Vermillion State Bank Mortgage Rates, Fees & Info

Vermillion, MN

LEI: 2549009GERLEDM651T51

Tax ID: 41-0592730

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
  • 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 Home Purchase and Refi loans. Vermillion State Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and Faribault .

    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

    205

    Origination Dollar Volume (All Markets)

    $53,575,000

    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) 175 $45,635,000 $260,771 $0 0.00%
    Outside of Metro Areas 29 $7,715,000 $266,034 $0 0.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Vermillion State Bank's top markets include Minneapolis and Faribault among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 205 $53,575,000 $261,341 $0 0.00%

    For 2022, Vermillion State Bank's most frequently originated type of loan was Conventional, with 205 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 87 $28,535,000 $327,989 $0 0.00%
    Refi 57 $17,015,000 $298,509 $0 0.00%
    Home Improvement 29 $2,625,000 $90,517 $0 0.00%
    Other 21 $1,985,000 $94,524 $0 0.00%
    Cash Out Refi 11 $3,415,000 $310,455 $0 0.00%

    For 2022, Vermillion State Bank's most frequently cited loan purpose was Home Purchase, with 87 originations. The 2nd most popular reason was Refi, with 57 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 205 $53,575,000 $261,341 $0 0.00%

    For 2022, Vermillion State Bank's most frequently cited loan duration was Other, with 205 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 79 $22,225,000 $281,329 $0 0.00%
    $100,000 or less 54 $2,760,000 $51,111 $0 0.00%
    $100k-200k 37 $5,785,000 $156,351 $0 0.00%
    $400k-600k 25 $12,175,000 $487,000 $0 0.00%
    $600k-1MM 8 $5,410,000 $676,250 $0 0.00%
    $1MM+ 2 $5,220,000 $2,610,000 $0 0.00%

    2022 saw Vermillion State Bank place emphasis on $200k-400k loans with 79 originations, totaling $22,225,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 43 $12,725,000 $295,930 $0 0.00%
    $100k-150k 35 $9,175,000 $262,143 $0 0.00%
    $50k-75k 30 $5,410,000 $180,333 $0 0.00%
    $75k-100k 23 $3,705,000 $161,087 $0 0.00%
    $250k+ 16 $9,830,000 $614,375 $0 0.00%
    $50k or less 14 $2,060,000 $147,143 $0 0.00%

    Vermillion State Bank lent most frequently to those with incomes in the $150k-250k range, with 43 originations. The second most popular income band? $100k-150k, with 35 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 205 $53,575,000 $261,341 $0 0.00%

    Vermillion State Bank lent most frequently to those with DTI ratios of Exempt%, with 205 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 167 $45,005,000 $269,491 $0 0.00%
    Not applicable 38 $8,570,000 $225,526 $0 0.00%

    Approval Rates

    Total approvals of all applications
    98.59%

    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
    97.56%

    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 205 $53,575,000 $261,341

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    205 $53,575,000 $261,341