Bankiowa Of Cedar Rapids Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 54930038YN5XV3SDVZ83

Tax ID: 42-0247350

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Bank Data

Review & Overview

Bankiowa Of Cedar Rapids is a smaller bank specializing in Home Purchase and Refi loans. Bankiowa Of Cedar Rapids has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: Cedar Rapids, Waterloo, Iowa City, Des Moines, and Omaha among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bankiowa Of Cedar Rapids 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. Bankiowa Of Cedar Rapids 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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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.13% 3/28/24
30 Year Conventional Refi 6.09% 3/28/24
30 Year Cash-out Refi 6.20% 3/28/24
30 Year FHA Purchase 6.90% 3/28/24
30 Year VA Purchase 5.91% 3/28/24
30 Year VA Refi 5.82% 3/28/24
30 Year USDA Purchase 6.59% 3/28/24
15 Year Conventional Purchase 6.02% 3/28/24
15 Year Conventional Refi 5.74% 3/28/24
15 Year Cash-out Refi 5.74% 3/28/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Bankiowa Of Cedar Rapids Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bankiowa Of Cedar Rapids. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

472

Origination Dollar Volume (All Markets)

$63,370,000

Employee count

130 Show all (10) 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
CEDAR RAPIDS, IA (FHA|USDA|VA) 179 $26,745,000 $149,413 $1,491 4.09%
Outside of Metro Areas 155 $15,725,000 $101,452 $1,335 4.50%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 106 $12,450,000 $117,453 $1,362 4.47%
IOWA CITY, IA (FHA|USDA|VA) 13 $2,715,000 $208,846 $1,395 4.15%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 6 $1,790,000 $298,333 $2,011 3.62%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 2 $1,460,000 $730,000 $0 5.21%
Oskaloosa, IA (FHA|USDA|VA) 1 $715,000 $715,000 $0 5.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $560,000 $280,000 $2,200 3.44%
AMES, IA (FHA|USDA|VA) 2 $270,000 $135,000 $2,840 3.63%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $215,000 $215,000 $2,166 3.50%
MANHATTAN, KS (FHA|USDA|VA) 1 $175,000 $175,000 $1,866 3.38%
Ottumwa, IA (FHA|USDA|VA) 1 $165,000 $165,000 $5,147 3.63%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $165,000 $165,000 $1,182 3.99%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $165,000 $165,000 $4,177 3.00%
Marshalltown, IA (FHA|USDA|VA) 1 $55,000 $55,000 $0 5.25%
Bankiowa Of Cedar Rapids's top markets include Cedar Rapids, Waterloo, Iowa City, Des Moines, and Omaha among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Kansas (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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

    Hills Bank and Trust Company
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    RUHL MORTGAGE, LLC
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    MidWestOne Bank
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    COMMUNITY 1ST CREDIT UNION
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    BankIowa of Cedar Rapids
    Similarity Rank: 375
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 390
    Collins Community Credit Union
    Similarity Rank: 510
    UNIVERSAL LENDING CORPORATION
    Similarity Rank: 552

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 430 $55,450,000 $128,953 $1,209 4.40%
    VA 21 $4,775,000 $227,381 $3,335 3.24%
    FHA 15 $2,335,000 $155,667 $3,744 3.46%
    USDA 6 $810,000 $135,000 $2,788 3.40%

    For 2019, Bankiowa Of Cedar Rapids's most frequently originated type of loan was Conventional, with 430 originations. Their 2nd most popular type was VA, with 21 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 227 $33,615,000 $148,084 $2,029 4.32%
    Refi 123 $19,405,000 $157,764 $1,201 4.15%
    Home Improvement 44 $1,380,000 $31,364 $132 4.79%
    Cash Out Refi 43 $7,615,000 $177,093 $2,001 3.78%
    Other 33 $1,315,000 $39,848 $91 4.76%
    NA 2 $40,000 $20,000 $62 5.33%

