Bank Mortgage Rates, Fees & Info

Wapello, IA

LEI: 2549000C5KZ15Q2U9V68

Tax ID: 42-0335310

5 stars - Updated: 6/9/24 - out of 5 stars, based on 10 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bank is a smaller bank specializing in Home Purchase and Refi loans. Bank has a high proportion of conventional loans. Their top (well, only) market is Des Moines.

Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bank is typically a low 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 relatively high 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.37% 6/9/24
30 Year Conventional Refi 6.55% 6/9/24
30 Year Cash-out Refi 6.51% 6/9/24
15 Year Conventional Purchase 6.26% 6/9/24
15 Year Conventional Refi 6.75% 6/9/24
15 Year Cash-out Refi 6.75% 6/9/24
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.

Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

97

Origination Dollar Volume (All Markets)

$21,675,000
Show all (5) awards

Relative Rate

Bank's average 30 year fixed mortgage rate was 6.41%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.07%.

Relative Fees (Closing Costs)

Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,150.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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
Outside of Metro Areas 78 $14,720,000 $188,718 $1,921 6.56%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 19 $6,955,000 $366,053 $1,705 6.60%
Bank's top markets include and Des Moines among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Bank
    Similarity Rank: 26
    FINANCIAL PLUS Credit Union
    Similarity Rank: 60
    GREATER IOWA CREDIT UNION
    Similarity Rank: 168
    Raccoon Valley Bank
    Similarity Rank: 175
    COMMUNITY 1ST CREDIT UNION
    Similarity Rank: 272
    Collins Community Credit Union
    Similarity Rank: 300
    Premier Credit Union
    Similarity Rank: 427
    Luana Savings Bank
    Similarity Rank: 460
    Bankers Trust Company
    Similarity Rank: 486

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 97 $21,675,000 $223,454 $1,886 6.57%

    For 2023, Bank's most frequently originated type of loan was Conventional, with 97 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 58 $16,960,000 $292,414 $2,272 6.46%
    Refi 37 $4,535,000 $122,568 $1,350 6.75%
    Cash Out Refi 2 $180,000 $90,000 $2,063 6.38%

    For 2023, Bank's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Refi, with 37 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 69 $14,665,000 $212,536 $2,150 6.41%
    20 Year 11 $3,005,000 $273,182 $1,193 7.47%
    10 Year 9 $365,000 $40,556 $1,278 7.09%
    15 Year 6 $530,000 $88,333 $1,227 6.18%
    Other 2 $3,110,000 $1,555,000 $0 5.79%

    For 2023, Bank's most frequently cited loan duration was 30 Year, with 69 originations. The 2nd most popular length was 20 Year, with 11 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 70 $10,980,000 $156,857
    $1k-2k 10 $1,840,000 $184,000
    $2k-3k 2 $250,000 $125,000
    $5k+ 2 $530,000 $265,000
    $3k-4k 1 $155,000 $155,000
    $4k-5k 1 $345,000 $345,000

    Bank's average total fees were $2,150, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 70 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 47 $11,725,000 $249,468
    5-6% 25 $7,625,000 $305,000
    7-8% 21 $2,095,000 $99,762
    Over 8% 3 $115,000 $38,333
    4-5% 1 $115,000 $115,000

    During 2023, Bank's average interest rate for loans was 6.41%, while their most frequently originated rate bucket for loans was 6-7%, with 47 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 36 $2,030,000 $56,389 $1,480 6.88%
    $100k-200k 27 $4,075,000 $150,926 $1,863 6.38%
    $200k-400k 25 $6,685,000 $267,400 $2,516 6.44%
    $400k-600k 4 $1,960,000 $490,000 $2,354 6.41%
    $1MM+ 3 $5,655,000 $1,885,000 $0 6.18%
    $600k-1MM 2 $1,270,000 $635,000 $1,968 6.06%

    2023 saw Bank place emphasis on $100,000 or less loans with 36 originations, totaling $2,030,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 30 $5,230,000 $174,333 $1,866 6.64%
    $50k-75k 18 $1,490,000 $82,778 $1,582 6.48%
    $150k-250k 15 $4,025,000 $268,333 $1,779 6.69%
    $75k-100k 14 $2,480,000 $177,143 $2,652 6.44%
    $50k or less 11 $1,015,000 $92,273 $1,652 6.39%
    $250k+ 1 $155,000 $155,000 $1,142 6.75%

    Bank lent most frequently to those with incomes in the $100k-150k range, with 30 originations. The second most popular income band? $50k-75k, with 18 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 30 $4,150,000 $138,333 $1,869 6.46%
    30-36% 26 $4,330,000 $166,538 $1,825 6.67%
    <20% 11 $1,565,000 $142,273 $1,506 6.35%
    40% 4 $830,000 $207,500 $2,587 6.44%
    36% 3 $565,000 $188,333 $3,218 6.59%
    37% 3 $415,000 $138,333 $1,742 7.38%
    41% 2 $760,000 $380,000 $1,553 6.13%
    38% 1 $75,000 $75,000 $2,562 6.75%
    42% 1 $95,000 $95,000 $1,584 7.54%
    43% 1 $85,000 $85,000 $2,115 6.00%
    45% 1 $195,000 $195,000 $1,399 6.00%
    46% 1 $165,000 $165,000 $2,367 6.00%
    47% 1 $605,000 $605,000 $2,668 6.13%
    48% 1 $145,000 $145,000 $1,472 5.75%
    50-60% 1 $175,000 $175,000 $1,473 7.48%

    Bank lent most frequently to those with DTI ratios of 20-30%, with 30 originations. The next most common DTI ratio? 30-36%, with 26 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 85 $13,765,000 $161,941 $1,885 6.54%
    Not applicable 8 $7,280,000 $910,000 $0 6.69%
    Not provided 4 $630,000 $157,500 $1,908 7.01%

    Approval Rates

    Total approvals of all applications
    85.28%

    Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    62.89%

    Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 97 $21,675,000 $223,454

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    97 $21,675,000 $223,454

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $1,735,000 $91,316 $1,393 6.67%
    40-60% 13 $4,515,000 $347,308 $1,802 6.48%
    60-80% 23 $6,845,000 $297,609 $2,230 6.40%
    80-100% 32 $8,210,000 $256,563 $2,259 6.40%
    Under 20% 10 $370,000 $37,000 $1,172 7.44%