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 loans. Northern State Bank Of Virginia has a high proportion of conventional loans. Their top markets by origination volume include: Duluth, Brainerd, and Grand Rapids 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

34

Origination Dollar Volume (All Markets)

$3,790,000

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) 31 $3,105,000 $100,161 $0 0.00%
Brainerd, MN (FHA|USDA|VA) 1 $395,000 $395,000 $0 0.00%
Grand Rapids, MN (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Northern State Bank Of Virginia's top markets include Duluth, Brainerd, and Grand Rapids among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 34 $3,790,000 $111,471 $0 0.00%

    For 2018, Northern State Bank Of Virginia's most frequently originated type of loan was Conventional, with 34 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $2,515,000 $132,368 $0 0.00%
    Cash Out Refi 6 $710,000 $118,333 $0 0.00%
    Home Improvement 3 $265,000 $88,333 $0 0.00%
    Other 3 $75,000 $25,000 $0 0.00%
    Refi 3 $225,000 $75,000 $0 0.00%

    For 2018, Northern State Bank Of Virginia's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 34 $3,790,000 $111,471 $0 0.00%

    For 2018, Northern State Bank Of Virginia's most frequently cited loan duration was Other, with 34 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 24 $1,360,000 $56,667 $0 0.00%
    $200k-400k 6 $1,630,000 $271,667 $0 0.00%
    $100k-200k 3 $395,000 $131,667 $0 0.00%
    $400k-600k 1 $405,000 $405,000 $0 0.00%

    2018 saw Northern State Bank Of Virginia place emphasis on $100,000 or less loans with 24 originations, totaling $1,360,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 13 $895,000 $68,846 $0 0.00%
    $100k-150k 10 $1,260,000 $126,000 $0 0.00%
    $150k-250k 3 $615,000 $205,000 $0 0.00%
    $50k or less 3 $355,000 $118,333 $0 0.00%
    $75k-100k 3 $445,000 $148,333 $0 0.00%
    $250k+ 2 $220,000 $110,000 $0 0.00%

    Northern State Bank Of Virginia lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $100k-150k, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 34 $3,790,000 $111,471 $0 0.00%

    Northern State Bank Of Virginia lent most frequently to those with DTI ratios of Exempt%, with 34 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 32 $3,660,000 $114,375 $0 0.00%
    Not provided 2 $130,000 $65,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.22%

    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
    97.06%

    Northern State Bank Of Virginia 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 34 $3,790,000 $111,471

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $145,000 $145,000
    Single Family (1-4 Units):Site-Built 33 $3,645,000 $110,455

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Northern Trust Company, The Conventional home mortgage Trouble during payment process 2 66.7%
    Northern Trust Company, The Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 33.3%