Bankcherokee Mortgage Rates, Fees & Info
Saint Paul, MNLEI: 254900WS1VXVLBPOY323
Tax ID: 41-0187190
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Bankcherokee is a smaller bank specializing in Home Purchase and Cash Out Refi loans. Bankcherokee has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Durango, Duluth, and Menomonie among others. We have data for 5 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.
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Originations
43Origination Dollar Volume (All Markets)
$15,495,000Top 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) | 38 | $14,570,000 | $383,421 | $0 | 0.00% |
| Durango, CO (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $320,000 | $160,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| Menomonie, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 43 | $15,495,000 | $360,349 | $0 | 0.00% |
For 2019, Bankcherokee's most frequently originated type of loan was Conventional, with 43 originations.
Loan Reason
For 2019, Bankcherokee's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 43 | $15,495,000 | $360,349 | $0 | 0.00% |
For 2019, Bankcherokee's most frequently cited loan duration was Other, with 43 originations.
Loan Sizing
2019 saw Bankcherokee place emphasis on $200k-400k loans with 16 originations, totaling $4,470,000 in origination value.
Applicant Income
Bankcherokee lent most frequently to those with incomes in the $250k+ range, with 7 originations. The second most popular income band? $75k-100k, with 4 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 43 | $15,495,000 | $360,349 | $0 | 0.00% |
Bankcherokee lent most frequently to those with DTI ratios of Exempt%, with 43 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.18%
Bankcherokee has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination83.72%
Bankcherokee has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 43 | $15,495,000 | $360,349 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 7 | $6,995,000 | $999,286 |
| Single Family (1-4 Units):Site-Built | 36 | $8,500,000 | $236,111 |
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| BANCORPSOUTH BANK | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| BANCORPSOUTH BANK | Conventional home mortgage | Struggling to pay mortgage | 1 | 16.7% |
| BANCORPSOUTH BANK | Conventional home mortgage | Trouble during payment process | 1 | 16.7% |
| BANCORPSOUTH BANK | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 16.7% |
| BANCORPSOUTH BANK | Other type of mortgage | Closing on a mortgage | 2 | 33.3% |