Monona Bank Mortgage Rates, Fees & Info
Monona, WILEI: 2549003WYFPGUVPTRK86
Tax ID: 39-1701359
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Monona Bank is a smaller bank specializing in Other, Home Purchase, and Home Improvement loans. Monona Bank has a high proportion of conventional loans. Their top markets by origination volume include: Madison, Janesville, Eau Claire, and Baraboo among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)Monona 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. Monona Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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Originations
33Origination Dollar Volume (All Markets)
$6,285,000Top 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 |
|---|---|---|---|---|---|
| MADISON, WI (FHA|USDA|VA) | 30 | $5,890,000 | $196,333 | $2,407 | 5.08% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,794 | 6.13% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 9.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against Monona Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 21 | $1,815,000 | $86,429 | n/a | 4.71% |
| Conventional | 12 | $4,470,000 | $372,500 | $2,455 | 6.30% |
For 2023, Monona Bank's most frequently originated type of loan was HELOC, with 21 originations. Their 2nd most popular type was Conventional, with 12 originations.
Loan Reason
For 2023, Monona Bank's most frequently cited loan purpose was Other, with 14 originations. The 2nd most popular reason was Home Purchase, with 9 originations.
Loan Duration/Length
For 2023, Monona Bank's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was 30 Year, with 8 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 7 | $2,475,000 | $353,571 |
| $1k-2k | 1 | $255,000 | $255,000 |
Monona Bank's average total fees were $2,455, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 16 | $1,130,000 | $70,625 |
| 6-7% | 6 | $1,450,000 | $241,667 |
| 5-6% | 4 | $2,310,000 | $577,500 |
| 7-8% | 4 | $1,140,000 | $285,000 |
| Over 8% | 3 | $255,000 | $85,000 |
During 2023, Monona Bank's average interest rate for loans was 6.20%, while their most frequently originated rate bucket for loans was 3-4%, with 16 originations.
Loan Sizing
2023 saw Monona Bank place emphasis on $100,000 or less loans with 15 originations, totaling $725,000 in origination value.
Applicant Income
Monona Bank lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
Monona Bank lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.37%
Monona 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 origination87.88%
Monona Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 33 | $6,285,000 | $190,455 |