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)

    • Review & Overview

    Blackridgebank is a smaller bank specializing in Refi and Home Purchase loans. Blackridgebank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Fargo, Brainerd, Bismarck, Alexandria, and Minneapolis among others. We have data for 44 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 a low 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

    1,369

    Origination Dollar Volume (All Markets)

    $322,205,000
    Show all (22) 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) 345 $83,015,000 $240,623 $3,771 2.92%
    Brainerd, MN (FHA|USDA|VA) 335 $68,135,000 $203,388 $4,125 3.22%
    BISMARCK, ND (FHA|USDA|VA) 213 $63,485,000 $298,052 $3,575 3.02%
    Alexandria, MN (FHA|USDA|VA) 191 $42,765,000 $223,901 $3,491 3.02%
    Outside of Metro Areas 121 $22,435,000 $185,413 $4,326 3.11%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 57 $18,255,000 $320,263 $4,259 2.72%
    Fergus Falls, MN (FHA|USDA|VA) 33 $7,615,000 $230,758 $3,487 2.88%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 8 $2,680,000 $335,000 $3,939 3.11%
    ST. CLOUD, MN (FHA|USDA|VA) 12 $2,170,000 $180,833 $4,355 3.37%
    Wahpeton, ND-MN (FHA|USDA|VA) 8 $1,740,000 $217,500 $3,914 2.78%
    Dickinson, ND (FHA|USDA|VA) 3 $915,000 $305,000 $3,919 2.92%
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $820,000 $410,000 $5,862 3.00%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $620,000 $155,000 $3,787 3.35%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 3 $615,000 $205,000 $3,674 2.83%
    GREELEY, CO (FHA|USDA|VA) 2 $580,000 $290,000 $7,224 3.25%
    Outside of Metro Areas 1 $395,000 $395,000 $3,975 2.75%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $385,000 $385,000 $8,814 3.00%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $380,000 $190,000 $1,970 3.25%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $375,000 $375,000 $2,296 2.75%
    Willmar, MN (FHA|USDA|VA) 1 $335,000 $335,000 $5,041 3.63%
    RAPID CITY, SD (FHA|USDA|VA) 2 $330,000 $165,000 $2,344 2.69%
    Hutchinson, MN (FHA|USDA|VA) 1 $315,000 $315,000 $4,648 2.75%
    Jamestown, ND (FHA|USDA|VA) 1 $295,000 $295,000 $2,292 2.63%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $275,000 $275,000 $3,661 3.63%
    Bemidji, MN (FHA|USDA|VA) 2 $260,000 $130,000 $3,495 3.75%
    Marshall, MN (FHA|USDA|VA) 1 $215,000 $215,000 $4,104 2.50%
    MADISON, WI (FHA|USDA|VA) 1 $215,000 $215,000 $4,738 3.13%
    GREAT FALLS, MT (FHA|USDA|VA) 1 $195,000 $195,000 $2,030 2.75%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $195,000 $195,000 $3,109 2.88%
    Worthington, MN (FHA|USDA|VA) 1 $185,000 $185,000 $2,919 2.99%
    Minot, ND (FHA|USDA|VA) 1 $185,000 $185,000 $0 2.38%
    Winona, MN (FHA|USDA|VA) 1 $185,000 $185,000 $3,179 2.50%
    HUNTSVILLE, AL (FHA|USDA|VA) 1 $175,000 $175,000 $5,361 3.13%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $175,000 $175,000 $4,456 2.88%
    Cullowhee, NC (FHA|USDA|VA) 1 $175,000 $175,000 $3,882 2.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $165,000 $165,000 $4,713 4.52%
    COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $145,000 $145,000 $2,742 2.75%
    Marquette, MI (FHA|USDA|VA) 1 $145,000 $145,000 $4,568 3.00%
    Cedar City, UT (FHA|USDA|VA) 1 $145,000 $145,000 $2,199 2.25%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 1 $115,000 $115,000 $3,266 2.63%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $115,000 $115,000 $1,888 3.25%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $115,000 $115,000 $3,534 2.25%
    COLUMBUS, OH (FHA|USDA|VA) 1 $85,000 $85,000 $2,776 2.50%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $85,000 $85,000 $2,686 2.63%
    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)
  • Colorado (FHA|USDA|VA)
  • Wisconsin (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: 455
    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 1022
    TOWN AND COUNTRY Credit Union
    Similarity Rank: 1104
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 1232
    Starion Bank
    Similarity Rank: 1287
    CAPITAL CREDIT UNION
    Similarity Rank: 1422
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    Western State Bank
    Similarity Rank: 1653

