Rivers Edge Bank Mortgage Rates, Fees & Info

Marion, SD

LEI: 25490034470BYC1MSE16

Tax ID: 46-0133795

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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 two markets are Sioux Falls and Sioux City .

    Rivers Edge 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    61

    Origination Dollar Volume (All Markets)

    $6,125,000

    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) 34 $3,770,000 $110,882 $0 0.00%
    Outside of Metro Areas 25 $2,045,000 $81,800 $0 0.00%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 2 $310,000 $155,000 $0 0.00%
    Rivers Edge Bank's top markets include Sioux Falls and Sioux City among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 61 $6,125,000 $100,410 $0 0.00%

    For 2019, Rivers Edge Bank's most frequently originated type of loan was Conventional, with 61 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 32 $3,580,000 $111,875 $0 0.00%
    Refi 21 $1,905,000 $90,714 $0 0.00%
    Home Improvement 7 $365,000 $52,143 $0 0.00%
    Cash Out Refi 1 $275,000 $275,000 $0 0.00%

    For 2019, Rivers Edge Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 21 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 61 $6,125,000 $100,410 $0 0.00%

    For 2019, Rivers Edge Bank's most frequently cited loan duration was Other, with 61 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 45 $2,245,000 $49,889 $0 0.00%
    $100k-200k 9 $1,345,000 $149,444 $0 0.00%
    $200k-400k 6 $1,760,000 $293,333 $0 0.00%
    $600k-1MM 1 $775,000 $775,000 $0 0.00%

    2019 saw Rivers Edge Bank place emphasis on $100,000 or less loans with 45 originations, totaling $2,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 24 $1,400,000 $58,333 $0 0.00%
    $50k-75k 15 $905,000 $60,333 $0 0.00%
    $75k-100k 7 $915,000 $130,714 $0 0.00%
    $100k-150k 6 $1,590,000 $265,000 $0 0.00%
    $150k-250k 2 $330,000 $165,000 $0 0.00%
    $250k+ 1 $95,000 $95,000 $0 0.00%

    Rivers Edge Bank lent most frequently to those with incomes in the $50k or less range, with 24 originations. The second most popular income band? $50k-75k, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 61 $6,125,000 $100,410 $0 0.00%

    Rivers Edge Bank lent most frequently to those with DTI ratios of Exempt%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 56 $5,560,000 $99,286 $0 0.00%
    Not applicable 3 $335,000 $111,667 $0 0.00%
    Not provided 2 $230,000 $115,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.06%

    Rivers Edge Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    91.80%

    Rivers Edge Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 61 $6,125,000 $100,410

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 4 $380,000 $95,000
    Single Family (1-4 Units):Site-Built 57 $5,745,000 $100,789

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    REVERSE MORTGAGE INVESTMENT TR Conventional home mortgage Struggling to pay mortgage 3 9.7%
    REVERSE MORTGAGE INVESTMENT TR Other type of mortgage Struggling to pay mortgage 1 3.2%
    REVERSE MORTGAGE INVESTMENT TR Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.2%
    REVERSE MORTGAGE INVESTMENT TR Reverse mortgage Closing on a mortgage 4 12.9%
    REVERSE MORTGAGE INVESTMENT TR Reverse mortgage Struggling to pay mortgage 8 25.8%
    REVERSE MORTGAGE INVESTMENT TR Reverse mortgage Trouble during payment process 14 45.2%