Northern State Bank Of Virginia Mortgage Rates, Fees & Info

Virginia, MN

LEI: 254900FKD0CVFUC78457

Tax ID: 41-0905107

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Mortgage Data

Review & Overview

Northern State Bank Of Virginia is a smaller bank specializing in Home Purchase and Refi loans. Northern State Bank Of Virginia has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Grand Rapids, and Minneapolis among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northern State Bank Of Virginia 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

28

Origination Dollar Volume (All Markets)

$5,420,000

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
DULUTH, MN-WI (FHA|USDA|VA) 26 $4,690,000 $180,385 $0 0.00%
Grand Rapids, MN (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Northern State Bank Of Virginia's top markets include Duluth, Grand Rapids, and Minneapolis among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 28 $5,420,000 $193,571 $0 0.00%

    For 2023, Northern State Bank Of Virginia'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 20 $3,830,000 $191,500 $0 0.00%
    Refi 6 $1,240,000 $206,667 $0 0.00%
    Home Improvement 1 $105,000 $105,000 $0 0.00%
    Other 1 $245,000 $245,000 $0 0.00%

    For 2023, Northern State Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 20 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 28 $5,420,000 $193,571 $0 0.00%

    For 2023, Northern State Bank Of Virginia'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 10 $640,000 $64,000 $0 0.00%
    $100k-200k 9 $1,285,000 $142,778 $0 0.00%
    $200k-400k 5 $1,295,000 $259,000 $0 0.00%
    $400k-600k 3 $1,485,000 $495,000 $0 0.00%
    $600k-1MM 1 $715,000 $715,000 $0 0.00%

    2023 saw Northern State Bank Of Virginia place emphasis on $100,000 or less loans with 10 originations, totaling $640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 5 $1,675,000 $335,000 $0 0.00%
    $50k-75k 4 $590,000 $147,500 $0 0.00%
    $150k-250k 3 $925,000 $308,333 $0 0.00%
    $100k-150k 2 $170,000 $85,000 $0 0.00%
    $75k-100k 2 $300,000 $150,000 $0 0.00%
    $50k or less 1 $95,000 $95,000 $0 0.00%

    Northern State Bank Of Virginia lent most frequently to those with incomes in the $250k+ range, with 5 originations. The second most popular income band? $50k-75k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 28 $5,420,000 $193,571 $0 0.00%

    Northern State Bank Of Virginia 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
    White 18 $4,190,000 $232,778 $0 0.00%
    Not applicable 9 $1,045,000 $116,111 $0 0.00%
    Asian 1 $185,000 $185,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    Northern State Bank Of Virginia 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
    92.86%

    Northern State Bank Of Virginia has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 28 $5,420,000 $193,571

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    28 $5,420,000 $193,571