Blackridgebank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 5493000P7J1Z5GDHMV75

Tax ID: 38-3754115

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
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Blackridgebank is a smaller bank specializing in Home Purchase loans. Blackridgebank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fargo, Brainerd, Bismarck, Alexandria, and Minneapolis among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Blackridgebank 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. Blackridgebank is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    755

    Origination Dollar Volume (All Markets)

    $148,205,000

    Employee count

    126 Show all (9) awards

    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) 199 $45,445,000 $228,367 $4,066 4.61%
    Brainerd, MN (FHA|USDA|VA) 232 $38,950,000 $167,888 $4,786 4.70%
    BISMARCK, ND (FHA|USDA|VA) 103 $23,095,000 $224,223 $4,331 4.47%
    Alexandria, MN (FHA|USDA|VA) 74 $12,770,000 $172,568 $4,324 4.57%
    Outside of Metro Areas 79 $12,485,000 $158,038 $4,212 4.60%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 15 $3,915,000 $261,000 $5,339 4.53%
    Fergus Falls, MN (FHA|USDA|VA) 16 $3,410,000 $213,125 $5,158 4.65%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 5 $1,955,000 $391,000 $4,078 4.80%
    Dickinson, ND (FHA|USDA|VA) 4 $1,150,000 $287,500 $4,808 4.53%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $935,000 $311,667 $6,070 4.25%
    Wahpeton, ND-MN (FHA|USDA|VA) 4 $520,000 $130,000 $5,657 4.68%
    DULUTH, MN-WI (FHA|USDA|VA) 3 $425,000 $141,667 $2,503 4.75%
    Willmar, MN (FHA|USDA|VA) 2 $380,000 $190,000 $3,058 4.31%
    ROCHESTER, MN (FHA|USDA|VA) 1 $355,000 $355,000 $12,135 4.63%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $345,000 $345,000 $5,647 4.50%
    Hutchinson, MN (FHA|USDA|VA) 1 $305,000 $305,000 $6,727 4.63%
    Jamestown, ND (FHA|USDA|VA) 2 $250,000 $125,000 $2,994 4.29%
    Grand Rapids, MN (FHA|USDA|VA) 2 $250,000 $125,000 $5,306 4.94%
    Watertown, SD (FHA|USDA|VA) 1 $215,000 $215,000 $4,593 4.75%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $175,000 $175,000 $4,552 4.50%
    GRAND JUNCTION, CO (FHA|USDA|VA) 1 $165,000 $165,000 $2,720 4.63%
    Minot, ND (FHA|USDA|VA) 1 $145,000 $145,000 $4,718 3.38%
    Cedar City, UT (FHA|USDA|VA) 1 $145,000 $145,000 $3,290 4.75%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $125,000 $125,000 $2,361 4.50%
    Shawano, WI (FHA|USDA|VA) 1 $105,000 $105,000 $2,799 4.25%
    Kalispell, MT (FHA|USDA|VA) 1 $95,000 $95,000 $2,763 4.45%
    Bemidji, MN (FHA|USDA|VA) 1 $95,000 $95,000 $0 5.45%
    Blackridgebank's top markets include Fargo, Brainerd, Bismarck, Alexandria, and Minneapolis among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against BlackRidgeBANK based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    VISIONBank
    Similarity Rank: 162
    CAPITAL CREDIT UNION
    Similarity Rank: 184
    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 312
    Deere Employees Credit Union
    Similarity Rank: 326
    VALLEY MORTGAGE, INC.
    Similarity Rank: 336
    Cornerstone State Bank
    Similarity Rank: 408
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 470
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 627
    MEMBERS COOPERATIVE
    Similarity Rank: 714
    WESTconsin Credit Union
    Similarity Rank: 795

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 564 $114,960,000 $203,830 $3,795 4.69%
    FHA 93 $15,075,000 $162,097 $6,877 4.43%
    VA 49 $11,295,000 $230,510 $4,914 4.28%
    USDA 49 $6,875,000 $140,306 $5,436 4.37%

