Rivers Edge Bank Mortgage Rates, Fees & Info

Marion, SD

LEI: 25490034470BYC1MSE16

Tax ID: 46-0133795

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Mortgage Data

Review & Overview

Rivers Edge Bank is a smaller bank specializing in Home Purchase and Refi loans. Rivers Edge Bank has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Mitchell, Sioux City, Spearfish, and Huron among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Rivers Edge 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

67

Origination Dollar Volume (All Markets)

$7,865,000

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
SIOUX FALLS, SD (FHA|USDA|VA) 37 $4,965,000 $134,189 $0 0.00%
Outside of Metro Areas 25 $2,455,000 $98,200 $0 0.00%
Mitchell, SD (FHA|USDA|VA) 2 $160,000 $80,000 $0 0.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Spearfish, SD (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Huron, SD (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Rivers Edge Bank's top markets include Sioux Falls, Mitchell, Sioux City, Spearfish, and Huron among others.

Their top states include:
  • South Dakota (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $7,865,000 $117,388 $0 0.00%

    For 2023, Rivers Edge Bank's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 32 $5,090,000 $159,063 $0 0.00%
    Refi 19 $1,975,000 $103,947 $0 0.00%
    Home Improvement 11 $465,000 $42,273 $0 0.00%
    Other 5 $335,000 $67,000 $0 0.00%

    For 2023, Rivers Edge Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 19 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 67 $7,865,000 $117,388 $0 0.00%

    For 2023, Rivers Edge Bank's most frequently cited loan duration was Other, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 38 $1,730,000 $45,526 $0 0.00%
    $100k-200k 17 $2,465,000 $145,000 $0 0.00%
    $200k-400k 10 $2,550,000 $255,000 $0 0.00%
    $400k-600k 1 $515,000 $515,000 $0 0.00%
    $600k-1MM 1 $605,000 $605,000 $0 0.00%

    2023 saw Rivers Edge Bank place emphasis on $100,000 or less loans with 38 originations, totaling $1,730,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 15 $1,165,000 $77,667 $0 0.00%
    $50k or less 15 $1,105,000 $73,667 $0 0.00%
    $100k-150k 11 $1,605,000 $145,909 $0 0.00%
    $75k-100k 8 $970,000 $121,250 $0 0.00%
    $150k-250k 5 $955,000 $191,000 $0 0.00%
    $250k+ 2 $240,000 $120,000 $0 0.00%

    Rivers Edge Bank lent most frequently to those with incomes in the $50k-75k range, with 15 originations. The second most popular income band? $50k or less, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 67 $7,865,000 $117,388 $0 0.00%

    Rivers Edge Bank lent most frequently to those with DTI ratios of Exempt%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 58 $6,360,000 $109,655 $0 0.00%
    Not applicable 7 $1,435,000 $205,000 $0 0.00%
    American Indian 1 $45,000 $45,000 $0 0.00%
    Not provided 1 $25,000 $25,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    88.24%

    Rivers Edge Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.06%

    Rivers Edge Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 67 $7,865,000 $117,388

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    67 $7,865,000 $117,388