Vermillion State Bank Mortgage Rates, Fees & Info
Vermillion, MNLEI: 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
143Origination Dollar Volume (All Markets)
$37,995,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
2023 saw Vermillion State Bank place emphasis on $200k-400k loans with 55 originations, totaling $15,665,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications97.97%
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 origination98.60%
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 |