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,128 $273,970,000 $242,881 $3,525 3.07%
    USDA 90 $14,700,000 $163,333 $5,505 2.83%
    FHA 80 $14,920,000 $186,500 $7,039 3.12%
    VA 71 $18,615,000 $262,183 $2,902 2.60%

    For 2020, Blackridgebank's most frequently originated type of loan was Conventional, with 1,128 originations. Their 2nd most popular type was USDA, with 90 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 624 $164,820,000 $264,135 $3,292 2.92%
    Home Purchase 555 $115,595,000 $208,279 $4,642 3.16%
    Cash Out Refi 167 $39,895,000 $238,892 $3,855 2.87%
    Other 14 $1,320,000 $94,286 $1,737 4.28%
    Home Improvement 9 $575,000 $63,889 $1,033 4.68%

    For 2020, Blackridgebank's most frequently cited loan purpose was Refi, with 624 originations. The 2nd most popular reason was Home Purchase, with 555 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 965 $231,505,000 $239,902 $4,117 2.90%
    15 Year 193 $54,765,000 $283,756 $3,506 2.51%
    Other 85 $10,855,000 $127,706 $1,766 4.44%
    5 Year 69 $11,305,000 $163,841 $481 4.51%
    20 Year 43 $11,195,000 $260,349 $3,438 3.07%
    10 Year 6 $1,200,000 $200,000 $2,729 2.60%
    1 Year 5 $1,035,000 $207,000 $2,129 4.49%
    3 Year 3 $345,000 $115,000 $0 4.92%

    For 2020, Blackridgebank's most frequently cited loan duration was 30 Year, with 965 originations. The 2nd most popular length was 15 Year, with 193 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 420 $91,080,000 $216,857
    $<1k 383 $85,355,000 $222,859
    $2k-3k 265 $59,045,000 $222,811
    $3k-4k 138 $38,350,000 $277,899
    $4k-5k 30 $11,470,000 $382,333
    $5k+ 17 $8,245,000 $485,000

    Blackridgebank's average total fees were $4,117, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 420 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 501 $130,425,000 $260,329
    3-4% 373 $83,595,000 $224,115
    <2.5% 372 $91,840,000 $246,882
    4-5% 105 $14,635,000 $139,381
    5-6% 13 $1,475,000 $113,462
    6-7% 5 $235,000 $47,000

    During 2020, Blackridgebank's average interest rate for loans was 2.90%, while their most frequently originated rate bucket for loans was 2.5-3%, with 501 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 641 $176,805,000 $275,827 $3,998 2.86%
    $100k-200k 490 $76,550,000 $156,224 $3,777 3.05%
    $100,000 or less 134 $8,630,000 $64,403 $2,314 3.94%
    $400k-600k 96 $44,630,000 $464,896 $4,942 2.83%
    $600k-1MM 7 $5,585,000 $797,857 $4,309 4.04%
    $1MM+ 1 $10,005,000 $10,005,000 $0 2.63%

    2020 saw Blackridgebank place emphasis on $200k-400k loans with 641 originations, totaling $176,805,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 298 $76,770,000 $257,617 $3,809 2.97%
    $50k-75k 272 $50,570,000 $185,919 $3,898 3.03%
    $75k-100k 219 $49,545,000 $226,233 $3,940 2.94%
    $50k or less 194 $26,630,000 $137,268 $4,104 3.11%
    $150k-250k 169 $53,845,000 $318,609 $4,092 2.89%
    $250k+ 64 $22,000,000 $343,750 $3,950 3.13%

