Hometown Bank Mortgage Rates, Fees & Info
Redwood Falls, MN
LEI: 254900KSUTZO899YU680
Tax ID: 41-0498480
5 stars
-
out of 5 stars, based on 26 reviews
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Mortgage Data
Bank Data
Overview
Hometown Bank is a
smaller
bank
specializing in
Cash Out Refi, Home Purchase, and Refi loans.
Hometown Bank has a high proportion of conventional loans.
Their top markets include Minneapolis, Mankato, Rochester, Willmar, and Hutchinson among others. Hometown Bank has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Hometown Bank is typically
an average fee
lendor.
Originations
685
Origination Dollar Volume (All Markets)
$145,725,000
Employee count
98
Relative Rate
Hometown Bank's average 30 year fixed rate mortgage of loans were
3.14%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.01%.
Relative Fees
Hometown Bank's average total fees for a 30 year fixed rate
mortgage are $4,228.
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 |
|
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA)
|
310
|
$80,370,000 |
$259,258 |
$4,102 |
3.10% |
|
Outside of Metro Areas
|
190 |
$28,870,000 |
$151,947 |
$3,367 |
2.99% |
|
MANKATO, MN (FHA|USDA|VA)
|
50
|
$9,280,000 |
$185,600 |
$3,375 |
3.31% |
|
ROCHESTER, MN (FHA|USDA|VA)
|
17
|
$4,195,000 |
$246,765 |
$4,619 |
2.87% |
|
Willmar, MN (FHA|USDA|VA)
|
21
|
$4,145,000 |
$197,381 |
$3,207 |
3.23% |
|
Hutchinson, MN (FHA|USDA|VA)
|
13
|
$2,935,000 |
$225,769 |
$3,995 |
2.87% |
|
Owatonna, MN (FHA|USDA|VA)
|
15
|
$2,925,000 |
$195,000 |
$4,564 |
3.03% |
|
Fairmont, MN (FHA|USDA|VA)
|
14
|
$2,110,000 |
$150,714 |
$3,533 |
2.71% |
|
New Ulm, MN (FHA|USDA|VA)
|
9
|
$1,415,000 |
$157,222 |
$3,815 |
3.15% |
|
Alexandria, MN (FHA|USDA|VA)
|
7
|
$1,245,000 |
$177,857 |
$3,845 |
3.11% |
|
Austin, MN (FHA|USDA|VA)
|
4
|
$1,040,000 |
$260,000 |
$5,372 |
2.97% |
|
Albert Lea, MN (FHA|USDA|VA)
|
6
|
$910,000 |
$151,667 |
$3,857 |
2.75% |
|
Red Wing, MN (FHA|USDA|VA)
|
6
|
$890,000 |
$148,333 |
$3,355 |
2.96% |
|
Marshall, MN (FHA|USDA|VA)
|
6
|
$810,000 |
$135,000 |
$2,973 |
3.56% |
|
ST. CLOUD, MN (FHA|USDA|VA)
|
3
|
$775,000 |
$258,333 |
$4,513 |
2.67% |
|
Faribault-Northfield, MN (FHA|USDA|VA)
|
2
|
$750,000 |
$375,000 |
$4,057 |
2.63% |
|
Brainerd, MN (FHA|USDA|VA)
|
3
|
$735,000 |
$245,000 |
$3,942 |
3.13% |
|
SIOUX FALLS, SD (FHA|USDA|VA)
|
2
|
$710,000 |
$355,000 |
$5,644 |
3.13% |
|
DULUTH, MN-WI (FHA|USDA|VA)
|
2
|
$610,000 |
$305,000 |
$5,623 |
2.88% |
|
Baraboo, WI (FHA|USDA|VA)
|
1
|
$335,000 |
$335,000 |
$5,005 |
3.00% |
|
Grand Rapids, MN (FHA|USDA|VA)
|
1
|
$305,000 |
$305,000 |
$5,686 |
2.88% |
|
Spearfish, SD (FHA|USDA|VA)
|
1
|
$165,000 |
$165,000 |
$3,141 |
3.13% |
|
Brookings, SD (FHA|USDA|VA)
|
1
|
$135,000 |
$135,000 |
$0 |
2.99% |
|
FARGO, ND-MN (FHA|USDA|VA)
|
1
|
$65,000 |
$65,000 |
$2,852 |
3.00% |
Hometown Bank's top markets include Minneapolis, Mankato, Rochester, Willmar, and Hutchinson among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
685 |
$145,725,000 |
$212,737 |
$3,845 |
3.07% |
For the 2021 period, Hometown Bank's most frequently
originated loan type
of loans were Conventional, with 685 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Cash Out Refi |
237 |
$51,275,000 |
$216,350 |
$3,855 |
2.97% |
| Home Purchase |
219 |
$45,255,000 |
$206,644 |
$4,294 |
3.17% |
| Refi |
191 |
$41,945,000 |
$219,607 |
$3,671 |
2.77% |
| Other |
24 |
$6,280,000 |
$261,667 |
$2,569 |
4.38% |
| Home Improvement |
14 |
$970,000 |
$69,286 |
$1,370 |
4.73% |
For the 2021, Hometown Bank's most frequently cited loan
purpose
of loans were Cash Out Refi, with 237
originations.
