Blackridgebank Mortgage Rates, Fees & Info

Fargo, ND

LEI: 5493000P7J1Z5GDHMV75

Tax ID: 38-3754115

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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 and Refi 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 Fergus Falls among others. We have data for 28 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

    843

    Origination Dollar Volume (All Markets)

    $198,325,000

    Employee count

    108 Show all (14) 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) 181 $50,965,000 $281,575 $4,107 4.07%
    Brainerd, MN (FHA|USDA|VA) 256 $47,550,000 $185,742 $4,713 4.34%
    BISMARCK, ND (FHA|USDA|VA) 111 $38,065,000 $342,928 $4,639 3.99%
    Alexandria, MN (FHA|USDA|VA) 123 $25,085,000 $203,943 $3,807 3.95%
    Outside of Metro Areas 81 $15,095,000 $186,358 $4,262 4.11%
    Fergus Falls, MN (FHA|USDA|VA) 27 $6,045,000 $223,889 $3,992 3.94%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 21 $5,515,000 $262,619 $4,771 3.80%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 3 $1,355,000 $451,667 $979 4.58%
    Wahpeton, ND-MN (FHA|USDA|VA) 7 $1,135,000 $162,143 $5,063 3.93%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,020,000 $255,000 $4,710 3.72%
    ST. CLOUD, MN (FHA|USDA|VA) 5 $995,000 $199,000 $4,962 3.85%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $950,000 $475,000 $6,226 5.11%
    Willmar, MN (FHA|USDA|VA) 4 $900,000 $225,000 $3,441 3.59%
    Bemidji, MN (FHA|USDA|VA) 3 $395,000 $131,667 $5,914 4.67%
    Sheridan, WY (FHA|USDA|VA) 1 $365,000 $365,000 $3,873 3.99%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $345,000 $345,000 $11,685 4.38%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $300,000 $150,000 $2,818 4.50%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $275,000 $275,000 $4,890 4.38%
    Pierre, SD (FHA|USDA|VA) 1 $265,000 $265,000 $10,197 3.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 5.25%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $255,000 $255,000 $0 4.95%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $1,686 4.13%
    Watertown, SD (FHA|USDA|VA) 1 $215,000 $215,000 $3,375 3.00%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $3,248 4.13%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $185,000 $185,000 $4,062 3.50%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $175,000 $175,000 $5,790 4.00%
    LAWRENCE, KS (FHA|USDA|VA) 1 $135,000 $135,000 $3,501 3.50%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $85,000 $85,000 $4,156 4.25%
    Blackridgebank's top markets include Fargo, Brainerd, Bismarck, Alexandria, and Fergus Falls among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Arizona (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.

    T & C REAL ESTATE SERVICES LLC
    Similarity Rank: 440
    CAPITAL CREDIT UNION
    Similarity Rank: 490
    VALLEY MORTGAGE, INC.
    Similarity Rank: 550
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 627
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 732
    DHA FINANCIAL, LLC
    Similarity Rank: 912
    ST. CLOUD FINANCIAL
    Similarity Rank: 978
    South Metro Federal Credit Union
    Similarity Rank: 1088
    First National Bank of Elk River
    Similarity Rank: 1110
    WESTconsin Credit Union
    Similarity Rank: 1216

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 635 $158,795,000 $250,071 $3,724 4.24%
    FHA 103 $17,685,000 $171,699 $7,095 3.99%
    VA 60 $15,430,000 $257,167 $4,803 3.50%
    USDA 45 $6,415,000 $142,556 $5,350 3.60%

    For 2019, Blackridgebank's most frequently originated type of loan was Conventional, with 635 originations. Their 2nd most popular type was FHA, with 103 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 546 $126,250,000 $231,227 $4,910 4.20%
    Refi 184 $52,460,000 $285,109 $3,417 3.74%
    Cash Out Refi 74 $16,710,000 $225,811 $4,689 3.74%
    Home Improvement 21 $1,565,000 $74,524 $1,008 5.62%
    Other 18 $1,340,000 $74,444 $1,408 5.51%

