Algonquin State Bank Mortgage Rates, Fees & Info

ALGONQUIN, IL

LEI: 254900A1UQKL3B7FJW54

Tax ID: 36-0716390

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Mortgage Data

Review & Overview

Algonquin State Bank is a smaller bank specializing in Home Purchase and Refi loans. Algonquin State Bank has a high proportion of conventional loans. Their top two markets are Chicago and Rockford .

Algonquin State 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.

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Originations

25

Origination Dollar Volume (All Markets)

$9,555,000

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
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 23 $9,305,000 $404,565 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 2 $250,000 $125,000 $0 0.00%
Algonquin State Bank's top markets include Chicago and Rockford among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $9,555,000 $382,200 $0 0.00%

    For 2023, Algonquin State Bank's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 8 $5,010,000 $626,250 $0 0.00%
    Refi 5 $2,575,000 $515,000 $0 0.00%
    Cash Out Refi 5 $1,465,000 $293,000 $0 0.00%
    Home Improvement 4 $230,000 $57,500 $0 0.00%
    Other 3 $275,000 $91,667 $0 0.00%

    For 2023, Algonquin State Bank's most frequently cited loan purpose was Home Purchase, with 8 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 25 $9,555,000 $382,200 $0 0.00%

    For 2023, Algonquin State Bank's most frequently cited loan duration was Other, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 10 $590,000 $59,000 $0 0.00%
    $100k-200k 5 $675,000 $135,000 $0 0.00%
    $1MM+ 3 $4,325,000 $1,441,667 $0 0.00%
    $600k-1MM 3 $2,285,000 $761,667 $0 0.00%
    $200k-400k 2 $710,000 $355,000 $0 0.00%
    $400k-600k 2 $970,000 $485,000 $0 0.00%

    2023 saw Algonquin State Bank place emphasis on $100,000 or less loans with 10 originations, totaling $590,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 6 $840,000 $140,000 $0 0.00%
    $150k-250k 5 $1,355,000 $271,000 $0 0.00%
    $250k+ 5 $3,005,000 $601,000 $0 0.00%
    $50k-75k 2 $110,000 $55,000 $0 0.00%
    $50k or less 2 $230,000 $115,000 $0 0.00%

    Algonquin State Bank lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $150k-250k, with 5 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 25 $9,555,000 $382,200 $0 0.00%

    Algonquin State Bank lent most frequently to those with DTI ratios of Exempt%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 19 $4,585,000 $241,316 $0 0.00%
    Not applicable 5 $4,015,000 $803,000 $0 0.00%
    Black 1 $955,000 $955,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.88%

    Algonquin 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
    88.00%

    Algonquin State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 25 $9,555,000 $382,200

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    25 $9,555,000 $382,200