The 2nd most popular reason of loans were Home Purchase,
with 219 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 30 Year |
340 |
$80,610,000 |
$237,088 |
$4,228 |
3.14% |
| 15 Year |
200 |
$37,680,000 |
$188,400 |
$3,535 |
2.60% |
| 20 Year |
85 |
$17,135,000 |
$201,588 |
$3,740 |
3.10% |
| Other |
27 |
$4,525,000 |
$167,593 |
$3,180 |
3.66% |
| 5 Year |
18 |
$1,020,000 |
$56,667 |
$981 |
4.97% |
| 10 Year |
14 |
$1,380,000 |
$98,571 |
$2,001 |
3.95% |
| 30+ year |
1 |
$3,375,000 |
$3,375,000 |
$19,087 |
3.00% |
For the 2021, Hometown Bank's most frequently cited loan
length
of loans were 30 Year, with 340 originations.
The 2nd most popular length of loans were 15 Year,
with 200 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $1k-2k |
239 |
$33,445,000 |
$139,937 |
| $2k-3k |
154 |
$34,930,000 |
$226,818 |
| $<1k |
113 |
$15,425,000 |
$136,504 |
| $3k-4k |
110 |
$37,640,000 |
$342,182 |
| $5k+ |
23 |
$17,065,000 |
$741,957 |
$4,228 of loans were Hometown Bank's
average total fees, while their most
frequently occuring range of origination fees were in the
$1k-2k bucket,
with 239 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 2.5-3% |
286 |
$71,610,000 |
$250,385 |
| 3-4% |
175 |
$41,335,000 |
$236,200 |
| <2.5% |
151 |
$24,575,000 |
$162,748 |
| 4-5% |
50 |
$6,490,000 |
$129,800 |
| 5-6% |
18 |
$1,490,000 |
$82,778 |
| 6-7% |
4 |
$190,000 |
$47,500 |
| 7-8% |
1 |
$35,000 |
$35,000 |
During 2021, Hometown Bank's average interest
rate of loans were 3.14%, while their
most frequently originated rate bucket of loans were 2.5-3%,
with 286 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-200k |
256 |
$38,650,000 |
$150,977 |
$3,278 |
2.95% |
| $200k-400k |
230 |
$63,690,000 |
$276,913 |
$4,589 |
3.00% |
| $100,000 or less |
138 |
$8,910,000 |
$64,565 |
$2,115 |
3.45% |
| $400k-600k |
54 |
$25,650,000 |
$475,000 |
$6,147 |
2.94% |
| $600k-1MM |
4 |
$3,040,000 |
$760,000 |
$11,218 |
2.88% |
| $1MM+ |
3 |
$5,785,000 |
$1,928,333 |
$16,815 |
3.51% |
2021 saw Hometown Bank place emphasis on
$100k-200k loans
with 256 originations, totaling
$38,650,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
178 |
$40,880,000 |
$229,663 |
$3,889 |
3.09% |
| $150k-250k |
125 |
$32,095,000 |
$256,760 |
$4,149 |
3.16% |
| $50k-75k |
121 |
$18,175,000 |
$150,207 |
$3,321 |
2.92% |
| $75k-100k |
104 |
$18,910,000 |
$181,827 |
$3,683 |
3.05% |
| $50k or less |
80 |
$8,280,000 |
$103,500 |
$2,926 |
3.03% |
| $250k+ |
57 |
$23,375,000 |
$410,088 |
$5,711 |
3.07% |
Hometown Bank lent most frequently to those with incomes in the
$100k-150k range, with
178 originations.
