Citizens Independent Bank Mortgage Rates, Fees & Info

St Louis Park, MN

LEI: 5493003JI7ZC424UAF50

Tax ID: 41-0683497

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Citizens Independent Bank is a smaller bank specializing in Home Purchase loans. Citizens Independent Bank has a high proportion of conventional loans. Their top two markets are Minneapolis and St. Cloud .

    Citizens Independent Bank 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. Citizens Independent Bank 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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    Originations

    32

    Origination Dollar Volume (All Markets)

    $6,010,000

    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) 30 $5,680,000 $189,333 $3,011 4.79%
    ST. CLOUD, MN (FHA|USDA|VA) 2 $330,000 $165,000 $3,181 4.25%
    Citizens Independent Bank's top markets include Minneapolis and St. Cloud among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 32 $6,010,000 $187,813 $3,022 4.76%

    For 2018, Citizens Independent Bank's most frequently originated type of loan was Conventional, with 32 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $3,870,000 $241,875 $4,107 4.61%
    Refi 7 $1,025,000 $146,429 $2,011 4.87%
    Cash Out Refi 6 $1,020,000 $170,000 $2,815 4.81%
    Other 2 $20,000 $10,000 $119 5.50%
    Home Improvement 1 $75,000 $75,000 $879 4.50%

    For 2018, Citizens Independent Bank's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 7 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 16 $3,720,000 $232,500 $3,135 4.72%
    15 Year 8 $1,150,000 $143,750 $2,329 4.79%
    30 Year 6 $1,120,000 $186,667 $4,633 4.56%
    3 Year 1 $5,000 $5,000 $173 5.50%
    Other 1 $15,000 $15,000 $64 5.50%

    For 2018, Citizens Independent Bank's most frequently cited loan duration was 10 Year, with 16 originations. The 2nd most popular length was 15 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 10 $830,000 $83,000
    $1k-2k 9 $1,185,000 $131,667
    $2k-3k 8 $2,270,000 $283,750
    $3k-4k 2 $470,000 $235,000
    $4k-5k 2 $590,000 $295,000

    Citizens Independent Bank's average total fees were $4,633, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 22 $4,300,000 $195,455
    5-6% 5 $885,000 $177,000
    3-4% 3 $715,000 $238,333
    6-7% 2 $110,000 $55,000

    During 2018, Citizens Independent Bank's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 22 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 13 $1,905,000 $146,538 $3,043 4.54%
    $100,000 or less 9 $475,000 $52,778 $1,092 5.32%
    $200k-400k 7 $2,135,000 $305,000 $4,836 4.57%
    $400k-600k 2 $830,000 $415,000 $5,222 4.06%
    $600k-1MM 1 $665,000 $665,000 $0 5.25%

    2018 saw Citizens Independent Bank place emphasis on $100k-200k loans with 13 originations, totaling $1,905,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 8 $1,560,000 $195,000 $3,671 4.98%
    $150k-250k 7 $1,855,000 $265,000 $3,382 4.16%
    $50k or less 7 $495,000 $70,714 $1,507 4.95%
    $50k-75k 4 $510,000 $127,500 $2,767 4.56%
    $75k-100k 4 $830,000 $207,500 $4,000 5.00%
    $250k+ 1 $95,000 $95,000 $3,018 5.13%

    Citizens Independent Bank lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $150k-250k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 31 $5,345,000 $172,419 $3,022 4.74%

    Citizens Independent Bank lent most frequently to those with DTI ratios of Exempt%, with 31 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $2,745,000 $161,471 $2,902 4.74%
    Not provided 11 $2,335,000 $212,273 $3,669 4.63%
    Not applicable 1 $665,000 $665,000 $0 5.25%
    Black 2 $160,000 $80,000 $1,041 5.19%
    American Indian 1 $105,000 $105,000 $1,914 5.13%

    Approval Rates

    Total approvals of all applications
    92.86%

    Citizens Independent Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.13%

    Citizens Independent Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 32 $6,010,000 $187,813

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 32 $6,010,000 $187,813

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $385,000 $77,000 $1,753 4.55%
    40-60% 3 $575,000 $191,667 $1,919 4.58%
    60-80% 13 $3,155,000 $242,692 $3,895 4.51%
    80-100% 6 $1,690,000 $281,667 $4,998 4.69%
    Under 20% 5 $205,000 $41,000 $486 5.80%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 9 5.3%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Closing on a mortgage 5 2.9%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Improper use of your report 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Incorrect information on your report 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Struggling to pay mortgage 16 9.4%
    CITIZENS FINANCIAL GROUP, INC. Conventional home mortgage Trouble during payment process 36 21.1%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.2%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Struggling to pay mortgage 8 4.7%
    CITIZENS FINANCIAL GROUP, INC. FHA mortgage Trouble during payment process 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 9 5.3%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Struggling to pay mortgage 7 4.1%
    CITIZENS FINANCIAL GROUP, INC. Home equity loan or line of credit (HELOC) Trouble during payment process 41 24.0%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.2%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Closing on a mortgage 3 1.8%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Struggling to pay mortgage 4 2.3%
    CITIZENS FINANCIAL GROUP, INC. Other type of mortgage Trouble during payment process 15 8.8%
    CITIZENS FINANCIAL GROUP, INC. VA mortgage Struggling to pay mortgage 1 0.6%
    CITIZENS FINANCIAL GROUP, INC. VA mortgage Trouble during payment process 1 0.6%