Cortrust Mortgage Rates, Fees & Info

SIOUX FALLS, SD

LEI: 213800M6RMI3YBX62W88

Tax ID: 46-0429381

5 stars - out of 5 stars, based on 41 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Cortrust Mortgage is a smaller mortgage company specializing in Refi, Cash Out Refi, and Home Purchase loans. Cortrust Mortgage has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Minneapolis, Sioux Falls, Hutchinson, Mitchell, and Aberdeen among others. Cortrust Mortgage has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Cortrust Mortgage is typically an average fee lendor.


Originations

1,655

Origination Dollar Volume (All Markets)

$351,245,000
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Relative Rate

Cortrust Mortgage 's average 30 year fixed rate mortgage of loans were 2.81%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.34%.

Relative Fees

Cortrust Mortgage 's average total fees for a 30 year fixed rate mortgage are $5,001.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 418 $104,880,000 $250,909 $5,117 2.60%
SIOUX FALLS, SD (FHA|USDA|VA) 436 $95,550,000 $219,151 $4,550 2.63%
Outside of Metro Areas 200 $34,580,000 $172,900 $4,425 2.54%
Hutchinson, MN (FHA|USDA|VA) 163 $30,625,000 $187,883 $4,390 2.50%
Mitchell, SD (FHA|USDA|VA) 128 $22,030,000 $172,109 $3,784 2.55%
Aberdeen, SD (FHA|USDA|VA) 98 $18,010,000 $183,776 $4,743 2.68%
Yankton, SD (FHA|USDA|VA) 51 $7,635,000 $149,706 $3,593 2.65%
ST. CLOUD, MN (FHA|USDA|VA) 17 $3,935,000 $231,471 $4,955 2.64%
Watertown, SD (FHA|USDA|VA) 16 $3,270,000 $204,375 $4,554 2.48%
Brainerd, MN (FHA|USDA|VA) 9 $2,905,000 $322,778 $6,238 2.42%
Vermillion, SD (FHA|USDA|VA) 17 $2,735,000 $160,882 $3,860 2.71%
RAPID CITY, SD (FHA|USDA|VA) 10 $1,780,000 $178,000 $4,243 2.40%
Spirit Lake, IA (FHA|USDA|VA) 5 $1,575,000 $315,000 $5,979 2.50%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 7 $1,495,000 $213,571 $4,578 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,290,000 $322,500 $5,334 2.34%
MANKATO, MN (FHA|USDA|VA) 4 $1,020,000 $255,000 $4,675 2.22%
Spearfish, SD (FHA|USDA|VA) 4 $1,010,000 $252,500 $5,292 2.59%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $870,000 $435,000 $6,954 2.81%
Williston, ND (FHA|USDA|VA) 2 $860,000 $430,000 $7,430 2.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 2 $860,000 $430,000 $9,279 2.88%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 2 $790,000 $395,000 $7,893 2.75%
Grand Rapids, MN (FHA|USDA|VA) 2 $680,000 $340,000 $5,840 2.63%
Bemidji, MN (FHA|USDA|VA) 2 $650,000 $325,000 $6,969 2.69%
Huron, SD (FHA|USDA|VA) 5 $635,000 $127,000 $3,749 2.43%
Pierre, SD (FHA|USDA|VA) 3 $615,000 $205,000 $4,098 2.46%
Fergus Falls, MN (FHA|USDA|VA) 3 $605,000 $201,667 $4,256 2.46%
LINCOLN, NE (FHA|USDA|VA) 5 $605,000 $121,000 $2,925 2.65%
Alexandria, MN (FHA|USDA|VA) 2 $570,000 $285,000 $5,832 2.81%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $570,000 $285,000 $7,348 2.75%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $545,000 $545,000 $10,074 2.50%
FARGO, ND-MN (FHA|USDA|VA) 1 $545,000 $545,000 $8,840 1.88%
Brookings, SD (FHA|USDA|VA) 4 $540,000 $135,000 $3,423 2.44%
SALT LAKE CITY, UT (FHA|USDA|VA) 1 $505,000 $505,000 $8,368 3.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $500,000 $250,000 $6,964 2.88%
BOISE CITY, ID (FHA|USDA|VA) 1 $455,000 $455,000 $8,753 2.88%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $445,000 $445,000 $6,842 2.13%
Willmar, MN (FHA|USDA|VA) 2 $400,000 $200,000 $4,286 2.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $335,000 $335,000 $6,931 3.38%
KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $325,000 $325,000 $5,796 3.00%
TUCSON, AZ (FHA|USDA|VA) 1 $325,000 $325,000 $5,898 3.00%
Wahpeton, ND-MN (FHA|USDA|VA) 1 $325,000 $325,000 $5,410 3.00%
Owatonna, MN (FHA|USDA|VA) 2 $320,000 $160,000 $4,046 2.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $5,938 2.50%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $285,000 $285,000 $6,383 2.88%
Fort Dodge, IA (FHA|USDA|VA) 1 $235,000 $235,000 $4,723 2.63%
Dickinson, ND (FHA|USDA|VA) 1 $225,000 $225,000 $4,413 2.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $195,000 $195,000 $3,721 2.50%
GREAT FALLS, MT (FHA|USDA|VA) 1 $195,000 $195,000 $4,238 2.25%
Faribault-Northfield, MN (FHA|USDA|VA) 1 $185,000 $185,000 $4,182 2.13%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $185,000 $185,000 $5,138 2.63%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $175,000 $175,000 $4,331 2.63%
MADISON, WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,692 3.00%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,199 3.00%
AMES, IA (FHA|USDA|VA) 1 $145,000 $145,000 $3,618 2.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $125,000 $125,000 $3,963 2.75%
ROCHESTER, MN (FHA|USDA|VA) 1 $125,000 $125,000 $3,606 2.88%
DULUTH, MN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $3,712 4.00%
Worthington, MN (FHA|USDA|VA) 1 $115,000 $115,000 $3,033 2.25%
Menomonie, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,937 2.25%

