Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

Latest/2024 | 2023 Data | 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
  • 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

    Vermillion State Bank is a smaller bank specializing in Refi and Home Purchase loans. Vermillion State Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Red Wing, and Rochester among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Vermillion State 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

    131

    Origination Dollar Volume (All Markets)

    $30,895,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 100 $23,010,000 $230,100 $0 0.00%
    Outside of Metro Areas 26 $6,490,000 $249,615 $0 0.00%
    Red Wing, MN (FHA|USDA|VA) 4 $1,080,000 $270,000 $0 0.00%
    ROCHESTER, MN (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
    Vermillion State Bank's top markets include Minneapolis, Red Wing, and Rochester among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 131 $30,895,000 $235,840 $0 0.00%

    For 2024, Vermillion State Bank's most frequently originated type of loan was Conventional, with 131 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 64 $14,090,000 $220,156 $0 0.00%
    Home Purchase 48 $14,090,000 $293,542 $0 0.00%
    Cash Out Refi 8 $1,790,000 $223,750 $0 0.00%
    Other 7 $605,000 $86,429 $0 0.00%
    Home Improvement 4 $320,000 $80,000 $0 0.00%

    For 2024, Vermillion State Bank's most frequently cited loan purpose was Refi, with 64 originations. The 2nd most popular reason was Home Purchase, with 48 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 131 $30,895,000 $235,840 $0 0.00%

    For 2024, Vermillion State Bank's most frequently cited loan duration was Other, with 131 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 45 $13,245,000 $294,333 $0 0.00%
    $100,000 or less 35 $1,995,000 $57,000 $0 0.00%
    $100k-200k 33 $4,945,000 $149,848 $0 0.00%
    $400k-600k 9 $4,095,000 $455,000 $0 0.00%
    $600k-1MM 9 $6,615,000 $735,000 $0 0.00%

    2024 saw Vermillion State Bank place emphasis on $200k-400k loans with 45 originations, totaling $13,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $7,660,000 $225,294 $0 0.00%
    $150k-250k 26 $5,400,000 $207,692 $0 0.00%
    $250k+ 20 $8,450,000 $422,500 $0 0.00%
    $75k-100k 16 $2,190,000 $136,875 $0 0.00%
    $50k-75k 14 $1,960,000 $140,000 $0 0.00%
    $50k or less 5 $1,215,000 $243,000 $0 0.00%

    Vermillion State Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 26 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 131 $30,895,000 $235,840 $0 0.00%

    Vermillion State Bank lent most frequently to those with DTI ratios of Exempt%, with 131 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 116 $26,770,000 $230,776 $0 0.00%
    Not applicable 14 $3,920,000 $280,000 $0 0.00%
    Black 1 $205,000 $205,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    99.26%

    Vermillion State 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
    96.95%

    Vermillion State Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 131 $30,895,000 $235,840

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    131 $30,895,000 $235,840