    For 2019, Bankiowa Of Cedar Rapids's most frequently cited loan purpose was Home Purchase, with 227 originations. The 2nd most popular reason was Refi, with 123 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 210 $39,400,000 $187,619 $2,276 3.86%
    Other 153 $8,415,000 $55,000 $157 4.89%
    5 Year 50 $4,860,000 $97,200 $63 5.38%
    15 Year 44 $7,580,000 $172,273 $1,529 3.27%
    10 Year 7 $1,915,000 $273,571 $1,019 3.75%
    20 Year 5 $1,005,000 $201,000 $1,355 3.63%
    1 Year 3 $195,000 $65,000 $0 5.42%

    For 2019, Bankiowa Of Cedar Rapids's most frequently cited loan duration was 30 Year, with 210 originations. The 2nd most popular length was Other, with 153 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 328 $43,320,000 $132,073
    $1k-2k 27 $3,175,000 $117,593
    $2k-3k 20 $3,820,000 $191,000
    $3k-4k 8 $2,320,000 $290,000
    $4k-5k 3 $1,435,000 $478,333

    Bankiowa Of Cedar Rapids's average total fees were $2,276, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 328 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 158 $18,700,000 $118,354
    3-4% 150 $28,680,000 $191,200
    5-6% 127 $9,125,000 $71,850
    2.5-3% 36 $6,830,000 $189,722
    6-7% 1 $35,000 $35,000

    During 2019, Bankiowa Of Cedar Rapids's average interest rate for loans was 3.86%, while their most frequently originated rate bucket for loans was 4-5%, with 158 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 213 $9,635,000 $45,235 $473 4.85%
    $100k-200k 157 $22,935,000 $146,083 $1,971 3.90%
    $200k-400k 90 $23,770,000 $264,111 $2,330 3.76%
    $400k-600k 9 $4,165,000 $462,778 $1,966 3.81%
    $600k-1MM 2 $1,420,000 $710,000 $5,573 4.94%
    $1MM+ 1 $1,445,000 $1,445,000 $0 5.25%

    2019 saw Bankiowa Of Cedar Rapids place emphasis on $100,000 or less loans with 213 originations, totaling $9,635,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 106 $15,570,000 $146,887 $1,516 4.32%
    $50k-75k 99 $10,685,000 $107,929 $1,477 4.14%
    $75k-100k 84 $10,530,000 $125,357 $1,226 4.24%
    $50k or less 70 $6,510,000 $93,000 $1,545 4.24%
    $150k-250k 40 $7,780,000 $194,500 $1,554 4.12%
    $250k+ 18 $4,650,000 $258,333 $1,441 4.09%

    Bankiowa Of Cedar Rapids lent most frequently to those with incomes in the $100k-150k range, with 106 originations. The second most popular income band? $50k-75k, with 99 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 124 $17,050,000 $137,500 $1,124 4.06%
    30-36% 81 $9,805,000 $121,049 $1,350 4.41%
    <20% 60 $8,260,000 $137,667 $1,104 4.03%
    42% 23 $3,205,000 $139,348 $1,415 4.38%
    38% 20 $2,640,000 $132,000 $1,745 4.01%
    39% 16 $2,520,000 $157,500 $2,251 4.28%
    36% 16 $1,660,000 $103,750 $913 4.31%
    41% 12 $1,630,000 $135,833 $1,822 4.12%
    37% 9 $1,535,000 $170,556 $2,775 3.89%
    40% 7 $975,000 $139,286 $1,625 4.12%
    44% 6 $860,000 $143,333 $2,208 4.13%
    46% 6 $1,430,000 $238,333 $3,880 3.44%
    47% 6 $1,020,000 $170,000 $2,059 3.83%
    50-60% 6 $990,000 $165,000 $3,304 3.95%
    43% 5 $925,000 $185,000 $2,215 3.28%
    45% 4 $490,000 $122,500 $709 3.98%
    49% 4 $800,000 $200,000 $1,669 3.59%
    48% 2 $430,000 $215,000 $3,558 3.19%
    >60% 1 $75,000 $75,000 $0 4.13%

