Northern State Bank Mortgage Rates, Fees & Info
Ashland, WILEI: 254900X5QCTPBYKG4S42
Tax ID: 39-0508245
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Mortgage Data
Review & Overview
Northern State Bank is a smaller bank specializing in Home Purchase loans. Northern State Bank has a high proportion of conventional loans. Their top (well, only) market is Duluth.Northern 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.
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Originations
80Origination Dollar Volume (All Markets)
$8,770,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 79 | $8,505,000 | $107,658 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 80 | $8,770,000 | $109,625 | $0 | 0.00% |
For 2023, Northern State Bank's most frequently originated type of loan was Conventional, with 80 originations.
Loan Reason
For 2023, Northern State Bank's most frequently cited loan purpose was Home Purchase, with 37 originations. The 2nd most popular reason was Refi, with 18 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 80 | $8,770,000 | $109,625 | $0 | 0.00% |
For 2023, Northern State Bank's most frequently cited loan duration was Other, with 80 originations.
Loan Sizing
2023 saw Northern State Bank place emphasis on $100,000 or less loans with 51 originations, totaling $2,405,000 in origination value.
Applicant Income
Northern State Bank lent most frequently to those with incomes in the $50k-75k range, with 20 originations. The second most popular income band? $50k or less, with 17 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 80 | $8,770,000 | $109,625 | $0 | 0.00% |
Northern State Bank lent most frequently to those with DTI ratios of Exempt%, with 80 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.80%
Northern State Bank has an average approval rate.
Pick Rate
Approvals leading to origination60.00%
Northern State Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 80 | $8,770,000 | $109,625 |