Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

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Mortgage Data

Review & Overview

Vermillion State Bank is a smaller bank specializing in Home Purchase loans. Vermillion State Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and Red Wing .

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.

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Originations

143

Origination Dollar Volume (All Markets)

$37,995,000

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) 117 $29,255,000 $250,043 $0 0.00%
Outside of Metro Areas 25 $8,465,000 $338,600 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
Vermillion State Bank's top markets include Minneapolis and Red Wing among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Nevada (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 143 $37,995,000 $265,699 $0 0.00%

    For 2023, Vermillion State Bank's most frequently originated type of loan was Conventional, with 143 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 74 $24,200,000 $327,027 $0 0.00%
    Other 29 $5,055,000 $174,310 $0 0.00%
    Refi 27 $7,485,000 $277,222 $0 0.00%
    Home Improvement 12 $1,090,000 $90,833 $0 0.00%
    Cash Out Refi 1 $165,000 $165,000 $0 0.00%

    For 2023, Vermillion State Bank's most frequently cited loan purpose was Home Purchase, with 74 originations. The 2nd most popular reason was Other, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $37,995,000 $265,699 $0 0.00%

    For 2023, Vermillion State Bank's most frequently cited loan duration was Other, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 55 $15,665,000 $284,818 $0 0.00%
    $100,000 or less 42 $2,100,000 $50,000 $0 0.00%
    $100k-200k 23 $3,545,000 $154,130 $0 0.00%
    $400k-600k 13 $6,225,000 $478,846 $0 0.00%
    $1MM+ 5 $7,095,000 $1,419,000 $0 0.00%
    $600k-1MM 5 $3,365,000 $673,000 $0 0.00%

    2023 saw Vermillion State Bank place emphasis on $200k-400k loans with 55 originations, totaling $15,665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 36 $9,040,000 $251,111 $0 0.00%
    $75k-100k 21 $3,145,000 $149,762 $0 0.00%
    $150k-250k 18 $4,910,000 $272,778 $0 0.00%
    $250k+ 16 $10,450,000 $653,125 $0 0.00%
    $50k-75k 15 $2,555,000 $170,333 $0 0.00%
    $50k or less 10 $1,230,000 $123,000 $0 0.00%

    Vermillion State Bank lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $75k-100k, with 21 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 143 $37,995,000 $265,699 $0 0.00%

    Vermillion State Bank lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 118 $29,870,000 $253,136 $0 0.00%
    Not applicable 20 $4,330,000 $216,500 $0 0.00%
    Asian 5 $3,795,000 $759,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.97%

    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
    98.60%

    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 143 $37,995,000 $265,699

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    143 $37,995,000 $265,699