The second most popular income band? $150k-250k,
with 125 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
224 |
$49,870,000 |
$222,634 |
$3,898 |
3.05% |
| 30-36% |
155 |
$33,315,000 |
$214,935 |
$3,908 |
3.00% |
| <20% |
129 |
$25,665,000 |
$198,953 |
$3,655 |
2.84% |
| 38% |
23 |
$4,735,000 |
$205,870 |
$3,858 |
3.27% |
| 39% |
18 |
$3,730,000 |
$207,222 |
$3,902 |
3.42% |
| 37% |
17 |
$3,425,000 |
$201,471 |
$3,824 |
3.30% |
| 40% |
16 |
$3,900,000 |
$243,750 |
$4,522 |
3.49% |
| 36% |
15 |
$3,095,000 |
$206,333 |
$3,802 |
3.51% |
| 42% |
14 |
$2,840,000 |
$202,857 |
$3,915 |
3.22% |
| 44% |
13 |
$3,065,000 |
$235,769 |
$3,049 |
3.24% |
| 41% |
10 |
$2,180,000 |
$218,000 |
$3,753 |
2.91% |
| 46% |
6 |
$1,320,000 |
$220,000 |
$4,246 |
2.81% |
| 43% |
5 |
$1,015,000 |
$203,000 |
$3,708 |
2.95% |
| >60% |
4 |
$830,000 |
$207,500 |
$3,619 |
3.53% |
| 45% |
3 |
$345,000 |
$115,000 |
$2,873 |
2.75% |
| 47% |
3 |
$635,000 |
$211,667 |
$4,454 |
3.08% |
| 48% |
3 |
$605,000 |
$201,667 |
$4,722 |
2.96% |
| 50-60% |
3 |
$495,000 |
$165,000 |
$3,641 |
4.15% |
Hometown Bank lent most frequently to those with DTI ratios
of 20-30%, with
224 originations.
The next most common DTI ratio? 30-36%,
with 155 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
651 |
$138,955,000 |
$213,449 |
$3,858 |
3.05% |
| Not applicable |
19 |
$3,785,000 |
$199,211 |
$0 |
3.33% |
| Not provided |
5 |
$1,495,000 |
$299,000 |
$4,202 |
2.73% |
| Asian |
3 |
$655,000 |
$218,333 |
$3,048 |
3.73% |
| Black |
2 |
$440,000 |
$220,000 |
$4,364 |
2.81% |
| American Indian |
3 |
$205,000 |
$68,333 |
$1,834 |
4.06% |
| Native Hawaiian |
1 |
$165,000 |
$165,000 |
$1,256 |
3.63% |
| Japanese |
1 |
$25,000 |
$25,000 |
$694 |
4.90% |
Approval Rates
Total approvals of all applications
90.89%
Hometown Bank has an average approval rate.
