Platinum Bank Mortgage Rates, Fees & Info
Oakdale, MNLEI: 254900MSHJQMAF6B3Q76
Tax ID: 13-4354655
Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Platinum Bank is a smaller bank specializing in Home Purchase loans. Platinum Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Waterloo, North Port, Cape Coral, and Brainerd among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)Platinum Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
82Origination Dollar Volume (All Markets)
$29,840,000Top 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) | 55 | $15,355,000 | $279,182 | $0 | 0.00% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $4,765,000 | $4,765,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $2,335,000 | $2,335,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 3 | $1,455,000 | $485,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 3 | $1,005,000 | $335,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $890,000 | $222,500 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 4 | $540,000 | $135,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 82 | $29,840,000 | $363,902 | $0 | 0.00% |
For 2024, Platinum Bank's most frequently originated type of loan was Conventional, with 82 originations.
Loan Reason
For 2024, Platinum Bank's most frequently cited loan purpose was Home Purchase, with 66 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 82 | $29,840,000 | $363,902 | $0 | 0.00% |
For 2024, Platinum Bank's most frequently cited loan duration was Other, with 82 originations.
Loan Sizing
2024 saw Platinum Bank place emphasis on $200k-400k loans with 38 originations, totaling $10,080,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 7 | $3,205,000 | $457,857 | $0 | 0.00% |
| $100k-150k | 2 | $810,000 | $405,000 | $0 | 0.00% |
| $50k-75k | 1 | $255,000 | $255,000 | $0 | 0.00% |
Platinum Bank lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $100k-150k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 82 | $29,840,000 | $363,902 | $0 | 0.00% |
Platinum Bank lent most frequently to those with DTI ratios of Exempt%, with 82 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.96%
Platinum 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 origination82.93%
Platinum Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 82 | $29,840,000 | $363,902 |