Lake City Federal Bank Mortgage Rates, Fees & Info

Lake City, MN

LEI: 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 and Refi 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 an above average pick rate when compared to similar lenders.

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Originations

44

Origination Dollar Volume (All Markets)

$5,990,000

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
ROCHESTER, MN (FHA|USDA|VA) 28 $3,240,000 $115,714 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 16 $2,750,000 $171,875 $0 0.00%
Lake City Federal Bank's top markets include Rochester and Red Wing among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 44 $5,990,000 $136,136 $0 0.00%

    For 2019, Lake City Federal Bank's most frequently originated type of loan was Conventional, with 44 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $3,385,000 $178,158 $0 0.00%
    Refi 17 $1,885,000 $110,882 $0 0.00%
    Other 5 $635,000 $127,000 $0 0.00%
    Home Improvement 2 $50,000 $25,000 $0 0.00%
    NA 1 $35,000 $35,000 $0 0.00%

    For 2019, Lake City Federal Bank's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Refi, with 17 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 44 $5,990,000 $136,136 $0 0.00%

    For 2019, Lake City Federal Bank's most frequently cited loan duration was Other, with 44 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 22 $1,250,000 $56,818 $0 0.00%
    $100k-200k 13 $1,815,000 $139,615 $0 0.00%
    $200k-400k 6 $1,630,000 $271,667 $0 0.00%
    $400k-600k 3 $1,295,000 $431,667 $0 0.00%

    2019 saw Lake City Federal Bank place emphasis on $100,000 or less loans with 22 originations, totaling $1,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 10 $1,090,000 $109,000 $0 0.00%
    $100k-150k 9 $1,065,000 $118,333 $0 0.00%
    $50k or less 9 $915,000 $101,667 $0 0.00%
    $75k-100k 7 $1,135,000 $162,143 $0 0.00%
    $150k-250k 3 $315,000 $105,000 $0 0.00%
    $250k+ 1 $205,000 $205,000 $0 0.00%

    Lake City Federal Bank lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 9 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 44 $5,990,000 $136,136 $0 0.00%

    Lake City Federal Bank lent most frequently to those with DTI ratios of Exempt%, with 44 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 39 $4,725,000 $121,154 $0 0.00%
    Not applicable 5 $1,265,000 $253,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.96%

    Lake City Federal Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    90.91%

    Lake City Federal Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 44 $5,990,000 $136,136

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 3 $195,000 $65,000
    Single Family (1-4 Units):Site-Built 41 $5,795,000 $141,341