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, 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 by origination volume include: Minneapolis, Sioux Falls, Hutchinson, Mitchell, and Aberdeen among others. We have data for 59 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 a below 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.53% | 12/23/24 |
| 30 Year Conventional Refi | 6.43% | 12/23/24 |
| 30 Year Cash-out Refi | 6.60% | 12/23/24 |
| 30 Year FHA Purchase | 6.97% | 12/23/24 |
| 30 Year FHA Refi | 6.27% | 12/23/24 |
| 30 Year VA Purchase | 6.04% | 12/23/24 |
| 30 Year USDA Purchase | 6.78% | 12/23/24 |
| 15 Year Conventional Purchase | 5.81% | 12/23/24 |
| 15 Year Conventional Refi | 6.00% | 12/23/24 |
| 15 Year Cash-out Refi | 6.00% | 12/23/24 |
| 15 Year USDA Purchase | 5.68% | 12/23/24 |
| 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
1,655Origination Dollar Volume (All Markets)
$351,245,000Awards
CORTRUST MORTGAGE - 2021
CORTRUST MORTGAGE is a 2021 , due to their low .
For 2021, 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 |
|---|---|---|---|---|---|
| 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% |
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Product Mix
For 2021, Cortrust Mortgage's most frequently originated type of loan was Conventional, with 1,566 originations. Their 2nd most popular type was VA, with 32 originations.
Loan Reason
For 2021, Cortrust Mortgage's most frequently cited loan purpose was Refi, with 627 originations. The 2nd most popular reason was Cash Out Refi, with 534 originations.
Loan Duration/Length
For 2021, Cortrust Mortgage's most frequently cited loan duration was 30 Year, with 984 originations. The 2nd most popular length was 15 Year, with 462 originations.
Origination Fees/Closing Costs
Cortrust Mortgage's average total fees were $5,001, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.81%, while their most frequently originated rate bucket for loans was <2.5%, with 763 originations.
Loan Sizing
2021 saw Cortrust Mortgage place emphasis on $100k-200k loans with 701 originations, totaling $106,485,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications95.78%
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 origination76.80%
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 |