Cortrust Mortgage 's top markets include Minneapolis, Sioux Falls, Hutchinson, Mitchell, and Aberdeen among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,566 $333,830,000 $213,174 $4,557 2.59%
VA 32 $7,880,000 $246,250 $6,398 2.41%
USDA 30 $4,370,000 $145,667 $4,534 2.68%
FHA 27 $5,165,000 $191,296 $6,663 2.81%

For the 2021 period, Cortrust Mortgage 's most frequently originated loan type of loans were Conventional, with 1,566 originations. Their 2nd most popular type is VA, with 32 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 627 $120,495,000 $192,177 $4,147 2.43%
Cash Out Refi 534 $110,420,000 $206,779 $4,480 2.60%
Home Purchase 463 $112,845,000 $243,726 $5,416 2.79%
Other 22 $5,680,000 $258,182 $5,343 2.75%
Home Improvement 9 $1,805,000 $200,556 $4,351 2.49%

For the 2021, Cortrust Mortgage 's most frequently cited loan purpose of loans were Refi, with 627 originations. The 2nd most popular reason of loans were Cash Out Refi, with 534 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 984 $229,290,000 $233,018 $5,001 2.81%
15 Year 462 $82,760,000 $179,134 $4,048 2.15%
20 Year 179 $35,515,000 $198,408 $4,255 2.59%
10 Year 30 $3,680,000 $122,667 $3,453 2.13%

For the 2021, Cortrust Mortgage 's most frequently cited loan length of loans were 30 Year, with 984 originations. The 2nd most popular length of loans were 15 Year, with 462 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$2k-3k 627 $115,235,000 $183,788
$3k-4k 457 $140,765,000 $308,020
$1k-2k 431 $45,055,000 $104,536
$5k+ 89 $43,135,000 $484,663
$<1k 51 $7,055,000 $138,333

