First National Bank Minnesota Mortgage Rates, Fees & Info

Mankato, MN

LEI: 254900CPIGHZEFW97Z79

Tax ID: 41-0519725

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

First National Bank Minnesota is a smaller bank specializing in Home Purchase and Cash Out Refi loans. First National Bank Minnesota has a high proportion of conventional loans. Their top markets by origination volume include: Mankato, Minneapolis, Rochester, Spirit Lake, and New Ulm among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

First National Bank Minnesota 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

Origination Dollar Volume (All Markets)

$5,410,000

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
MANKATO, MN (FHA\|USDA\|VA)	18	$4,410,000	$245,000	$0	0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	3	$275,000	$91,667	$0	0.00%
Outside of Metro Areas	4	$270,000	$67,500	$0	0.00%
ROCHESTER, MN (FHA\|USDA\|VA)	1	$215,000	$215,000	$0	0.00%
Spirit Lake, IA (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	0.00%
New Ulm, MN (FHA\|USDA\|VA)	1	$35,000	$35,000	$0	0.00%

First National Bank Minnesota's top markets include Mankato, Minneapolis, Rochester, Spirit Lake, and New Ulm among others.

Their top states include:

Minnesota (FHA|USDA|VA)

Iowa (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	28	$5,410,000	$193,214	$0	0.00%

For 2019, First National Bank Minnesota's most frequently originated type of loan was Conventional, with 28 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	10	$1,650,000	$165,000	$0	0.00%
Home Improvement	5	$145,000	$29,000	$0	0.00%
Refi	5	$645,000	$129,000	$0	0.00%
Other	4	$470,000	$117,500	$0	0.00%
Cash Out Refi	4	$2,500,000	$625,000	$0	0.00%

For 2019, First National Bank Minnesota's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Home Improvement, with 5 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	28	$5,410,000	$193,214	$0	0.00%

For 2019, First National Bank Minnesota's most frequently cited loan duration was Other, with 28 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	14	$630,000	$45,000	$0	0.00%
$100k-200k	8	$1,180,000	$147,500	$0	0.00%
$200k-400k	5	$1,495,000	$299,000	$0	0.00%
$1MM+	1	$2,105,000	$2,105,000	$0	0.00%

2019 saw First National Bank Minnesota place emphasis on $100,000 or less loans with 14 originations, totaling $630,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	8	$510,000	$63,750	$0	0.00%
$50k-75k	5	$885,000	$177,000	$0	0.00%
$50k or less	4	$260,000	$65,000	$0	0.00%
$75k-100k	2	$60,000	$30,000	$0	0.00%
$150k-250k	1	$205,000	$205,000	$0	0.00%
$250k+	1	$385,000	$385,000	$0	0.00%

First National Bank Minnesota lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 5 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	28	$5,410,000	$193,214	$0	0.00%

First National Bank Minnesota lent most frequently to those with DTI ratios of Exempt%, with 28 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	7	$3,105,000	$443,571	$0	0.00%
White	20	$2,240,000	$112,000	$0	0.00%
Not provided	1	$65,000	$65,000	$0	0.00%

Approval Rates

Total approvals of all applications
90.63%

First National Bank Minnesota has an average approval rate.

Pick Rate

Approvals leading to origination
96.43%

First National Bank Minnesota 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	28	$5,410,000	$193,214

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	2	$2,170,000	$1,085,000
Single Family (1-4 Units):Site-Built	26	$3,240,000	$124,615

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Struggling to pay mortgage	1	16.7%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Trouble during payment process	3	50.0%
FIRST NATIONAL BANK OF OMAHA	Conventional home mortgage	Closing on a mortgage	2	33.3%