Citizens Independent Bank Mortgage Rates, Fees & Info
St Louis Park, MNLEI: 5493003JI7ZC424UAF50
Tax ID: 41-0683497
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Mortgage Data
Review & Overview
Citizens Independent Bank is a smaller bank specializing in Home Purchase and Refi loans. Citizens Independent Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and Willmar .Citizens Independent Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Citizens Independent Bank is typically an average 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 relatively high rates.
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Originations
27Origination Dollar Volume (All Markets)
$9,965,000Relative Rate
Citizens Independent Bank's average 30 year fixed mortgage rate was
7.2%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.72%.
Relative Fees (Closing Costs)
Citizens Independent Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,093.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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) | 26 | $9,760,000 | $375,385 | $5,115 | 7.05% |
| Willmar, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 6.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 27 | $9,965,000 | $369,074 | $5,115 | 7.04% |
For 2023, Citizens Independent Bank's most frequently originated type of loan was Conventional, with 27 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 14 | $4,980,000 | $355,714 | $7,011 | 7.02% |
| Refi | 10 | $4,760,000 | $476,000 | $3,747 | 7.02% |
| Other | 3 | $225,000 | $75,000 | $1,601 | 7.24% |
For 2023, Citizens Independent Bank's most frequently cited loan purpose was Home Purchase, with 14 originations. The 2nd most popular reason was Refi, with 10 originations.
Loan Duration/Length
For 2023, Citizens Independent Bank's most frequently cited loan duration was 10 Year, with 19 originations. The 2nd most popular length was 30 Year, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 4 | $600,000 | $150,000 |
| $2k-3k | 3 | $535,000 | $178,333 |
| $5k+ | 3 | $1,765,000 | $588,333 |
| $<1k | 2 | $90,000 | $45,000 |
Citizens Independent Bank's average total fees were $7,093, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 15 | $5,425,000 | $361,667 |
| 7-8% | 12 | $4,540,000 | $378,333 |
During 2023, Citizens Independent Bank's average interest rate for loans was 7.20%, while their most frequently originated rate bucket for loans was 6-7%, with 15 originations.
Loan Sizing
2023 saw Citizens Independent Bank place emphasis on $200k-400k loans with 9 originations, totaling $2,515,000 in origination value.
Applicant Income
Citizens Independent Bank lent most frequently to those with incomes in the $50k or less range, with 7 originations. The second most popular income band? $100k-150k, with 4 originations.
Applicant Debt to Income Ratio
Citizens Independent Bank lent most frequently to those with DTI ratios of Exempt%, with 15 originations. The next most common DTI ratio? 20-30%, with 2 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.74%
Citizens Independent Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.19%
Citizens Independent Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 27 | $9,965,000 | $369,074 |