Algonquin State Bank Mortgage Rates, Fees & Info
ALGONQUIN, ILLEI: 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
25Origination Dollar Volume (All Markets)
$9,555,000Top 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 |
|---|---|---|---|---|---|
| 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% |
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
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
2023 saw Algonquin State Bank place emphasis on $100,000 or less loans with 10 originations, totaling $590,000 in origination value.
Applicant Income
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
Approval Rates
Total approvals of all applications96.88%
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 origination88.00%
Algonquin State Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 25 | $9,555,000 | $382,200 |