Bankiowa Of Cedar Rapids Mortgage Rates, Fees & Info

Cedar Rapids, IA

LEI: 54930038YN5XV3SDVZ83

Tax ID: 42-0247350

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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 Davenport 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 a below 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.13% 11/17/24
    30 Year Conventional Refi 6.09% 11/17/24
    30 Year Cash-out Refi 6.20% 11/17/24
    30 Year FHA Purchase 6.90% 11/17/24
    30 Year VA Purchase 5.91% 11/17/24
    30 Year VA Refi 5.82% 11/17/24
    30 Year USDA Purchase 6.59% 11/17/24
    15 Year Conventional Purchase 6.02% 11/17/24
    15 Year Conventional Refi 5.74% 11/17/24
    15 Year Cash-out Refi 5.74% 11/17/24
    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

    595

    Origination Dollar Volume (All Markets)

    $100,855,000

    Employee count

    135 Show all (11) 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) 254 $46,480,000 $182,992 $1,228 2.83%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 129 $23,955,000 $185,698 $1,291 3.23%
    Outside of Metro Areas 173 $20,845,000 $120,491 $1,436 3.35%
    IOWA CITY, IA (FHA|USDA|VA) 17 $4,165,000 $245,000 $2,372 2.50%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 11 $1,965,000 $178,636 $1,349 2.99%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $1,195,000 $1,195,000 $0 3.95%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $545,000 $545,000 $4,112 2.88%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2 $480,000 $240,000 $2,039 2.56%
    Mason City, IA (FHA|USDA|VA) 1 $365,000 $365,000 $0 3.25%
    Spirit Lake, IA (FHA|USDA|VA) 1 $185,000 $185,000 $1,563 1.75%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $165,000 $165,000 $864 1.88%
    Muscatine, IA (FHA|USDA|VA) 1 $155,000 $155,000 $1,449 2.25%
    AMES, IA (FHA|USDA|VA) 1 $125,000 $125,000 $1,843 2.75%
    DUBUQUE, IA (FHA|USDA|VA) 1 $115,000 $115,000 $723 1.88%
    Burlington, IA-IL (FHA|USDA|VA) 1 $115,000 $115,000 $1,445 1.88%
    Bankiowa Of Cedar Rapids's top markets include Cedar Rapids, Waterloo, Iowa City, Des Moines, and Davenport among others.

    Their top states include:
  • Iowa (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Illinois (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.

    BankIowa of Cedar Rapids
    Similarity Rank: 195
    Farmers & Merchants Savings Bank
    Similarity Rank: 240
    Hills Bank and Trust Company
    Similarity Rank: 308
    FIRST
    Similarity Rank: 308
    Farmers State Bank
    Similarity Rank: 357
    LINN AREA
    Similarity Rank: 390
    Community Savings Bank
    Similarity Rank: 399
    RUHL MORTGAGE, LLC
    Similarity Rank: 420
    DuTrac Community Credit Union
    Similarity Rank: 564
    Collins Community Credit Union
    Similarity Rank: 567

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 564 $95,640,000 $169,574 $1,198 3.09%
    VA 16 $3,070,000 $191,875 $3,609 2.27%
    FHA 13 $1,925,000 $148,077 $3,953 2.57%
    USDA 2 $220,000 $110,000 $2,570 2.44%

    For 2021, Bankiowa Of Cedar Rapids's most frequently originated type of loan was Conventional, with 564 originations. Their 2nd most popular type was VA, with 16 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 231 $41,945,000 $181,580 $1,869 3.19%
    Refi 207 $39,245,000 $189,589 $1,175 2.73%
    Cash Out Refi 102 $17,550,000 $172,059 $1,408 2.56%
    Home Improvement 31 $1,175,000 $37,903 $155 4.64%
    Other 24 $940,000 $39,167 $81 4.68%