    For 2019, Blackridgebank's most frequently cited loan purpose was Home Purchase, with 546 originations. The 2nd most popular reason was Refi, with 184 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 600 $131,600,000 $219,333 $4,817 3.91%
    Other 90 $17,150,000 $190,556 $1,629 5.19%
    15 Year 59 $13,215,000 $223,983 $4,042 3.36%
    5 Year 56 $22,580,000 $403,214 $422 5.21%
    1 Year 17 $3,065,000 $180,294 $3,140 5.35%
    20 Year 16 $3,980,000 $248,750 $3,636 3.56%
    3 Year 5 $6,735,000 $1,347,000 $0 4.95%

    For 2019, Blackridgebank's most frequently cited loan duration was 30 Year, with 600 originations. The 2nd most popular length was Other, with 90 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 244 $42,780,000 $175,328
    $2k-3k 212 $42,460,000 $200,283
    $1k-2k 158 $30,270,000 $191,582
    $3k-4k 106 $27,360,000 $258,113
    $4k-5k 23 $7,555,000 $328,478
    $5k+ 13 $7,655,000 $588,846

    Blackridgebank's average total fees were $4,817, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 244 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 425 $94,075,000 $221,353
    4-5% 293 $80,665,000 $275,307
    5-6% 82 $15,390,000 $187,683
    2.5-3% 28 $7,660,000 $273,571
    6-7% 15 $535,000 $35,667

    During 2019, Blackridgebank's average interest rate for loans was 3.91%, while their most frequently originated rate bucket for loans was 3-4%, with 425 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 334 $87,920,000 $263,234 $4,737 3.87%
    $100k-200k 320 $49,730,000 $155,406 $4,284 4.03%
    $100,000 or less 132 $8,240,000 $62,424 $2,259 4.95%
    $400k-600k 42 $19,330,000 $460,238 $6,504 3.89%
    $1MM+ 9 $28,395,000 $3,155,000 $11,017 4.80%
    $600k-1MM 6 $4,710,000 $785,000 $12,439 5.18%

    2019 saw Blackridgebank place emphasis on $200k-400k loans with 334 originations, totaling $87,920,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 186 $32,970,000 $177,258 $4,244 4.07%
    $50k or less 161 $20,475,000 $127,174 $4,340 4.09%
    $100k-150k 160 $38,380,000 $239,875 $4,512 4.07%
    $75k-100k 141 $28,725,000 $203,723 $4,244 4.04%
    $150k-250k 63 $19,345,000 $307,063 $4,747 4.14%
    $250k+ 43 $16,215,000 $377,093 $5,612 4.12%

    Blackridgebank lent most frequently to those with incomes in the $50k-75k range, with 186 originations. The second most popular income band? $50k or less, with 161 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 173 $34,615,000 $200,087 $4,341 3.99%
    20-30% 168 $33,770,000 $201,012 $4,160 4.00%
    <20% 62 $14,680,000 $236,774 $3,790 3.98%
    43% 34 $7,140,000 $210,000 $3,929 4.22%
    36% 34 $6,800,000 $200,000 $4,591 4.07%
    39% 31 $6,785,000 $218,871 $5,577 4.15%
    38% 28 $6,350,000 $226,786 $4,620 4.00%
    41% 28 $5,480,000 $195,714 $4,514 4.26%
    40% 25 $4,575,000 $183,000 $4,516 4.22%
    44% 25 $4,855,000 $194,200 $4,123 4.21%
    42% 23 $5,925,000 $257,609 $4,974 4.04%
    50-60% 23 $3,745,000 $162,826 $5,743 4.34%
    45% 22 $4,540,000 $206,364 $4,625 4.34%
    37% 20 $3,720,000 $186,000 $4,531 3.97%
    48% 19 $4,045,000 $212,895 $4,579 4.12%
    47% 18 $4,630,000 $257,222 $4,913 4.17%
    46% 17 $2,985,000 $175,588 $3,997 4.24%
    49% 16 $4,550,000 $284,375 $4,772 3.97%
    >60% 4 $920,000 $230,000 $4,757 4.91%

