Lake City Federal Bank Mortgage Rates, Fees & Info
Lake City, MNLEI: 25490014H5TMIL4E7G03
Tax ID: 41-0362516
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Mortgage Data
Review & Overview
Lake City Federal Bank is a smaller bank specializing in Home Purchase loans. Lake City Federal Bank has a high proportion of conventional loans. Their top two markets are Rochester and Red Wing .Lake City Federal 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.
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Originations
15Origination Dollar Volume (All Markets)
$2,805,000Top 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 |
|---|---|---|---|---|---|
| ROCHESTER, MN (FHA|USDA|VA) | 10 | $1,510,000 | $151,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 5 | $1,295,000 | $259,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 15 | $2,805,000 | $187,000 | $0 | 0.00% |
For 2023, Lake City Federal Bank's most frequently originated type of loan was Conventional, with 15 originations.
Loan Reason
For 2023, Lake City Federal Bank's most frequently cited loan purpose was Home Purchase, with 9 originations. The 2nd most popular reason was Home Improvement, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 15 | $2,805,000 | $187,000 | $0 | 0.00% |
For 2023, Lake City Federal Bank's most frequently cited loan duration was Other, with 15 originations.
Loan Sizing
2023 saw Lake City Federal Bank place emphasis on $100k-200k loans with 5 originations, totaling $775,000 in origination value.
Applicant Income
Lake City Federal Bank lent most frequently to those with incomes in the $100k-150k range, with 4 originations. The second most popular income band? $50k-75k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 15 | $2,805,000 | $187,000 | $0 | 0.00% |
Lake City Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 15 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 15 | $2,805,000 | $187,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications85.00%
Lake City Federal Bank has a below average approval rate.
Pick Rate
Approvals leading to origination86.67%
Lake City Federal Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 15 | $2,805,000 | $187,000 |