Range Bank Mortgage Rates, Fees & Info

Marquette, MI

LEI: 254900HI61SSH8KEBQ58

Tax ID: 38-0869023

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Range Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Range Bank has a high proportion of conventional loans. Their top markets include Marquette, Houghton, Green Bay, Iron Mountain, and Appleton among others. Range Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Range Bank is typically an average fee lendor.


Originations

783

Origination Dollar Volume (All Markets)

$132,905,000

Awards

Range Bank 30 Year Conventional Loans gold Range Bank 30 Year Conventional Loans gold Range Bank 30 Year Conventional Loans gold Range Bank 30 Year Conventional Loans gold
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Relative Rate

Range Bank's average 30 year fixed rate mortgage of loans were 2.88%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.27%.

Relative Fees

Range Bank's average total fees for a 30 year fixed rate mortgage are $3,598.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Marquette, MI (FHA|USDA|VA) 401 $70,445,000 $175,673 $3,266 2.76%
Houghton, MI (FHA|USDA|VA) 195 $31,435,000 $161,205 $2,733 2.79%
GREEN BAY, WI (FHA|USDA|VA) 54 $9,940,000 $184,074 $2,097 3.04%
Iron Mountain, MI-WI (FHA|USDA|VA) 62 $8,010,000 $129,194 $2,532 2.93%
Outside of Metro Areas 33 $6,475,000 $196,212 $2,566 2.81%
APPLETON, WI (FHA|USDA|VA) 17 $2,765,000 $162,647 $2,247 3.04%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,010,000 $505,000 $6,615 2.69%
Marinette, WI-MI (FHA|USDA|VA) 7 $985,000 $140,714 $2,104 2.81%
Escanaba, MI (FHA|USDA|VA) 4 $550,000 $137,500 $3,189 2.66%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 3 $495,000 $165,000 $1,665 3.78%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $265,000 $265,000 $2,916 2.75%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $235,000 $235,000 $4,292 2.25%
Sault Ste. Marie, MI (FHA|USDA|VA) 1 $145,000 $145,000 $4,186 3.00%
Manitowoc, WI (FHA|USDA|VA) 1 $95,000 $95,000 $1,195 2.25%
Shawano, WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,759 2.00%

Range Bank's top markets include Marquette, Houghton, Green Bay, Iron Mountain, and Appleton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 783 $132,905,000 $169,738 $2,962 2.81%

For the 2021 period, Range Bank's most frequently originated loan type of loans were Conventional, with 783 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 294 $54,120,000 $184,082 $3,592 3.02%
Cash Out Refi 247 $35,935,000 $145,486 $2,916 2.76%
Refi 238 $42,050,000 $176,681 $2,310 2.59%
Home Improvement 3 $535,000 $178,333 $0 4.33%
Other 1 $265,000 $265,000 $0 4.15%

For the 2021, Range Bank's most frequently cited loan purpose of loans were Home Purchase, with 294 originations. The 2nd most popular reason of loans were Cash Out Refi, with 247 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 338 $60,650,000 $179,438 $3,598 2.88%
15 Year 207 $31,075,000 $150,121 $2,434 2.26%
5 Year 75 $14,955,000 $199,400 $663 4.16%
20 Year 73 $11,665,000 $159,795 $2,616 2.79%
Other 48 $8,890,000 $185,208 $2,426 2.88%
10 Year 39 $5,285,000 $135,513 $2,017 2.34%
3 Year 2 $270,000 $135,000 $2,976 4.49%
1 Year 1 $115,000 $115,000 $0 4.75%

For the 2021, Range Bank's most frequently cited loan length of loans were 30 Year, with 338 originations. The 2nd most popular length of loans were 15 Year, with 207 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 424 $56,800,000 $133,962
$1k-2k 275 $55,465,000 $201,691
$2k-3k 16 $5,020,000 $313,750