Pick Rate
Approvals leading to origination
89.28%
Hometown Bank has an average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| NA |
685 |
$145,725,000 |
$212,737 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
685 |
$145,725,000 |
$212,737 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
60 |
$8,130,000 |
$135,500 |
$2,669 |
3.00% |
| 40-60% |
132 |
$24,050,000 |
$182,197 |
$3,513 |
2.68% |
| 60-80% |
291 |
$71,765,000 |
$246,615 |
$4,236 |
3.04% |
| 80-100% |
169 |
$39,255,000 |
$232,278 |
$4,362 |
3.13% |
| Over 100% |
4 |
$1,080,000 |
$270,000 |
$0 |
3.18% |
| Under 20% |
29 |
$1,445,000 |
$49,828 |
$1,108 |
4.82% |
Complaints
| Bank Name |
Product |
Issue |
2021 CPFB Complaints |
% of Total Issues |
| HomeTown Lenders, LLC |
Other type of mortgage |
Applying for a mortgage or refinancing an existing mortgage |
1 |
100.0% |
Bank Details
Branches
| Bank Name |
Branch |
Branch Type |
Deposits (000's) |
| Hometown Bank |
100 17th Ave W Shakopee, MN 55379 |
Full Service B&M
|
$1 |
| Hometown Bank |
1000 East Cook St Redwood Falls, MN 56283 |
Full Service B&M
|
$45,496 |
| Hometown Bank |
101 Creek Lane S Jordan, MN 55352 |
Full Service B&M
|
$71,426 |
| Hometown Bank |
102 South Third Street St. Peter, MN 56082 |
Full Service B&M
|
$44,361 |
| Hometown Bank |
1115 West Lincoln Avenue Olivia, MN 56277 |
Full Service B&M
|
$59,038 |
| Hometown Bank |
309 N. Main St. Le Sueur, MN 56058 |
Full Service B&M
|
$25,506 |
| Hometown Bank |
326 Broadway Cleveland, MN 56017 |
Full Service B&M
|
$28,633 |
| Hometown Bank |
409 Main Street Henderson, MN 56044 |
Full Service B&M
|
$17,831 |
| Hometown Bank |
641 Marketplace Drive Waconia, MN 55387 |
Full Service B&M
|
$105,790 |
| Hometown Bank |
950 Vierling Drive West Eden Prairie, MN 55347 |
Full Service B&M
|
$59,823 |
For 2021, Hometown Bank had 10 branches.
Yearly Performance Overview
Bank Income
Hometown Bank's gross interest income from loans was $14,874,000.
Hometown Bank's net interest income from loans was $14,059,000.
Hometown Bank's fee based income from loans was $330,000.
Hometown Bank's net income from loans was $5,120,000.
Bank Expenses
| Item |
Value (in 000's) |
| Total interest expense |
$815 |
| Provision for credit losses |
$-413 |
| Total noninterest expense |
$13,438 |
| Salaries and employee benefits |
$8,467 |
| Premises and equipment expense |
$1,420 |
| Additional noninterest expense |
$3,551 |
| Applicable income taxes |
$1,960 |
| Net charge-offs |
$-50 |
| Cash dividends |
$2,500 |
Hometown Bank's interest expense for loans was $815,000.
Hometown Bank's payroll and benefits expense were $8,467,000.
Hometown Bank's property, plant and equipment expenses $1,420,000.
Deposits
| Type |
Value (in 000's) |
| Total deposits |
$458,004 |
| Deposits held in domestic offices |
$458,004 |
| Deposits by Individuals, partnerships, and corporations |
$440,833 |
| Deposits by U.S. Government |
$0 |
| Deposits by States and political subdivisions in the U.S. |
$16,923 |
| Deposits by Commercial banks and other depository institutions in U.S. |
$248 |
| Deposits by Banks in foreign countries |
$0 |
| Deposits by Foreign governments and official institutions |
$0 |
| Transaction accounts |
$285,943 |
| Demand deposits |
$280,451 |
| Nontransaction accounts |
$172,061 |
| Money market deposit accounts (MMDAs) |
$91,345 |
| Other savings deposits (excluding MMDAs) |
$53,553 |
| Total time deposits |
$27,163 |
| Total time and savings deposits |
$177,553 |
| Noninterest-bearing deposits |
$134,360 |
| Interest-bearing deposits |
$323,644 |
| Retail deposits |
$453,017 |
| IRAs and Keogh plan accounts |
$4,547 |
| Brokered deposits |
$0 |
| Deposits held in foreign offices |
$0 |
Assets
| Asset |
Value (in 000's) |
| Total Assets |
$523,774 |
| Cash & Balances due from depository institutions |
$16,126 |
| Interest-bearing balances |
$12,653 |
| Total securities |