    Blackridgebank lent most frequently to those with incomes in the $100k-150k range, with 298 originations. The second most popular income band? $50k-75k, with 272 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 356 $81,940,000 $230,169 $3,841 2.94%
    30-36% 277 $63,915,000 $230,740 $3,865 2.98%
    <20% 162 $36,720,000 $226,667 $3,414 2.86%
    36% 48 $11,190,000 $233,125 $3,806 2.94%
    40% 42 $8,980,000 $213,810 $4,522 3.10%
    39% 40 $9,200,000 $230,000 $4,205 2.99%
    44% 39 $8,145,000 $208,846 $4,291 3.30%
    42% 38 $8,400,000 $221,053 $3,657 3.02%
    43% 34 $7,890,000 $232,059 $3,606 2.94%
    38% 34 $8,790,000 $258,529 $4,311 2.81%
    37% 33 $7,535,000 $228,333 $3,682 2.90%
    41% 27 $5,855,000 $216,852 $4,259 3.05%
    48% 25 $6,745,000 $269,800 $4,247 2.98%
    47% 22 $5,950,000 $270,455 $3,942 3.06%
    49% 20 $4,500,000 $225,000 $4,684 2.97%
    45% 19 $4,565,000 $240,263 $4,126 3.05%
    50-60% 16 $3,620,000 $226,250 $7,311 3.31%
    >60% 10 $1,380,000 $138,000 $1,686 5.13%
    46% 10 $2,390,000 $239,000 $4,294 3.00%

    Blackridgebank lent most frequently to those with DTI ratios of 20-30%, with 356 originations. The next most common DTI ratio? 30-36%, with 277 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,264 $291,590,000 $230,688 $3,873 2.97%
    Not applicable 60 $20,310,000 $338,500 $0 4.40%
    Not provided 29 $6,485,000 $223,621 $3,165 3.13%
    Asian 9 $2,295,000 $255,000 $3,989 2.65%
    Black 3 $705,000 $235,000 $2,819 2.75%
    American Indian 3 $555,000 $185,000 $5,720 3.04%
    Native Hawaiian or Islander 1 $265,000 $265,000 $2,485 2.25%

    Approval Rates

    Total approvals of all applications
    95.51%

    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
    84.95%

    Blackridgebank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 1 $15,000 $15,000
    122.2 1 $45,000 $45,000
    1494.2 1 $145,000 $145,000
    537.0 1 $85,000 $85,000
    NA 1,365 $321,915,000 $235,835

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 11 $13,985,000 $1,271,364
    Single Family (1-4 Units):Manufactured 37 $3,495,000 $94,459
    Single Family (1-4 Units):Site-Built 1,321 $304,725,000 $230,678

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $5,635,000 $110,490 $2,204 3.74%
    40-60% 143 $30,385,000 $212,483 $3,287 2.81%
    60-80% 563 $152,585,000 $271,021 $3,586 2.99%
    80-100% 558 $127,180,000 $227,921 $4,480 3.00%
    Over 100% 26 $5,180,000 $199,231 $5,099 2.83%
    Under 20% 28 $1,240,000 $44,286 $746 4.76%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    BWW Law Group, LLC Conventional home mortgage Struggling to pay mortgage 2 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Blackridgebank 14084 Baxter Drive, Ste 16 Baxter, MN 56425 Full Service B&M $74,404
    Blackridgebank 228 Oak St N Miltona, MN 56354 Full Service B&M $15,033
    Blackridgebank 23964 Smiley Road Nisswa, MN 56468 Full Service Retail $17,162
    Blackridgebank 301 Main Avenue Carlos, MN 56319 Full Service B&M $18,834
    Blackridgebank 3313 Highway 29 South Alexandria, MN 56308 Full Service B&M $72,124
    Blackridgebank 35563 County Road 3 Crosslake, MN 56442 Full Service Retail $21,448
    Blackridgebank 3703 Lockport Street Bismarck, ND 58503 Full Service B&M $101,538
    Blackridgebank 4040 42nd Street South, Suite O Fargo, ND 58104 Full Service B&M $37,186
    Blackridgebank 5411 Lakers Lane Nisswa, MN 56468 Full Service B&M $58,299
    Blackridgebank 855 26th Avenue East West Fargo, ND 58078 Full Service B&M $51,206

    For 2020, Blackridgebank had 10 branches.

    Yearly Performance Overview