Bankcherokee Mortgage Rates, Fees & Info
Saint Paul, MNLEI: 254900WS1VXVLBPOY323
Tax ID: 41-0187190
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Mortgage Data
Review & Overview
Bankcherokee is a smaller bank specializing in Home Purchase loans. Bankcherokee has a high proportion of conventional loans. Their top two markets are Minneapolis and New Orleans .Bankcherokee 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
43Origination Dollar Volume (All Markets)
$13,015,000Top Markets
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| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 41 | $11,765,000 | $286,951 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $955,000 | $955,000 | $0 | 0.00% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 43 | $13,015,000 | $302,674 | $0 | 0.00% |
For 2023, Bankcherokee's most frequently originated type of loan was Conventional, with 43 originations.
Loan Reason
For 2023, Bankcherokee's most frequently cited loan purpose was Home Purchase, with 31 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 43 | $13,015,000 | $302,674 | $0 | 0.00% |
For 2023, Bankcherokee's most frequently cited loan duration was Other, with 43 originations.
Loan Sizing
2023 saw Bankcherokee place emphasis on $200k-400k loans with 17 originations, totaling $5,295,000 in origination value.
Applicant Income
Bankcherokee lent most frequently to those with incomes in the $250k+ range, with 3 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% | 43 | $13,015,000 | $302,674 | $0 | 0.00% |
Bankcherokee lent most frequently to those with DTI ratios of Exempt%, with 43 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 33 | $10,165,000 | $308,030 | $0 | 0.00% |
| White | 10 | $2,850,000 | $285,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications91.07%
Bankcherokee has an average approval rate.
Pick Rate
Approvals leading to origination81.40%
Bankcherokee has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 43 | $13,015,000 | $302,674 |