    For 2018, Blackridgebank's most frequently originated type of loan was Conventional, with 564 originations. Their 2nd most popular type was FHA, with 93 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 595 $124,225,000 $208,782 $4,837 4.58%
    Refi 74 $12,620,000 $170,541 $2,738 4.68%
    Cash Out Refi 37 $7,155,000 $193,378 $4,985 4.45%
    Other 31 $2,685,000 $86,613 $1,928 5.01%
    Home Improvement 18 $1,520,000 $84,444 $1,833 5.11%

    For 2018, Blackridgebank's most frequently cited loan purpose was Home Purchase, with 595 originations. The 2nd most popular reason was Refi, with 74 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 513 $106,345,000 $207,300 $5,023 4.50%
    Other 117 $16,755,000 $143,205 $1,498 4.99%
    5 Year 61 $12,055,000 $197,623 $0 5.19%
    15 Year 37 $6,995,000 $189,054 $4,345 3.99%
    1 Year 9 $2,365,000 $262,778 $3,123 5.23%
    20 Year 7 $1,335,000 $190,714 $4,634 4.54%
    10 Year 7 $1,465,000 $209,286 $3,536 3.92%
    3 Year 4 $890,000 $222,500 $0 5.13%

    For 2018, Blackridgebank's most frequently cited loan duration was 30 Year, with 513 originations. The 2nd most popular length was Other, with 117 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 203 $37,285,000 $183,670
    $<1k 169 $24,745,000 $146,420
    $1k-2k 140 $22,330,000 $159,500
    $3k-4k 79 $19,335,000 $244,747
    $4k-5k 41 $13,445,000 $327,927
    $5k+ 17 $7,185,000 $422,647

    Blackridgebank's average total fees were $5,023, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 203 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 567 $118,245,000 $208,545
    5-6% 108 $13,500,000 $125,000
    3-4% 78 $16,360,000 $209,744
    6-7% 2 $100,000 $50,000

    During 2018, Blackridgebank's average interest rate for loans was 4.50%, while their most frequently originated rate bucket for loans was 4-5%, with 567 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 305 $45,795,000 $150,148 $4,379 4.56%
    $200k-400k 242 $64,680,000 $267,273 $5,311 4.51%
    $100,000 or less 158 $10,250,000 $64,873 $2,338 4.91%
    $400k-600k 45 $20,445,000 $454,333 $6,549 4.50%
    $600k-1MM 4 $3,160,000 $790,000 $8,212 4.96%
    $1MM+ 1 $3,875,000 $3,875,000 $0 5.00%

    2018 saw Blackridgebank place emphasis on $100k-200k loans with 305 originations, totaling $45,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 174 $21,510,000 $123,621 $4,419 4.57%
    $50k-75k 164 $27,430,000 $167,256 $4,491 4.52%
    $100k-150k 127 $28,665,000 $225,709 $4,224 4.59%
    $75k-100k 108 $21,620,000 $200,185 $4,692 4.56%
    $150k-250k 63 $17,695,000 $280,873 $5,222 4.56%
    $250k+ 38 $10,070,000 $265,000 $4,248 4.70%

    Blackridgebank lent most frequently to those with incomes in the $50k or less range, with 174 originations. The second most popular income band? $50k-75k, with 164 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 153 $26,255,000 $171,601 $3,670 4.58%
    30-36% 135 $26,295,000 $194,778 $4,582 4.53%
    <20% 50 $9,140,000 $182,800 $3,981 4.61%
    50-60% 41 $7,305,000 $178,171 $5,883 4.53%
    44% 33 $7,045,000 $213,485 $4,530 4.59%
    36% 30 $6,890,000 $229,667 $6,128 4.54%
    38% 25 $4,555,000 $182,200 $4,571 4.52%
    39% 25 $4,925,000 $197,000 $4,103 4.45%
    37% 25 $4,935,000 $197,400 $3,959 4.43%
    42% 23 $4,235,000 $184,130 $5,563 4.56%
    43% 21 $3,555,000 $169,286 $3,282 4.73%
    41% 21 $3,225,000 $153,571 $4,141 4.65%
    45% 20 $4,010,000 $200,500 $4,946 4.52%
    46% 18 $3,520,000 $195,556 $5,185 4.58%
    47% 17 $2,975,000 $175,000 $4,914 4.35%
    40% 15 $2,905,000 $193,667 $5,079 4.57%
    48% 14 $3,360,000 $240,000 $4,810 4.60%
    49% 13 $2,725,000 $209,615 $4,220 4.57%
    >60% 8 $1,170,000 $146,250 $1,801 5.00%

