Bankiowa Of Cedar Rapids Mortgage Rates, Fees & Info
Cedar Rapids, IALEI: 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.13% | 12/3/24 |
| 30 Year Conventional Refi | 6.09% | 12/3/24 |
| 30 Year Cash-out Refi | 6.20% | 12/3/24 |
| 30 Year FHA Purchase | 6.90% | 12/3/24 |
| 30 Year VA Purchase | 5.91% | 12/3/24 |
| 30 Year VA Refi | 5.82% | 12/3/24 |
| 30 Year USDA Purchase | 6.59% | 12/3/24 |
| 15 Year Conventional Purchase | 6.02% | 12/3/24 |
| 15 Year Conventional Refi | 5.74% | 12/3/24 |
| 15 Year Cash-out Refi | 5.74% | 12/3/24 |
| 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
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Originations
472Origination Dollar Volume (All Markets)
$63,370,000Employee count
130Awards
BankIowa of Cedar Rapids - 2019
BankIowa of Cedar Rapids is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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% |
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.
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Product Mix
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications95.90%
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 origination90.89%
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
LTV Distribution
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 |