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

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, St. Cloud, and Cape Coral among others. We have data for 3 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.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

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    Originations

    48

    Origination Dollar Volume (All Markets)

    $10,150,000

    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) 46 $9,340,000 $203,043 $0 0.00%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
    Platinum Bank's top markets include Minneapolis, St. Cloud, and Cape Coral among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 48 $10,150,000 $211,458 $0 0.00%

    For 2018, Platinum Bank's most frequently originated type of loan was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 40 $8,890,000 $222,250 $0 0.00%
    Home Improvement 3 $305,000 $101,667 $0 0.00%
    Refi 3 $755,000 $251,667 $0 0.00%
    Cash Out Refi 2 $200,000 $100,000 $0 0.00%

    For 2018, Platinum Bank's most frequently cited loan purpose was Home Purchase, with 40 originations. The 2nd most popular reason was Home Improvement, with 3 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 48 $10,150,000 $211,458 $0 0.00%

    For 2018, Platinum Bank's most frequently cited loan duration was Other, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 21 $3,095,000 $147,381 $0 0.00%
    $200k-400k 16 $4,070,000 $254,375 $0 0.00%
    $100,000 or less 7 $545,000 $77,857 $0 0.00%
    $400k-600k 3 $1,535,000 $511,667 $0 0.00%
    $600k-1MM 1 $905,000 $905,000 $0 0.00%

    2018 saw Platinum Bank place emphasis on $100k-200k loans with 21 originations, totaling $3,095,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 8 $2,610,000 $326,250 $0 0.00%
    $100k-150k 1 $265,000 $265,000 $0 0.00%
    $150k-250k 1 $225,000 $225,000 $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? $100k-150k, with 1 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 48 $10,150,000 $211,458 $0 0.00%

    Platinum Bank lent most frequently to those with DTI ratios of Exempt%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 37 $6,955,000 $187,973 $0 0.00%
    White 11 $3,195,000 $290,455 $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
    95.83%

    Platinum Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 48 $10,150,000 $211,458

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $680,000 $340,000
    Single Family (1-4 Units):Site-Built 46 $9,470,000 $205,870

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PLATINUM HOME MORTGAGE CORPORATION FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    PLATINUM HOME MORTGAGE CORPORATION FHA mortgage Trouble during payment process 1 50.0%