    Bankiowa Of Cedar Rapids lent most frequently to those with DTI ratios of 20-30%, with 124 originations. The next most common DTI ratio? 30-36%, with 81 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 408 $53,670,000 $131,544 $1,429 4.21%
    Not applicable 41 $5,605,000 $136,707 $0 5.46%
    Not provided 16 $2,980,000 $186,250 $1,472 3.93%
    Black 4 $680,000 $170,000 $2,928 4.12%
    Asian 2 $410,000 $205,000 $3,097 4.31%
    American Indian 1 $25,000 $25,000 $59 5.16%

    Approval Rates

    Total approvals of all applications
    95.90%

    Bankiowa Of Cedar Rapids 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
    90.89%

    Bankiowa Of Cedar Rapids has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    15.0 9 $1,165,000 $129,444
    NA 463 $62,205,000 $134,352

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,930,000 $732,500
    Single Family (1-4 Units):Manufactured 2 $110,000 $55,000
    Single Family (1-4 Units):Site-Built 466 $60,330,000 $129,464

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 56 $3,620,000 $64,643 $448 4.68%
    40-60% 41 $5,335,000 $130,122 $1,159 4.19%
    60-80% 153 $27,745,000 $181,340 $1,949 4.17%
    80-100% 133 $21,895,000 $164,624 $2,331 3.99%
    Over 100% 3 $1,855,000 $618,333 $5,502 4.00%
    Under 20% 83 $2,425,000 $29,217 $109 4.91%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 1 7.1%
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 1 7.1%
    BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 7.1%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 2 14.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 7.1%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 42.9%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    BankIowa of Cedar Rapids 1311 Sixth Street Jesup, IA 50648 Full Service B&M $25,684
    BankIowa of Cedar Rapids 102 Railroad Street West Norway, IA 52318 Full Service B&M $25,241
    BankIowa of Cedar Rapids 230 First Street East Independence, IA 50644 Full Service B&M $186,731
    BankIowa of Cedar Rapids 2701 Edgewood Parkway, Sw Cedar Rapids, IA 52404 Full Service B&M $73,324
    BankIowa of Cedar Rapids 305 Enterprise Drive Independence, IA 50644 Full Service B&M $15,800
    BankIowa of Cedar Rapids 3222 Kimball Avenue Waterloo, IA 50702 Full Service B&M $65,025
    BankIowa of Cedar Rapids 330 East 4th Street Waterloo, IA 50703 Full Service B&M $29,680
    BankIowa of Cedar Rapids 331 Second Street, Ne Independence, IA 50644 Limited, Drive-thru $0
    BankIowa of Cedar Rapids 633 Bush Street Lamont, IA 50650 Full Service B&M $13,894
    BankIowa of Cedar Rapids 6804 University Avenue Cedar Falls, IA 50613 Full Service B&M $37,144
    BankIowa of Cedar Rapids 7045 C Avenue Northeast Cedar Rapids, IA 52402 Full Service B&M $43,205

    For 2019, Bankiowa Of Cedar Rapids had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,873
    Net interest income $20,008
    Total noninterest income $5,089
    Gross Fiduciary activities income $687
    Service charges on deposit accounts $642
    Trading account gains and fees $0
    Additional Noninterest Income $3,760
    Pre-tax net operating income $7,944
    Securities gains (or losses, -) $10
    Income before extraordinary items $7,634
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,634
    Minority interest net income $0
    Net income $7,634
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,624

    Bankiowa Of Cedar Rapids's gross interest income from loans was $27,873,000.
    Bankiowa Of Cedar Rapids's net interest income from loans was $20,008,000.
    Bankiowa Of Cedar Rapids's fee based income from loans was $642,000.
    Bankiowa Of Cedar Rapids's net income from loans was $7,634,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $7,865
    Provision for credit losses $475
    Total noninterest expense $16,678
    Salaries and employee benefits $10,470
    Premises and equipment expense $1,540
    Additional noninterest expense $4,668
    Applicable income taxes $320
    Net charge-offs $51
    Cash dividends $3,025

