Bankcherokee Mortgage Rates, Fees & Info

Saint Paul, MN

LEI: 254900WS1VXVLBPOY323

Tax ID: 41-0187190

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

    Bankcherokee is a smaller bank specializing in Home Purchase loans. Bankcherokee has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, New York, and New Orleans among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)

    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.

    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

    32

    Origination Dollar Volume (All Markets)

    $11,250,000

    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) 30 $10,260,000 $342,000 $0 0.00%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $635,000 $635,000 $0 0.00%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
    Bankcherokee's top markets include Minneapolis, New York, and New Orleans among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Louisiana (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 32 $11,250,000 $351,563 $0 0.00%

    For 2018, Bankcherokee's most frequently originated type of loan was Conventional, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $9,135,000 $480,789 $0 0.00%
    Cash Out Refi 7 $1,775,000 $253,571 $0 0.00%
    Home Improvement 3 $45,000 $15,000 $0 0.00%
    Refi 3 $295,000 $98,333 $0 0.00%

    For 2018, Bankcherokee's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Cash Out Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 32 $11,250,000 $351,563 $0 0.00%

    For 2018, Bankcherokee's most frequently cited loan duration was Other, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 8 $390,000 $48,750 $0 0.00%
    $100k-200k 7 $1,065,000 $152,143 $0 0.00%
    $200k-400k 7 $2,145,000 $306,429 $0 0.00%
    $400k-600k 6 $2,820,000 $470,000 $0 0.00%
    $1MM+ 2 $3,580,000 $1,790,000 $0 0.00%
    $600k-1MM 2 $1,250,000 $625,000 $0 0.00%

    2018 saw Bankcherokee place emphasis on $100,000 or less loans with 8 originations, totaling $390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 6 $1,020,000 $170,000 $0 0.00%
    $100k-150k 3 $325,000 $108,333 $0 0.00%
    $250k+ 3 $885,000 $295,000 $0 0.00%
    $50k-75k 2 $390,000 $195,000 $0 0.00%

    Bankcherokee lent most frequently to those with incomes in the $50k or less range, with 6 originations. The second most popular income band? $100k-150k, with 3 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 32 $11,250,000 $351,563 $0 0.00%

    Bankcherokee lent most frequently to those with DTI ratios of Exempt%, with 32 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 18 $8,630,000 $479,444 $0 0.00%
    White 13 $2,525,000 $194,231 $0 0.00%
    Not provided 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.74%

    Bankcherokee has an average approval rate.

    Pick Rate

    Approvals leading to origination
    87.50%

    Bankcherokee has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 32 $11,250,000 $351,563

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 5 $4,985,000 $997,000
    Single Family (1-4 Units):Site-Built 27 $6,265,000 $232,037

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BANCORPSOUTH BANK Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 33.3%
    BANCORPSOUTH BANK FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%
    BANCORPSOUTH BANK FHA mortgage Trouble during payment process 1 16.7%
    BANCORPSOUTH BANK Other type of mortgage Struggling to pay mortgage 1 16.7%
    BANCORPSOUTH BANK Other type of mortgage Trouble during payment process 1 16.7%