    For 2021, Bankiowa Of Cedar Rapids's most frequently cited loan purpose was Home Purchase, with 231 originations. The 2nd most popular reason was Refi, with 207 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 270 $52,110,000 $193,000 $1,811 2.80%
    15 Year 116 $18,780,000 $161,897 $1,173 2.17%
    Other 101 $8,375,000 $82,921 $175 4.38%
    5 Year 48 $8,020,000 $167,083 $65 4.23%
    20 Year 35 $6,355,000 $181,571 $1,239 2.69%
    10 Year 20 $6,990,000 $349,500 $1,280 2.40%
    1 Year 4 $210,000 $52,500 $0 4.62%
    3 Year 1 $15,000 $15,000 $59 4.46%

    For 2021, Bankiowa Of Cedar Rapids's most frequently cited loan duration was 30 Year, with 270 originations. The 2nd most popular length was 15 Year, with 116 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 480 $76,880,000 $160,167
    $1k-2k 16 $1,820,000 $113,750
    $2k-3k 9 $1,965,000 $218,333
    $3k-4k 3 $825,000 $275,000
    $5k+ 1 $525,000 $525,000

    Bankiowa Of Cedar Rapids's average total fees were $1,811, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 480 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 216 $39,270,000 $181,806
    2.5-3% 176 $36,590,000 $207,898
    3-4% 101 $19,425,000 $192,327
    4-5% 65 $4,115,000 $63,308
    5-6% 37 $1,455,000 $39,324

    During 2021, Bankiowa Of Cedar Rapids's average interest rate for loans was 2.80%, while their most frequently originated rate bucket for loans was <2.5%, with 216 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 220 $32,330,000 $146,955 $1,538 2.74%
    $100,000 or less 194 $11,000,000 $56,701 $811 3.74%
    $200k-400k 158 $41,410,000 $262,089 $1,531 2.68%
    $400k-600k 16 $7,560,000 $472,500 $2,959 2.67%
    $1MM+ 5 $7,185,000 $1,437,000 $0 3.29%
    $600k-1MM 2 $1,370,000 $685,000 $0 3.37%

    2021 saw Bankiowa Of Cedar Rapids place emphasis on $100k-200k loans with 220 originations, totaling $32,330,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 127 $16,375,000 $128,937 $1,255 2.97%
    $100k-150k 125 $23,715,000 $189,720 $1,441 2.91%
    $75k-100k 115 $18,865,000 $164,043 $1,358 2.91%
    $50k or less 103 $9,325,000 $90,534 $1,492 3.15%
    $150k-250k 55 $12,955,000 $235,545 $1,296 2.89%
    $250k+ 14 $4,150,000 $296,429 $797 3.04%

    Bankiowa Of Cedar Rapids lent most frequently to those with incomes in the $50k-75k range, with 127 originations. The second most popular income band? $100k-150k, with 125 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 181 $29,595,000 $163,508 $1,263 2.86%
    <20% 96 $12,550,000 $130,729 $1,111 2.98%
    30-36% 86 $14,260,000 $165,814 $1,243 2.91%
    36% 22 $3,430,000 $155,909 $1,116 2.82%
    42% 21 $3,815,000 $181,667 $1,433 3.10%
    38% 17 $2,825,000 $166,176 $1,441 3.15%
    37% 16 $3,050,000 $190,625 $3,053 2.92%
    39% 16 $2,530,000 $158,125 $1,395 3.45%
    40% 13 $2,105,000 $161,923 $1,325 3.37%
    44% 12 $2,290,000 $190,833 $1,315 2.61%
    43% 8 $1,450,000 $181,250 $1,806 3.09%
    41% 8 $1,120,000 $140,000 $1,905 2.75%
    45% 7 $1,255,000 $179,286 $1,310 2.64%
    48% 6 $940,000 $156,667 $1,196 2.63%
    47% 5 $895,000 $179,000 $1,564 2.55%
    49% 5 $955,000 $191,000 $3,204 2.25%
    46% 4 $440,000 $110,000 $1,099 2.59%
    50-60% 3 $315,000 $105,000 $2,702 3.40%

