Northeast Bank Mortgage Rates, Fees & Info
Minneapolis, MNLEI: 5493001FOLPDJ44AZD23
Tax ID: 41-0663145
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Mortgage Data
Review & Overview
Northeast Bank is a smaller bank specializing in Home Purchase and Refi loans. Northeast Bank has a high proportion of conventional loans. Their top markets by origination volume include: Minneapolis, Breckenridge, Red Wing, and Rochester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Northeast Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
40Origination Dollar Volume (All Markets)
$10,780,000Top 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) | 36 | $9,390,000 | $260,833 | $0 | 0.00% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $335,000 | $335,000 | $0 | 0.00% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 0.00% |
| ROCHESTER, MN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 40 | $10,780,000 | $269,500 | $0 | 0.00% |
For 2019, Northeast Bank's most frequently originated type of loan was Conventional, with 40 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 30 | $7,060,000 | $235,333 | $0 | 0.00% |
| Refi | 8 | $2,240,000 | $280,000 | $0 | 0.00% |
| Home Improvement | 2 | $1,480,000 | $740,000 | $0 | 0.00% |
For 2019, Northeast Bank's most frequently cited loan purpose was Home Purchase, with 30 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 40 | $10,780,000 | $269,500 | $0 | 0.00% |
For 2019, Northeast Bank's most frequently cited loan duration was Other, with 40 originations.
Loan Sizing
2019 saw Northeast Bank place emphasis on $100k-200k loans with 15 originations, totaling $2,195,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-150k | 2 | $270,000 | $135,000 | $0 | 0.00% |
| $250k+ | 1 | $135,000 | $135,000 | $0 | 0.00% |
| $75k-100k | 1 | $45,000 | $45,000 | $0 | 0.00% |
Northeast Bank lent most frequently to those with incomes in the $100k-150k range, with 2 originations. The second most popular income band? $250k+, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 40 | $10,780,000 | $269,500 | $0 | 0.00% |
Northeast Bank lent most frequently to those with DTI ratios of Exempt%, with 40 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.62%
Northeast Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination97.50%
Northeast Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 40 | $10,780,000 | $269,500 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| NORTHWEST BANCSHARES INC | Other type of mortgage | Trouble during payment process | 1 | 100.0% |