Riverland Bank Mortgage Rates, Fees & Info

JORDAN, MN

LEI: 254900H13CLF65B2R547

Tax ID: 20-3618708

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Riverland Bank is a smaller bank specializing in Home Purchase and Refi loans. Riverland Bank has a high proportion of conventional loans. Their top (well, only) market is Minneapolis.

    Riverland 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

    38

    Origination Dollar Volume (All Markets)

    $12,110,000

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 37 $11,945,000 $322,838 $1,866 5.07%
    Outside of Metro Areas 1 $165,000 $165,000 $0 5.50%
    Riverland Bank's top markets include and Minneapolis among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $12,110,000 $318,684 $1,866 5.08%

    For 2018, Riverland Bank's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 25 $7,515,000 $300,600 $2,524 5.06%
    Refi 12 $4,580,000 $381,667 $43 5.01%
    Cash Out Refi 1 $15,000 $15,000 $399 6.50%

    For 2018, Riverland Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 23 $7,695,000 $334,565 $399 5.16%
    Other 13 $3,825,000 $294,231 $2,111 4.93%
    10 Year 1 $205,000 $205,000 $0 5.25%
    1 Year 1 $385,000 $385,000 $0 5.25%

    For 2018, Riverland Bank's most frequently cited loan duration was 5 Year, with 23 originations. The 2nd most popular length was Other, with 13 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 5 $335,000 $67,000
    $3k-4k 1 $695,000 $695,000

    Riverland Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 5 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 20 $6,650,000 $332,500
    5-6% 17 $5,445,000 $320,294
    6-7% 1 $15,000 $15,000

    During 2018, Riverland Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 20 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 15 $4,045,000 $269,667 $43 5.03%
    $400k-600k 8 $4,020,000 $502,500 $0 4.89%
    $100,000 or less 6 $360,000 $60,000 $805 5.38%
    $100k-200k 5 $775,000 $155,000 $1,919 5.22%
    $600k-1MM 4 $2,910,000 $727,500 $7,881 5.04%

    2018 saw Riverland Bank place emphasis on $200k-400k loans with 15 originations, totaling $4,045,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 2 $1,000,000 $500,000 $3,962 4.60%
    $50k-75k 2 $340,000 $170,000 $1,134 5.25%
    $75k-100k 2 $60,000 $30,000 $507 5.83%
    $150k-250k 1 $105,000 $105,000 $1,919 4.95%
    $50k or less 1 $85,000 $85,000 $1,072 5.00%

    Riverland Bank lent most frequently to those with incomes in the $250k+ range, with 2 originations. The second most popular income band? $50k-75k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2 $800,000 $400,000 $4,900 4.95%
    30-36% 2 $130,000 $65,000 $875 5.45%
    36% 1 $15,000 $15,000 $399 6.50%
    50-60% 1 $85,000 $85,000 $1,072 5.00%
    >60% 1 $305,000 $305,000 $43 4.25%

    Riverland Bank lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 30-36%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 25 $9,125,000 $365,000 $0 5.03%
    White 10 $2,110,000 $211,000 $1,857 5.21%
    Not provided 3 $875,000 $291,667 $1,919 5.10%

    Approval Rates

    Total approvals of all applications
    100.00%

    Riverland 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 origination
    97.37%

    Riverland 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
    NA 38 $12,110,000 $318,684

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $2,765,000 $553,000
    Single Family (1-4 Units):Site-Built 33 $9,345,000 $283,182

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    40-60% 7 $2,135,000 $305,000 $558 4.83%
    60-80% 28 $9,690,000 $346,071 $3,210 5.09%
    80-100% 2 $270,000 $135,000 $1,919 5.23%
    Under 20% 1 $15,000 $15,000 $399 6.50%