    Bankiowa Of Cedar Rapids lent most frequently to those with DTI ratios of 20-30%, with 181 originations. The next most common DTI ratio? <20%, with 96 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 499 $77,405,000 $155,120 $1,305 3.00%
    Not applicable 49 $14,775,000 $301,531 $0 3.98%
    Not provided 40 $6,690,000 $167,250 $1,415 2.75%
    Asian 5 $1,535,000 $307,000 $5,017 2.48%
    Black 2 $450,000 $225,000 $1,176 2.63%

    Approval Rates

    Total approvals of all applications
    96.76%

    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
    89.75%

    Bankiowa Of Cedar Rapids has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    15.0 10 $1,140,000 $114,000
    NA 585 $99,715,000 $170,453

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    595 $100,855,000 $169,504

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 53 $4,235,000 $79,906 $747 3.51%
    40-60% 79 $10,945,000 $138,544 $1,200 2.62%
    60-80% 224 $44,960,000 $200,714 $1,376 2.83%
    80-100% 171 $34,065,000 $199,211 $1,891 2.89%
    Over 100% 13 $4,865,000 $374,231 $17,287 3.94%
    Under 20% 55 $1,785,000 $32,455 $167 4.48%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%
    BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
    BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
    BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
    BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bankiowa 230 First Street East Independence, IA 50644 Full Service B&M $213,969
    Bankiowa 1311 Sixth Street Jesup, IA 50648 Full Service B&M $31,435
    Bankiowa 102 Railroad Street West Norway, IA 52318 Full Service B&M $36,326
    Bankiowa 2701 Edgewood Parkway, Sw Cedar Rapids, IA 52404 Full Service B&M $58,604
    Bankiowa 305 Enterprise Drive Independence, IA 50644 Full Service B&M $20,420
    Bankiowa 3222 Kimball Avenue Waterloo, IA 50702 Full Service B&M $83,511
    Bankiowa 330 East 4th Street Waterloo, IA 50703 Full Service B&M $51,825
    Bankiowa 331 Second Street, Ne Independence, IA 50644 Limited, Drive-thru $0
    Bankiowa 633 Bush Street Lamont, IA 50650 Full Service B&M $17,278
    Bankiowa 6804 University Avenue Cedar Falls, IA 50613 Full Service B&M $45,607
    Bankiowa 7045 C Avenue Northeast Cedar Rapids, IA 52402 Full Service B&M $74,311
    Bankiowa 901 Tower Terrace Rd, Unit 100 Marion, IA 52302 Full Service B&M $257

    For 2021, Bankiowa Of Cedar Rapids had 12 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,327
    Net interest income $21,661
    Total noninterest income $6,479
    Gross Fiduciary activities income $820
    Service charges on deposit accounts $410
    Trading account gains and fees $0
    Additional Noninterest Income $5,249
    Pre-tax net operating income $8,181
    Securities gains (or losses, -) $271
    Income before extraordinary items $8,082
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,082
    Minority interest net income $0
    Net income $8,082
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,821

    Bankiowa Of Cedar Rapids's gross interest income from loans was $25,327,000.
    Bankiowa Of Cedar Rapids's net interest income from loans was $21,661,000.
    Bankiowa Of Cedar Rapids's fee based income from loans was $410,000.
    Bankiowa Of Cedar Rapids's net income from loans was $8,082,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,666
    Provision for credit losses $850
    Total noninterest expense $19,109
    Salaries and employee benefits $11,932
    Premises and equipment expense $1,741
    Additional noninterest expense $5,436
    Applicable income taxes $370
    Net charge-offs $496
    Cash dividends $5,240