    Blackridgebank lent most frequently to those with DTI ratios of 30-36%, with 173 originations. The next most common DTI ratio? 20-30%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 755 $157,805,000 $209,013 $4,366 4.05%
    Not applicable 54 $33,180,000 $614,444 $0 5.12%
    Not provided 15 $3,235,000 $215,667 $3,344 4.19%
    Asian 8 $1,960,000 $245,000 $4,214 3.89%
    Black 8 $1,710,000 $213,750 $6,490 3.75%
    American Indian 2 $230,000 $115,000 $3,145 5.58%
    Native Hawaiian or Islander 1 $205,000 $205,000 $5,246 3.63%

    Approval Rates

    Total approvals of all applications
    94.11%

    Blackridgebank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.66%

    Blackridgebank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    1282.0 1 $75,000 $75,000
    1907.0 1 $145,000 $145,000
    238.2 1 $45,000 $45,000
    37.6 1 $55,000 $55,000
    678.2 1 $45,000 $45,000
    867.0 1 $125,000 $125,000
    NA 837 $197,835,000 $236,362

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 14 $29,150,000 $2,082,143
    Single Family (1-4 Units):Manufactured 30 $2,790,000 $93,000
    Single Family (1-4 Units):Site-Built 799 $166,385,000 $208,242

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 27 $2,635,000 $97,593 $1,693 4.89%
    40-60% 66 $14,280,000 $216,364 $3,292 4.03%
    60-80% 285 $86,925,000 $305,000 $3,933 4.08%
    80-100% 419 $89,525,000 $213,663 $5,117 4.02%
    Over 100% 18 $4,050,000 $225,000 $6,419 3.53%
    Under 20% 28 $910,000 $32,500 $559 5.93%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    BWW Law Group, LLC Conventional home mortgage Struggling to pay mortgage 1 20.0%
    BWW Law Group, LLC Conventional home mortgage Trouble during payment process 2 40.0%
    BWW Law Group, LLC Other type of mortgage Trouble during payment process 2 40.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    BlackRidgeBANK 14084 Baxter Drive, Ste 16 Baxter, MN 56425 Full Service B&M $59,399
    BlackRidgeBANK 228 Oak St N Miltona, MN 56354 Full Service B&M $13,961
    BlackRidgeBANK 23964 Smiley Road Nisswa, MN 56468 Full Service Retail $16,787
    BlackRidgeBANK 301 Main Avenue Carlos, MN 56319 Full Service B&M $17,850
    BlackRidgeBANK 3313 Highway 29 South Alexandria, MN 56308 Full Service B&M $61,892
    BlackRidgeBANK 35563 County Road 3 Crosslake, MN 56442 Full Service Retail $18,941
    BlackRidgeBANK 3703 Lockport Street Bismarck, ND 58503 Full Service B&M $88,585
    BlackRidgeBANK 4040 42nd Street South, Suite O Fargo, ND 58104 Full Service B&M $70,169
    BlackRidgeBANK 5411 Lakers Lane Nisswa, MN 56468 Full Service B&M $46,316
    BlackRidgeBANK 855 26th Avenue East West Fargo, ND 58078 Full Service B&M $43,904

    For 2019, Blackridgebank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $5,473
    Net interest income $4,576
    Total noninterest income $1,973
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $128
    Trading account gains and fees $0
    Additional Noninterest Income $1,845
    Pre-tax net operating income $1,888
    Securities gains (or losses, -) $0
    Income before extraordinary items $1,513
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,513
    Minority interest net income $0
    Net income $1,513
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $1,513

    Blackridgebank's gross interest income from loans was $5,473,000.
    Blackridgebank's net interest income from loans was $4,576,000.
    Blackridgebank's fee based income from loans was $128,000.
    Blackridgebank's net income from loans was $1,513,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $897
    Provision for credit losses $135
    Total noninterest expense $4,526
    Salaries and employee benefits $2,923
    Premises and equipment expense $421
    Additional noninterest expense $1,182
    Applicable income taxes $375
    Net charge-offs $21
    Cash dividends $150

    Blackridgebank's interest expense for loans was $897,000.
    Blackridgebank's payroll and benefits expense were $2,923,000.
    Blackridgebank's property, plant and equipment expenses $421,000.

