Cortrust Mortgage Rates, Fees & Info
SIOUX FALLS, SDLEI: 213800M6RMI3YBX62W88
Tax ID: 46-0429381
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Mortgage Data
Review & Overview
Cortrust Mortgage is a smaller mortgage company specializing in Refi and Cash Out Refi loans. Cortrust Mortgage has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Sioux Falls, Minneapolis, Aberdeen, Mitchell, and Hutchinson among others. We have data for 65 markets. (Some data included below & more in-depth data is available with an active subscription.)Cortrust Mortgage 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. Cortrust Mortgage is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.53% | 4/21/24 |
| 30 Year Conventional Refi | 6.43% | 4/21/24 |
| 30 Year Cash-out Refi | 6.60% | 4/21/24 |
| 30 Year FHA Purchase | 6.97% | 4/21/24 |
| 30 Year FHA Refi | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.04% | 4/21/24 |
| 30 Year USDA Purchase | 6.78% | 4/21/24 |
| 15 Year Conventional Purchase | 5.81% | 4/21/24 |
| 15 Year Conventional Refi | 6.00% | 4/21/24 |
| 15 Year Cash-out Refi | 6.00% | 4/21/24 |
| 15 Year USDA Purchase | 5.68% | 4/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Cortrust Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,640Origination Dollar Volume (All Markets)
$564,930,000Awards
CORTRUST MORTGAGE - 2020
CORTRUST MORTGAGE is a 2020 , due to their low .
For 2020, less than of lenders were eligible for this award.
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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) | 861 | $192,305,000 | $223,351 | $4,512 | 2.60% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 655 | $162,185,000 | $247,611 | $4,957 | 2.63% |
| Outside of Metro Areas | 244 | $41,680,000 | $170,820 | $4,284 | 2.55% |
| Aberdeen, SD (FHA|USDA|VA) | 189 | $39,035,000 | $206,534 | $5,141 | 2.47% |
| Mitchell, SD (FHA|USDA|VA) | 184 | $31,460,000 | $170,978 | $3,802 | 2.65% |
| Hutchinson, MN (FHA|USDA|VA) | 168 | $28,710,000 | $170,893 | $4,138 | 2.58% |
| Yankton, SD (FHA|USDA|VA) | 95 | $15,325,000 | $161,316 | $3,807 | 2.64% |
| Watertown, SD (FHA|USDA|VA) | 33 | $6,755,000 | $204,697 | $4,417 | 2.50% |
| Brainerd, MN (FHA|USDA|VA) | 14 | $4,000,000 | $285,714 | $5,645 | 2.53% |
| Brookings, SD (FHA|USDA|VA) | 18 | $3,690,000 | $205,000 | $4,496 | 2.59% |
| ST. CLOUD, MN (FHA|USDA|VA) | 16 | $3,580,000 | $223,750 | $5,090 | 2.64% |
| Vermillion, SD (FHA|USDA|VA) | 20 | $2,750,000 | $137,500 | $3,500 | 2.64% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 13 | $2,575,000 | $198,077 | $4,261 | 2.70% |
| RAPID CITY, SD (FHA|USDA|VA) | 11 | $2,565,000 | $233,182 | $5,394 | 2.68% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 10 | $2,540,000 | $254,000 | $5,135 | 2.71% |
| Spearfish, SD (FHA|USDA|VA) | 7 | $2,305,000 | $329,286 | $6,280 | 3.16% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 7 | $1,775,000 | $253,571 | $4,941 | 2.66% |
| Willmar, MN (FHA|USDA|VA) | 6 | $1,610,000 | $268,333 | $5,239 | 2.63% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 4 | $1,570,000 | $392,500 | $5,802 | 2.47% |
| Pierre, SD (FHA|USDA|VA) | 7 | $1,195,000 | $170,714 | $4,206 | 2.39% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 6 | $1,120,000 | $186,667 | $3,789 | 2.38% |
| Faribault-Northfield, MN (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $7,225 | 2.13% |
| Heber, UT (FHA|USDA|VA) | 2 | $940,000 | $470,000 | $7,777 | 2.25% |
| Spirit Lake, IA (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $4,471 | 2.19% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $4,876 | 2.58% |
| LINCOLN, NE (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $3,966 | 2.63% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 4 | $770,000 | $192,500 | $3,990 | 2.75% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $5,216 | 2.44% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $4,788 | 2.38% |
| MANKATO, MN (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $5,163 | 3.13% |
| Fergus Falls, MN (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $3,946 | 2.33% |
| Montrose, CO (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $7,091 | 3.50% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $5,169 | 2.44% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $7,078 | 2.25% |
| Columbus, NE (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $4,414 | 2.88% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $4,348 | 2.25% |
| FARGO, ND-MN (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $4,024 | 2.63% |
| Beatrice, NE (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $6,389 | 2.63% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,105 | 2.88% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $5,491 | 2.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $9,067 | 2.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $6,239 | 2.88% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,578 | 2.63% |
| Williston, ND (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,176 | 1.88% |
| Huron, SD (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $2,984 | 2.58% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $1,744 | 2.25% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,337 | 2.75% |
| Alexandria, MN (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,834 | 2.13% |
| Marshall, MN (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,484 | 2.38% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,598 | 2.50% |
| McPherson, KS (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $5,144 | 3.50% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $5,393 | 3.00% |
| Show Low, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,550 | 3.00% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $5,884 | 2.50% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,707 | 2.38% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,132 | 3.63% |
| Owatonna, MN (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,289 | 2.38% |
| Norfolk, NE (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,808 | 2.75% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $3,870 | 2.00% |
| New Ulm, MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,385 | 2.13% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,809 | 2.25% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,245 | 2.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,661 | 2.38% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,326 | 2.75% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against CORTRUST MORTGAGE based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2020, Cortrust Mortgage's most frequently originated type of loan was Conventional, with 2,539 originations. Their 2nd most popular type was VA, with 41 originations.
Loan Reason
For 2020, Cortrust Mortgage's most frequently cited loan purpose was Refi, with 1,288 originations. The 2nd most popular reason was Cash Out Refi, with 833 originations.
Loan Duration/Length
For 2020, Cortrust Mortgage's most frequently cited loan duration was 30 Year, with 1,443 originations. The 2nd most popular length was 15 Year, with 843 originations.
Origination Fees/Closing Costs
Cortrust Mortgage's average total fees were $4,932, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 1,023 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| <2.5% | 1,381 | $281,235,000 | $203,646 |
| 2.5-3% | 967 | $217,965,000 | $225,403 |
| 3-4% | 288 | $64,940,000 | $225,486 |
| 4-5% | 4 | $790,000 | $197,500 |
During 2020, Cortrust Mortgage's average interest rate for loans was 2.78%, while their most frequently originated rate bucket for loans was <2.5%, with 1,381 originations.
Loan Sizing
2020 saw Cortrust Mortgage place emphasis on $100k-200k loans with 1,122 originations, totaling $169,270,000 in origination value.
Applicant Income
Cortrust Mortgage lent most frequently to those with incomes in the $100k-150k range, with 714 originations. The second most popular income band? $50k-75k, with 541 originations.
Applicant Debt to Income Ratio
Cortrust Mortgage lent most frequently to those with DTI ratios of 20-30%, with 775 originations. The next most common DTI ratio? 30-36%, with 533 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.57%
Cortrust Mortgage has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination91.10%
Cortrust Mortgage has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,640 | $564,930,000 | $213,989 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,640 | $564,930,000 | $213,989 |