    Bankiowa Of Cedar Rapids's interest expense for loans was $7,865,000.
    Bankiowa Of Cedar Rapids's payroll and benefits expense were $10,470,000.
    Bankiowa Of Cedar Rapids's property, plant and equipment expenses $1,540,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 2.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    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 $523,576
    Deposits held in domestic offices $523,576
    Deposits by Individuals, partnerships, and corporations $405,258
    Deposits by U.S. Government $3
    Deposits by States and political subdivisions in the U.S. $118,315
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $35,791
    Demand deposits $35,791
    Nontransaction accounts $487,785
    Money market deposit accounts (MMDAs) $141,548
    Other savings deposits (excluding MMDAs) $171,772
    Total time deposits $174,465
    Total time and savings deposits $487,785
    Noninterest-bearing deposits $86,670
    Interest-bearing deposits $436,906
    Retail deposits $432,842
    IRAs and Keogh plan accounts $15,043
    Brokered deposits $15,022
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $678,657
    Cash & Balances due from depository institutions $9,748
    Interest-bearing balances $3,251
    Total securities $103,803
    Federal funds sold & reverse repurchase $0
    Net loans and leases $529,878
    Loan and leases loss allowance $5,689
    Trading account assets $0
    Bank premises and fixed assets $6,643
    Other real estate owned $0
    Goodwill and other intangibles $3,664
    All other assets $24,921

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $678,657
    Total Liabilities $599,808
    Total deposits $523,576
    Interest-bearing deposits $436,906
    Deposits held in domestic offices $523,576
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $23,199
    Trading liabilities $0
    Other borrowed funds $46,089
    Subordinated debt $0
    All other liabilities $6,944

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $529,878
    Loan and leases loss allowance $5,689
    Total loans and leases (domestic) $535,567
    All real estate loans $372,805
    Real estate loans in domestic offices $372,805
    Construction and development loans $34,557
    Residential 1-4 family construction $10,663
    Other construction, all land development and other land $23,894
    Loans secured by nonfarm nonresidential properties $102,864
    Nonfarm nonresidential secured by owner-occupied properties $55,784
    Commercial real estate & other non-farm, non-residential $47,080
    Multifamily residential real estate $21,607
    1-4 family residential loans $127,158
    Farmland loans $86,619
    Loans held in foreign offices $0
    Farm loans $76,500
    Commercial and industrial loans $61,740
    To non-U.S. addressees $0
    Loans to individuals $13,830
    Credit card loans $0
    Related Plans $596
    Consumer Auto Loans $5,428
    Other loans to individuals $7,806
    All other loans & leases $10,692
    Loans to foreign governments and official institutions $0
    Other loans $197
    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 $2,165
    Non 1-4 family restructured loans & leases $2,130
    Total loans and leases (foreign) $0

    BankIowa of Cedar Rapids had $529,878,000 of loans outstanding in 2019. $372,805,000 of loans were in real estate loans. $34,557,000 of loans were in development loans. $21,607,000 of loans were in multifamily mortgage loans. $127,158,000 of loans were in 1-4 family mortgage loans. $76,500,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,428,000 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 202 $41,318 $204,545
    Nonfarm, nonresidential loans - <$100k 62 $2,287 $36,887
    Nonfarm, nonresidential loans - $100-250k 63 $8,956 $142,159
    Nonfarm, nonresidential loans - $250k-1MM 77 $30,075 $390,584
    Commercial & Industrial, US addressed loans - <$1MM 476 $30,031 $63,090
    Commercial & Industrial, US addressed loans - <$100k 375 $8,478 $22,608
    Commercial & Industrial, US addressed loans - $100-250k 53 $5,220 $98,491
    Commercial & Industrial, US addressed loans - $250k-1MM 48 $16,333 $340,271
    Farmland loans - <$1MM 258 $33,045 $128,081
    Farmland loans - <$100k 69 $2,757 $39,957
    Farmland loans - $100-250k 108 $12,095 $111,991
    Farmland loans - $250k-1MM 81 $18,193 $224,605
    Agriculture operations loans - <$1MM 614 $46,258 $75,339
    Agriculture operations loans - <$100k 409 $11,497 $28,110
    Agriculture operations loans - $100-250k 133 $16,065 $120,789
    Agriculture operations loans - $250k-1MM 72 $18,696 $259,667