    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 $414,031
    Deposits held in domestic offices $414,031
    Deposits by Individuals, partnerships, and corporations $385,999
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,109
    Deposits by Commercial banks and other depository institutions in U.S. $12,923
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $133,080
    Demand deposits $110,758
    Nontransaction accounts $280,951
    Money market deposit accounts (MMDAs) $117,793
    Other savings deposits (excluding MMDAs) $29,207
    Total time deposits $133,950
    Total time and savings deposits $303,273
    Noninterest-bearing deposits $100,105
    Interest-bearing deposits $313,926
    Retail deposits $371,620
    IRAs and Keogh plan accounts $16,424
    Brokered deposits $12,918
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $484,305
    Cash & Balances due from depository institutions $39,975
    Interest-bearing balances $34,719
    Total securities $27,407
    Federal funds sold & reverse repurchase $0
    Net loans and leases $368,469
    Loan and leases loss allowance $114
    Trading account assets $0
    Bank premises and fixed assets $13,065
    Other real estate owned $416
    Goodwill and other intangibles $30,936
    All other assets $4,037

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $484,305
    Total Liabilities $415,962
    Total deposits $414,031
    Interest-bearing deposits $313,926
    Deposits held in domestic offices $414,031
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $1,050
    Subordinated debt $0
    All other liabilities $881

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $368,469
    Loan and leases loss allowance $114
    Total loans and leases (domestic) $368,583
    All real estate loans $310,050
    Real estate loans in domestic offices $310,050
    Construction and development loans $50,764
    Residential 1-4 family construction $16,210
    Other construction, all land development and other land $34,554
    Loans secured by nonfarm nonresidential properties $89,907
    Nonfarm nonresidential secured by owner-occupied properties $23,110
    Commercial real estate & other non-farm, non-residential $66,797
    Multifamily residential real estate $25,142
    1-4 family residential loans $135,947
    Farmland loans $8,290
    Loans held in foreign offices $0
    Farm loans $1,742
    Commercial and industrial loans $41,516
    To non-U.S. addressees $0
    Loans to individuals $14,370
    Credit card loans $0
    Related Plans $1,976
    Consumer Auto Loans $3,338
    Other loans to individuals $9,056
    All other loans & leases $905
    Loans to foreign governments and official institutions $0
    Other loans $119
    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 $6,811
    Non 1-4 family restructured loans & leases $6,811
    Total loans and leases (foreign) $0

    BlackRidgeBANK had $368,469,000 of loans outstanding in 2019. $310,050,000 of loans were in real estate loans. $50,764,000 of loans were in development loans. $25,142,000 of loans were in multifamily mortgage loans. $135,947,000 of loans were in 1-4 family mortgage loans. $1,742,000 of loans were in farm loans. $0 of loans were in credit card loans. $3,338,000 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 313 $57,203 $182,757
    Nonfarm, nonresidential loans - <$100k 62 $2,834 $45,710
    Nonfarm, nonresidential loans - $100-250k 110 $14,541 $132,191
    Nonfarm, nonresidential loans - $250k-1MM 141 $39,828 $282,468
    Commercial & Industrial, US addressed loans - <$1MM 728 $37,769 $51,880
    Commercial & Industrial, US addressed loans - <$100k 533 $11,095 $20,816
    Commercial & Industrial, US addressed loans - $100-250k 115 $9,826 $85,443
    Commercial & Industrial, US addressed loans - $250k-1MM 80 $16,848 $210,600
    Farmland loans - <$1MM 59 $4,806 $81,458
    Farmland loans - <$100k 30 $1,357 $45,233
    Farmland loans - $100-250k 27 $2,958 $109,556
    Farmland loans - $250k-1MM 2 $491 $245,500
    Agriculture operations loans - <$1MM 56 $1,741 $31,089
    Agriculture operations loans - <$100k 51 $1,084 $21,255
    Agriculture operations loans - $100-250k 3 $348 $116,000
    Agriculture operations loans - $250k-1MM 2 $309 $154,500