMGPTU106

Tax ID: 46-0159100

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

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Mortgage Data

Review & Overview

Cortrust Bank is a smaller bank specializing in Refi and Home Purchase loans. Cortrust Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Port St. Lucie, Hutchinson, and Aberdeen among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Cortrust Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

462

Origination Dollar Volume (All Markets)

$58,210,000

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
SIOUX FALLS, SD (FHA|USDA|VA) 123 $16,375,000 $133,130 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 98 $12,100,000 $123,469 $0 0.00%
PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $7,005,000 $7,005,000 $0 0.00%
Outside of Metro Areas 63 $5,685,000 $90,238 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 48 $3,390,000 $70,625 $0 0.00%
Aberdeen, SD (FHA|USDA|VA) 33 $3,345,000 $101,364 $0 0.00%
Yankton, SD (FHA|USDA|VA) 18 $2,810,000 $156,111 $0 0.00%
Mitchell, SD (FHA|USDA|VA) 47 $2,765,000 $58,830 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 2 $1,040,000 $520,000 $0 0.00%
Vermillion, SD (FHA|USDA|VA) 15 $1,015,000 $67,667 $0 0.00%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $715,000 $715,000 $0 0.00%
RAPID CITY, SD (FHA|USDA|VA) 1 $495,000 $495,000 $0 0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 3 $195,000 $65,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Huron, SD (FHA|USDA|VA) 2 $80,000 $40,000 $0 0.00%
Spearfish, SD (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
Brookings, SD (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Cortrust Bank's top markets include Sioux Falls, Minneapolis, Port St. Lucie, Hutchinson, and Aberdeen among others.

Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 462 $58,210,000 $125,996 $0 0.00%

    For 2023, Cortrust Bank's most frequently originated type of loan was Conventional, with 462 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 155 $8,755,000 $56,484 $0 0.00%
    Refi 144 $16,790,000 $116,597 $0 0.00%
    Other 83 $5,545,000 $66,807 $0 0.00%
    Home Purchase 80 $27,120,000 $339,000 $0 0.00%

    For 2023, Cortrust Bank's most frequently cited loan purpose was Home Improvement, with 155 originations. The 2nd most popular reason was Refi, with 144 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 462 $58,210,000 $125,996 $0 0.00%

    For 2023, Cortrust Bank's most frequently cited loan duration was Other, with 462 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 341 $16,735,000 $49,076 $0 0.00%
    $100k-200k 61 $8,465,000 $138,770 $0 0.00%
    $200k-400k 39 $10,825,000 $277,564 $0 0.00%
    $400k-600k 11 $5,305,000 $482,273 $0 0.00%
    $600k-1MM 6 $3,900,000 $650,000 $0 0.00%
    $1MM+ 4 $12,980,000 $3,245,000 $0 0.00%

    2023 saw Cortrust Bank place emphasis on $100,000 or less loans with 341 originations, totaling $16,735,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 99 $7,255,000 $73,283 $0 0.00%
    $150k-250k 78 $9,990,000 $128,077 $0 0.00%
    $50k-75k 70 $3,730,000 $53,286 $0 0.00%
    $75k-100k 62 $4,240,000 $68,387 $0 0.00%
    $50k or less 51 $1,925,000 $37,745 $0 0.00%
    $250k+ 39 $8,285,000 $212,436 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $100k-150k range, with 99 originations. The second most popular income band? $150k-250k, with 78 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 462 $58,210,000 $125,996 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 462 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 407 $35,505,000 $87,236 $0 0.00%
    Not applicable 47 $21,765,000 $463,085 $0 0.00%
    Asian 5 $835,000 $167,000 $0 0.00%
    Not provided 2 $80,000 $40,000 $0 0.00%
    Native Hawaiian or Islander 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.95%

    Cortrust Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.96%

    Cortrust Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 462 $58,210,000 $125,996

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    462 $58,210,000 $125,996