    Blackridgebank lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 657 $122,725,000 $186,796 $4,480 4.56%
    Not applicable 66 $18,620,000 $282,121 $0 5.17%
    Not provided 19 $3,695,000 $194,474 $3,062 4.66%
    Asian 5 $1,495,000 $299,000 $4,573 4.25%
    Black 3 $935,000 $311,667 $5,425 4.25%
    American Indian 4 $610,000 $152,500 $4,206 4.70%
    Native Hawaiian or Islander 1 $125,000 $125,000 $6,303 4.63%

    Approval Rates

    Total approvals of all applications
    95.46%

    Blackridgebank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    83.05%

    Blackridgebank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1342.0 1 $95,000 $95,000
    163.2 1 $75,000 $75,000
    1777.0 1 $145,000 $145,000
    2472.0 1 $235,000 $235,000
    272.2 1 $35,000 $35,000
    287.6 1 $75,000 $75,000
    362.0 1 $25,000 $25,000
    537.0 1 $45,000 $45,000
    762.0 1 $45,000 $45,000
    NA 746 $147,430,000 $197,627

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 13 $8,485,000 $652,692
    Single Family (1-4 Units):Manufactured 43 $4,745,000 $110,349
    Single Family (1-4 Units):Site-Built 699 $134,975,000 $193,097

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $3,090,000 $90,882 $1,323 4.97%
    40-60% 59 $10,295,000 $174,492 $3,784 4.62%
    60-80% 212 $49,750,000 $234,670 $4,410 4.69%
    80-100% 396 $79,820,000 $201,566 $5,015 4.50%
    Over 100% 17 $3,705,000 $217,941 $7,178 4.34%
    Under 20% 37 $1,545,000 $41,757 $490 5.17%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    BWW Law Group, LLC Conventional home mortgage Struggling to pay mortgage 3 75.0%
    BWW Law Group, LLC Other type of mortgage Struggling to pay mortgage 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    BlackRidgeBANK 14084 Baxter Drive, Ste 16 Baxter, MN 56425 Full Service B&M $58,971
    BlackRidgeBANK 228 Oak St N Miltona, MN 56354 Full Service B&M $13,030
    BlackRidgeBANK 23964 Smiley Road Nisswa, MN 56468 Full Service Retail $14,764
    BlackRidgeBANK 301 Main Avenue Carlos, MN 56319 Full Service B&M $16,919
    BlackRidgeBANK 3313 Highway 29 South Alexandria, MN 56308 Full Service B&M $56,891
    BlackRidgeBANK 35563 County Road 3 Crosslake, MN 56442 Full Service Retail $18,175
    BlackRidgeBANK 3703 Lockport Street Bismarck, ND 58503 Full Service B&M $67,314
    BlackRidgeBANK 4040 42nd Street South Fargo, ND 58104 Full Service B&M $78,045
    BlackRidgeBANK 5411 Lakers Lane Nisswa, MN 56468 Full Service B&M $46,419
    BlackRidgeBANK 855 26th Avenue East West Fargo, ND 58078 Full Service B&M $37,504

    For 2018, Blackridgebank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,809
    Net interest income $17,684
    Total noninterest income $5,936
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $552
    Trading account gains and fees $0
    Additional Noninterest Income $5,384
    Pre-tax net operating income $4,916
    Securities gains (or losses, -) $0
    Income before extraordinary items $3,593
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,593
    Minority interest net income $0
    Net income $3,593
    Sale, conversion, retirement of capital stock, net $40
    Net operating income $3,593

    Blackridgebank's gross interest income from loans was $20,809,000.
    Blackridgebank's net interest income from loans was $17,684,000.
    Blackridgebank's fee based income from loans was $552,000.
    Blackridgebank's net income from loans was $3,593,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,125
    Provision for credit losses $405
    Total noninterest expense $18,299
    Salaries and employee benefits $11,603
    Premises and equipment expense $2,044
    Additional noninterest expense $4,652
    Applicable income taxes $1,323
    Net charge-offs $104
    Cash dividends $2,000

