Platinum Bank Mortgage Rates, Fees & Info

Oakdale, MN

LEI: 254900MSHJQMAF6B3Q76

Tax ID: 13-4354655

Latest/2023 | 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 and Refi loans. Platinum Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Cape Coral, Breckenridge, Punta Gorda, and Phoenix among others. We have data for 10 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 an above average pick rate when compared to similar lenders.

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Originations

64

Origination Dollar Volume (All Markets)

$22,290,000

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) 49 $18,095,000 $369,286 $0 0.00%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,245,000 $415,000 $0 0.00%
Breckenridge, CO (FHA|USDA|VA) 1 $675,000 $675,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
Outside of Metro Areas 3 $455,000 $151,667 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $345,000 $345,000 $0 0.00%
DULUTH, MN-WI (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Owatonna, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
Platinum Bank's top markets include Minneapolis, Cape Coral, Breckenridge, Punta Gorda, and Phoenix among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 64 $22,290,000 $348,281 $0 0.00%

    For 2023, Platinum Bank's most frequently originated type of loan was Conventional, with 64 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $17,435,000 $405,465 $0 0.00%
    Refi 18 $4,590,000 $255,000 $0 0.00%
    Home Improvement 3 $265,000 $88,333 $0 0.00%

    For 2023, Platinum Bank's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 64 $22,290,000 $348,281 $0 0.00%

    For 2023, Platinum Bank's most frequently cited loan duration was Other, with 64 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 31 $8,865,000 $285,968 $0 0.00%
    $100k-200k 13 $1,825,000 $140,385 $0 0.00%
    $600k-1MM 9 $6,505,000 $722,778 $0 0.00%
    $100,000 or less 6 $510,000 $85,000 $0 0.00%
    $400k-600k 3 $1,555,000 $518,333 $0 0.00%
    $1MM+ 2 $3,030,000 $1,515,000 $0 0.00%

    2023 saw Platinum Bank place emphasis on $200k-400k loans with 31 originations, totaling $8,865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $5,250,000 $656,250 $0 0.00%
    $150k-250k 2 $210,000 $105,000 $0 0.00%
    $75k-100k 1 $135,000 $135,000 $0 0.00%

    Platinum Bank lent most frequently to those with incomes in the $250k+ range, with 8 originations. The second most popular income band? $150k-250k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 64 $22,290,000 $348,281 $0 0.00%

    Platinum Bank lent most frequently to those with DTI ratios of Exempt%, with 64 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 44 $14,540,000 $330,455 $0 0.00%
    White 14 $5,890,000 $420,714 $0 0.00%
    Not provided 6 $1,860,000 $310,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    100.00%

    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 origination
    92.19%

    Platinum Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 64 $22,290,000 $348,281

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    64 $22,290,000 $348,281