Northeast Bank Mortgage Rates, Fees & Info

Minneapolis, MN

LEI: 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

40

Origination Dollar Volume (All Markets)

$10,780,000

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
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%
Northeast Bank's top markets include Minneapolis, Breckenridge, Red Wing, and Rochester among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • 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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 15 $2,195,000 $146,333 $0 0.00%
    $200k-400k 13 $3,295,000 $253,462 $0 0.00%
    $100,000 or less 8 $430,000 $53,750 $0 0.00%
    $1MM+ 3 $4,095,000 $1,365,000 $0 0.00%
    $600k-1MM 1 $765,000 $765,000 $0 0.00%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 36 $10,330,000 $286,944 $0 0.00%
    American Indian 1 $255,000 $255,000 $0 0.00%
    Not provided 1 $135,000 $135,000 $0 0.00%
    White 2 $60,000 $30,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.62%

    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 origination
    97.50%

    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

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $1,305,000 $1,305,000
    Multifamily:Site-Built 5 $3,445,000 $689,000
    Single Family (1-4 Units):Site-Built 34 $6,030,000 $177,353

    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%