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 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
44Origination Dollar Volume (All Markets)
$5,990,000Top 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 | $3,240,000 | $115,714 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 16 | $2,750,000 | $171,875 | $0 | 0.00% |
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
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
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
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 applications97.96%
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 origination90.91%
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 |