$220,999 |
| Federal funds sold & reverse repurchase |
$0 |
| Net loans and leases |
$255,135 |
| Loan and leases loss allowance |
$3,764 |
| Trading account assets |
$0 |
| Bank premises and fixed assets |
$14,297 |
| Other real estate owned |
$0 |
| Goodwill and other intangibles |
$7,698 |
| All other assets |
$9,519 |
Liabilities
| Liabilities |
Value (in 000's) |
| Total liabilities and capital |
$523,774 |
| Total Liabilities |
$478,439 |
| Total deposits |
$458,004 |
| Interest-bearing deposits |
$323,644 |
| Deposits held in domestic offices |
$458,004 |
| % insured (estimated) |
$79 |
| Federal funds purchased and repurchase agreements |
$0 |
| Trading liabilities |
$0 |
| Other borrowed funds |
$16,878 |
| Subordinated debt |
$0 |
| All other liabilities |
$3,557 |
Issued Loan Types
| Type |
Value (in 000's) |
| Net loans and leases |
$255,135 |
| Loan and leases loss allowance |
$3,764 |
| Total loans and leases (domestic) |
$258,899 |
| All real estate loans |
$179,889 |
| Real estate loans in domestic offices |
$179,889 |
| Construction and development loans |
$22,918 |
| Residential 1-4 family construction |
$7,459 |
| Other construction, all land development and other land |
$15,459 |
| Loans secured by nonfarm nonresidential properties |
$42,631 |
| Nonfarm nonresidential secured by owner-occupied properties |
$32,365 |
| Commercial real estate & other non-farm, non-residential |
$10,266 |
| Multifamily residential real estate |
$8,163 |
| 1-4 family residential loans |
$84,681 |
| Farmland loans |
$21,496 |
| Loans held in foreign offices |
$0 |
| Farm loans |
$20,561 |
| Commercial and industrial loans |
$50,030 |
| To non-U.S. addressees |
$0 |
| Loans to individuals |
$8,355 |
| Credit card loans |
$0 |
| Related Plans |
$672 |
| Consumer Auto Loans |
$5,430 |
| Other loans to individuals |
$2,253 |
| All other loans & leases |
$64 |
| Loans to foreign governments and official institutions |
$0 |
| Other loans |
$60 |
| Loans to depository institutions and acceptances of other banks |
$0 |
| Loans not secured by real estate |
$133 |
| Loans secured by real estate to non-U.S. addressees |
$0 |
| Restructured Loans & leases |
$116 |
| Non 1-4 family restructured loans & leases |
$116 |
| Total loans and leases (foreign) |
$0 |
HomeTown Bank had $255,135,000 of loans outstanding in 2021. $179,889,000 of loans were in real estate loans.
$22,918,000 of loans were in development loans. $8,163,000 of loans were in multifamily mortgage loans.
$84,681,000 of loans were in 1-4 family mortgage loans. $20,561,000 of loans were in farm loans. $0
of loans were in credit card loans. $5,430,000 of loans were in the auto loan category.
Small Business Loans
| Categorization |
# of Loans in Category |
$ amount of loans (in 000's) |
Average $/loan |
| Nonfarm, nonresidential loans - <$1MM |
118 |
$19,275 |
$163,347 |
| Nonfarm, nonresidential loans - <$100k |
38 |
$1,391 |
$36,605 |
| Nonfarm, nonresidential loans - $100-250k |
48 |
$5,336 |
$111,167 |
| Nonfarm, nonresidential loans - $250k-1MM |
32 |
$12,548 |
$392,125 |
| Commercial & Industrial, US addressed loans - <$1MM |
336 |
$31,696 |
$94,333 |
| Commercial & Industrial, US addressed loans - <$100k |
202 |
$4,174 |
$20,663 |
| Commercial & Industrial, US addressed loans - $100-250k |
66 |
$6,300 |
$95,455 |
| Commercial & Industrial, US addressed loans - $250k-1MM |
68 |
$21,222 |
$312,088 |
| Farmland loans - <$1MM |
59 |
$7,357 |
$124,695 |
| Farmland loans - <$100k |
27 |
$1,362 |
$50,444 |
| Farmland loans - $100-250k |
20 |
$2,627 |
$131,350 |
| Farmland loans - $250k-1MM |
12 |
$3,368 |
$280,667 |
| Agriculture operations loans - <$1MM |
84 |
$5,879 |
$69,988 |
| Agriculture operations loans - <$100k |
42 |
$800 |
$19,048 |
| Agriculture operations loans - $100-250k |
25 |
$2,121 |
$84,840 |
| Agriculture operations loans - $250k-1MM |
17 |
$2,958 |
$174,000 |
