Spirit Of Alaska Mortgage Rates, Fees & Info

Fairbanks, AK

LEI: 54930047C62INWFYCF40

Tax ID: 92-0028428

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

    Spirit Of Alaska is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Spirit Of Alaska has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top two markets are Fairbanks and Anchorage .

    Spirit Of Alaska 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.

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    Originations

    43

    Origination Dollar Volume (All Markets)

    $5,815,000

    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
    FAIRBANKS, AK (FHA|USDA|VA) 40 $5,490,000 $137,250 $0 0.00%
    Outside of Metro Areas 2 $300,000 $150,000 $0 0.00%
    ANCHORAGE, AK (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
    Spirit Of Alaska's top markets include Fairbanks and Anchorage among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 35 $4,525,000 $129,286 $0 0.00%
    HELOC 6 $790,000 $131,667 n/a 0.00%
    FHA 2 $500,000 $250,000 $0 0.00%

    For 2019, Spirit Of Alaska's most frequently originated type of loan was Conventional, with 35 originations. Their 2nd most popular type was HELOC, with 6 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 19 $2,815,000 $148,158 $0 0.00%
    Home Improvement 9 $375,000 $41,667 $0 0.00%
    Cash Out Refi 9 $1,745,000 $193,889 $0 0.00%
    Refi 6 $880,000 $146,667 $0 0.00%

    For 2019, Spirit Of Alaska's most frequently cited loan purpose was Home Purchase, with 19 originations. The 2nd most popular reason was Home Improvement, with 9 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 43 $5,815,000 $135,233 $0 0.00%

    For 2019, Spirit Of Alaska's most frequently cited loan duration was Other, with 43 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 17 $865,000 $50,882 $0 0.00%
    $100k-200k 16 $2,330,000 $145,625 $0 0.00%
    $200k-400k 10 $2,620,000 $262,000 $0 0.00%

    2019 saw Spirit Of Alaska place emphasis on $100,000 or less loans with 17 originations, totaling $865,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 17 $1,815,000 $106,765 $0 0.00%
    $100k-150k 7 $1,175,000 $167,857 $0 0.00%
    $50k or less 5 $455,000 $91,000 $0 0.00%
    $250k+ 3 $585,000 $195,000 $0 0.00%
    $75k-100k 3 $245,000 $81,667 $0 0.00%
    $150k-250k 2 $350,000 $175,000 $0 0.00%

    Spirit Of Alaska lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 43 $5,815,000 $135,233 $0 0.00%

    Spirit Of Alaska lent most frequently to those with DTI ratios of Exempt%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 31 $3,855,000 $124,355 $0 0.00%
    Not applicable 6 $1,190,000 $198,333 $0 0.00%
    American Indian 3 $405,000 $135,000 $0 0.00%
    Black 1 $175,000 $175,000 $0 0.00%
    Asian 1 $105,000 $105,000 $0 0.00%
    Not provided 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    78.87%

    Spirit Of Alaska has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    51.16%

    Spirit Of Alaska has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 43 $5,815,000 $135,233

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $780,000 $195,000
    Single Family (1-4 Units):Manufactured 1 $155,000 $155,000
    Single Family (1-4 Units):Site-Built 38 $4,880,000 $128,421

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Shapiro, DiCaro & Barak, LLC Conventional home mortgage Trouble during payment process 1 100.0%