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 Cash Out Refi and 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 above 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
40Origination Dollar Volume (All Markets)
$4,530,000Top 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) | 28 | $3,170,000 | $113,214 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 12 | $1,360,000 | $113,333 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $4,530,000 | $113,250 | $0 | 0.00% |
For 2018, Lake City Federal Bank's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
For 2018, Lake City Federal Bank's most frequently cited loan purpose was Cash Out Refi, with 17 originations. The 2nd most popular reason was Home Purchase, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 40 | $4,530,000 | $113,250 | $0 | 0.00% |
For 2018, Lake City Federal Bank's most frequently cited loan duration was Other, with 40 originations.
Loan Sizing
2018 saw Lake City Federal Bank place emphasis on $100,000 or less loans with 23 originations, totaling $1,195,000 in origination value.
Applicant Income
Lake City Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 11 originations. The second most popular income band? $50k or less, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 40 | $4,530,000 | $113,250 | $0 | 0.00% |
Lake City Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 40 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 37 | $3,915,000 | $105,811 | $0 | 0.00% |
| Not applicable | 3 | $615,000 | $205,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications94.44%
Lake City Federal Bank has an average approval rate.
Pick Rate
Approvals leading to origination72.50%
Lake City Federal Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 40 | $4,530,000 | $113,250 |