Meta Financial Group Mortgage Rates, Fees & Info
WILMINGTON, DELEI: 5493004X52BH1NBLW813
Tax ID: 42-0747941
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Bank Data
Review & Overview
Meta Financial Group is a smaller mortgage company specializing in Refi and Home Purchase loans. Meta Financial Group has a high proportion of conventional loans. Their top markets by origination volume include: Sioux Falls, Watertown, Des Moines, Brookings, and Detroit among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Meta Financial Group 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.
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Originations
26Origination Dollar Volume (All Markets)
$6,620,000Employee count
1,038Top 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 |
|---|---|---|---|---|---|
| SIOUX FALLS, SD (FHA|USDA|VA) | 15 | $4,305,000 | $287,000 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $710,000 | $355,000 | $0 | 0.00% |
| Watertown, SD (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $0 | 0.00% |
| Brookings, SD (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $0 | 0.00% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| Storm Lake, IA (FHA|USDA|VA) | 2 | $140,000 | $70,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 26 | $6,620,000 | $254,615 | $0 | 0.00% |
For 2020, Meta Financial Group's most frequently originated type of loan was Conventional, with 26 originations.
Loan Reason
For 2020, Meta Financial Group's most frequently cited loan purpose was Refi, with 15 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 26 | $6,620,000 | $254,615 | $0 | 0.00% |
For 2020, Meta Financial Group's most frequently cited loan duration was Other, with 26 originations.
Loan Sizing
2020 saw Meta Financial Group place emphasis on $200k-400k loans with 9 originations, totaling $2,735,000 in origination value.
Applicant Income
Meta Financial Group lent most frequently to those with incomes in the $100k-150k range, with 6 originations. The second most popular income band? $150k-250k, with 5 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 26 | $6,620,000 | $254,615 | $0 | 0.00% |
Meta Financial Group lent most frequently to those with DTI ratios of Exempt%, with 26 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.55%
Meta Financial Group has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination92.31%
Meta Financial Group has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 26 | $6,620,000 | $254,615 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Multifamily:Site-Built | 1 | $415,000 | $415,000 |
| Single Family (1-4 Units):Site-Built | 25 | $6,205,000 | $248,200 |
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| M&T BANK CORPORATION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 17 | 8.3% |
| M&T BANK CORPORATION | Conventional home mortgage | Closing on a mortgage | 10 | 4.9% |
| M&T BANK CORPORATION | Conventional home mortgage | Credit monitoring or identity theft protection services | 1 | 0.5% |
| M&T BANK CORPORATION | Conventional home mortgage | Incorrect information on your report | 4 | 2.0% |
| M&T BANK CORPORATION | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| M&T BANK CORPORATION | Conventional home mortgage | Struggling to pay mortgage | 25 | 12.2% |
| M&T BANK CORPORATION | Conventional home mortgage | Trouble during payment process | 47 | 22.9% |
| M&T BANK CORPORATION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 5 | 2.4% |
| M&T BANK CORPORATION | FHA mortgage | Closing on a mortgage | 8 | 3.9% |
| M&T BANK CORPORATION | FHA mortgage | Incorrect information on your report | 1 | 0.5% |
| M&T BANK CORPORATION | FHA mortgage | Struggling to pay mortgage | 15 | 7.3% |
| M&T BANK CORPORATION | FHA mortgage | Trouble during payment process | 20 | 9.8% |
| M&T BANK CORPORATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 2 | 1.0% |
| M&T BANK CORPORATION | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 2 | 1.0% |
| M&T BANK CORPORATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 2 | 1.0% |
| M&T BANK CORPORATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 5 | 2.4% |
| M&T BANK CORPORATION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 1.0% |
| M&T BANK CORPORATION | Other type of mortgage | Closing on a mortgage | 4 | 2.0% |
| M&T BANK CORPORATION | Other type of mortgage | Struggling to pay mortgage | 3 | 1.5% |
| M&T BANK CORPORATION | Other type of mortgage | Trouble during payment process | 9 | 4.4% |
| M&T BANK CORPORATION | Reverse mortgage | Closing on a mortgage | 1 | 0.5% |
| M&T BANK CORPORATION | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.5% |
| M&T BANK CORPORATION | VA mortgage | Closing on a mortgage | 3 | 1.5% |
| M&T BANK CORPORATION | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.5% |
| M&T BANK CORPORATION | VA mortgage | Struggling to pay mortgage | 8 | 3.9% |
| M&T BANK CORPORATION | VA mortgage | Trouble during payment process | 8 | 3.9% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Metabank, National Association | 5501 S Broadband Ln Sioux Falls, SD 57108 | Full Service B&M | $7,593,977 |
For 2020, Meta Financial Group had 1 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $289,180 |
| Net interest income | $271,309 |
| Total noninterest income | $247,614 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $9,584 |
| Trading account gains and fees | $85 |
| Additional Noninterest Income | $237,945 |
| Pre-tax net operating income | $131,167 |
| Securities gains (or losses, -) | $92 |
| Income before extraordinary items | $119,106 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $119,106 |
| Minority interest net income | $4,663 |
| Net income | $114,443 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $119,022 |
Meta Financial Group's gross interest income from loans was $289,180,000.
Meta Financial Group's net interest income from loans was $271,309,000.
Meta Financial Group's fee based income from loans was $9,584,000.
Meta Financial Group's net income from loans was $114,443,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $17,871 |
| Provision for credit losses | $67,458 |
| Total noninterest expense | $320,298 |
| Salaries and employee benefits | $134,310 |
| Premises and equipment expense | $27,170 |
| Additional noninterest expense | $158,818 |
| Applicable income taxes | $12,153 |
| Net charge-offs | $38,192 |
| Cash dividends | $151,000 |
Meta Financial Group's interest expense for loans was $17,871,000.
Meta Financial Group's payroll and benefits expense were $134,310,000.
Meta Financial Group's property, plant and equipment expenses $27,170,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 0.0% |
| 1-4 family residential loans | 1.0% |
| HELOC loans | 0.0% |
| All other family | 1.0% |
| Commercial & industrial loans | 1.0% |
| 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 | $6,212,712 |
| Deposits held in domestic offices | $6,212,712 |
| Deposits by Individuals, partnerships, and corporations | $6,206,353 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $250 |
| Deposits by Commercial banks and other depository institutions in U.S. | $6,109 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $1,256,588 |
| Demand deposits | $929,696 |
| Nontransaction accounts | $4,956,124 |
| Money market deposit accounts (MMDAs) | $78,062 |
| Other savings deposits (excluding MMDAs) | $4,711,175 |
| Total time deposits | $166,888 |
| Total time and savings deposits | $5,283,016 |
| Noninterest-bearing deposits | $5,586,519 |
| Interest-bearing deposits | $626,193 |
| Retail deposits | $3,145,551 |
| IRAs and Keogh plan accounts | $0 |
| Brokered deposits | $3,268,783 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $7,271,739 |
| Cash & Balances due from depository institutions | $1,586,457 |
| Interest-bearing balances | $1,533,610 |
| Total securities | $1,312,600 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $3,509,945 |
| Loan and leases loss allowance | $72,389 |
| Trading account assets | $2,094 |
| Bank premises and fixed assets | $65,120 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $351,479 |
| All other assets | $444,044 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $7,271,739 |
| Total Liabilities | $6,370,035 |
| Total deposits | $6,212,712 |
| Interest-bearing deposits | $626,193 |
| Deposits held in domestic offices | $6,212,712 |
| % insured (estimated) | $98 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $9,250 |
| Subordinated debt | $0 |
| All other liabilities | $148,073 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $3,509,945 |
| Loan and leases loss allowance | $72,389 |
| Total loans and leases (domestic) | $3,582,334 |
| All real estate loans | $664,417 |
| Real estate loans in domestic offices | $664,417 |
| Construction and development loans | $158,888 |
| Residential 1-4 family construction | $0 |
| Other construction, all land development and other land | $158,888 |
| Loans secured by nonfarm nonresidential properties | $445,900 |
| Nonfarm nonresidential secured by owner-occupied properties | $122,863 |
| Commercial real estate & other non-farm, non-residential | $323,037 |
| Multifamily residential real estate | $39,438 |
| 1-4 family residential loans | $9,094 |
| Farmland loans | $11,097 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $2,231,403 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $316,655 |
| Credit card loans | $0 |
| Related Plans | $0 |
| Consumer Auto Loans | $0 |
| Other loans to individuals | $316,655 |
| All other loans & leases | $369,858 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $73,968 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $1,108 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $13,818 |
| Non 1-4 family restructured loans & leases | $13,806 |
| Total loans and leases (foreign) | $0 |
META FINANCIAL GROUP had $3,509,945,000 of loans outstanding in 2020. $664,417,000 of loans were in real estate loans. $158,888,000 of loans were in development loans. $39,438,000 of loans were in multifamily mortgage loans. $9,094,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $0 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 | 31 | $12,620 | $407,097 |
| Nonfarm, nonresidential loans - <$100k | 5 | $247 | $49,400 |
| Nonfarm, nonresidential loans - $100-250k | 6 | $1,338 | $223,000 |
| Nonfarm, nonresidential loans - $250k-1MM | 20 | $11,035 | $551,750 |
| Commercial & Industrial, US addressed loans - <$1MM | 27,272 | $838,906 | $30,761 |
| Commercial & Industrial, US addressed loans - <$100k | 23,508 | $234,792 | $9,988 |
| Commercial & Industrial, US addressed loans - $100-250k | 2,535 | $284,301 | $112,150 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 1,229 | $319,813 | $260,222 |
| Farmland loans - <$1MM | 9 | $2,148 | $238,667 |
| Farmland loans - <$100k | 3 | $200 | $66,667 |
| Farmland loans - $100-250k | 1 | $111 | $111,000 |
| Farmland loans - $250k-1MM | 5 | $1,837 | $367,400 |