Security Bank & Trust Company Mortgage Rates, Fees & Info
Waconia, MNLEI: 254900J2U7OF6AWF3P54
Tax ID: 41-0531690
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Mortgage Data
Review & Overview
Security Bank & Trust Company is a smaller bank specializing in Refi and Home Purchase loans. Security Bank & Trust Company has a high proportion of conventional loans. Security Bank & Trust Company has a low ratio of conventional loans. Their top markets by origination volume include: Red Wing, Minneapolis, Hutchinson, Willmar, and Duluth among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Security Bank & Trust Company 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
60Origination Dollar Volume (All Markets)
$11,700,000Top 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 |
|---|---|---|---|---|---|
| Red Wing, MN (FHA|USDA|VA) | 1 | $4,915,000 | $4,915,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 28 | $3,450,000 | $123,214 | $378 | 6.33% |
| Hutchinson, MN (FHA|USDA|VA) | 24 | $2,720,000 | $113,333 | $1,120 | 5.67% |
| Willmar, MN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Outside of Metro Areas | 5 | $205,000 | $41,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 54 | $11,360,000 | $210,370 | $0 | 0.00% |
| Conventional | 6 | $340,000 | $56,667 | $749 | 6.00% |
For 2019, Security Bank & Trust Company's most frequently originated type of loan was Conventional, with 54 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
For 2019, Security Bank & Trust Company's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 19 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 60 | $11,700,000 | $195,000 | $749 | 6.00% |
For 2019, Security Bank & Trust Company's most frequently cited loan duration was Other, with 60 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 5 | $225,000 | $45,000 |
| $1k-2k | 1 | $115,000 | $115,000 |
Security Bank & Trust Company'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 |
|---|---|---|---|
| 5-6% | 3 | $185,000 | $61,667 |
| 6-7% | 2 | $40,000 | $20,000 |
| 4-5% | 1 | $115,000 | $115,000 |
During 2019, Security Bank & Trust Company's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 3 originations.
Loan Sizing
2019 saw Security Bank & Trust Company place emphasis on $100,000 or less loans with 35 originations, totaling $1,605,000 in origination value.
Applicant Income
Security Bank & Trust Company lent most frequently to those with incomes in the $100k-150k range, with 14 originations. The second most popular income band? $50k-75k, with 11 originations.
Applicant Debt to Income Ratio
Security Bank & Trust Company lent most frequently to those with DTI ratios of Exempt%, with 54 originations. The next most common DTI ratio? 20-30%, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 54 | $10,260,000 | $190,000 | $749 | 6.00% |
| Not applicable | 6 | $1,440,000 | $240,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications92.86%
Security Bank & Trust Company has an average approval rate.
Pick Rate
Approvals leading to origination91.67%
Security Bank & Trust Company has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 54 | $11,360,000 | $210,370 |
| NA | 6 | $340,000 | $56,667 |
Occupancy Type Mix
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 2 | $140,000 | $70,000 | $662 | 5.63% |
| 60-80% | 1 | $115,000 | $115,000 | $1,708 | 5.00% |
| Under 20% | 3 | $85,000 | $28,333 | $487 | 6.58% |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| SecurityNational Mortgage Company | Other type of mortgage | Closing on a mortgage | 1 | 16.7% |
| SecurityNational Mortgage Company | Conventional home mortgage | Trouble during payment process | 2 | 33.3% |
| SecurityNational Mortgage Company | FHA mortgage | Closing on a mortgage | 1 | 16.7% |
| SecurityNational Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| SecurityNational Mortgage Company | Conventional home mortgage | Improper use of your report | 1 | 16.7% |