First Resource Bank Mortgage Rates, Fees & Info
Lino Lakes, MNLEI: 254900G7NNSN8LRSPM89
Tax ID: 20-2931597
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Mortgage Data
Review & Overview
First Resource Bank is a smaller bank specializing in Home Purchase and Refi loans. First Resource Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Phoenix, Naples, Cape Coral, and Fargo among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)First Resource Bank 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
137Origination Dollar Volume (All Markets)
$91,725,000Top 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 |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 101 | $62,595,000 | $619,752 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $6,305,000 | $6,305,000 | $0 | 0.00% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $4,485,000 | $4,485,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $4,025,000 | $1,341,667 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 2 | $3,060,000 | $1,530,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 11 | $2,125,000 | $193,182 | $0 | 0.00% |
| Outside of Metro Areas | 3 | $1,865,000 | $621,667 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $1,595,000 | $1,595,000 | $0 | 0.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $1,055,000 | $1,055,000 | $0 | 0.00% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $910,000 | $455,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 4 | $750,000 | $187,500 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $0 | 0.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 137 | $91,725,000 | $669,526 | $0 | 0.00% |
For 2022, First Resource Bank's most frequently originated type of loan was Conventional, with 137 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 88 | $57,970,000 | $658,750 | $0 | 0.00% |
| Refi | 48 | $32,950,000 | $686,458 | $0 | 0.00% |
| Home Improvement | 1 | $805,000 | $805,000 | $0 | 0.00% |
For 2022, First Resource Bank's most frequently cited loan purpose was Home Purchase, with 88 originations. The 2nd most popular reason was Refi, with 48 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 137 | $91,725,000 | $669,526 | $0 | 0.00% |
For 2022, First Resource Bank's most frequently cited loan duration was Other, with 137 originations.
Loan Sizing
2022 saw First Resource Bank place emphasis on $200k-400k loans with 55 originations, totaling $15,365,000 in origination value.
Applicant Income
First Resource Bank lent most frequently to those with incomes in the $250k+ range, with 22 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% | 137 | $91,725,000 | $669,526 | $0 | 0.00% |
First Resource Bank lent most frequently to those with DTI ratios of Exempt%, with 137 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.90%
First Resource 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 origination97.81%
First Resource Bank 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 | 137 | $91,725,000 | $669,526 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST CITIZENS BANCSHARES, INC. | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |