Cortrust Bank Mortgage Rates, Fees & Info

Mitchell, SD

LEI: 2138004QPZ7FMGPTU106

Tax ID: 46-0159100

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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, Mason City, Aberdeen, and Mitchell 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 an above average pick rate when compared to similar lenders.

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Originations

562

Origination Dollar Volume (All Markets)

$87,110,000

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) 148 $33,270,000 $224,797 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 147 $17,955,000 $122,143 $0 0.00%
Mason City, IA (FHA|USDA|VA) 1 $9,975,000 $9,975,000 $0 0.00%
Aberdeen, SD (FHA|USDA|VA) 53 $7,935,000 $149,717 $0 0.00%
Outside of Metro Areas 78 $7,350,000 $94,231 $0 0.00%
Mitchell, SD (FHA|USDA|VA) 36 $2,850,000 $79,167 $0 0.00%
Hutchinson, MN (FHA|USDA|VA) 51 $2,545,000 $49,902 $0 0.00%
Yankton, SD (FHA|USDA|VA) 23 $1,765,000 $76,739 $0 0.00%
Vermillion, SD (FHA|USDA|VA) 9 $1,255,000 $139,444 $0 0.00%
Hilo, HI (FHA|USDA|VA) 1 $1,005,000 $1,005,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 3 $225,000 $75,000 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
MANKATO, MN (FHA|USDA|VA) 1 $95,000 $95,000 $0 0.00%
TUCSON, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Brookings, SD (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
RAPID CITY, SD (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
North Platte, NE (FHA|USDA|VA) 1 $5,000 $5,000 $0 0.00%
Cortrust Bank's top markets include Sioux Falls, Minneapolis, Mason City, Aberdeen, and Mitchell among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 562 $87,110,000 $155,000 $0 0.00%

    For 2022, Cortrust Bank's most frequently originated type of loan was Conventional, with 562 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 199 $12,405,000 $62,337 $0 0.00%
    Refi 165 $26,775,000 $162,273 $0 0.00%
    Other 108 $8,280,000 $76,667 $0 0.00%
    Home Purchase 90 $39,650,000 $440,556 $0 0.00%

    For 2022, Cortrust Bank's most frequently cited loan purpose was Home Improvement, with 199 originations. The 2nd most popular reason was Refi, with 165 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 562 $87,110,000 $155,000 $0 0.00%

    For 2022, Cortrust Bank's most frequently cited loan duration was Other, with 562 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 385 $18,255,000 $47,416 $0 0.00%
    $100k-200k 108 $14,570,000 $134,907 $0 0.00%
    $200k-400k 44 $11,530,000 $262,045 $0 0.00%
    $1MM+ 12 $35,640,000 $2,970,000 $0 0.00%
    $400k-600k 10 $4,810,000 $481,000 $0 0.00%
    $600k-1MM 3 $2,305,000 $768,333 $0 0.00%

    2022 saw Cortrust Bank place emphasis on $100,000 or less loans with 385 originations, totaling $18,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 134 $9,900,000 $73,881 $0 0.00%
    $150k-250k 97 $10,995,000 $113,351 $0 0.00%
    $50k-75k 91 $5,425,000 $59,615 $0 0.00%
    $75k-100k 77 $5,455,000 $70,844 $0 0.00%
    $250k+ 43 $7,955,000 $185,000 $0 0.00%
    $50k or less 39 $1,785,000 $45,769 $0 0.00%

    Cortrust Bank lent most frequently to those with incomes in the $100k-150k range, with 134 originations. The second most popular income band? $150k-250k, with 97 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 562 $87,110,000 $155,000 $0 0.00%

    Cortrust Bank lent most frequently to those with DTI ratios of Exempt%, with 562 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 65 $44,235,000 $680,538 $0 0.00%
    White 468 $40,190,000 $85,876 $0 0.00%
    Not provided 18 $1,920,000 $106,667 $0 0.00%
    Asian 5 $375,000 $75,000 $0 0.00%
    Native Hawaiian or Islander 2 $140,000 $70,000 $0 0.00%
    American Indian 3 $135,000 $45,000 $0 0.00%
    Black 1 $115,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.73%

    Cortrust Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.95%

    Cortrust Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 562 $87,110,000 $155,000

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    562 $87,110,000 $155,000