    Bankiowa Of Cedar Rapids's interest expense for loans was $3,666,000.
    Bankiowa Of Cedar Rapids's payroll and benefits expense were $11,932,000.
    Bankiowa Of Cedar Rapids's property, plant and equipment expenses $1,741,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 2.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 3.0%
    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 $666,075
    Deposits held in domestic offices $666,075
    Deposits by Individuals, partnerships, and corporations $537,901
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $128,174
    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 $52,714
    Demand deposits $52,683
    Nontransaction accounts $613,361
    Money market deposit accounts (MMDAs) $224,425
    Other savings deposits (excluding MMDAs) $288,910
    Total time deposits $100,026
    Total time and savings deposits $613,392
    Noninterest-bearing deposits $157,910
    Interest-bearing deposits $508,164
    Retail deposits $641,424
    IRAs and Keogh plan accounts $15,002
    Brokered deposits $5,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $804,652
    Cash & Balances due from depository institutions $144,119
    Interest-bearing balances $135,031
    Total securities $137,389
    Federal funds sold & reverse repurchase $0
    Net loans and leases $486,756
    Loan and leases loss allowance $6,330
    Trading account assets $0
    Bank premises and fixed assets $7,788
    Other real estate owned $0
    Goodwill and other intangibles $4,588
    All other assets $24,012

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $804,652
    Total Liabilities $718,336
    Total deposits $666,075
    Interest-bearing deposits $508,164
    Deposits held in domestic offices $666,075
    % insured (estimated) $63
    Federal funds purchased and repurchase agreements $27,767
    Trading liabilities $0
    Other borrowed funds $17,266
    Subordinated debt $0
    All other liabilities $7,228

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $486,756
    Loan and leases loss allowance $6,330
    Total loans and leases (domestic) $493,086
    All real estate loans $343,193
    Real estate loans in domestic offices $343,193
    Construction and development loans $35,668
    Residential 1-4 family construction $4,687
    Other construction, all land development and other land $30,981
    Loans secured by nonfarm nonresidential properties $108,928
    Nonfarm nonresidential secured by owner-occupied properties $49,562
    Commercial real estate & other non-farm, non-residential $59,366
    Multifamily residential real estate $23,735
    1-4 family residential loans $89,359
    Farmland loans $85,503
    Loans held in foreign offices $0
    Farm loans $69,936
    Commercial and industrial loans $59,516
    To non-U.S. addressees $0
    Loans to individuals $11,310
    Credit card loans $0
    Related Plans $146
    Consumer Auto Loans $4,594
    Other loans to individuals $6,570
    All other loans & leases $9,131
    Loans to foreign governments and official institutions $0
    Other loans $87
    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 $3,830
    Non 1-4 family restructured loans & leases $3,830
    Total loans and leases (foreign) $0

    BankIowa of Cedar Rapids had $486,756,000 of loans outstanding in 2021. $343,193,000 of loans were in real estate loans. $35,668,000 of loans were in development loans. $23,735,000 of loans were in multifamily mortgage loans. $89,359,000 of loans were in 1-4 family mortgage loans. $69,936,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,594,000 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 193 $42,078 $218,021
    Nonfarm, nonresidential loans - <$100k 50 $1,832 $36,640
    Nonfarm, nonresidential loans - $100-250k 55 $6,722 $122,218
    Nonfarm, nonresidential loans - $250k-1MM 88 $33,524 $380,955
    Commercial & Industrial, US addressed loans - <$1MM 496 $30,422 $61,335
    Commercial & Industrial, US addressed loans - <$100k 391 $8,682 $22,205
    Commercial & Industrial, US addressed loans - $100-250k 64 $6,620 $103,438
    Commercial & Industrial, US addressed loans - $250k-1MM 41 $15,120 $368,780
    Farmland loans - <$1MM 247 $30,339 $122,830
    Farmland loans - <$100k 67 $2,465 $36,791
    Farmland loans - $100-250k 110 $11,368 $103,345
    Farmland loans - $250k-1MM 70 $16,506 $235,800
    Agriculture operations loans - <$1MM 549 $37,585 $68,461
    Agriculture operations loans - <$100k 384 $10,327 $26,893
    Agriculture operations loans - $100-250k 105 $12,235 $116,524
    Agriculture operations loans - $250k-1MM 60 $15,023 $250,383