$3,598 of loans were Range Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 424 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 380 $69,510,000 $182,921
<2.5% 261 $40,885,000 $156,648
3-4% 92 $13,700,000 $148,913
4-5% 43 $8,305,000 $193,140
5-6% 6 $450,000 $75,000

During 2021, Range Bank's average interest rate of loans were 2.88%, while their most frequently originated rate bucket of loans were 2.5-3%, with 380 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 359 $51,105,000 $142,354 $2,932 2.73%
$200k-400k 199 $52,275,000 $262,688 $3,725 2.75%
$100,000 or less 195 $12,825,000 $65,769 $2,040 2.98%
$400k-600k 22 $10,250,000 $465,909 $4,136 2.85%
$600k-1MM 7 $5,415,000 $773,571 $4,048 3.72%
$1MM+ 1 $1,035,000 $1,035,000 $0 4.15%

2021 saw Range Bank place emphasis on $100k-200k loans with 359 originations, totaling $51,105,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 173 $25,365,000 $146,618 $2,858 2.70%
$100k-150k 156 $29,310,000 $187,885 $3,286 2.65%
$75k-100k 151 $23,205,000 $153,675 $2,857 2.70%
$50k or less 146 $15,190,000 $104,041 $2,578 2.80%
$150k-250k 63 $15,945,000 $253,095 $3,517 2.78%
$250k+ 29 $9,315,000 $321,207 $3,627 2.65%

Range Bank lent most frequently to those with incomes in the $50k-75k range, with 173 originations. The second most popular income band? $100k-150k, with 156 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 203 $33,025,000 $162,685 $2,896 2.65%
30-36% 145 $25,535,000 $176,103 $2,905 2.66%
<20% 88 $12,430,000 $141,250 $2,690 2.70%
38% 30 $4,320,000 $144,000 $3,084 2.81%
40% 28 $5,080,000 $181,429 $3,194 2.76%
39% 26 $4,120,000 $158,462 $2,633 2.66%
41% 26 $4,590,000 $176,538 $3,355 2.61%
37% 22 $3,630,000 $165,000 $3,042 2.58%
42% 22 $3,750,000 $170,455 $3,204 2.78%
44% 21 $3,485,000 $165,952 $3,703 2.79%
36% 21 $3,045,000 $145,000 $3,112 3.00%
43% 19 $3,025,000 $159,211 $3,071 2.66%
45% 18 $2,710,000 $150,556 $3,560 2.73%
50-60% 11 $1,815,000 $165,000 $3,511 3.11%
46% 11 $2,125,000 $193,182 $2,589 2.56%
47% 7 $795,000 $113,571 $3,041 3.08%
48% 7 $1,385,000 $197,857 $2,980 2.71%
49% 5 $965,000 $193,000 $4,082 2.85%
>60% 3 $975,000 $325,000 $0 4.19%
Exempt% 1 $55,000 $55,000 $0 0.00%

Range Bank lent most frequently to those with DTI ratios of 20-30%, with 203 originations. The next most common DTI ratio? 30-36%, with 145 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 715 $118,305,000 $165,462 $2,951 2.71%
Not applicable 52 $11,900,000 $228,846 $0 4.21%
Asian 7 $1,255,000 $179,286 $4,789 2.57%
American Indian 3 $795,000 $265,000 $2,293 2.58%
Not provided 5 $575,000 $115,000 $2,490 2.70%
Black 1 $75,000 $75,000 $1,921 2.88%

Approval Rates

Total approvals of all applications
97.31%

Range 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
94.79%

Range Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 1 $55,000 $55,000
NA 782 $132,850,000 $169,885

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
783 $132,905,000 $169,738

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 68 $7,990,000 $117,500 $1,927 2.63%
40-60% 154 $24,380,000 $158,312 $2,273 2.59%
60-80% 325 $59,785,000 $183,954 $3,186 2.80%
80-100% 204 $38,620,000 $189,314 $3,700 2.92%
Over 100% 3 $895,000 $298,333 $0 4.11%
Under 20% 28 $1,180,000 $42,143 $989 3.62%