Western State Bank Mortgage Rates, Fees & Info
Devils Lake, NDLEI: 254900P681DTTH4I3144
Tax ID: 45-0106740
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Mortgage Data
Review & Overview
Western State Bank is a smaller bank specializing in Home Purchase loans. Western State Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Fargo, Phoenix, Fergus Falls, Jamestown, and Grand Forks among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)Western State 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. Western State Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.75% | 11/22/24 |
| 30 Year Conventional Refi | 6.91% | 11/22/24 |
| 30 Year Cash-out Refi | 7.08% | 11/22/24 |
| 30 Year FHA Purchase | 6.71% | 11/22/24 |
| 30 Year FHA Refi | 6.27% | 11/22/24 |
| 30 Year VA Purchase | 6.31% | 11/22/24 |
| 15 Year Conventional Purchase | 6.31% | 11/22/24 |
| 15 Year Conventional Refi | 6.19% | 11/22/24 |
| 15 Year Cash-out Refi | 6.19% | 11/22/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Western State Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
317Origination Dollar Volume (All Markets)
$170,205,000Awards
Western State Bank - 2022
Western State Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| FARGO, ND-MN (FHA|USDA|VA) | 173 | $73,525,000 | $425,000 | $4,001 | 4.84% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 70 | $72,940,000 | $1,042,000 | $6,700 | 5.00% |
| Outside of Metro Areas | 43 | $14,395,000 | $334,767 | $3,440 | 5.14% |
| Fergus Falls, MN (FHA|USDA|VA) | 4 | $1,340,000 | $335,000 | $1,859 | 5.31% |
| Jamestown, ND (FHA|USDA|VA) | 2 | $1,300,000 | $650,000 | $3,249 | 5.43% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 4 | $1,090,000 | $272,500 | $3,231 | 5.20% |
| Show Low, AZ (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $3,779 | 4.40% |
| Nogales, AZ (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $3,141 | 4.75% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $7,087 | 5.88% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $750,000 | $375,000 | $5,590 | 3.75% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $0 | 5.77% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,039 | 4.25% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,803 | 4.88% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $4,468 | 4.50% |
| Payson, AZ (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $1,906 | 5.13% |
| ALEXANDRIA, LA (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 3.75% |
| Gillette, WY (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,095 | 5.50% |
| Williston, ND (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $3,201 | 3.50% |
| BISMARCK, ND (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,964 | 4.85% |
Similar Lenders
We use machine learning to identify the top lenders compared against Western State Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 180
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 284 | $163,850,000 | $576,937 | $3,971 | 4.97% |
| FHA | 28 | $4,810,000 | $171,786 | $5,385 | 4.32% |
| VA | 5 | $1,545,000 | $309,000 | $7,550 | 5.19% |
For 2022, Western State Bank's most frequently originated type of loan was Conventional, with 284 originations. Their 2nd most popular type was FHA, with 28 originations.
Loan Reason
For 2022, Western State Bank's most frequently cited loan purpose was Home Purchase, with 244 originations. The 2nd most popular reason was Refi, with 41 originations.
Loan Duration/Length
For 2022, Western State Bank's most frequently cited loan duration was 30 Year, with 212 originations. The 2nd most popular length was 5 Year, with 34 originations.
Origination Fees/Closing Costs
Western State Bank's average total fees were $4,382, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 150 originations.
Interest Rates
During 2022, Western State Bank's average interest rate for loans was 4.79%, while their most frequently originated rate bucket for loans was 5-6%, with 115 originations.
Loan Sizing
2022 saw Western State Bank place emphasis on $200k-400k loans with 131 originations, totaling $35,585,000 in origination value.
Applicant Income
Western State Bank lent most frequently to those with incomes in the $50k-75k range, with 62 originations. The second most popular income band? $75k-100k, with 52 originations.
Applicant Debt to Income Ratio
Western State Bank lent most frequently to those with DTI ratios of 20-30%, with 54 originations. The next most common DTI ratio? 30-36%, with 41 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.39%
Western State Bank has an average approval rate.
Pick Rate
Approvals leading to origination75.39%
Western State Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 317 | $170,205,000 | $536,924 |