$5,001 of loans were Cortrust Mortgage 's average total fees, while their most frequently occuring range of origination fees were in the $2k-3k bucket, with 627 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 763 $146,565,000 $192,090
2.5-3% 722 $166,140,000 $230,111
3-4% 168 $38,270,000 $227,798
4-5% 2 $270,000 $135,000

During 2021, Cortrust Mortgage 's average interest rate of loans were 2.81%, while their most frequently originated rate bucket of loans were <2.5%, with 763 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 701 $106,485,000 $151,904 $3,824 2.57%
$200k-400k 629 $172,955,000 $274,968 $5,462 2.65%
$100,000 or less 207 $15,745,000 $76,063 $2,910 2.43%
$400k-600k 118 $56,060,000 $475,085 $7,950 2.68%

2021 saw Cortrust Mortgage place emphasis on $100k-200k loans with 701 originations, totaling $106,485,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 384 $64,360,000 $167,604 $4,178 2.59%
$100k-150k 362 $90,920,000 $251,160 $5,095 2.62%
$75k-100k 330 $67,140,000 $203,455 $4,489 2.56%
$50k or less 281 $35,515,000 $126,388 $3,615 2.63%
$150k-250k 179 $54,275,000 $303,212 $5,682 2.56%
$250k+ 79 $29,535,000 $373,861 $6,513 2.49%

Cortrust Mortgage lent most frequently to those with incomes in the $50k-75k range, with 384 originations. The second most popular income band? $100k-150k, with 362 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 467 $96,035,000 $205,642 $4,461 2.53%
30-36% 355 $75,425,000 $212,465 $4,586 2.61%
<20% 182 $36,390,000 $199,945 $4,316 2.43%
39% 67 $14,375,000 $214,552 $4,779 2.64%
44% 66 $15,140,000 $229,394 $5,166 2.70%
43% 62 $14,020,000 $226,129 $4,924 2.79%
38% 61 $14,465,000 $237,131 $5,028 2.74%
40% 60 $13,090,000 $218,167 $4,840 2.69%
42% 57 $13,325,000 $233,772 $5,182 2.64%
41% 56 $11,020,000 $196,786 $4,307 2.63%
37% 52 $9,860,000 $189,615 $4,415 2.60%
36% 51 $11,645,000 $228,333 $4,944 2.68%
47% 26 $5,810,000 $223,462 $4,835 2.75%
45% 24 $5,220,000 $217,500 $4,672 2.56%
49% 22 $5,770,000 $262,273 $5,978 2.68%
46% 19 $3,715,000 $195,526 $4,286 2.58%
48% 18 $3,700,000 $205,556 $5,006 2.76%
50-60% 4 $770,000 $192,500 $4,068 2.41%

Cortrust Mortgage lent most frequently to those with DTI ratios of 20-30%, with 467 originations. The next most common DTI ratio? 30-36%, with 355 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,569 $332,965,000 $212,215 $4,613 2.59%
Not provided 64 $13,470,000 $210,469 $4,911 2.68%
Asian 10 $2,510,000 $251,000 $4,839 2.49%
American Indian 7 $1,385,000 $197,857 $4,773 2.64%
Black 5 $915,000 $183,000 $4,519 3.00%

Approval Rates

Total approvals of all applications
94.84%

Cortrust Mortgage has an average approval rate.

Pick Rate

Approvals leading to origination
84.94%

Cortrust Mortgage has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,655 $351,245,000 $212,233

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,655 $351,245,000 $212,233

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 99 $12,905,000 $130,354 $3,498 2.29%
40-60% 349 $61,645,000 $176,633 $3,998 2.37%
60-80% 769 $173,585,000 $225,728 $4,707 2.63%
80-100% 428 $101,750,000 $237,734 $5,241 2.78%
Over 100% 4 $1,020,000 $255,000 $9,127 2.47%
Under 20% 6 $340,000 $56,667 $2,609 2.19%