    Blackridgebank's interest expense for loans was $3,125,000.
    Blackridgebank's payroll and benefits expense were $11,603,000.
    Blackridgebank's property, plant and equipment expenses $2,044,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 2.0%
    Nonfarm, nonresidential loans 2.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $427,491
    Deposits held in domestic offices $427,491
    Deposits by Individuals, partnerships, and corporations $370,348
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $21,607
    Deposits by Commercial banks and other depository institutions in U.S. $35,536
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $131,066
    Demand deposits $102,302
    Nontransaction accounts $296,425
    Money market deposit accounts (MMDAs) $128,088
    Other savings deposits (excluding MMDAs) $28,180
    Total time deposits $140,157
    Total time and savings deposits $325,189
    Noninterest-bearing deposits $102,737
    Interest-bearing deposits $324,754
    Retail deposits $367,234
    IRAs and Keogh plan accounts $13,300
    Brokered deposits $36,343
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $483,106
    Cash & Balances due from depository institutions $24,251
    Interest-bearing balances $16,305
    Total securities $36,977
    Federal funds sold & reverse repurchase $0
    Net loans and leases $385,694
    Loan and leases loss allowance $5,212
    Trading account assets $0
    Bank premises and fixed assets $13,682
    Other real estate owned $2,351
    Goodwill and other intangibles $15,961
    All other assets $4,190

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $483,106
    Total Liabilities $429,715
    Total deposits $427,491
    Interest-bearing deposits $324,754
    Deposits held in domestic offices $427,491
    % insured (estimated) $81
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,106
    Subordinated debt $0
    All other liabilities $1,118

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $385,694
    Loan and leases loss allowance $5,212
    Total loans and leases (domestic) $390,906
    All real estate loans $323,781
    Real estate loans in domestic offices $323,781
    Construction and development loans $56,419
    Residential 1-4 family construction $17,080
    Other construction, all land development and other land $39,339
    Loans secured by nonfarm nonresidential properties $91,798
    Nonfarm nonresidential secured by owner-occupied properties $23,536
    Commercial real estate & other non-farm, non-residential $68,262
    Multifamily residential real estate $20,458
    1-4 family residential loans $146,044
    Farmland loans $9,062
    Loans held in foreign offices $0
    Farm loans $2,150
    Commercial and industrial loans $48,256
    To non-U.S. addressees $0
    Loans to individuals $14,335
    Credit card loans $0
    Related Plans $2,725
    Consumer Auto Loans $3,320
    Other loans to individuals $8,290
    All other loans & leases $2,384
    Loans to foreign governments and official institutions $0
    Other loans $194
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $10,921
    Non 1-4 family restructured loans & leases $10,921
    Total loans and leases (foreign) $0

    BlackRidgeBANK had $385,694,000 of loans outstanding in 2018. $323,781,000 of loans were in real estate loans. $56,419,000 of loans were in development loans. $20,458,000 of loans were in multifamily mortgage loans. $146,044,000 of loans were in 1-4 family mortgage loans. $2,150,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,320,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 308 $55,906 $181,513
    Nonfarm, nonresidential loans - <$100k 61 $2,827 $46,344
    Nonfarm, nonresidential loans - $100-250k 113 $16,547 $146,434
    Nonfarm, nonresidential loans - $250k-1MM 134 $36,532 $272,627
    Commercial & Industrial, US addressed loans - <$1MM 763 $42,870 $56,186
    Commercial & Industrial, US addressed loans - <$100k 544 $12,074 $22,195
    Commercial & Industrial, US addressed loans - $100-250k 134 $11,811 $88,142
    Commercial & Industrial, US addressed loans - $250k-1MM 85 $18,985 $223,353
    Farmland loans - <$1MM 60 $5,297 $88,283
    Farmland loans - <$100k 28 $1,152 $41,143
    Farmland loans - $100-250k 27 $3,123 $115,667
    Farmland loans - $250k-1MM 5 $1,022 $204,400
    Agriculture operations loans - <$1MM 58 $2,150 $37,069
    Agriculture operations loans - <$100k 52 $1,128 $21,692
    Agriculture operations loans - $100-250k 4 $528 $132,000
    Agriculture operations loans - $250k-1MM 2 $494 $247,000